Determinants of Trade Credit: A Preliminary Analysis on Construction Sector

Directory of Open Access Journals (Sweden)

Nicoleta Barbuta-Misu

2016-07-01

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

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

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

NARCIS (Netherlands)

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

2012-01-01

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

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

NARCIS (Netherlands)

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

2012-01-01

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

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

Directory of Open Access Journals (Sweden)

Anna Wodyńska

2009-01-01

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

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

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-08-01

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

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

Science.gov (United States)

Wu, Chengfeng; Zhao, Qiuhong

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Aggarawal K.K.

2016-01-01

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

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

Science.gov (United States)

Mahata, Gour Chandra

2015-09-01

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

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

Directory of Open Access Journals (Sweden)

Sung Jun Kim

2017-01-01

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

Trade credit and the supply chain

NARCIS (Netherlands)

Fabbri, D.; Klapper, L.F.

2009-01-01

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

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

NARCIS (Netherlands)

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

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Ankit Prakash Tyagi

2016-01-01

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

Emissions trading and the negotiation of pollution credits

Energy Technology Data Exchange (ETDEWEB)

Black A.J.

2000-07-01

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

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

Directory of Open Access Journals (Sweden)

Zhihong Wang

2018-01-01

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

Trade credit, collateral liquidation and borrowing constraints

NARCIS (Netherlands)

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

2009-01-01

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

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

NARCIS (Netherlands)

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

2015-01-01

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

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

OpenAIRE

Jézabel Couppey-Soubeyran; Jérôme Héricourt

2013-01-01

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

GHG trading awaits early action credit

International Nuclear Information System (INIS)

Anon.

1999-01-01

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

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

Science.gov (United States)

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

2018-03-01

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

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.

Perceptions of Trade Credit Insurance Value : Malaysian Evidence

OpenAIRE

Wong, Benny Weng Hong

2013-01-01

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

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

Science.gov (United States)

2011-07-27

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

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

Directory of Open Access Journals (Sweden)

Samin KOHANSAL

2017-02-01

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

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

Science.gov (United States)

Giri, B. C.; Maiti, T.

2013-05-01

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

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

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

NARCIS (Netherlands)

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

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Sunil Kumar

2015-12-01

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

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...

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

Science.gov (United States)

Molamohamadi, Zohreh; Arshizadeh, Rahman; Ismail, Napsiah

2015-05-01

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

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

Directory of Open Access Journals (Sweden)

Branka Remenarić

2018-01-01

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

Conditioning Factors of Late Payment of Trade Credit

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-01-01

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

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

OpenAIRE

Prasad, Siddhesh

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Juanjuan Qin

2014-01-01

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

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

NARCIS (Netherlands)

Ogawa, Kazuo; Sterken, Elmer; Tokutsu, Ichiro

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

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

Institute of Scientific and Technical Information of China (English)

苏志强; 杜云晗

2015-01-01

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

16 CFR Appendix E to Part 698 - Summary of Consumer Identity Theft Rights

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Summary of Consumer Identity Theft Rights E Appendix E to Part 698 Commercial Practices FEDERAL TRADE COMMISSION THE FAIR CREDIT REPORTING ACT MODEL FORMS AND DISCLOSURES Pt. 698, App. E Appendix E to Part 698—Summary of Consumer Identity Theft Rights...

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

Science.gov (United States)

2010-03-26

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

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

Science.gov (United States)

Dorn, Stan; Varon, Janet; Pervez, Fouad

2005-10-01

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

40 CFR 91.1306 - Trading.

Science.gov (United States)

2010-07-01

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

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

Science.gov (United States)

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

2014-09-01

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

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

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

Science.gov (United States)

Gonzales, P.; Ajami, N. K.

2016-12-01

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

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

Science.gov (United States)

Liu, Pengfei; Swallow, Stephen K.

2016-05-01

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

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

Directory of Open Access Journals (Sweden)

Pinki Majumder

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Zohreh Molamohamadi

2014-01-01

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

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...

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...

Review of Research on Credit Risk Management for Rural Credit Cooperatives

Directory of Open Access Journals (Sweden)

Xin Song

2017-03-01

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

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

Science.gov (United States)

Thangam, A.

2015-06-01

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

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

Science.gov (United States)

Thangam, A.

2014-02-01

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

12 CFR 614.4720 - Letters of credit.

Science.gov (United States)

2010-01-01

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

Emission credits : what are they worth?

International Nuclear Information System (INIS)

Wilman, E.A.

2003-01-01

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

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

Science.gov (United States)

Clement, Thomas; LeMire, Steven; Silvernagel, Craig

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Jigao Zhu

2009-12-01

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

Credit risk transfer

OpenAIRE

Bank for International Settlements

2003-01-01

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

40 CFR 1033.715 - Banking emission credits.

Science.gov (United States)

2010-07-01

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

12 CFR 614.4700 - Financing foreign trade receivables.

Science.gov (United States)

2010-01-01

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

Firms’ trade-financing decisions during crises

NARCIS (Netherlands)

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

2011-01-01

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

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

Directory of Open Access Journals (Sweden)

PALIU - POPA LUCIA

2013-12-01

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

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

Directory of Open Access Journals (Sweden)

Esteban Lafuente

2017-12-01

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

Are carbon credits effective?

International Nuclear Information System (INIS)

Anon.

2010-01-01

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

CREDIT DEFAULT SWAPS IN THE MECHANISM OF REDISTRIBUTION OF CREDIT RISK

Directory of Open Access Journals (Sweden)

O. Solodka

2015-03-01

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

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...

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

Directory of Open Access Journals (Sweden)

S. R. Singh

2014-01-01

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

40 CFR 90.206 - Trading.

Science.gov (United States)

2010-07-01

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

Trading biomass or GHG emission credits?

NARCIS (Netherlands)

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

2009-01-01

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

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...

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

Directory of Open Access Journals (Sweden)

Aditi Khanna

2017-01-01

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

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

Institute of Scientific and Technical Information of China (English)

杨勇; 黄曼丽; 宋敏

2009-01-01

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

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

OpenAIRE

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

2013-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

Bradbury, D.

2005-07-01

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

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

Science.gov (United States)

2011-03-15

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

Systems for carbon trading. An overview

International Nuclear Information System (INIS)

Hasselknippe, Henrik

2003-12-01

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

76 FR 34985 - Farm Credit System Insurance Corporation Board Meeting

Science.gov (United States)

2011-06-15

... FARM CREDIT SYSTEM INSURANCE CORPORATION Farm Credit System Insurance Corporation Board Meeting AGENCY: Farm Credit System Insurance Corporation. SUMMARY: Notice is hereby given of the regular meeting of the Farm Credit System Insurance Corporation Board (Board). Date and Time: The meeting of the...

Capital Requirements and Credit Rationing

OpenAIRE

Itai Agur

2010-01-01

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

77 FR 74103 - Alternatives to the Use of Credit Ratings

Science.gov (United States)

2012-12-13

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

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

Directory of Open Access Journals (Sweden)

Manna S.K.

2005-01-01

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

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

Science.gov (United States)

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

2016-03-01

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

Counterparty Credit Risk on the Blockchain

OpenAIRE

Starlander, Isak

2017-01-01

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

Documentary Letters of Credit, Legal Nature and Sources of Law

Directory of Open Access Journals (Sweden)

Alavi Hamed

2016-06-01

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

19 CFR 210.18 - Summary determinations.

Science.gov (United States)

2010-04-01

... 19 Customs Duties 3 2010-04-01 2010-04-01 false Summary determinations. 210.18 Section 210.18 Customs Duties UNITED STATES INTERNATIONAL TRADE COMMISSION INVESTIGATIONS OF UNFAIR PRACTICES IN IMPORT TRADE ADJUDICATION AND ENFORCEMENT Motions § 210.18 Summary determinations. (a) Motions for summary...

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...

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...

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

International Nuclear Information System (INIS)

Atcheson, A.E.

2008-01-01

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

77 FR 75410 - Request for Information Regarding Credit Card Market

Science.gov (United States)

2012-12-20

... Regarding Credit Card Market AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice and request for information. SUMMARY: Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of... review (Review) of the consumer credit card market, within the limits of its existing resources available...

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

Directory of Open Access Journals (Sweden)

Zohreh Molamohamadi

2014-01-01

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

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...

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

78 FR 7264 - Health Insurance Premium Tax Credit

Science.gov (United States)

2013-02-01

... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9611] RIN 1545-BL49 Health 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...

75 FR 80678 - Conversions of Insured Credit Unions

Science.gov (United States)

2010-12-23

... final rule with request for comments. SUMMARY: NCUA is issuing final amendments to revise the definition... Credit Union Share Insurance Fund (NCUSIF) share insurance to nonfederal share insurance in 12 CFR part...-credit union mergers and terminations of NCUSIF share insurance and conversions from NCUSIF share...

The Political Economy of International Emissions Trading Scheme Choice

DEFF Research Database (Denmark)

Boom, Jan-Tjeerd; Svendsen, Jan Tinggard

2000-01-01

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

15 CFR 904.505 - Summary sale.

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Summary sale. 904.505 Section 904.505 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade (Continued) NATIONAL OCEANIC... and Forfeiture Procedures § 904.505 Summary sale. (a) In view of the perishable nature of fish, any...

Why business credit information sharing leads to better lending decisions

NARCIS (Netherlands)

L. Norden (Lars)

2014-01-01

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

Emission reduction trading - a power marketer`s perspective

Energy Technology Data Exchange (ETDEWEB)

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

1999-10-01

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

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...

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

27 CFR 24.279 - Tax adjustments related to wine credit.

Science.gov (United States)

2010-04-01

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

Insurability of export credit risks

NARCIS (Netherlands)

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

2003-01-01

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

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.

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

Science.gov (United States)

2012-04-03

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory 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...

76 FR 31641 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

Science.gov (United States)

2011-06-01

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory 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: June 28...

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

Science.gov (United States)

2010-12-16

... DEPARTMENT OF LABOR Office of the Secretary Bureau of International Labor Affairs; Labor Advisory 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...

Emission reduction trading - a power marketer's perspective

Energy Technology Data Exchange (ETDEWEB)

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

1999-01-01

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

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

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.

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

Directory of Open Access Journals (Sweden)

S. R. Singh

2013-01-01

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

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

International Nuclear Information System (INIS)

Buerer, Mary Jean

2001-01-01

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

75 FR 8392 - Low Income Housing Tax Credit Tenant Database

Science.gov (United States)

2010-02-24

... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-11] Low Income Housing Tax Credit Tenant Database AGENCY: Office of the Chief Information Officer, HUD. ACTION: Notice. SUMMARY: The... Lists the Following Information Title Of Proposal: Low Income Housing Tax Credit Tenant Database. Omb...

Oil trading manual

International Nuclear Information System (INIS)

Long, D.

1995-01-01

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

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

Directory of Open Access Journals (Sweden)

Ignat Papazov

2017-03-01

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

Mobil emission reduction credits for natural gas vehicle programs

International Nuclear Information System (INIS)

Baker, G.F.

1993-01-01

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

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

Directory of Open Access Journals (Sweden)

Hamed Alavi

2018-05-01

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

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...

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.

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

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.…

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...

A Survey of the Economics of Fair Trade

OpenAIRE

Dammert, Ana C.; Mohan, Sarah

2014-01-01

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

75 FR 8040 - Export Trade Certificate of Review

Science.gov (United States)

2010-02-23

... DEPARTMENT OF COMMERCE International Trade Administration [Application 10-00001] Export Trade Certificate of Review ACTION: Notice of Application for an Export Trade Certificate of Review from Alaska Longline Cod Commission (``ALCC'') SUMMARY: The Export Trading Company Affairs (``ETCA'') unit, Office of...

Credit. 1991-92 NCCE/AT&T Projects. Consumer Education Programs.

Science.gov (United States)

Eastern Michigan Univ., Ypsilanti. National Inst. for Consumer Education.

Summaries are provided of 37 projects that address the credit education and information needs of consumers. The projects are supported by AT&T Universal Card Services Corp. through a fund managed by the National Coalition for Consumer Education. Each summary provides a project description, grant recipient, and address/telephone number. The…

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

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

OpenAIRE

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

2017-01-01

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

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

Directory of Open Access Journals (Sweden)

Lalit Mohan Pradhan

2014-03-01

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

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

OpenAIRE

Alvarez, Sebastian; Flores Zendejas, Juan

2014-01-01

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

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…

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

Directory of Open Access Journals (Sweden)

ADRIANA IOŢA

2014-10-01

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

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.

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...

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...

Credit Rating and Competition

OpenAIRE

Nelson Camanho; Pragyan Deb; Zijun Liu

2010-01-01

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

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...

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...

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

International Nuclear Information System (INIS)

Sedjo, Roger A.; Marland, Gregg

2003-01-01

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

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

Directory of Open Access Journals (Sweden)

Juanjuan QIN

2015-05-01

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

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

OpenAIRE

Auboin, Marc

2007-01-01

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

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

Directory of Open Access Journals (Sweden)

S. R. Singh

2014-10-01

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

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...

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...

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

Science.gov (United States)

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

2012-11-01

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

77 FR 30377 - Health Insurance Premium Tax Credit

Science.gov (United States)

2012-05-23

... Health 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... categories of immigrants described in the Children's Health Insurance Program Reauthorization Act. One...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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

Directory of Open Access Journals (Sweden)

VASILE NEMES

2011-04-01

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

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...

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

International Nuclear Information System (INIS)

Johns, G.

2003-01-01

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

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...

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...

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.

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...

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...

CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

OpenAIRE

Turgay GECER

2012-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

International Nuclear Information System (INIS)

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

1993-01-01

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

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.

CREDIT POLICIES FOR THE AGRICULTURAL SECTOR IN NICARAGUA 1990-2012

Directory of Open Access Journals (Sweden)

Clemente García Navarro

2017-03-01

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

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

Science.gov (United States)

2010-11-17

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

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)

Study of atmospheric emission trading programs in the United States

International Nuclear Information System (INIS)

1991-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2001-04-01

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

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....

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

Science.gov (United States)

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

2016-04-01

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

76 FR 12887 - Foreign-Trade Zones in the United States

Science.gov (United States)

2011-03-09

..., International Trade Administration, Commerce. ACTION: Extension of public comment period. SUMMARY: On December..., Foreign-Trade Zones Board, International Trade Administration, U.S. Department of Commerce, 1401... will be accepted in Microsoft Word, Excel, WordPerfect, or Adobe portable document file (pdf) formats...

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)

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...

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

Science.gov (United States)

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

2017-07-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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.

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.

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.

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

Science.gov (United States)

2010-01-01

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

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)

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...

75 FR 75963 - Export Trade Certificate of Review

Science.gov (United States)

2010-12-07

... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 92-9A001] Export Trade... Industries Association of America (``AIA'') (Application 92-9A001). SUMMARY: The U.S. Department of Commerce...: Accenture is now located in Chicago, IL, with controlling entity Accenture plc, Dublin, Ireland; AAR...

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.

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

International Nuclear Information System (INIS)

2002-01-01

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

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

International Nuclear Information System (INIS)

1991-01-01

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

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...

Conservatism in the actinide-only burnup credit for PWR spent nuclear fuel packages

International Nuclear Information System (INIS)

Lancaster, D.B.; Rahimi, M.; Thornton, J.

1996-01-01

In May 1995, the U.S. Department of Energy (DOE) submitted a topical report to the U.S. Nuclear Regulatory Commission (NRC) to gain actinide-only burnup credit for spent nuclear fuel (SNF) storage, transportation, or disposal packages. After approval of this topical report, DOE intends further submittals to the NRC to acquire additional burnup credit (e.g., the topical does not use fission products and is limited to only the first 100 yr of disposal). The NRC has responded to the topical with its preliminary questions. To aid in evaluation of the method, a review of the conservatism in the actinide-only burnup credit methodology was performed. An overview of the actinide-only burnup credit methodology is presented followed by a summary of the conservatism

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

International Nuclear Information System (INIS)

2003-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

NONE

2003-07-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2006-11-30

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

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

Directory of Open Access Journals (Sweden)

Iván Salvador Romero A.

2014-11-01

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

Trading and risk management during the transition to competition

International Nuclear Information System (INIS)

Palmer, A.

2001-01-01

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

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

Science.gov (United States)

2012-12-26

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

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.

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

African Journals Online (AJOL)

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

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.

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

International Nuclear Information System (INIS)

Madlener, Reinhard; Schlamadinger, Bernhard

1999-01-01

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

The implementation of a burnup credit based criticality safety assessment in the THORP head end plant

International Nuclear Information System (INIS)

Gulliford, J.; Edge, J.A.; Gracey, J.; Harris, N.

2003-01-01

A new criticality safety assessment based on Actinide-Only Burnup Credit has been developed to cover operations in BNFL's Thermal Oxide Reprocessing Plant (THORP). Reduction of the gadolinium concentration leads to significant reduction in active waste volumes. Detailed description of the methodology was presented at ICNC 1999 and the basic components of the approved safety case have remained unchanged from those proposed then. This paper presents a brief summary of the new methodology, and describes further analyses carried out to quantify additional safety margins. These additional margins are not credited in the derivation of the operating limits, but provide further evidence of the fault tolerance inherent in the new regime. As part of the arrangements to monitor the overall performance of the plant and instrumentation under the new regime, various analyses of plant data are made, including 'on-line' cross checks of measured versus expected fuel parameters (i.e. in addition to the checks on Residual Enrichment). Statistical analyses of data are made and compared with similar data from earlier batches. A summary of analyses made on some of the early fuel batches is presented here. A summary of the likely further development in the Burnup Credit methodology is given in this paper. (author)

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)

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

Science.gov (United States)

Banu, Ateka; Mondal, Shyamal Kumar

2016-01-01

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

Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

Directory of Open Access Journals (Sweden)

Chadd B. Hunzinger

2015-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

1999-05-01

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

Mercury Lander Mission Concept Study Summary

Science.gov (United States)

Eng, D. A.

2018-05-01

Provides a summary of the Mercury Lander Mission Concept Study performed as part of the last Planetary Decadal Survey. The presentation will focus on engineering trades and the challenges of developing a Mercury lander mission.

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

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...

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...

Credit-proofing fundamentals for a solid credit policy

Energy Technology Data Exchange (ETDEWEB)

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

2003-07-01

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

Credit-proofing fundamentals for a solid credit policy

International Nuclear Information System (INIS)

Lydiatt, I.

2003-01-01

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

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

OpenAIRE

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

2017-01-01

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

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

Directory of Open Access Journals (Sweden)

Manna S.K.

2008-01-01

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

How carbon credits could drive the emergence of renewable energies

Energy Technology Data Exchange (ETDEWEB)

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

2008-10-15

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

How carbon credits could drive the emergence of renewable energies

International Nuclear Information System (INIS)

Mathews, John A.

2008-01-01

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

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

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

International Nuclear Information System (INIS)

Lemieux, M.

2003-01-01

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

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

Reduction of greenhouse gas in power industry by emission trading system

Energy Technology Data Exchange (ETDEWEB)

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

1999-04-01

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

Energy trading. Re-establishing sound foundations

International Nuclear Information System (INIS)

Cohen, F.; Wiegand, M.

2002-01-01

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

INTERNATIONAL TRADE DURING THE CRISIS. DETERMINANTS

Directory of Open Access Journals (Sweden)

Cristian Spiridon

2014-06-01

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

Cycle O(CY1991) NLS trade studies and analyses report. Book 2, part 2: Propulsion

Science.gov (United States)

Cronin, R.; Werner, M.; Bonson, S.; Spring, R.; Houston, R.

1992-01-01

This report documents the propulsion system tasks performed in support of the National Launch System (NLS) Cycle O preliminary design activities. The report includes trades and analyses covering the following subjects: (1) Maximum Tank Stretch Study; (2) No LOX Bleed Performance Analysis; (3) LOX Bleed Trade Study; (4) LO2 Tank Pressure Limits; (5) LOX Tank Pressurization System Using Helium; (6) Space Transportation Main Engine (STME) Heat Exchanger Performance; (7) LH2 Passive Recirculation Performance Analysis; (8) LH2 Bleed/Recirculation Study; (9) LH2 Tank Pressure Limits; and (10) LH2 Pressurization System. For each trade study an executive summary and a detailed trade study are provided. For the convenience of the reader, a separate section containing a compilation of only the executive summaries is also provided.

Credit concession through credit scoring: Analysis and application proposal

Directory of Open Access Journals (Sweden)

Oriol Amat

2017-01-01

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

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

Science.gov (United States)

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

2013-05-01

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

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)

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...

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.

NCA & Credit Guarantees

African Journals Online (AJOL)

stooppn

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

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

Directory of Open Access Journals (Sweden)

Qian Liu

2015-01-01

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

Formal and Informal Credit Markets and Rural Credit Demand in China

OpenAIRE

Tang, Sai; Guan, Zhengfei; Jin, Songqing

2010-01-01

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

15 CFR 2002.2 - Trade Policy Staff Committee.

Science.gov (United States)

2010-01-01

... articles being considered for designation as eligible articles for purposes of the Generalized System of... section, and transmits summaries of such information together with recommendations of action to the... aspects of the trade agreements program and related matters, and concerning the Generalized System of...

Does international nuclear trade law have a specificity

International Nuclear Information System (INIS)

David, J.L.

1988-01-01

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

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,…

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

Science.gov (United States)

2010-04-01

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

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.

75 FR 24612 - Order Finding That the Zone 6-NY Financial Basis Contract Traded on the IntercontinentalExchange...

Science.gov (United States)

2010-05-05

... COMMODITY FUTURES TRADING COMMISSION Order Finding That the Zone 6-NY Financial Basis Contract.... Although Transco's Zone 6 hub is a major trading center for natural gas in the United States and, as noted... AGENCY: Commodity Futures Trading Commission. ACTION: Final order. SUMMARY: On October 9, 2009, the...

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

Science.gov (United States)

2010-04-08

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

Introduction of Credit Derivatives and Valuation of Credit Default Swap

OpenAIRE

Han, Lu

2006-01-01

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

Dynamic Interaction between Cap & Trade and Electricity Markets

Science.gov (United States)

Jeev, Kumar

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

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

OpenAIRE

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

1998-01-01

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

Modernization of credit relations

Directory of Open Access Journals (Sweden)

S.V. Volosovich

2015-03-01

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

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

Directory of Open Access Journals (Sweden)

Medar Lucian-Ion

2013-04-01

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

Application Actuation Trade Study

Science.gov (United States)

1982-01-01

32 RCA PRICE-L Podel Calculated 0 & S Values 138 33 RCA PRICE LCC Summery - Typical LRU 139 34 Airplane Actuation Trade Study LCC Summary 140 35...results achieved can be duplicated by a user. The RCA PRICE Podel calculates the RDTSE. Production cost, and creates the YiDF file for use in the PCA...PR ICE L). Some of the basic program ground rules for this study were as follows: RCA - PRICE Cost Podel RCA - PRICE L Model Prototype Hardware 10

Model rules and regulations for a global CO2 emissions credit market

International Nuclear Information System (INIS)

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

1994-01-01

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

27 CFR 31.160 - Monthly summary report.

Science.gov (United States)

2010-04-01

... documents regarding the receipt and disposition of distilled spirits that have a direct role in determining... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Monthly summary report. 31.160 Section 31.160 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU...

National stakeholder workshops on climate change - 2002 : summary report

International Nuclear Information System (INIS)

2002-08-01

This summary report is based on 14 reports prepared following a series of 1 day climate change workshops held in 14 cities across Canada during the period of June 7 to 24, 2002. The input has been grouped into important themes that were highlighted during the workshops. The key messages focused on analysis and modelling, an overall approach to the Kyoto Protocol, targeted measures, domestic emissions trading, purchases of international emissions permits, preferred approach to the Kyoto Protocol, risks, and impacts and adaptations. The workshops were designed to provide participants with a better understanding of ways to respond to climate change and the Kyoto Protocol. They were also designed to obtain the views of the participants and options contained in the Federal Discussion Paper on Canada's Contribution to Addressing Climate Change, as well as the National Climate Change Process, and the national analysis conducted by the Analysis and Modelling Group (AMG). While many participants agreed that climate change is a real problem requiring attention, there were widely divergent views regarding the ratification of the Kyoto Protocol. Industry participants suggested alternative approaches that include a longer time frame, less restrictive targets and greater harmonization with the United States approach. The Alberta Plan gained some interest because it contained some of these characteristics, however, some argued that the Alberta Action Plan must meet the Kyoto target. There was good support for Targeted Measures, a mix of support and some concerns for Domestic Emissions Trading (DET), and opposition to the international purchases under the Clean Development Mechanisms and Joint Implementation. There was little support for Canada's request for Clean Energy Export Credits. The western provinces and Quebec were in favour of negotiated covenants with a regulatory backstop as an alternative to DET. 1 tab

Credit Card Security

OpenAIRE

G.C., Anup

2013-01-01

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

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

Science.gov (United States)

2011-07-12

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

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

Science.gov (United States)

Zhang, Xiaodong; Huang, Gordon

2014-03-15

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

Optimal trading quantity integration as a basis for optimal portfolio management

Directory of Open Access Journals (Sweden)

Saša Žiković

2005-06-01

Full Text Available The author in this paper points out the reason behind calculating and using optimal trading quantity in conjunction with Markowitz’s Modern portfolio theory. In the opening part the author presents an example of calculating optimal weights using Markowitz’s Mean-Variance approach, followed by an explanation of basic logic behind optimal trading quantity. The use of optimal trading quantity is not limited to systems with Bernoulli outcome, but can also be used when trading shares, futures, options etc. Optimal trading quantity points out two often-overlooked axioms: (1 a system with negative mathematical expectancy can never be transformed in a system with positive mathematical expectancy, (2 by missing the optimal trading quantity an investor can turn a system with positive expectancy into a negative one. Optimal trading quantity is that quantity which maximizes geometric mean (growth function of a particular system. To determine the optimal trading quantity for simpler systems, with a very limited number of outcomes, a set of Kelly’s formulas is appropriate. In the conclusion the summary of the paper is presented.

Rural Credit in Vietnam

DEFF Research Database (Denmark)

Barslund, Mikkel Christoffer; Tarp, Finn

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

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

International Nuclear Information System (INIS)

Gibbons, J.; Bjorkquist, S.

1999-01-01

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

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.

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

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

Directory of Open Access Journals (Sweden)

Svitlana Pokrason

2017-09-01

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

Credit Risk Research

DEFF Research Database (Denmark)

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

2018-01-01

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

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...

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

Directory of Open Access Journals (Sweden)

Sergey MALAKHOV

2014-11-01

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

Credit: A Teaching Unit.

Science.gov (United States)

Clanton, Brandolyn; And Others

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

16 CFR Appendix A to Part 436 - Sample Item 10 Table-Summary of Financing Offered

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Sample Item 10 Table-Summary of Financing Offered A Appendix A to Part 436 Commercial Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES DISCLOSURE REQUIREMENTS AND PROHIBITIONS CONCERNING FRANCHISING Pt. 436, App. A Appendix A to Part 436—Sample...

Investigation of Burnup Credit Issues in BWR Fuel

International Nuclear Information System (INIS)

Broadhead, B.L.; DeHart, M.D.

1999-01-01

Calculations for long-term-disposal criticality safety of spent nuclear fuel requires the application of burnup credit because of the large mass of fissile material that will be present in the repository. Burnup credit calculations are based on depletion calculations that provide a conservative estimate of spent fuel contents, followed by criticality calculations to assess the value of keff for a spent fuel cask or a fuel configuration under a variety of probabilistically derived events. In order to ensure that the depletion calculation is conservative, it is necessary to both qualify and quantify assumptions that can be made in depletion models used to characterize spent fuel. Most effort in the United States this decade has focused on burnup issues related to pressurized-water reactors. However, requirements for the permanent disposal of fuel from boiling-water reactors has necessitated development of methods for prediction of spent fuel contents for such fuels. Concomitant with such analyses, validation is also necessary. This paper provides a summary of initial efforts at the Oak Ridge National Laboratory to better understand and validate spent fuel analyses for boiling-water-reactor fuel

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

Directory of Open Access Journals (Sweden)

Harmono Harmono

2017-05-01

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

Stroke: a Hidden Danger of Margin Trading in Stock Markets.

Science.gov (United States)

Lin, Shu-Hui; Wang, Chien-Ho; Liu, Tsai-Ching; Chen, Chin-Shyan

2015-10-01

Using 10-year population data from 2000 through 2009 in Taiwan, this is the first paper to analyze the relationship between margin trading in stock markets and stroke hospitalizations. The results show that 3 and 6 days after an increase of margin trading in the Taiwan stock markets are associated with greater stoke hospitalizations. In general, a 1 % increase in total margin trading positions is associated with an increment of 2.5 in the total number of stroke hospitalizations, where the mean number of hospital admissions is 233 cases a day. We further examine the effects of margin trading by gender and age groups and find that the effects of margin trading are significant for males and those who are 45-74 years old only. In summary, buying stocks with money you do not have is quite risky, especially if the prices of those stocks fall past a certain level or if there is a sudden and severe drop in the stock market. There is also a hidden danger to one's health from margin trading. A person should be cautious before conducting margin trading, because while it can be quite profitable, danger always lurks just around the corner.

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

International Nuclear Information System (INIS)

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

2014-01-01

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

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

Directory of Open Access Journals (Sweden)

Ljubić Marijana

2015-01-01

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

Entangling Credit and Funding Shocks in Interbank Markets.

Directory of Open Access Journals (Sweden)

Giulio Cimini

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

Entangling Credit and Funding Shocks in Interbank Markets.

Science.gov (United States)

Cimini, Giulio; Serri, Matteo

2016-01-01

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

Entangling Credit and Funding Shocks in Interbank Markets

Science.gov (United States)

Serri, Matteo

2016-01-01

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

Credit derivatives in emerging markets

OpenAIRE

Romain Rancière

2002-01-01

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

The influence of sovereign credit ratings on corporate credit ratings.

OpenAIRE

Umutoni, Liliane

2017-01-01

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

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...

Credit risk management in banks

OpenAIRE

Pětníková, Tereza

2014-01-01

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

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

Science.gov (United States)

McCall, Michael; Eckrich, Donald W

2006-06-01

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

Consumer Handbook to Credit Protection Laws.

Science.gov (United States)

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

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

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

Science.gov (United States)

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

2018-04-01

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

MANAGEMENT OF CREDIT LOSSES

Directory of Open Access Journals (Sweden)

Natalya P. Anoshkina

2018-06-01

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

Non-conventional fuel tax credit

International Nuclear Information System (INIS)

Soeoet, P.M.

1988-01-01

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

Credit Management System

Data.gov (United States)

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

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

Science.gov (United States)

2010-04-01

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

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

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

Energy Technology Data Exchange (ETDEWEB)

NONE

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. Refs, figs, tabs.

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

International Nuclear Information System (INIS)

Torok, S.

1992-01-01

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

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...

Solar Stimulus: Perceptions of banks and credit unions towards solar loans in Massachusetts

Science.gov (United States)

Bahirwani, Suveer

Access to finance for residential solar photovoltaic systems (PV) is an essential element of the clean energy economy. Perceptions about solar PV and solar loans among lenders at banks and credit unions shape the availability of lending products for residential solar PV. In March 2015, interviews were carried out among select informants and subsequently, between April and May 2015, a survey was conducted to gauge the perceptions of lenders in Massachusetts. Lenders have a range of concerns with the market and the provision of solar loans. These concerns can be grouped around risk, market size or viability and policy uncertainty. In summary, lending for this segment is not a priority for banks and credit unions in Massachusetts at this time. Recommendations are offered for the lending community and policymakers to improve adoption. Questions for further research are also presented.

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

International Nuclear Information System (INIS)

Fay, K.

1998-01-01

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

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

Directory of Open Access Journals (Sweden)

Tatiana A. Kattsina

2015-12-01

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

Monitoring, Accounting and Enforcement in Emissions Trading Regimes

International Nuclear Information System (INIS)

Peterson, S.

2003-01-01

Monitoring, accounting and enforcement have been addressed in quite a number of presentations, papers and discussions in the past four CATEP workshops. Besides drawing conclusions from the experiences with existing trading regimes, different aspects of compliance have been analysed in more detail and finally there has been a special focus on standardised accounting systems. This paper tries to summarise the diverse findings to get a comprehensive picture of what is needed to assure high compliance in emissions trading regimes and identify any specific problems. The first section focuses on real trading regimes that are all local or at most national. It describes the monitoring, accounting and enforcement systems in existing and planned trading regimes to get an idea of what such systems include and to draw conclusions from experience. One focus is on enforcement mechanisms, as different from monitoring and accounting, which are basically a question of regulation and technology, penalties and compliance are a question of choices by participants and can be analysed with analytic tools. Section 3 deals with specific monitoring, accounting and enforcement problems in international emissions trading. It describes the development of internationally standardised systems and discusses the commitment period reserve as one instrument to avoid overselling of permits in international emission trading under the Kyoto Protocol. Section 5 provides a summary and conclusion

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.

The embodied energy in trade: What role does specialization play?

International Nuclear Information System (INIS)

Gasim, Anwar A.

2015-01-01

Many industrialized countries are net importers of embodied energy and emissions, while many developing countries are net exporters. We examine the role of specialization in driving these trade patterns by conducting a spatial index decomposition analysis on the embodied energy in net exports for 41 economies. The results reveal that industrialized countries have generally offshored energy intensive production, which many developing countries specialize in. We find that specialization, on average, makes the biggest contribution, accounting for roughly 50% of a country's embodied energy in net exports. However, other factors, namely energy intensity and the trade balance, combine to make an equally important contribution. In summary, specialization, despite its significant role, is not the only cause of the embodied energy trade patterns observed between industrialized and developing countries. - Highlights: • The embodied energy in net exports is decomposed into three contributors. • The three contributors are intensity, specialization, and the trade balance. • On average, specialization accounts for roughly 50% of embodied energy flows. • The combination of intensity and trade balance effects is equally important.

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

Directory of Open Access Journals (Sweden)

Philippe Adair

2015-12-01

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

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

Directory of Open Access Journals (Sweden)

ARISTIŢA ROTILĂ

2014-05-01

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

12 CFR 561.12 - Consumer credit.

Science.gov (United States)

2010-01-01

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

THE CREDIT AND CREDIT RISK MANAGEMENT DURING THE CRISIS

Directory of Open Access Journals (Sweden)

Chitan Gheorghe

2012-03-01

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

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

Directory of Open Access Journals (Sweden)

Francesco Dainelli

2013-03-01

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

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

Science.gov (United States)

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

Credit Card Quiz.

Science.gov (United States)

Marks, Jeff

2000-01-01

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

Credit derivatives and risk management

OpenAIRE

Michael S. Gibson

2007-01-01

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

Latinos in the Credit Economy

OpenAIRE

Ralph, Lisa M.

2010-01-01

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

Quality of urban forest carbon credits

Science.gov (United States)

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

2011-01-01

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

Boundedly rational credit cycles

OpenAIRE

Sáez, María

1996-01-01

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

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

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 ...

Comment on Geoengineering with seagrasses: is credit due where credit is given?

Science.gov (United States)

Oreska, Matthew P. J.; McGlathery, Karen J.; Emmer, Igino M.; Needelman, Brian A.; Emmett-Mattox, Stephen; Crooks, Stephen; Megonigal, J. Patrick; Myers, Doug

2018-03-01

In their recent review, ‘Geoengineering with seagrasses: is credit due where credit is given?,’ Johannessen and Macdonald (2016) invoke the prospect of carbon offset-credit over-allocation by the Verified Carbon Standard as a pretense for their concerns about published seagrass carbon burial rate and global stock estimates. Johannessen and Macdonald (2016) suggest that projects seeking offset-credits under the Verified Carbon Standard methodology VM0033: Methodology for Tidal Wetland and Seagrass Restoration will overestimate long-term (100 yr) sediment organic carbon (SOC) storage because issues affecting carbon burial rates bias storage estimates. These issues warrant serious consideration by the seagrass research community; however, VM0033 does not refer to seagrass SOC ‘burial rates’ or ‘storage.’ Projects seeking credits under VM0033 must document greenhouse gas emission reductions over time, relative to a baseline scenario, in order to receive credits. Projects must also monitor changes in carbon pools, including SOC, to confirm that observed benefits are maintained over time. However, VM0033 allows projects to conservatively underestimate project benefits by citing default values for specific accounting parameters, including CO2 emissions reductions. We therefore acknowledge that carbon crediting methodologies such as VM0033 are sensitive to the quality of the seagrass literature, particularly when permitted default factors are based in part on seagrass burial rates. Literature-derived values should be evaluated based on the concerns raised by Johannessen and Macdonald (2016), but these issues should not lead to credit over-allocation in practice, provided VM0033 is rigorously followed. These issues may, however, affect the feasibility of particular seagrass offset projects.

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?

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...

Etude Climat no. 43 'Use of Kyoto credits by European installations: from an efficient market to a burst bubble'

International Nuclear Information System (INIS)

Stephan, Nicolas; Bellassen, Valentin; Alberola, Emilie

2014-01-01

Among the publications of CDC Climat Research, 'Climate Reports' offer in-depth analyses on a given subject. This issue addresses the following points: During the Phase II of the European Trading Scheme, installations had the option to surrender carbon credits from project-based mechanisms of the Kyoto Protocol (CERs and ERUs). The rules set by Member States and approved by the European Commission capped the demand at around 1,400 MtCO 2 between 2008 and 2012. In the end, over 1 billion Kyoto credits (675 million CERs and 383 million ERUs) have been surrendered by EU ETS installations. What conclusions can be drawn from this unique experience in a CO 2 allowance market?

Credit Market Information Feedback

OpenAIRE

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

2015-01-01

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

Voluntary emission trading potential of Turkey

International Nuclear Information System (INIS)

Ari, İzzet

2013-01-01

Climate change is likely to cause serious market failures, and carbon trading as a market instrument can help correct its negative impacts. The global carbon markets established to combat climate change include regulatory and voluntary markets. Turkey cannot utilise regulatory carbon markets under the Kyoto Protocol. As a result of her unique position in the UNFCCC, some offsetting projects in Turkey have benefitted only voluntary emission trading for the reduction of GHG emissions. Due to on-going climate change negotiation under the UNFCCC, it seems that Turkey will not use the current regulatory carbon markets. Thus, Turkey should promote the use of and participation in voluntary carbon markets. In this article, emission reduction potential via energy efficiency, renewable energy and solid waste management, and corresponding offsetting of credits with their estimated prices is investigated for the period between 2013 and 2020. The emission reduction potential for energy efficiency, renewable energy and solid waste management projects are estimated at 403, 312 and 356 million tons of CO 2 equivalent emissions respectively, totalling 1,071 million tons of CO 2 equivalent. The total revenue of the carbon certificates are estimated in the range of 19,775–33,386 million US Dollars for the same period. -- Highlights: •Turkey has 1,071 million tons GHG emission reduction in three sectors for 2013–2020. •Turkey can only use voluntary emission trading for reduction of GHGs. •Total revenue estimation could be between 19,775 and 33,386 million US Dollars. •Turkey's economy and emissions have been rapidly growing. •Turkey can more easily reduce its emission by using voluntary emission trading

Initial scoping of GHG emissions trading potential in Alberta : CABREE discussion paper

International Nuclear Information System (INIS)

Armstrong, R.

2002-03-01

The past five years have seen the emergence of the concept of emissions trading for greenhouse gases, which would make possible a reduction of the costs required to meet emissions targets agreed upon under the Kyoto Protocol. Emissions trading potential and initial scoping in Alberta is examined in this document, with a special emphasis placed on greenhouse gases. The design of a system, encompassing the theory underlying the mechanism, the current developments, issues of importance in this context, as well as the potential for inclusion of other sectors in Alberta were also discussed. For the purpose of this document, emissions trading was defined as one party reducing its emissions levels then transferring the ownership of that reduction to another party who can then purchase this reduction to assist in meeting its own emissions target. Emission trading can be divided into two basic types called Cap and Trade, and Baseline and Credit. Market creation and behaviour, and regulatory behaviour are factors that can render a trading system more feasible. It is important to analyze the goals before designing the specifics of the system. The incorporation of the various sectors of the economy of Alberta would be affected by their unique features. The greatest promise for emissions trading in Alberta is shown by the energy sector. The percentage of emissions covered, the number of participants, the economic effectiveness are all criteria that affect the performance of any system. figs

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

Trading guilds and business dealings in the mediaeval Dubrovnik

Directory of Open Access Journals (Sweden)

Blagojević Mirjana

2014-01-01

Full Text Available Trading guilds, regulated under the norms of the Dubrovnik Statute, were known under the names entega, collegantia and rogantia. The first one was an association of labour, capital and funds for carrying out business activities, the second one stood on the cross-road between the trading dealings and enterprising ventures, while the third one was, in actual fact, a form of intermediation. Some of their forms are recognised also in the legal systems of the other Adriatic communes, but the best developed regulating norms prevailed in Dubrovnik. It was there that the original forms of association, adopted from the Byzantine practice and law, found a fertile ground for further expansion. The most complex form of these associations, the entega, was not to be found after the 16th century, while collegantia gradually ascended into a limited partnership society, i.e. into the crediting business.

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…

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…

7 CFR 4280.139 - Credit quality.

Science.gov (United States)

2010-01-01

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

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.

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

International Nuclear Information System (INIS)

Bogen, J.; Stoelzl, D.

1987-01-01

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

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...

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....

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...

Documentary Credit Transfer and Other Financing from What Can Match as Product of Credit

Directory of Open Access Journals (Sweden)

Libardo Quintero Salazar

2016-12-01

Full Text Available When a contract of international sale of goods is mediated by a form of payment as the documentary credit, exporters that initially lack financial resources to produce or obtain merchandise that then will be delivered to the importer, look as first natural possibility of financing the transfer for the documentary credit. Now not always the credit can be transferable in accordance with the Uniform Customs and Practice for Documentary Credits (UCP – because, for example, the importer or the financial entity do not want it in that way. Given the above scenario, this article aims to provide solutions, explaining legal alternatives for the exporter that is not in the UCP-, to use the money that might correspond as a result of the documentary credit, to finance the production or acquisition of goods against other traders, and then reselling them to the importer. It concludes that the exporter can achieve such immediate funding - similar to what encourage the transfer of documentary credit - using to their relations with the supplier, figures as the assignment of a future credit, banker’s acceptance and contract terms.

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.

Inventory and Credit Decisions under Day-Terms Credit Linked Demand and Allowance for Bad Debts

Directory of Open Access Journals (Sweden)

K. K. Aggarwal

2014-01-01

Full Text Available In order to stimulate demand of their product, firms generally give credit period to their customers. However, selling on credit exposes the firms to the additional dimension of bad debts expense (i.e., customer’s default. Moreover, credit period through its influence on demand becomes a determinant of inventory decisions and inventory sold on credit gets converted to accounts receivable indicating the interaction between the two. Since inventory and credit decisions are interrelated, inventory decisions must be determined jointly with credit decisions. Consequently, in this paper, a mathematical model is developed to determine inventory and credit decisions jointly. The demand rate is assumed to be a logistic function of credit period. The accounts receivable carrying cost along with an explicit consideration of bad debt expense which have been often ignored in previous models are incorporated in the present model. The discounted cash flow approach (DCF is used to develop the model and the objective is to maximize the present value of the firm’s net profit per unit time. Finally, numerical example and sensitivity analysis have been done to illustrate the effectiveness of the proposed model.

75 FR 22578 - Application To Export Electric Energy; Centre Lane Trading Limited

Science.gov (United States)

2010-04-29

... DEPARTMENT OF ENERGY [OE Docket No. EA-365] Application To Export Electric Energy; Centre Lane... application. SUMMARY: Centre Lane Trading Limited (CLT) has applied for authority to transmit electric energy...)). On April 20, 2010, DOE received an application from CLT for authority to transmit electric energy...

Credit Card Debt Hardship Letter Samples

OpenAIRE

lissa coffey

2016-01-01

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

Credit cues and impression management: a preliminary attempt to explain the credit card effect.

Science.gov (United States)

McCall, Michael; Trombetta, Jessica; Gipe, Aimee

2004-08-01

Prior research had suggested that individuals would estimate higher product values and even tip more in the presence of credit cues. In the absence of a clear theoretical interpretation of this credit card effect we propose that this tendency is an impression management strategy such that credit cue exposure influences perceptions of the self and focuses attention on individual wealth. Thus, in the presence of others, credit cues serve to enhance images of the self. Preliminary data in support of this alternative theoretical perspective are presented.

Overrated credit risk: three essays on credit risk in turbulent times

NARCIS (Netherlands)

Bongaerts, D.G.J.

2010-01-01

Credit markets have shown a dramatic development at the start of the 21st century. Increased regulatory pressure on financial institutions has spurred the development of innovative products that allow for transfer of credit risk. These developments lay at the base of the largest financial crisis

Time Discounting and Credit Market Access in a Large-Scale Cash Transfer Programme

Science.gov (United States)

Handa, Sudhanshu; Martorano, Bruno; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

2017-01-01

Summary Time discounting is thought to influence decision-making in almost every sphere of life, including personal finances, diet, exercise and sexual behavior. In this article we provide evidence on whether a national poverty alleviation program in Kenya can affect inter-temporal decisions. We administered a preferences module as part of a large-scale impact evaluation of the Kenyan Government’s Cash Transfer for Orphans and Vulnerable Children. Four years into the program we find that individuals in the treatment group are only marginally more likely to wait for future money, due in part to the erosion of the value of the transfer by inflation. However among the poorest households for whom the value of transfer is still relatively large we find significant program effects on the propensity to wait. We also find strong program effects among those who have access to credit markets though the program itself does not improve access to credit. PMID:28260842

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…

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

Science.gov (United States)

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

2015-01-01

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

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

Directory of Open Access Journals (Sweden)

Sarah K Summers

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

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

Science.gov (United States)

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

2015-01-01

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

Scenarios for the use of GHG-reduction instruments - how can policy-instruments as carbon emission trading and tradable green certificates be used simultaneously to reach a common GHG-reduction target?

International Nuclear Information System (INIS)

Morthorst, P.E.

2000-01-01

According to the agreed burden sharing in the EU, a number of member states have to reduce their emissions of greenhouse gases substantially. To achieve these reductions various policy-instruments - national as well as international - are on hand. Two international instruments are emphasized in this paper: tradable quotas for limiting carbon emissions and tradable green certificates for promoting the deployment of renewable energy technologies. In the analyses of these two instruments two main questions are considered: (1) Will there be any international trade in green certificates, if no GHG-credits are attached to them? (2) Will it make any difference if the EU sets the targets to be achieved by the two instruments or alternatively the individual member countries do? An incentive-analysis in which four scenarios are set up and discussed is performed for the EU member states. The main conclusion is that if no GHG-credits are attached to the green certificates there seems to be limited of no incentives for a permanent international trade in certificates. On the other hand, if GHG-credits are attached to the certificates an efficient international trade will take place regardless of whether the EU or the member countries fix the quotas. Thus, the use of international instruments as tradable green certificates and tradable emissions permits will not lead to an optimal GHG-reduction strategy unless GHG-credits are attached to the certificates. (author)

Intertemporal consumption and credit constraints

DEFF Research Database (Denmark)

Leth-Petersen, Søren

2010-01-01

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

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..., P.O. Box 68907, Indianapolis, Indiana 46268, or 6026 Lakeside Blvd., Indianapolis, Indiana 46278... mailed from the CBP Data Center, first class, on the next business day after compilation. Parties...

Conference Summary Report from ENS`95. Sustainable Resource Management

Energy Technology Data Exchange (ETDEWEB)

Holdgate, M [ed.

1996-12-31

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

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

Farmers, Trust, and the Market Solution to Water Pollution: The Role of Social Embeddedness in Water Quality Trading

Science.gov (United States)

Mariola, Matt J.

2012-01-01

Water quality trading (WQT) is a market arrangement in which a point-source water polluter pays farmers to implement conservation practices and claims the resulting benefits as credits toward meeting a pollution permit. Success rates of WQT programs nationwide are highly variable. Most of the literature on WQT is from an economic perspective…

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....

16 CFR 5.61 - Prehearing procedures; motions; interlocutory appeals; summary decision; discovery; compulsory...

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Prehearing procedures; motions; interlocutory appeals; summary decision; discovery; compulsory process. 5.61 Section 5.61 Commercial Practices FEDERAL TRADE COMMISSION ORGANIZATION, PROCEDURES AND RULES OF PRACTICE STANDARDS OF CONDUCT Disciplinary...

12 CFR 615.5172 - Production credit association and agricultural credit association investment in farmers' notes...

Science.gov (United States)

2010-01-01

... credit association investment in farmers' notes given to cooperatives and dealers. 615.5172 Section 615....5172 Production credit association and agricultural credit association investment in farmers' notes... farmers and ranchers eligible to borrow from such associations. (b) Such notes and other obligations...

Burnup credit in Spain

International Nuclear Information System (INIS)

Conde, J.M.; Recio, M.

2001-01-01

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

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…

12 CFR 614.4125 - Funding and discount relationships between Farm Credit Banks or agricultural credit banks and...

Science.gov (United States)

2010-01-01

..., Risk Management, Farm Credit System Insurance Corporation. (f) A direct lender association shall... Administration office that the Chief Examiner designates, and the Director, Risk Management, Farm Credit System... Credit Banks or agricultural credit banks and direct lender associations. 614.4125 Section 614.4125 Banks...

Production and trading of biomass for energy - An overview of the global status

International Nuclear Information System (INIS)

Heinimoe, J.; Junginger, M.

2009-01-01

The markets for industrially used biomass for energy purposes are developing rapidly toward being international commodity markets. Determining international traded biomass volumes for energy purposes is difficult, for several reasons, such as challenges regarding the compilation of statistics on the topic. While for some markets (pellets and ethanol) separate overviews exist, no comprehensive statistics and summaries aggregating separate biomass streams are available. The aim of this paper is to summarise trade volumes for various biomasses used for energy and to review the challenges related to measurement of internationally traded volumes of biofuels. International trade of solid and liquid biofuels was estimated to be about 0.9 EJ for 2006. Indirect trade of biofuels thorough trading of industrial roundwood and material byproducts comprises the largest proportion of trading, having a share of about 0.6 EJ. The remaining amount consisted of products that are traded directly for energy purposes, with ethanol, wood pellets, and palm oil being the most important commodities. In 2004-2006, the direct trade of biofuels increased 60%, whereas indirect trade has been almost constant. When compared to current global energy use of biomass (about 50 EJ yr -1 ) and to the long-term theoretical trading potential between the major regions of the world (80-150 EJ yr -1 ), the development of international trade of biomass for energy purposes is in its initial stage, but it is expected to continue to grow rapidly. (author)

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…

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...

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...

75 FR 75994 - Application To Export Electric Energy; Sempra Energy Trading LLC

Science.gov (United States)

2010-12-07

... DEPARTMENT OF ENERGY [OE Docket No. EA-191-D] Application To Export Electric Energy; Sempra Energy... application. SUMMARY: Sempra Energy Trading LLC (SET) has applied to renew its authority to transmit electric... transmit electric energy from the United States to Canada for a two- year term as a power marketer using...

Your Credit Rights: An Instructional Unit on Consumer Credit Protection. Revised.

Science.gov (United States)

Jensen, Barbara J.; And Others

This instructional guide adds two new sections to the original guide published in May 1982. The guide was designed to assist educators in teaching the topics of consumer credit and consumer credit protection to secondary and postsecondary students in various economics and business courses, as well as in adult and community education courses. The…

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…

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.

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

International Nuclear Information System (INIS)

Legault, R. F.

2003-01-01

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

Carbon Emission Trading. A survey of regional and national emission trading schemes outside the European Union; Handel med utslaeppsraetter. Kartlaeggning av EU-externa regionala och nationella system foer handel med koldioxidutslaepp

Energy Technology Data Exchange (ETDEWEB)

Widegren, Karin

2007-03-15

For those countries that ratified the Kyoto Protocol this is naturally one of the most important incentives for the introduction of mandatory measures such as emissions trading schemes. At the same time, there are major similarities between the political discussions in countries that ratified the Kyoto Protocol and countries that did not. In all countries there is a great interest in market-based regulation such as emissions trading, at the same time as the political difficulties in achieving unity on the limits and shaping of the systems are very substantial. In countries with a federal government, operators at the regional level frequently have a prominent role. The driving force for the regional players is frequently a desire to influence the federal policy from below at the same time as goodwill is created and a learning process is developed that may become a competitive advantage the day a federal system is introduced. Regional initiatives and the introduction of different voluntary programs for emissions trading have also contributed to an increased interest on the part of industry and industrial operators. They have in several cases actively participated in the design of such programs. When it comes to the operational status of the different schemes none of the studied countries is expected to have a nationally compulsory trading system in operation prior to 2010. Most initiatives are at the initial stage and have been delayed many times on account of significant administrative and political difficulties. It may be established that as regards market volume, liquidity and practical experiences EU ETS is in a class of its own. The most common trading system that is planned or debated is of the type 'cap and trade'. Systems focus almost without exception on the energy sector and on emissions of carbon dioxide. Frequently, proposals include a wide variety of approved emission credits (offset). The design of these emission credits often reflects other

Carbon Emission Trading. A survey of regional and national emission trading schemes outside the European Union; Handel med utslaeppsraetter. Kartlaeggning av EU-externa regionala och nationella system foer handel med koldioxidutslaepp

Energy Technology Data Exchange (ETDEWEB)

Widegren, Karin

2007-03-15

For those countries that ratified the Kyoto Protocol this is naturally one of the most important incentives for the introduction of mandatory measures such as emissions trading schemes. At the same time, there are major similarities between the political discussions in countries that ratified the Kyoto Protocol and countries that did not. In all countries there is a great interest in market-based regulation such as emissions trading, at the same time as the political difficulties in achieving unity on the limits and shaping of the systems are very substantial. In countries with a federal government, operators at the regional level frequently have a prominent role. The driving force for the regional players is frequently a desire to influence the federal policy from below at the same time as goodwill is created and a learning process is developed that may become a competitive advantage the day a federal system is introduced. Regional initiatives and the introduction of different voluntary programs for emissions trading have also contributed to an increased interest on the part of industry and industrial operators. They have in several cases actively participated in the design of such programs. When it comes to the operational status of the different schemes none of the studied countries is expected to have a nationally compulsory trading system in operation prior to 2010. Most initiatives are at the initial stage and have been delayed many times on account of significant administrative and political difficulties. It may be established that as regards market volume, liquidity and practical experiences EU ETS is in a class of its own. The most common trading system that is planned or debated is of the type 'cap and trade'. Systems focus almost without exception on the energy sector and on emissions of carbon dioxide. Frequently, proposals include a wide variety of approved emission credits (offset). The design of these emission credits often reflects other political

CREDIT Performance Indicator Framework

DEFF Research Database (Denmark)

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

2010-01-01

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

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...

Private Sector Credit and Inflation Volatility

Directory of Open Access Journals (Sweden)

Lorna Katusiime

2018-04-01

Full Text Available This paper investigates the effect of inflation volatility on private sector credit growth. The results indicate that private sector credit growth is positively linked to the one period lagged inflation volatility. Given that past monetary policy actions continue to affect the targeted variables due to the substantial lags in the transmission mechanism, the positive response of private sector credit growth to past inflation volatility suggests a credible monetary policy regime in Uganda, which has led to a reduction in the level of macroeconomic uncertainty and the restoration of favorable economic conditions and prospects, thus increasing the demand for credit. Further, the study finds that the lagged private sector credit growth, nominal exchange rate, and inflation have a statistically significant effect on private sector credit growth while financial innovation, interest rates, and GDP growth appear not to be important determinants of private sector credit growth. The robustness of our findings is confirmed by sensitivity checks.

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...

International greenhouse gas trading programs: a discussion of measurement and accounting issues

International Nuclear Information System (INIS)

Vine, Edward; Kats, Gregory; Sathaye, Jayant; Joshi, Hemant

2003-01-01

There is general scientific consensus that global warming is occurring and that this results from human activities, primarily burning fossil fuels. There is also a growing international consensus that the most cost-effective way to slow global warming is to establish international climate change trading programs that let institutions sell greenhouse gas (GHG) reductions in an international trading program. A well designed international GHG trading program could save billions or tens of billions of dollars and could result in a more rapid transfer of cleaner, more modern energy generating, transmitting and using technologies to developing nations. Establishing an international GHG trading program will require the development of international consensus rules on how to value and credit investments, for example in energy efficiency, that result in reduced emissions of greenhouse gases. Such a program would require the development of an international technical agreement on how to value emissions reductions attributed to energy-efficiency investments that reflect realistic estimates of future energy savings--and emissions reductions--that come from those investments. This paper examines five possible approaches for valuing energy savings which might serve as the basis for an international agreement, discusses the strengths and weaknesses of each approach, and discusses lessons learned from conducting this evaluation process

CORRELATED ANALYSIS OF CLIENT-CREDIT COST WITH THE ONE OF SUPPLIER - CREDIT COST

Directory of Open Access Journals (Sweden)

MIRELA MONEA

2012-01-01

Full Text Available The given client-credit has associated several types of costs. If a company gives client-credit for a certain period of time, then it will have to finance its activity from other sources. Another aspect is the one related to the size of allotted sum. The sum that must be covered does not equal the turnover. The impact on financing the operating cycle is found usually only under the form of expenses which are made up of variable costs (because amortization must not be paid, the profit is included in the price. Thus, the sum which must be covered is not related to the non-cashed turnover from the client-credit, but only to variable costs. This will be the sum that must be covered from the financing sources. Supplier-credit is a source attracted, usually it has no cost.

Did Globalization Influence Credit Market Deregulation

OpenAIRE

Eppinger, Peter; Potrafke, Niklas

2015-01-01

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

Service quality in consumer's credit branch

OpenAIRE

Blechová, Věra

2008-01-01

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

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...

Value of burnup credit beyond actinides

International Nuclear Information System (INIS)

Lancaster, D.; Fuentes, E.; Kang, Chi.

1997-01-01

DOE has submitted a topical report to the NRC justifying burnup credit based only on actinide isotopes (U-234, U-235, U-236, U-238, Pu-238, Pu-239, Pu-240, Pu-241, Pu-242, and Am-241). When this topical report is approved, it will allow a great deal of the commercial spent nuclear fuel to be transported in significantly higher capacity casks. A cost savings estimate for shipping fuel in 32 assembly (burnup credit) casks as opposed to 24 assembly (non-burnup credit) casks was previously presented. Since that time, more detailed calculations have been performed using the methodology presented in the Actinide-Only Burnup Credit Topical Report. Loading curves for derated casks have been generated using actinide-only burnup credit and are presented in this paper. The estimates of cost savings due to burnup credit for shipping fuel utilizing 32, 30, 28, and 24 assembly casks where only the 24 assembly cask does not burnup credit have been created and are discussed. 4 refs., 2 figs

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...

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

Essays on globalization. Policies in trade, development, resources and climate change

Energy Technology Data Exchange (ETDEWEB)

Kerkelae, L.

2009-07-01

This research study 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 EU and the role of carbon sinks in mitigating climate change. The first essay examines trade and aid policies in Mozambique. The essay analyses the impact of alternative options like trade agreements, aid and trade facilitation. The results suggest that Mozambique has very little to gain from trade agreements or the Doha Round, although some agreements with the EU do yield some benefit. Trade facilitation and aid-for-trade programs on the other hand have the potential for larger benefits. The second essay examines the impact of liberalising RussiaAEs energy sector. The analysis is based on the implicit subsidies in regulated prices of electricity and gas and focuses on the effect of the different taxes and subsidies with respect to welfare and GDP in Russia and abroad. Increases in the price of electricity and gas improve efficiency and shift output from domestic markets to exports. The third essay investigates the impact of liberalising the EUAEs sugar sector by taking into account the complex structure of the EU sugar market and preferences in imports for developing countries. The fourth essay focuses on the effects of including carbon sinks into the analysis of the impacts of the Kyoto agreement. (orig.)

24 CFR 206.37 - Credit standing.

Science.gov (United States)

2010-04-01

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

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...

Agricultural Credit Discount Fund – Agribusiness support credit line - Macedonian experience

OpenAIRE

Kovachev, Goran

2012-01-01

The main objective of this study is to emphasize the importance of creating special governmental refinancing institutions targeted towards strategic economic sectors. Such institution in Macedonia is Agricultural Credit Discount Fund, a separate unit within the Macedonian Bank for Development Promotion that administers a credit line meant to support the agribusiness. As it is commonly known agriculture is one of the most important economic sectors of the country. The ACDF's 'modus operandi' i...

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.

75 FR 64785 - Corporate Credit Unions

Science.gov (United States)

2010-10-20

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

12 CFR 706.2 - Unfair credit practices.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Unfair credit practices. 706.2 Section 706.2 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS CREDIT... attachment, execution, or other process on real or personal property held, owned by, or due to the consumer...

Modeling Cycle Dependence in Credit Insurance

Directory of Open Access Journals (Sweden)

Anisa Caja

2014-03-01

Full Text Available Business and credit cycles have an impact on credit insurance, as they do on other businesses. Nevertheless, in credit insurance, the impact of the systemic risk is even more important and can lead to major losses during a crisis. Because of this, the insurer surveils and manages policies almost continuously. The management actions it takes limit the consequences of a downturning cycle. However, the traditional modeling of economic capital does not take into account this important feature of credit insurance. This paper proposes a model aiming to estimate future losses of a credit insurance portfolio, while taking into account the insurer’s management actions. The model considers the capacity of the credit insurer to take on less risk in the case of a cycle downturn, but also the inverse, in the case of a cycle upturn; so, losses are predicted with a more dynamic perspective. According to our results, the economic capital is over-estimated when not considering the management actions of the insurer.

76 FR 24089 - Credit Risk Retention

Science.gov (United States)

2011-04-29

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

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...

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...

Remedies to Fraud in Documentary Letters of Credit: A Comparative Perspective / Opravné Opatrenia Pri Podvodoch S Dokumentárnymi Akreditívami: Komparatívna Perspektíva

Directory of Open Access Journals (Sweden)

Alavi Hamed

2016-06-01

Full Text Available Article 4 of the Unified Customs and Practices of Documentary Letters of Credit establishes the notion of autonomy principle by separating credit from underlying contract between account party and beneficiary. Article 5 by recognizing the autonomy principle confirms that effectuate the payment under credit, banks only deal with documents and not with goods. As a result, while documentary letters of credit are meant to facilitate the process of international trade, their sole dependency on compliance of presented documents to bank by beneficiary to actualize the payment will increase the risk of fraud and forgery in the course of their operation. Interestingly, UCP (currently UCP600 takes a silent status regarding the problem of fraud in international LC operation and leaves the ground open for national laws to provide remedies to affected parties by fraudulent beneficiary. National Laws have different approaches to the problem of fraud in general and fraud in international LC operation in particular which makes the access of affected parties to possible remedies complicated and difficult. Current paper tries to find answer to the questions of (i what available remedies are provided to affected parties in international LC fraud by different legal systems? (ii And what are conditions for benefiting from such remedies under different legal systems? In achieving its objective, paper will be divided in two main parts to study remedies provided by intentional legal frameworks as well as the ones offered by national laws. Part one will study the position of UCP and UNCITRAL Convention on Independent Guarantees and Standby Letters of Credit (UNCITRAL Convention and remedies, which they provide to LC fraud in international trade. Part two in contrary will study available remedies to LC fraud and condition for access them under English and American legal system.

The trade regime and the climate regime. Institutional evolution and adaptation

International Nuclear Information System (INIS)

Brewer, Thomas L.

2003-01-01

This article addresses concerns that the multilateral trade regime centered in the WTO and the emerging climate regime may conflict in ways that could be damaging to either or both. The article discusses the institutional and diplomatic context of these concerns, and it identifies the kinds of issues that are in question. The analysis suggests that there are opportunities for win-win outcomes in the interactions of the two regimes, for instance in the possibility of reducing fossil fuel subsidies. However, there are also problematic areas where they intersect. A core issue-and as yet an unresolved one-is whether and how emission credit trading and other activities envisioned by the Kyoto Protocol would be subject to WTO rules. The resolution of this issue will affect many other issues as well. Additional specific issues about the interactions of particular provisions in WTO agreements and the Kyoto Protocol are analyzed in a subsequent companion article in Climate Policy

20 CFR 227.5 - Employer tax credits.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Employer tax credits. 227.5 Section 227.5... SUPPLEMENTAL ANNUITIES § 227.5 Employer tax credits. Employers are entitled to tax credits if they pay non.... The tax credits for each month equal the sum of the reductions for employer pensions in the...

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...

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. ...

US nuclear power plant operating cost and experience summaries

International Nuclear Information System (INIS)

Kohn, W.E.; Reid, R.L.; White, V.S.

1998-02-01

NUREG/CR-6577, U.S. Nuclear Power Plant Operating Cost and Experience Summaries, has been prepared to provide historical operating cost and experience information on U.S. commercial nuclear power plants. Cost incurred after initial construction are characterized as annual production costs, representing fuel and plant operating and maintenance expenses, and capital expenditures related to facility additions/modifications which are included in the plant capital asset base. As discussed in the report, annual data for these two cost categories were obtained from publicly available reports and must be accepted as having different degrees of accuracy and completeness. Treatment of inconclusive and incomplete data is discussed. As an aid to understanding the fluctuations in the cost histories, operating summaries for each nuclear unit are provided. The intent of these summaries is to identify important operating events; refueling, major maintenance, and other significant outages; operating milestones; and significant licensing or enforcement actions. Information used in the summaries is condensed from annual operating reports submitted by the licensees, plant histories contained in Nuclear Power Experience, trade press articles, and the Nuclear Regulatory Commission (NRC) web site (www.nrc.gov)

US nuclear power plant operating cost and experience summaries

Energy Technology Data Exchange (ETDEWEB)

Kohn, W.E.; Reid, R.L.; White, V.S.

1998-02-01

NUREG/CR-6577, U.S. Nuclear Power Plant Operating Cost and Experience Summaries, has been prepared to provide historical operating cost and experience information on U.S. commercial nuclear power plants. Cost incurred after initial construction are characterized as annual production costs, representing fuel and plant operating and maintenance expenses, and capital expenditures related to facility additions/modifications which are included in the plant capital asset base. As discussed in the report, annual data for these two cost categories were obtained from publicly available reports and must be accepted as having different degrees of accuracy and completeness. Treatment of inconclusive and incomplete data is discussed. As an aid to understanding the fluctuations in the cost histories, operating summaries for each nuclear unit are provided. The intent of these summaries is to identify important operating events; refueling, major maintenance, and other significant outages; operating milestones; and significant licensing or enforcement actions. Information used in the summaries is condensed from annual operating reports submitted by the licensees, plant histories contained in Nuclear Power Experience, trade press articles, and the Nuclear Regulatory Commission (NRC) web site (www.nrc.gov).

12 CFR 702.108 - Risk mitigation credit.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Risk mitigation credit. 702.108 Section 702.108... CORRECTIVE ACTION Net Worth Classification § 702.108 Risk mitigation credit. (a) Who may apply. A credit union may apply for a risk mitigation credit if on any of the current or three preceding effective dates...

11 CFR 100.55 - Extension of credit.

Science.gov (United States)

2010-01-01

... substantially similar to extensions of credit to nonpolitical debtors that are of similar risk and size of... 11 Federal Elections 1 2010-01-01 2010-01-01 false Extension of credit. 100.55 Section 100.55... Contribution (2 U.S.C. 431(8)) § 100.55 Extension of credit. The extension of credit by any person is a...

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

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...

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.

Integration and Improvement of Geophysical Root Biomass Measurements for Determining Carbon Credits

Science.gov (United States)

Boitet, J. I.

2013-12-01

Carbon trading schemes fundamentally rely on accurate subsurface carbon quantification in order for governing bodies to grant carbon credits inclusive of root biomass (What is Carbon Credit. 2013). Root biomass makes up a large chunk of the subsurface carbon and is difficult, labor intensive, and costly to measure. This paper stitches together the latest geophysical root measurement techniques into site-dependent recommendations for technique combinations and modifications that maximize large-scale root biomass measurement accuracy and efficiency. "Accuracy" is maximized when actual root biomass is closest to measured root biomass. "Efficiency" is maximized when time, labor, and cost of measurement is minimized. Several combinations have emerged which satisfy both criteria under different site conditions. Use of ground penetrating radar (GPR) and/or electrical resistivity tomography (ERT) allow for large tracts of land to be surveyed under appropriate conditions. Among other characteristics, GPR does best with detecting coarse roots in dry soil. ERT does best in detecting roots in moist soils, but is especially limited by electrode configuration (Mancuso, S. 2012). Integration of these two technologies into a baseline protocol based on site-specific characteristics, especially soil moisture and plants species heterogeneity, will drastically theoretically increase efficiency and accuracy of root biomass measurements. Modifications of current measurement protocols using these existing techniques will also theoretically lead to drastic improvements in both accuracy and efficiency. These modifications, such as efficient 3D imaging by adding an identical electrode array perpendicular to the first array used in the Pulled Array Continuous Electrical Profiling (PACEP) technique for ERT, should allow for more widespread application of these techniques for understanding root biomass. Where whole-site measurement is not feasible either due to financial, equipment, or

12 CFR 226.12 - Special credit card provisions.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Special credit card provisions. 226.12 Section... SYSTEM TRUTH IN LENDING (REGULATION Z) Open-End Credit § 226.12 Special credit card provisions. (a) Issuance of credit cards. Regardless of the purpose for which a credit card is to be used, including...

Arbitrary Deprivation of an Unregistered Credit Provider's Right to Claim Restitution of Performance Rendered: Opperman v Boonzaaier (24887/2010 2012 ZAWCHC 27 (17 April 2012 and National Credit Regulator v Opperman 2013 2 SA 1 (CC

Directory of Open Access Journals (Sweden)

Reghard Brits

2013-12-01

Full Text Available The Constitutional Court in National Credit Regulator v Opperman confirmed the Cape High Court's decision in Opperman v Boonzaaier to declare section 89(5(c of the National Credit Act unconstitutional. Therefore, the forfeiture to the state of an unregistered creditor provider's right to claim restitution of monies advanced in terms of an unlawful (and void credit agreement, was held to amount to an arbitrary deprivation of property in contravention of section 25(1 of the Constitution – the property clause. The provision in effect prohibited courts from deviating from the common law's strict par delictum rule in as far as the effects of unlawful contracts are concerned, the result being that creditors could not retrieve any of the amounts extended to the debtor, despite there being no turpitude or bad faith present. The purpose of this provision was to discourage the concluding of unlawful credit agreements – for instance, agreements concluded by unregistered credit providers – so as to protect consumers against unscrupulous behaviour. Although the broad purposes of the Act are undeniably valid, the Court held that there was no "sufficient reason" for the effects that the Act had in this case, since the credit provider in question was not guilty of the behaviour that the Act tried to combat. In other words, the effects of the Act were over-broad and not proportionate to its stated purposes. This case note comprehensively analyses these decisions in view of interpreting the "confused and confusing" wording of section 89(5(c, with a specific focus on the application of the section 25(1 non-arbitrariness test. Reference is also made to the earlier judgments in the matter of Cherangani Trade and Investment 107 (Edms Bpk v Mason. The Opperman decisions illustrate well how the non-arbitrariness test should be conducted in consitutional property cases generally but particularly also in the credit context. Of significance is the fact that the

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...

Mammography screening credit card and compliance.

Science.gov (United States)

Schapira, D V; Kumar, N B; Clark, R A; Yag, C

1992-07-15

Screening for breast cancer using mammography has been shown to be effective in reducing mortality from breast cancer. The authors attempted to determine if use of a wallet-size plastic screening "credit" card would increase participants' compliance for subsequent mammograms when compared with traditional methods of increasing compliance. Two hundred and twenty consecutive women, ages 40-70 years, undergoing their first screening mammography were recruited and assigned randomly to four groups receiving (1) a reminder plastic credit card (2) reminder credit card with written reminder; (3) appointment card; and (4) verbal recommendation. Return rates of the four groups were determined after 15 months. The return rate for subsequent mammograms was significantly higher for participants (72.4%) using the credit card than for participants (39.8%) exposed to traditional encouragement/reminders (P less than 0.0001). The credit card was designed to show the participant's screening anniversary, and the durability of the card may have been a factor in increasing the return rate. The use of reminder credit cards may increase compliance for periodic screening examinations for other cancers and other chronic diseases.

Trading volume and the number of trades

OpenAIRE

Marwan Izzeldin

2007-01-01

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

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

International Nuclear Information System (INIS)

McLean, B.J.; Rico, R.

1995-01-01

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

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...

Indian Kisan Credit Card Scheme: An Analytical Study

Directory of Open Access Journals (Sweden)

Dharmendra Mehta

2016-03-01

Full Text Available Kisan Credit Card (KCC has now been regarded as the only medium of short-term credit for agriculture. The Kisan Credit Card (KCC scheme was introduced by the Finance Minister in his budget speech in the year 1998-99. From the year 1998-99, the scheme was implemented by public sector commercial banks, RRBs (Regional Rural Banks and cooperative banks in the country. It has emerged as an innovative credit distribution system to meet the production credit requirements of the farmers in a timely and easy manner. The present paper is aimed to study role of Kisan Credit Card in the rural credit facilitation in India.

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

African Journals Online (AJOL)

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

Trade creation and trade diversion in the Canada - United States Free Trade Agreement

OpenAIRE

Kimberly A. Clausing

2001-01-01

In this paper the changes in trade patterns introduced by the Canada-United States Free Trade Agreement are examined. Variation in the extent of tariff liberalization under the agreement is used to identify the impact of tariff liberalization on the growth of trade both with member countries and non-member countries. Data at the commodity level are used, and the results indicate that the Canada-United States Free Trade Agreement had substantial trade creation effects, with little evidence of ...

What are the opportunities related to the trading of emission reductions in the electricity market?; Quelles sont les opportunites reliees aux echanges de reduction d'emission dans le marche de l'electricite

Energy Technology Data Exchange (ETDEWEB)

Lemieux, M. [Gaz Metropolitain, Montreal, PQ (Canada)

2003-07-01

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

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.

Solar tax credits: the U.S. experience

International Nuclear Information System (INIS)

Sallmen Smith, L.J.

1990-01-01

From 1978 to 1985, the U.S. Federal government used income tax credits to induce taxpayers to purchase residential solar energy devices. These credits resulted in a significant number of households installing solar devices during the credit period but subsequently devastated the solar industry. Numerous structural problems with the credits and the failure to address important issues in the legislation led to this result. (Author)

Trade Policy

OpenAIRE

Murray Gibbs

2007-01-01

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

Financial Intermediation, Moral Hazard and Pareto Inferior Trade

DEFF Research Database (Denmark)

Olai Hansen, Bodil; Keiding, Hans

2004-01-01

We consider a simple model of international trade under uncertainty, whereproduction takes time and is subject to uncertainty. The riskiness of production dependson the choices of the producers, not observable to the general public, and these choicesare influenced by the availability and cost...... the model, the market may not be able to supply credits to one of the countries.The introduction of financial intermediaries with the ability to control the debtorsmay change this situation in a direction which is welfare improving (in a suitable sense)by increasing expected output in the country with high...... interest rates, while opening upfor new problems of asymmetric information with respect to the monitoring activity ofthe banks.Keywords: Capital outflow, financial intermediaries, moral hazardJEL classification: F36, D92, E44...

Information Sharing and Credit Rationing : Evidence from the Introduction of a Public Credit Registry

NARCIS (Netherlands)

Cheng, X.; Degryse, H.A.

2010-01-01

We provide the first evidence on how the introduction of information sharing via a public credit registry affects banks’ lending decisions. We employ a unique dataset containing detailed information on credit card applications and decisions from one of the leading banks in China. While we do not

Sadhana | Indian Academy of Sciences

Indian Academy of Sciences (India)

Trade-credit modeling for deteriorating item inventory system with preservation ... deterioration; preservation technology; trade-credit policy; partial backlogging. ... item inventory model with preservation technology and trade-credit finance.

International provision of trade services, trade, and fragmentation

OpenAIRE

Deardorff, Alan V.

2001-01-01

The author examines the special role that trade liberalization in services industries can play in stimulating trade in both services, and goods. International trade in goods requires inputs from such trade services as transportation, insurance, and finance, for example. Restrictions on services across borders, and within foreign countries add costs, and barriers to international trade. Lib...

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...

Credit scoring analysis using weighted k nearest neighbor

Science.gov (United States)

Mukid, M. A.; Widiharih, T.; Rusgiyono, A.; Prahutama, A.

2018-05-01

Credit scoring is a quatitative method to evaluate the credit risk of loan applications. Both statistical methods and artificial intelligence are often used by credit analysts to help them decide whether the applicants are worthy of credit. These methods aim to predict future behavior in terms of credit risk based on past experience of customers with similar characteristics. This paper reviews the weighted k nearest neighbor (WKNN) method for credit assessment by considering the use of some kernels. We use credit data from a private bank in Indonesia. The result shows that the Gaussian kernel and rectangular kernel have a better performance based on the value of percentage corrected classified whose value is 82.4% respectively.

Do Internet Credit Markets Improve Access to Credit for Female Business Owners?

OpenAIRE

Barasinska, Nataliya; Schäfer, Dorothea

2010-01-01

Business owners and founders are a minority of any bank's business clients. Scientific studies of traditional credit markets often show a lower probability of loan approval or higher loan costs for female business owners compared to male business owners. With this background the question arises whether female business owners have to struggle with this problem less on Internet credit markets. In this current study, DIW Berlin investigated business loans on the largest German Internet platform,...

National greenhouse-gas accounting for effective climate policy on international trade

Science.gov (United States)

Kander, Astrid; Jiborn, Magnus; Moran, Daniel D.; Wiedmann, Thomas O.

2015-05-01

National greenhouse-gas accounting should reflect how countries’ policies and behaviours affect global emissions. Actions that contribute to reduced global emissions should be credited, and actions that increase them should be penalized. This is essential if accounting is to serve as accurate guidance for climate policy. Yet this principle is not satisfied by the two most common accounting methods. Production-based accounting used under the Kyoto Protocol does not account for carbon leakage--the phenomenon of countries reducing their domestic emissions by shifting carbon-intensive production abroad. Consumption-based accounting (also called carbon footprinting) does not credit countries for cleaning up their export industries, and it also punishes some types of trade that could contribute to more carbon efficient production worldwide. We propose an improvement to consumption-based carbon accounting that takes technology differences in export sectors into account and thereby tends to more correctly reflect how national policy changes affect total global emissions. We also present empirical results showing how this new measure redraws the global emissions map.

Dynamic communities in multichannel data: an application to the foreign exchange market during the 2007-2008 credit crisis.

Science.gov (United States)

Fenn, Daniel J; Porter, Mason A; McDonald, Mark; Williams, Stacy; Johnson, Neil F; Jones, Nick S

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

Dynamic communities in multichannel data: An application to the foreign exchange market during the 2007-2008 credit crisis

Science.gov (United States)

Fenn, Daniel J.; Porter, Mason A.; McDonald, Mark; Williams, Stacy; Johnson, Neil F.; Jones, Nick S.

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

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...

THE WORLD TRADE ORGANIZATION (WTO FREE TRADE WITHIN FAIR TRADE CHALLENGES

Directory of Open Access Journals (Sweden)

M. Ya’kub Aiyub Kadir

2014-06-01

Full Text Available Free trade and fair trade are considered an ambiguous term with relative meanings of identification. Objectively, free and fair trade does not mean completely free and fair, but it means trade under binding rules obeyed by member countries as a consequence of their commitment after signing and ratification of the WTO agreements. Hence, this paper aims at exploring the issue and does an effort to harmonise between free trade and fair trade within the WTO system. Perdagangan bebas dan perdagangan yang adil adalah dua istilah yang ambigu maknanya. Secara obyektif, perdagangan bebas tidak bermakna bebas dan adil seluruhnya, tetapi bermakna sebuah perdagangan di bawah aturan-aturan mengikat setelah negara anggota menandatangani dan meratifikasi kesepakatan WTO. Tetapi dalam realitas kebanyakan Negara, terutama negara berkembang tidak mampu untuk membuka pasar dan menurunkan tarif secara keseluruhan. Persoalan tidak berimbangnya kekuatan, kurang demokrasi, krisis legitimasi dan dobel standar dalam WTO sistem merupakan sebuah tantangan yang masih berlanjut. Paper ini akan mengkaji persoalan ini dan berupaya mengharmonisasikan antara perdagangan bebas dan adil dalam sistem WTO.

THE WORLD TRADE ORGANIZATION (WTO FREE TRADE WITHIN FAIR TRADE CHALLENGES

Directory of Open Access Journals (Sweden)

M. Ya’kub Aiyub Kadir

2014-06-01

Full Text Available Free trade and fair trade are considered an ambiguous term with relative meanings of identification. Objectively, free and fair trade does not mean completely free and fair, but it means trade under binding rules obeyed by member countries as a consequence of their commitment after signing and ratification of the WTO agreements. Hence, this paper aims at exploring the issue and does an effort to harmonise between free trade and fair trade within the WTO system.   Perdagangan bebas dan perdagangan yang adil adalah dua istilah yang ambigu maknanya. Secara obyektif, perdagangan bebas tidak bermakna bebas dan adil seluruhnya, tetapi bermakna sebuah perdagangan di bawah aturan-aturan mengikat setelah negara anggota menandatangani dan meratifikasi kesepakatan WTO. Tetapi dalam realitas kebanyakan Negara, terutama negara berkembang tidak mampu untuk membuka pasar dan menurunkan tarif secara keseluruhan. Persoalan tidak berimbangnya kekuatan, kurang demokrasi, krisis legitimasi dan dobel standar dalam WTO sistem merupakan sebuah tantangan yang masih berlanjut. Paper ini akan mengkaji persoalan ini dan berupaya mengharmonisasikan antara perdagangan bebas dan adil dalam sistem WTO.

A neural network model for credit risk evaluation.

Science.gov (United States)

Khashman, Adnan

2009-08-01

Credit scoring is one of the key analytical techniques in credit risk evaluation which has been an active research area in financial risk management. This paper presents a credit risk evaluation system that uses a neural network model based on the back propagation learning algorithm. We train and implement the neural network to decide whether to approve or reject a credit application, using seven learning schemes and real world credit applications from the Australian credit approval datasets. A comparison of the system performance under the different learning schemes is provided, furthermore, we compare the performance of two neural networks; with one and two hidden layers following the ideal learning scheme. Experimental results suggest that neural networks can be effectively used in automatic processing of credit applications.

Acquired Credit Unions: Drivers of Takeover

Directory of Open Access Journals (Sweden)

R. Raymond Sant

2015-08-01

Full Text Available In this paper we study acquired credit unions and analyze their financial performance up to six years prior to merger, on a quarterly basis. The primary focus is on balance sheet (asset liability management and profitability variables (return on assets. We find that acquired credit unions during the period 2008 (third quarter to 2014 (first quarter experienced negative return on assets for several quarters prior to their takeover. This was the result of a declining loan portfolio and increasing charge offs. In spite of decreasing lending activity, such credit unions continued to increase their deposits, i.e., adding to their cost base. Due to declining loans, their net interest margin as a proportion of deposits was also in decline. We argue that this is an indicator of poor management ability. Furthermore, our analysis finds that operating expenses were increasing over time, something that has been documented in previous literature also for smaller credit unions and is attributable to lack of economies of scale. The average asset size of the acquired credit unions in our sample is about $22 million just before acquisition. We attribute our findings to poor business strategy followed by such credit unions. We also conclude that signs of trouble are evident up to two years before merger on average and regulatory policy may have to become more proactive to manage the consolidation challenge faced by the credit union industry in general.

Materialism and credit card use by college students.

Science.gov (United States)

Pinto, M B; Parente, D H; Palmer, T S

2000-04-01

Much has been written in the popular press on credit card use and spending patterns of American college students. The proliferation of credit cards and their ease of acquisition ensure that students today have more opportunities for making more credit purchases than any other generation of college students. Little is known about the relationship between students' attitudes towards materialism and their use of credit cards. A study was conducted at three college campuses in the northeastern part of the United States where a total of 1,022 students were surveyed. Students' attitudes toward use of credit and their credit card balances were evaluated relative to their scores on Richins and Dawson's Materialism Scale (1992). Our findings suggest no significant difference between those individuals scoring high versus low on the Materialism Scale in terms of the number of credit cards owned and the average balance owed. Individuals high on materialism, however, significantly differed in terms of their uses for credit cards and their general attitude toward their use.

Transitive Credit and JSON-LD

Directory of Open Access Journals (Sweden)

Daniel S. Katz

2015-11-01

Full Text Available Science and engineering research increasingly relies on activities that facilitate research but are not currently rewarded or recognized, such as: data sharing; developing common data resources, software and methodologies; and annotating data and publications. To promote and advance these activities, we must develop mechanisms for assigning credit, facilitate the appropriate attribution of research outcomes, devise incentives for activities that facilitate research, and allocate funds to maximize return on investment. In this article, we focus on addressing the issue of assigning credit for both direct and indirect contributions, specifically by using JSON-LD to implement a prototype transitive credit system.

12 CFR 614.4040 - Production credit associations.

Science.gov (United States)

2010-01-01

..., membership, term, amount, loan security, and stock or participation certificate requirements of the... Section 614.4040 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Lending Authorities § 614.4040 Production credit associations. (a) Loan terms. (1) Production...

Credit scoring analysis using kernel discriminant

Science.gov (United States)

Widiharih, T.; Mukid, M. A.; Mustafid

2018-05-01

Credit scoring model is an important tool for reducing the risk of wrong decisions when granting credit facilities to applicants. This paper investigate the performance of kernel discriminant model in assessing customer credit risk. Kernel discriminant analysis is a non- parametric method which means that it does not require any assumptions about the probability distribution of the input. The main ingredient is a kernel that allows an efficient computation of Fisher discriminant. We use several kernel such as normal, epanechnikov, biweight, and triweight. The models accuracy was compared each other using data from a financial institution in Indonesia. The results show that kernel discriminant can be an alternative method that can be used to determine who is eligible for a credit loan. In the data we use, it shows that a normal kernel is relevant to be selected for credit scoring using kernel discriminant model. Sensitivity and specificity reach to 0.5556 and 0.5488 respectively.

IMPLICATIONS OF CREDIT RISK TRANSFER ON BANK PERFORMANCES

Directory of Open Access Journals (Sweden)

Victoria COCIUG

2015-07-01

Full Text Available The impact of the financial crisis has demonstrated the fragility of the banking sector and the need to implement new technologies that would allow not only insurance against the most important credit risk - credit risk, but development of lending segment. In such conditions, transfer of credit risk is an efficient and actual way to diversify the banks exposure for credit risk by the presence of those who are willing to take on some of this risk. Taking of credit risk can be achieved through credit derivatives, securitization and sale of loans, being selected the most advantageous technique for the bank. The current situation of the national banking sector requires solving the problem of bad loans, which, unfortunately, are increasing, by implementing new techniques for credit risk management according with EU directives.

Measuring Credit Capacity on Danish Farms Using DEA

DEFF Research Database (Denmark)

Friis Pedersen, Michael; Vesterlund Olsen, Jakob

2013-01-01

have important implications for risk management practice, investment and technology adoption and related policy issues. The method is limited by the possibility of strategic behavior of lenders during credit cycle busts. In credit cycle booms, the method gives a good basis for the estimates of change...... in credit reserves. Practical implications: In a period of increasing credit reserves, risk management institutions are unlikely to develop. Like agricultural policy, access to credit may crowd out market-based risk management. Originality/value: The study represents a novel application and interpretation......Purpose:The purpose of this paper is to introduce a novel measure of access to credit suited to estimate the relative change in credit reserves. Design/methodology/approach: A debt possibility frontier is estimated using data envelopment analysis and the Malmquist index is calculated. The Malmquist...

Credit-Card Bill Seeks to Protect Students but Could Limit Their Access to Credit

Science.gov (United States)

Field, Kelly

2009-01-01

Congress passed legislation last week that would shield students and other consumers from sudden spikes in interest rates and fees, but that could make it harder for young people to access credit to pay for college. The legislation would extend broad new consumer protections to all credit-card holders, offering special protections to college…

Agricultural Trade Restrictiveness in the European Union and the United States

OpenAIRE

Jean-Christophe Bureau; Luca Salvatici

2001-01-01

The paper provides a summary measure of the Uruguay Round tariff reduction commitments in the European Union and the United States, using the Mercantilistic Trade Restrictiveness Index (MTRI) as the tariff aggregator. We compute the index for agricultural commodity aggregates assuming a specific (Constant Elasticity of Substitution) functional form for import demand. The levels of the MTRI under the actual commitments of the Uruguay Round are computed and compared with two hypothetical cases,...

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...

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.)

Rare disasters, credit, and option market puzzles

DEFF Research Database (Denmark)

Christoffersen, Peter; Du, Du; Elkamhi, Redouane

2017-01-01

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

25 CFR 140.23 - Credit at trader's risk.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Credit at trader's risk. 140.23 Section 140.23 Indians....23 Credit at trader's risk. Credit given Indians will be at the trader's own risk, as no assistance... accept pawns or pledges of personal property by Indians to obtain credit or loans. ...

Does ownership structure improve credit ratings?

Directory of Open Access Journals (Sweden)

Aws AlHares

2018-04-01

Full Text Available This study seeks to examine the impact of Block Ownership structure on Credit Ratings in OECD countries. This research seeks to contribute to the extant literature by exploring the effects of Corporate Governance (CG mechanisms on corporate credit ratings. The study uses a panel data of 200 companies from Anglo American and European countries between 2010 and 2014. The ordinary least square regression is used to examine the relationships. Additionally, to alleviate the concern of potential endogeneity, we use fixed effect regression, two-stage least squares using instrumental variables. The results show there is a negative and significant relationship between block ownership and credit ratings, with a greater significance among Anglo American countries than among European countries. The rationale for this is that Anglo-American system gives preferential treatment to individual shareholders and its accounting tradition leads to a decline in risk and increase in credit ratings. The result is consistent with the multi-theoretical framework predictions derived from the agency and stewardship theories. Future research could investigate credit ratings using other credit rating agencies, selecting a larger sample that includes small, mid-size and large companies. This paper extends, as well as contributes to extant CG literature by offering new evidence on the effect of block ownership on credit ratings between two different traditions. This will be explored by employing firm-level CG mechanisms by accounting for control variables. The findings will help regulators and policymakers in OECD countries in evaluating the adequacy of current CG reforms to prevent management misconduct and scandals.

European Union-Emission Trading Scheme: outlook for the chemical industry

International Nuclear Information System (INIS)

Coussy, P.; Alberola, E.

2013-01-01

From 2013, under the European Union Emissions Trading Scheme (EU-ETS), Europe will cap its emissions of nitrous oxide (N 2 O) and per-fluorocarbons (PFC) from the chemical industry. Besides, 336 chemical industry facilities will be forced to limit their emissions at 45.8 million tons of CO 2 per year from 2013 to 2020. At date August 1, 2012, almost 70% of the carbon credits issued by the clean development mechanism (CDM) were carried out mainly through the destruction of hydro-fluorocarbons (HFC-23) (42%) and N 2 O (22%). The contribution of emission reductions through chemical processes in the Joint Implementation (JI) projects is smaller but still amounted to 32% of all projects. From 1 May 2013 the European Union will refuse CDM and JI credits from emission reductions of HFC-23 and N 2 O. The issues of the introduction of the chemical industry in the EU-ETS in the context of low CO 2 prices and limited validity of CDM and JI chemical projects are high. Therefore, domestic CO 2 emissions reductions from energy consumption of the chemistry sector will take a larger share. (authors)

International trade law perspectives on paperless trade and inclusive digital trade

OpenAIRE

Mitchell, Andrew D.; Mishra, Neha

2017-01-01

Cross-border paperless trade is increasingly important to generate economic gains in a digitalised economy. Several developing and least developed countries will need to modernise their domestic laws and regulations to facilitate cross-border electronic transmissions, particularly to promote cloud computing and electronic payments. In recent trade agreements, trading partners have committed to deeper and more comprehensive provisions on electronic commerce, including adopting domestic laws on...

Executive Summary of Ares V: Lunar Capabilities Concept Review Through Phase A-Cycle 3

Science.gov (United States)

Holladay, J. B.; Baggett, K. E.; Feldman, S. M.

2011-01-01

This Technical Memorandum (TM) was generated as an overall Ares V summary from the Lunar Capabilities Concept Review (LCCR) through Phase A-Cycle 3 (PA-C3) with the intent that it may be coupled with separately published appendices for a more detailed, integrated narrative. The Ares V has evolved from the initial point of departure (POD) 51.00.48 LCCR configuration to the current candidate POD, PA-C3D, and the family of vehicles concept that contains vehicles PA-C3A through H. The logical progression from concept to POD vehicles is summarized in this TM and captures the trade space and performance of each. The family-of-vehicles concept was assessed during PA-C3 and offered flexibility in the path forward with the ability to add options deemed appropriate. A description of each trade space is given in addition to a summary of each Ares V element. The Ares V contributions to a Mars campaign are also highlighted with the goal of introducing Ares V capabilities within the trade space. The assessment of the Ares V vehicle as it pertains to Mars missions remained locked to the architecture presented in Mars Design Reference Authorization 5.0 using the PA-C3D vehicle configuration to assess Mars transfer vehicle options, in-space EDS capabilities, docking adaptor and propellant transfer assessments, and lunar and Mars synergistic potential.

12 CFR 614.4010 - Agricultural credit banks.

Science.gov (United States)

2010-01-01

...) of this chapter, for the export (including the cost of freight) of agricultural commodities or... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Agricultural credit banks. 614.4010 Section 614.4010 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS...

Credit card spending limit and personal finance: system dynamics approach

Directory of Open Access Journals (Sweden)

Mirjana Pejić Bach

2014-03-01

Full Text Available Credit cards have become one of the major ways for conducting cashless transactions. However, they have a long term impact on the well being of their owner through the debt generated by credit card usage. Credit card issuers approve high credit limits to credit card owners, thereby influencing their credit burden. A system dynamics model has been used to model behavior of a credit card owner in different scenarios according to the size of a credit limit. Experiments with the model demonstrated that a higher credit limit approved on the credit card decreases the budget available for spending in the long run. This is a contribution toward the evaluation of action for credit limit control based on their consequences.

An Anonymous Credit Card System

Science.gov (United States)

Androulaki, Elli; Bellovin, Steven