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Influência de diferentes concentrações de reinóides em formulações dermocosméticas nos efeitos benéficos e/ou colaterais na pele de camundongos sem pêlo; Influence of different concentrations of retinoids in dermocosmetic formulations in their beneficial and/or collateral effects in hairless mice skin.
Fonte: Biblioteca Digitais de Teses e Dissertações da USP
Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado
Formato: application/pdf
Publicado em 28/02/2007
Português
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#ácido retinóico#bioengenharia cutânea#cosméticos#cosmetics#efficacy#eficácia.#histopathology#histopatologia#palmitato de retinila#retinoic acid#retinyl palmitate
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...
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Normal and healing ligament vascularity: a quantitative histological assessment in the adult rabbit medial collateral ligament.
Fonte: PubMed
Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /02/1996
Português
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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.
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The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
Fonte: Banco Mundial
Publicador: Banco Mundial
Português
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#ACCEPTABLE COLLATERAL#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCESS TO FINANCING#ACCESS TO INSURANCE#ACCESS TO RESOURCES#ACCESSIBILITY#ADMINISTRATIVE COSTS#AFFORDABLE COST#AGRICULTURAL SECTOR
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...
Link permanente para citações:
Reforming Collateral Laws to Expand Access to Finance
Fonte: Washington, DC: World Bank
Publicador: Washington, DC: World Bank
Português
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#ASSETS#ASYMMETRIC INFORMATION#BALANCE SHEETS#BANK SUPERVISION#BANKING SECTOR#BANKING SYSTEMS#BANKRUPTCY#BANKRUPTCY PROCEDURES#BANKS#BONDS#BORROWING
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...
Link permanente para citações:
Bank Financing to Small and Medium-Sized Enterprises (SMEs) in Colombia
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCOUNTING#ACCOUNTS RECEIVABLE#AFFILIATE#AGRICULTURAL SECTOR#ALTERNATIVE FINANCING#ALTERNATIVE SOURCES OF FINANCING#AUDITING
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.
Link permanente para citações:
Colombia : Bank Financing to Small- and Medium-Sized Enterprises (SMEs) in Colombia
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ABSENCE OF CREDIT#ACCEPTABLE COLLATERAL#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCOUNTING#ACCOUNTS RECEIVABLE#AGRICULTURAL SECTOR#ALTERNATIVE FINANCING#ALTERNATIVE SOURCES OF FINANCING#ASSESSMENT PROCESS
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...
Link permanente para citações:
Are We Overestimating Demand for Microloans?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ASSETS#BANK LOAN#BANK POLICY#BORROWER#BORROWING#CASH FLOW#CGAP#DEVELOPING COUNTRIES#DEVELOPMENT BANK#ELIGIBLE BORROWERS
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.
Link permanente para citações:
How Efficiently is Capital Created? Evidence from Property Registration Reform in Egypt
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS TO FINANCE#ADVISORY SERVICES#ANTI-MONEY LAUNDERING#BANKING INDUSTRY#BANKS#BEST PRACTICES#BUYER#CORPORATE GOVERNANCE#DEBT#DEBT RELIEF
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.
Link permanente para citações:
Timor Leste : Access to Finance for Investment and Working Capital
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCOUNTING#ADB#AFFILIATES#ARREARS#AUDITING#AVAILABILITY OF CREDIT#BALANCE SHEETS#BANK CHARGES
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.
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Bank Lending to Small and Medium Enterprises : The Republic of Serbia
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS POINTS#ACCESS TO BANKING#ACCESS TO BANKING SERVICES#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCOUNTING#ADVISORY SERVICES#AGRICULTURAL BANK#AMOUNT OF CREDIT#APPROVAL PROCESSES
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...
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Islamic Republic of Mauritania : Financial Sector Development Strategy and Action Plan 2013-2017
Fonte: Washington, DC
Publicador: Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS POINT#ACCESS TO BANKING#ACCESS TO BANKING SERVICES#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCESS TO FINANCING#ACCESS TO LOANS#ACCOUNT HOLDERS#ACCOUNT MANAGEMENT
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...
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Financial Sector Assessment Program : Malaysia - Basel Core Principles for Effective Banking Supervision
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCOUNTABILITY#ACCOUNTANT#ACCOUNTING#AFFILIATE#AFFILIATES#ARBITRAGE#ARBITRATION#ASSET MANAGEMENT#ASSET MANAGEMENT COMPANIES#ASSET MANAGERS
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...
Link permanente para citações:
Financial Sector Assessment Program : Saudi Arabia - CPSS Core Principles for Systematically Important Payment Systems
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#ACCEPTABLE COLLATERAL#ACCESS POLICY#ACCOUNT BALANCES#ACCOUNT NUMBER#ACCOUNT NUMBERS#ACCOUNTING#ANTI-MONEY LAUNDERING#ATM#AUCTIONS#AUTHORIZATION#AUTHORIZATIONS
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...
Link permanente para citações:
Republic of Korea Financial Sector Assessment Program Technical Note : Crisis Preparedness and Crisis Management Framework
Fonte: Washington, DC
Publicador: Washington, DC
Português
Relevância na Pesquisa
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#ACCEPTABLE COLLATERAL#ACCOUNTING#ASSET MANAGEMENT#ASSET MANAGEMENT COMPANIES#ASSET QUALITY#ASSET STRIPPING#BALANCE SHEET#BANK BRANCHES#BANK DEPOSIT#BANK DEPOSITS#BANK HOLDING
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...
Link permanente para citações:
Innovative Agricultural SME Finance Models
Fonte: International Finance Corporation, Washington, DC
Publicador: International Finance Corporation, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
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#ACCEPTABLE COLLATERAL#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCIAL SERVICES#ACCESS TO INFORMATION#ACCESS TO MARKETS#ACCOUNT PRODUCT#ADMINISTRATIVE COSTS#ADVISORY SERVICES#AGRICULTURAL ACTIVITIES#AGRICULTURAL COMMODITIES
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.
Link permanente para citações:
Getting Financed
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Português
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#access to credit#access to finance#access to financing#Access to Markets#accountant#accounting#accounts receivables#Administrative Barriers#asset base#asset quality#auctions
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.
Link permanente para citações:
Models for Recognizing Indigenous Land Rights in Latin America
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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#ADMINISTRATIVE PROCEDURES#AGRARIAN REFORM#AGRARIAN REFORMS#AGRICULTURE#AREAS#ASSETS#AUTONOMY#COLLATERAL#COMMUNAL PROPERTY#COMMUNITIES#DEVELOPED COUNTRIES
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...
Link permanente para citações:
Mineral Rights Cadastre : Promoting Transparent Access to Mineral Resources; Cadastres miniers : promotion d'un acces transparent aux ressources minerales Catastro minero : promoviendo la transparencia en el acceso a los recursos minerales
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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#ACCESS TO INFORMATION#ACCESS TO INFORMATION TECHNOLOGY#ADMINISTRATIVE PROCEDURES#AIRBORNE GEOPHYSICS#APPLICATION OF INFORMATION#ARTISANAL MINING#AUCTION#AUCTIONS#BANKING SECTOR#BLACK MARKET#CADASTRAL INFORMATION
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...
Link permanente para citações:
Sierra Leone : Investment Climate Policy Note
Fonte: Washington, DC
Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
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#ACCEPTABLE COLLATERAL#ACCESS TO CAPITAL#ACCESS TO CREDIT#ACCESS TO EDUCATION#ACCESS TO FINANCE#ACCOUNTING#ADMINISTRATIVE BARRIERS#ADVISORY SERVICES#APPLICATION PROCEDURES#BANK CREDIT#BANK DEPOSITS
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...
Link permanente para citações:
Firm age, collateral value, and access to debt financing in an emerging economy: evidence from South Africa
Fonte: South African Journal of Economic and Management Sciences
Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica
Formato: text/html
Publicado em 01/01/2012
Português
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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
Link permanente para citações: