Os retinóides têm sido amplamente utilizados na clínica dermatológica e nos produtos cosméticos com finalidades preventivas e reparadoras dos efeitos indesejáveis do envelhecimento cutâneo. Considerando que a concentração de retinóides, como por exemplo, o ácido retinóico ou o palmitato de retinila, pode influenciar na eficácia e segurança de uso dos mesmos em formulações tópicas, é de fundamental importância o desenvolvimento e avaliação dos efeitos benéficos e/ou colaterais de formulações dermocosméticas contendo diferentes concentrações de ácido retinóico (0,025%, 0,05% e 0,1%) e palmitato de retinila (0,25%, 0,5% e 1,0%), visando a obtenção de uma concentração que proporcione a máxima eficácia possível e risco mínimo à pele. Assim, o presente trabalho tem por objetivos avaliar a influência de diferentes concentrações de retinóides (ácido retinóico ou palmitato de retinila) em formulações dermocosméticas com finalidades antienvelhecimento, na pele de camundongos sem pêlo, por estudos histopatológicos, morfométricos, estereológicos e por Bioengenharia Cutânea. Para tal foram preparadas três formulações de géis creme à base de hidroxietilcelulose (HEC) e microemulsão de silicone e octanoato de octila (formulações de nos 1 e 3) e à base de complexo lipídico contendo álcool batílico e lecitina de soja...

Normal and healing adult rabbit medial collateral ligaments (MCL) have been assessed for microvascular anatomy using a quantitative image analysis methodology. MCL preparation by ink-gelatin perfusion enabled acceptable visualisation of microvascular channels within the tissue. Fifteen adult rabbits were studied; 3 normal rabbits formed an external time-zero control group; 12 animals received a standardised gap injury to the right MCL. The ligament injury was permitted to heal for 3, 6, 17 or 40 wk (3 animals in each healing group). Results confirmed that the normal MCL is hypovascular (about 1.46% vascularity by area) and that microvascular channels are highly organised and oriented longitudinally deep within the tissue. Healing MCL scar becomes twice as vascular as normal ligament early on, but returns to near normal values by 40 wk. Microvascular channels appear less organised in scar than in contralateral controls, but remodel with time. The directional scatter and spatial extent of ligament microvascular channels is quantifiable in normal and healing tissues.

The core principles of Islam lay great emphasis on social justice, inclusion, and sharing of resources between the haves and the have nots. Islamic finance addresses the issue of "financial inclusion" or "access to finance" from two directions -- one through promoting risk-sharing contracts that provide a viable alternative to conventional debt-based financing, and the other through specific instruments of redistribution of the wealth among the society. Use of risk-sharing financing instruments can offer Shariah-compliant microfinance, financing for small and medium enterprises, and micro-insurance to enhance access to finance. And redistributive instruments such as Zakah, Sadaqat, Waqf, and Qard-al-hassan complement risk-sharing instruments to target the poor sector of society to offer a comprehensive approach to eradicating poverty and to build a healthy and vibrant economy. Instruments offered by Islam have strong historical roots and have been applied throughout history in various Muslim communities. The paper identifies gaps currently existing in Organisation of Islamic Cooperation (OIC) countries on each front...

Most readers, especially those with car loans or home mortgages, know about collateral--property that the lender can take away from the borrower in the event that the borrower defaults. In low/middle income countries, it is understood that conservative lenders exclude firms from credit markets with their excessive collateral requirements. Usually, this is because only some property is acceptable as collateral: large holdings of urban real estate and, sometimes, new motor vehicles. Microenterprises, SMEs, and the poor have little of this property but they do have an array of productive assets that could easily be harnessed to serve as collateral. It is only the legal framework which prevents firms from using these assets to secure loans. In countries with reformed laws governing collateral, property such as equipment, inventory, accounts receivable, livestock are considered excellent collateral. This book aims to better equip project managers to implement reforms to the legal and institutional framework for collateral (secured transactions). It discusses the importance of movable property as a source of collateral for firms...

The objective of this paper is to shed light on current trends and policy challenges in the financing of small- and medium-sized enterprises (SMEs) by banks in Colombia. The paper is motivated by the well-documented financing gap for SMEs, whose causes are complex and multi-dimensional. Based on data collection and interviews with the authorities, a representative sample of banks, and other relevant entities, the authors analyze the evolution and characteristics of this market in recent years. Bank financing to SMEs is becoming a strategic segment for Colombian credit institutions. The current business and risk management models for SME lending are still relatively underdeveloped, but greater sophistication is expected as the market matures. Important institutional and policy constraints to SME lending remain, but are not yet binding. In order to address these constraints before they "begin to bite", the authors identify and describe a potential policy reform agenda.

Small-and Medium-Sized Enterprises (SMEs) represent an important part of the Colombian economy, although they are not well documented in official statistics. In particular, there does not exist sufficient periodic data as to their characteristics, evolution, or overall contribution to the economy - in most cases, SMEs tend to be bundled together with micro enterprises in official statistics. The true size of the market is understated due to informality. Lack of access to finance has been cited as an important problem in recent surveys. However, there are significant differences in perceptions as to the size and causes of the financing gap. While there is strong evidence to support its existence following the 1999 crisis, the significant growth of this market in recent years raises some questions as to whether such perceptions remain valid. One of the lessons of the last few years is that banks will expand SME lending on their own accord - in spite of the presence of important constraints - when they perceive the attractiveness of this market and have begun to saturate easier (in terms of business model) market segments such as corporate and consumer lending. However...

This brief addresses demand for micro credit only, not demand for microfinance or other microfinance services, such as savings or funds transfers, which may be greater than the demand for micro credit. For instance, the ratio of savers to borrowers is about 10-to-1 for Bank Rakyat Indonesia, 9-to-1 for Centenary Bank in Uganda, and 4-to-1 for PRODEM in Bolivia (MIX Market). Micro credit demand estimates address the amount of funding required: the expected number of active borrowers is multiplied by an assumed average outstanding loan amount. Reasonable estimates of average loan size can be derived from international databases maintained by the mix market and micro credit summit. But estimating numbers of expected borrowers can be a minefield. This brief discusses the kinds of reductions that should be factored into a demand estimate and looks at some all too-sketchy empirical evidence about the size of those reductions. Most-but not all-of this evidence raises a concern that demand may often be overestimated by a considerable margin.

One tool for enhancing economic growth is a simple property registration process. Many developed countries, and countries on their way toward development, have simple, inexpensive, and fast property registration processes. The benefit of such a tool is driven by this thinking: low property registration fees encourage every property holder to receive a formal title. The poor especially will benefit, because they can use their property as collateral, start doing business, and achieve some of their dreams. Recognizing the importance of property registration to the ease of doing business, the Egyptian ministry of investment spotted a relevant reform. A reform strategy was immediately set up. Two problem areas were identified: the cost and quality of procedures to register a property. In Cairo one year ago, registering a property would cost on average 5.9 percent of its value, causing 90 percent of property to be either unregistered or registered at underestimated values.

This study argues the need for a policy environment supporting both urban informal sector dynamism and rapid transition from subsistence to monetization in agriculture. Such policies must include measures facilitating access to financial services for households, which are the backbone of the informal and subsistence economies. The economy of Timor-Leste is divided between a farm sector in which as many of 80 percent of workers remain, with most of these still dependent on subsistence production, and a non-farm sector in which micro- and small enterprises are an overwhelming majority. Most urban enterprises operate in an informal environment, while in both the farm and non-farm sectors the household is the basic unit of economic activity.

This report presents findings of a study of Bank lending to small and medium enterprises (SME) in Serbia. The study uses methodology developed by the Bank and already used in a number of studies in South America. The study is based on answers to standard questionnaires and detailed on-site interviews with eight banks. The interviewed banks are the most active in SME lending in Serbia and account for about 70 percent of the total market. Banks are currently offering a fairly broad range of both tailored and standardized products and are increasingly flexible with product pricing. This includes checking, savings and time deposit accounts; export and import loans; overdrafts for working capital and investment loans; business credit cards; various types of payment services; Internet and phone banking. The report is organized as follows: section two describes the banking sector and markets in Serbia, reviews definition of SMEs and provides key characteristics of the SME finance market in Serbia. Section three discusses details of SME access to finance. It describes the drivers and obstacles...

The financial sector comprises all institutions and agencies that are involved in financing the economy, mobilizing savings, managing risks and providing means of payment. In view of the importance of the services rendered, the financial sector constitutes the footing of development of the national economy. Economic growth, private sector development, job creation and poverty reduction depend on a sound, efficient and vigorous financial sector. In its efforts to develop the financial sector and enable it to effectively support the development of the national economy, the Government of Mauritania has sought the support of the World Bank and the International Monetary Fund (IMF). Accordingly, under the Financial Sector Assessment Program (FSAP), a joint International Monetary Fund (IMF) and World Bank mission conducted a study on the financial sector in Mauritania in February 2006. The study analyzed the financial performance, as well as the strengths and weaknesses of the sector institutions, and level of access to financial services. As at 31 December 2012...

Bank Negara Malaysia (BNM) employs a very well developed risk-focused regulatory and supervisory regime, consisting of a hands-on and comprehensive program of onsite supervision and extensive off-site macro, and micro, surveillance that is well integrated with its on-site supervision. This assessment of the current state of compliance with the Basel Core Principles (BCPs) in Malaysia has been undertaken as part of a joint International Monetary Fund (IMF)-World Bank Report on the Observance of Standards and Codes (ROSC) mission. The assessment was conducted from 4 April till 20 April 2012. It reflects the banking supervision practices of the BNM as of the end of March 2012 for the supervision of commercial banks. The assessment is based on several sources: (i) a detailed and comprehensive self-assessment prepared by the BNM ; (ii) detailed interviews with the BNM staff; (iii) review of laws, regulations, and other documentation on the supervisory framework and on the structure and development of the Malaysia financial sector; and (iv) meetings with individual banks...

The present document is the assessment of the systemically important payment systems in the Kingdom of Saudi Arabia (KSA) based on the CPSS Core Principles for Systemically Important Payment Systems (CPSIPS). The document also contains an analysis of some developmental issues related to the reform of the payments system as a whole. The assessment was conducted in the context of the field mission of the Financial Sector Assessment Program (FSAP) Update to the KSA (April 2011). The assessor of the CPSIPS was Massimo Cirasino. The national payments system (NPS) in Saudi Arabia efficiently serves the needs of a broad set of users. In particular, SAMA has implemented a comprehensive and robust infrastructure to support the provision of payment services and products by commercial banks. The infrastructure is primarily concentrated on payments in riyals and comprises the following systems: (i) the Saudi Arabian Riyal Interbank Express (SARIE) real time gross settlement (RTGS) system, which processes a wide range of large-value and small-value payments and provides settlement facilities for a number of clearing systems...

Korea experienced a financial crisis in the late 1990s, which it overcame successfully. The rich experiences gained in handling past crises have helped in the establishment of a broad crisis management framework in Korea. The successful management of the 1997 financial crisis is reported to have been guided by the following principles: (i) bold and decisive measures are required to regain market confidence, rather than incremental ones; (ii) though Government will take the lead in crisis management initiatives, private capital should be encouraged to fully participate in the process; (iii) bank recapitalization and creation of a bad bank are not mutually exclusive options; the crisis management measures should be politically acceptable and have built-in exit strategies with clear time-frames; (iv) moral hazard should be minimized; and (v) all forms of financial protectionism must be rejected. Korea responded to the 2008 global financial crisis with certain policy measures that helped the Korean financial and real sectors to weather the immediate effects of the global crisis. These included policy and financial support to stabilize the money...

This report is organized into three main sections. Section one sets out the context by describing the particular challenges and opportunities related to financing agriculture, followed by defining the target group of agricultural SME s. Section two describes a set of innovative financing models. Section three then provides a framework for an indicative assessment of these models by gathering and forming observations from the case studies. The model observations are then highlighted in three types of country contexts in which bankers in developing countries may find themselves. Preliminary assessment results are presented. The report concludes with key lessons learned on innovative agricultural financing, relevant case studies, and an outlook on further work in this area. Annexes present methodologies and case studies representing the various models.

Like many organizations working in the tourism sector, the authors believe that private sector investment is one of the key drivers of development. Over the past few years, the private sector has been a central innovator in forging business partnerships with local communities for tourism purposes around the world. Having demonstrated some extraordinary development results, joint ventures increasingly need to demonstrate their commercial viability over the long term. Moving out of the donor and grant-funded sphere and into the competitive capital markets in search of finance has posed a significant challenge. The author have observed that many community joint venture partnerships contain high levels of risk and that this risk usually is too high for banks to assume. The author have learned that this risk could be reduced to more acceptable levels in a number of ways, notably through better market-orientation and a more competitive enabling environment. This guide provides nine tips for all actors involved in this arena, including governments, the private sector, communities, banks, and nongovernmental organizations, to reduce risk and greatly improve joint ventures access to commercial finance.

This paper represents an important dimension in filling Latin America history's gaps through the lens of land rights. The continent was populated by many nations, functioned in harmony with nature, had a variety of cultures and languages, and, developed many different socio-economic systems (nationally and locally). These nations were sovereign and recognized from Alaska to Patagonia. Indeed, among all of them, we know they had very advanced, and well established institutional arrangements and organizations (formal and informal), created and nurtured with the view to respond to the needs, and challenges of the time. With a variety of forms of governance, these societies did assign rights, and responsibilities to the different actors, and groups in order to maintain an acceptable level of social cohesion, to establish important political consensus. As the political systems of some countries are now becoming more democratic to listening, and embracing the views of minorities, issues of land rights have clearly surfaced. Issues of sovereignty...

This document proposes a set of generally applicable recommendations and good practices for creating a Mineral Rights Cadastre (MRC), an administrative body responsible for overseeing the process of granting and managing mineral licenses throughout a country. The document reviews lessons learned from World Bank-funded projects aimed at reforming mineral rights management and assesses the impacts and benefits of the implemented changes. The document focuses on the MRC system as a key regulatory agency of mining sector administration. This study is also intended to fill a gap in the literature on mining sector administration, as few publications since roughly the 1930s have been dedicated to the overall analysis of MRCs, particularly in relation to modern and recent mining cadastral practices. While the overall concepts and principles presented in this document are intended to be universally valid and applicable, there is no single solution to mining sector development, and it would be unrealistic to believe that actions that have been successful in one country can be directly transferred to others. The MRC of any given country will need to be adapted to that particular country's culture...

This Investment Climate Policy Note (ICPN) for Sierra Leone evaluates the country's business environment by: (i) analyzing barriers to private sector investment and growth and how they vary among different types of firms; (ii) benchmarking Sierra Leone's investment climate and firm performance to that of other countries; and (iii) providing recommendations to promote and strengthen the private sector. The ICPN is supported by the statistical analysis of a 2009 enterprise survey of 150 formal, manufacturing and service firms with five or more employees based in Western Area/Freetown and Kenema, two of Sierra Leone's major urban centers. The ICPN is organized as follows. Chapter one provides context for Sierra Leone's business environment. Chapter two discusses the performance of Sierra Leone firms, with a focus on labor productivity. Chapter three examines how investment climate constraints cost businesses money and time, discusses main bottlenecks to conducting business as identified by managers of Sierra Leone firms...

This paper applies the Blundell and Bond system generalised method of moments (GMM) two-step estimator to examine the impact of age and collateral value on debt financing, using a panel of 177 non-financial companies listed on the Johannesburg Stock Exchange over the period 1999 to 2009. The results show that South African firms have target leverage ratios and adjust their capital structures from time to time to achieve their respective targets, that the relationship between firm age and debt financing is nonmonotonic, and that firms with higher collateral value are likely to face fewer constraints on borrowing and therefore have greater access to medium-term and long-term debts. Robustness tests also reveal that during start-up and maturity stages, a firm's access to debt markets is significantly influenced by investments in assets that are acceptable to external creditors as collateral. These findings suggest that debt financing policies could be more critical for firms in the start-up and maturity stages