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Constraints on Dematerialisation and Allocation of Natural Capital along a Sustainable Growth Path

Belbute, José Manuel Madeira; Rodrigues, João; Domingos, Tiago; Conceição, Pedro
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Trabalho em Andamento
Português
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65.88%
This paper extends the neoclassical growth model with natural capital by introducing two new concepts: allocation of natural capital and materialization. We consider that anthropogenic environmental impact is correlated with the throughput of the economy (materialisation). Materialisation is the material throughput per unit of economic activity. We capture the effect of the reduction of this throughput dematerialisation in the elasticities of materialisation and aggregate environmental impact. In our framework the fraction of natural capital devoted to production does not provide direct environmental services nor does it contribute to ecosystem functioning namely affecting the carrying capacity of natural capital.We analyse an optimal sustainable growth path, in the context of exogenous technological change. Our main conclusion is that the ratio of dematerialisation elasticities must equal the inverse of the share of natural capital in order to assure unbounded economic growth with constant natural capital.

Essays on the real and financial allocation of capital

Ramírez Verdugo, Arturo
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 126 p.; 6874942 bytes; 6881285 bytes; application/pdf; application/pdf
Português
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65.69%
This dissertation consists of three papers studying how firms allocate real and financial capital, and how taxes, the labor market and asymmetric information affect these allocation decisions. The first paper studies the response of business investment to taxes. I use the variation provided by recent reforms to the Mexican tax system, including the elimination of accelerated depreciation for investment outside the main metropolitan areas. I show that investment is very sensitive to tax changes (an elasticity of investment with respect to the user cost around -2.0), mainly due to the small open economy nature of Mexico: large responses of multinationals and large elasticity of imported assets. I also show that investment behavior is consistent with nonconvexities and irreversibilities. The results are robust to different specifications and instrumental variables approaches, and are not an artifact of tax evasion. The second paper studies the link between payout and unionization. Signaling models suggest that dividends are used to convey information about future earnings to investors. However, if unions also receive these signals, managers will be less inclined to send the signal, preventing unions from using this information when bargaining for higher salaries.; (cont.) Using data from IRS 5500 Forms to measure firm unionization...

A tale of two arbs : essays on agency and financial institutions; Essays on agency and financial institutions

Kondo, Jiro Edouard
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 128 p.
Português
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65.57%
This thesis consists of two essays covering topics in the economics of financial institutions with an emphasis on certain types of potential agency problems. In particular, it investigates two radically different types of "arbs": arbitrators and arbitrageurs. The first essay studies securities arbitration to shed light on a relevant form of financial regulation that was previously unexplored empirically: the self-regulation of financial markets. The second essay investigates the informable financing channel in the context of arbitrageur fund-raising to develop a theory of the limits to arbitrage. Further details of each essay are included below:In Chapter 1, I investigate whether self-regulation in financial markets leads to greater industry bias and expertise in enforcement. Using hand-collected data on securities arbitration disputes from the National Association of Securities Dealers (NASD), I document that pro-industry arbitrators are selected more often to arbitration panels than pro-investor ones (selection on bias) and that experts are also selected more frequently to cases (selection on expertise). Moreover, both patterns vary substantially across cases. Selection on bias is strongest when large brokerage firms are sued and when cases are more important to firms while selection on expertise increases with case complexity. This suggests that arbitrators are assigned to cases in ways that lead to higher industry bias and expertise. To assess whether the NASD is responsible for these patterns...

On the design of customized risk measures in insurance, the problem of capital allocation and the theory of fluctuations for Lévy processes

Omidi Firouzi, Hassan
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
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65.93%
Dans cette thèse, nous étudions quelques problèmes fondamentaux en mathématiques financières et actuarielles, ainsi que leurs applications. Cette thèse est constituée de trois contributions portant principalement sur la théorie de la mesure de risques, le problème de l’allocation du capital et la théorie des fluctuations. Dans le chapitre 2, nous construisons de nouvelles mesures de risque cohérentes et étudions l’allocation de capital dans le cadre de la théorie des risques collectifs. Pour ce faire, nous introduisons la famille des "mesures de risque entropique cumulatifs" (Cumulative Entropic Risk Measures). Le chapitre 3 étudie le problème du portefeuille optimal pour le Entropic Value at Risk dans le cas où les rendements sont modélisés par un processus de diffusion à sauts (Jump-Diffusion). Dans le chapitre 4, nous généralisons la notion de "statistiques naturelles de risque" (natural risk statistics) au cadre multivarié. Cette extension non-triviale produit des mesures de risque multivariées construites à partir des données financiéres et de données d’assurance. Le chapitre 5 introduit les concepts de "drawdown" et de la "vitesse d’épuisement" (speed of depletion) dans la théorie de la ruine. Nous étudions ces concepts pour des modeles de risque décrits par une famille de processus de Lévy spectrallement négatifs.; The aim of this thesis is to study fundamental problems in financial and insurance mathematics particularly the problem of measuring risk and its application within financial and insurance frameworks. The main contributions of this thesis can be classified in three main axes: the theory of risk measures...

Assessing Fiscal Implication of the Recent Changes in Poverty Lines and Revision of Allocation Norms of Capital Expenditures and Resources for Targeted Programs

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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76.02%
There have been important changes in the budgeting process in Vietnam since 2006 when the government of Vietnam instituted a revolutionary reform in the management and allocation of the state budget. For the period of 2007-2010, the norms include ethnic minority population data, and poverty rates. The purpose of this research assignment is to describe the evolution of budgeting mechanisms in recent years, in association with capital expenditure transferred from central to provincial budgets. This report focuses on changes in the budgeting process and allocation norms. It is also assesses whether these recent changes are pro-poor, and how they would affect availability of resources for the national targeted programs.

Technical Note on the Methodology for the Allocation of Intergovernmental Grants in the Republic of Belarus

Timofeev, Andrey; Martinez-Vazquez, Jorge
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This technical note evaluates the methodology proposed by the Ministry of Finance for the allocation of transfers to subnational governments and suggest a number of alternative options for various grant design elements Overall, the framework laid out in the Budget Code and the implementation approach developed in the draft methodology conform to sound principles in fiscal decentralization and the best international practices. However, a number of elements of the methodology still need to be elaborated and some elements might need to be revised.

Investor Protection, Ownership, and the Cost of Capital

Himmelberg, Charles P.; Hubbard, R. Glenn; Love, Inessa
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
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65.72%
The authors combine the agency theory of the firm with risk diversification incentives for insiders. Principal-agent problems between insiders and outsiders force insiders to retain a larger share in their firm than they would under a perfect risk diversification strategy. The authors predict that this higher share of insider ownership and the resulting exposure of insiders to higher idiosyncratic risk will result in underinvestment and higher cost of capital. Using firm-level data from 38 countries, the authors provide evidence in support of their theoretical model, showing that the premium for bearing idiosyncratic risk varies between zero and six percent and decreases in the level of outside investor protection. The results of the study imply that policies aimed at strengthening investor protection laws and their enforcement will improve capital allocation and result in higher growth.

Corporate Governance and Development

Claessens, Stijn
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
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65.84%
The literature shows that good corporate governance generally pays for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater efficiency, and more favorable treatment of all stakeholders, although the direction of causality is not always clear. The law and finance literature has documented the important role of institutions aimed at contractual and legal enforcement, including corporate governance, across countries. Using firm level data, researchers have documented relationships between countries corporate governance frameworks on the one hand and performance, valuation, the cost of capital, and access to external financing on the other. Given the benefits of good corporate governance, firms and countries should voluntarily reform more. Resistance by entrenched owners and managers at the firm level and political economy factors at the level of markets and countries partly explain why they do not.

Potential Benefits and Risks of Increased Aid Flows to Burundi

Nielsen, Hannah; Madani, Dorsati
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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55.95%
Burundi has experienced a significant increase in aid flows in recent years. Currently, about half of the budget is funded by aid, mostly grants. The high external assistance has, however, not yet translated into high and sustainable growth rates. This paper analyzes (i) the policy response of the government to the aid surge and its impact on macroeconomic variables; and (ii) the allocation of external assistance and its implications for growth. Since not all aid affects economic development in the same way, aid disbursements are disaggregated by sector as well as by their lag in impacting growth. The analysis shows that Burundi has mostly spent and absorbed increased aid flows, but has until now not suffered significantly from the possible negative effects of an appreciating exchange rate and the related loss of competitiveness, but the possibility of a Dutch disease effect remains a risk. The country s low growth performance, despite high aid inflows, is not necessarily a sign that aid is ineffective or exceeding Burundi s absorptive capacity. It reflects that a large share of aid has been allocated to either humanitarian and emergency aid or long-run growth enhancing sectors. Therefore...

Tunisia Urban Development and Local Governance Program : Technical Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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65.97%
In this context, the reform of the LG capital grants and municipal investment planning framework forms the main strategic actions undertaken by the government towards the implementation of its decentralization agenda recently anchored in the new Constitution adopted in January 2014. This grant system, which had operated under an ex ante system of controls, is being restructured through the revision of the Decree 97-1135 governing the LG capital grant system. Through the restructuring, the government intends to improve the efficiency of the state financial support to municipal investment, make the allocation of capital grants more transparent and predictable, strengthen the decision-making power of LGs on the use of their investment funding, and progressively introduce a performance based dimension to their capital grant system. Along with revision of the above decree, the government has also issued a Ministerial Decree to introduce participatory municipal investment planning and budgeting systems, hence promoting citizen engagement in identifying investment needs and priorities. Under the same reform...

Tunisia Urban Development and Local Governance Program : Fiduciary Systems Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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55.95%
As part of the preparation of the Tunisia Urban and Local Governance Program (ULGP) using the Program for Results (PforR) instrument of the World Bank, the Bank task team carried out a Fiduciary Systems Assessment (FSA) of the Program in accordance with OP/BP 9.0. Based on the findings of the FSA, it is concluded that Program Fiduciary Systems have the capabilities to provide reasonable assurance that the financing proceeds will be used for intended purposes. However considering the existing weaknesses in Program Fiduciary systems, the residual fiduciary risk rating for the Program is rated as Substantial. The Program will finance a portion of the Government of Tunisia s (GoT) existing program for financing municipal service delivery that involves a combination of Capital Grants, and Loans in addition to the Own Source Revenues generated by the municipalities themselves. The PforR Program intends to reform the system of Capital Grants by making it predictable and based on an allocation formula that is principle based and transparent. It has been agreed with client counterparts that GoT will issue a Decree prior to the start of the Program that will spell out the design and operating rules of the reformed capital grant. Indicative allocations for Capital Grants will be included in the Five Year Plans and indicative allocations will be provided by MoEF in advance of the annual plan preparations. The budget allocations for Capital Grants will be transferred from the Treasury Current Account at the Central Bank (BCT) to the Caisse des Prêts et de Soutien des Collectivités Locales (CPSCL) (referred to as the Caisse)...

Capital allocation in insurance: Economic capital and the allocation of the default option value

Sherris, Michael; van der Hoek, John
Fonte: Society of Actuaries Publicador: Society of Actuaries
Tipo: Conference paper
Publicado em //2004 Português
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65.98%
The determination and allocation of economic capital is important for pricing, risk management and related insurer financial decision making. This paper considers the allocation of economic capital to lines of business in insurance. We show how to derive closed form results for the complete markets, arbitrage-free allocation of the insurer default option value, also referred to as the insolvency exchange option, to lines of business. We assume that individual lines of business and the surplus ratio are joint log-normal although the method we adopt allows other assumptions. The allocation of the default option value is required for fair pricing in the multi-line insurer. We illustrate some other methods of capital allocation and give numerical examples for the capital allocation of the default option value based on explicit payoffs by line.; http://www.soa.org/Library/Journals/NAAJ/2006/april/naaj0602_3.aspx; Michael Sherris and John van der Hoek

Capital alloction in insurance: Economic capital and the allocation of the default option value

Sherris, M.; van der Hoek, John
Fonte: Society of Actuaries Publicador: Society of Actuaries
Tipo: Artigo de Revista Científica
Publicado em //2006 Português
Relevância na Pesquisa
55.95%
The determination and allocation of economic capital is important for pricing, risk management and related insurer financial decision making. This paper considers the allocation of economic capital to lines of business in insurance. We show how to derive closed form results for the complete markets, arbitrage-free allocation of the insurer default option value, also referred to as the insolvency exchange option, to lines of business. We assume that individual lines of business and the surplus ratio are joint log-normal although the method we adopt allows other assumptions. The allocation of the default option value is required for fair pricing in the multi-line insurer. We illustrate some other methods of capital allocation and give numerical examples for the capital allocation of the default option value based on explicit payoffs by line.

Moldova Public Expenditure Review : Capital Expenditures - Making Public Investment Work for Competitiveness and Inclusive Growth in Moldova; Moldova - Analiza cheltuielilor publice : cheltuielile capitale - eficientizarea investitiilor publice in scopul sporirii competitivitatii si cresterii economice in Moldova

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
Português
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65.96%
This public expenditure review (PER) for Moldova is the result of a body of programmatic fiscal work. This PER focuses on capital expenditure. It supports the first pillar of the country partnership strategy (improving economic competitiveness) and complements the 2012 development policy operation. In the context of economic recovery and stabilization, government requested World Bank assistance in improving its capital allocation mechanism, as its fiscal consolidation program attempted to create space for critical infrastructure whilst gradually reducing the state's footprint in the economy. This report recommends ways to strengthen public investment processes, institutions, and sector policies to achieve better outcomes for public capital expenditures in Moldova. This report suggests reforms in public investment management and sector policies to raise cost-effectiveness and allocative efficiency of capital expenditures. Three key areas of reform are: (i) raise the quality of new projects by improving preliminary screening and project appraisal mechanisms; (ii) improve selection of new projects and ensure continuity of funding for ongoing projects through better prioritization and budgeting processes; and (iii) strengthen monitoring of project implementation for cost efficiency and timely delivery of public services. The report has four chapters. The first chapter presents the macroeconomic outlook and its implications for fiscal policy...

Financial Liberalization and Allocative Efficiency of Capital

Kukenova, Madina
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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76.02%
Financial liberalization may have a positive effect on growth not only through the increase in the quantity of the available funds, but also through a more efficient allocation of resources across firms and sectors. Despite this intuitive appeal, there is little empirical evidence on the positive effect of financial liberalization on capital allocation. The main difficulty of investigating the linkage between liberalization of financial markets and capital allocation efficiency lies in the fact that the efficiency of capital allocation is not directly observable. One way to address this issue is to evaluate the effect of financial liberalization within the Heckscher-Ohlin framework. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of the funds, which undermines competitiveness of the economy and inhibits its long run growth. This paper tests the allocative efficiency hypothesis by evaluating the effect of stock market liberalization on the survival of different product categories using export data for 91 countries over the period of 1975-2003. Preliminary results suggest that after liberalization of the domestic stock market...

Should Capital Flows Be Regulated? A Look at the Issues and Policies

Islam, Roumeen
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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65.74%
The author argues that externalities in financial markets, implicit and explicit guarantees on financial transactions, and information asymmetries in financial markets that may exacerbate contagion provide a rationale for a government role in managing the risk associated with cross-border capital flows. Governments can complement private sector risk management with measures that help deal with the volatility of capital flows. These measures include those that control the type and volume of capital flows and those that help investors make better investment decisions, and that may reduce herding behavior, such as better information provision. The main instruments that have been tried or recommended since the onset of the recent financial crises can be grouped in several categories. 1) Debt management: The composition, maturity structure, and level of external debt have played an important role in financial crises. High short-term debt relative to liquid assets has been found to be consistently correlated with financial crises in recent times. Governments can affect the level of debt (including private debt) and its composition...

West Bank and Gaza : Report on the Observance of Standards and Codes - Accounting and Auditing

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
Português
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75.81%
This Report on the Observance of Standards and Codes for Accounting and Auditing (ROSC A&A) is a part of the World Bank (WB) and International Monetary Fund (IMF) joint initiative to review countries use of 12 internationally recognized standards/codes related to economic stability and private and financial sector development, including evaluating the country's accounting and auditing practices based on internationally recognized benchmarks and, based on that review, to make policy recommendations to help it bridge the gaps between current practices and those considered adequate. ROSC policy recommendations are intended to help strengthen a country's financial architecture, attract more foreign direct investment and foreign portfolio investment, and mobilize domestic savings, which, in turn, would allow for pension savings. In addition, improved financial reporting allows investors to better evaluate corporate prospects and make informed investment and voting decisions, which results in a lower cost of capital and a better allocation of capital and resources. Financial reporting is also the bedrock of corporate governance...

Real estate investment indices in Japan and their role in optimal international portfolio allocation

Endo, Takashi, S.M. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 71 leaves
Português
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65.48%
It has been said that "home bias" exists among investors due to informational disadvantage involved in cross-border investment. But, real estate has become a major asset class and cross-border real estate investment has been surging. Behind this phenomenon is heightened awareness among investors of the modem portfolio theory and the benefits of diversification. Japan is not an exception. Since late 1990's, a large amount of capital has flowed into Japanese real estate markets. The markets have also experienced significant transformation. However, in the eyes of foreign investors they are far from transparent due to, among other things, lack of reliable investment indices of commercial real estate. Such indices cannot be generated overnight, and lack of such indices can be a critical issue for global real estate investors. This issue is contributing to under-investment in Japan's real estate from overseas. Facing this problem, researchers and industry practitioners launched a number of investment indices for private real estate in recent years, each of which has strong and weak points. Compared to other indices, the ARES J-REIT Property Index seems potentially the most reliable and promising index for Japanese commercial real estate.; (cont.) The purposes of this paper is to analyze and compare various investment indices for Japanese private real estate; to understand distortions i.e. the "lagging" and "smoothing" effects involved in appraisal-based investment indices to see the "true" pictures of private real estate returns; and then to apply such indices to an international portfolio analysis to see the relative position of Japan's private real estate as a global asset class. Simulations are used to understand the mechanism of appraisal-based investment indices. Introductory sections provide some background on globalization of real estate and issues with Japanese real estate markets.; by Takashi Endo.; Thesis (S.M.)--Massachusetts Institute of Technology...

The development and function of an affordable housing production ecosystem : Harlem, Hew York in the late 1990s and early 2000s

Dookchitra, Ben
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 116 p.
Português
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65.48%
In late 1990s and early 2000s Harlem, an affordable housing production "ecosystem" comprised of elected officials, city planners, civic advocates, builders, and financial institutions at the local, state, and national level supported a reliable, systematic pipeline of new affordable housing construction. The output of this pipeline included Harlem's first midrise affordable housing construction in thirty years in the late 1990s and, by the early 2000s, over 15,000 units of affordable housing construction starts per year. This thesis seeks to describe the creation and operation of this affordable housing production ecosystem within a framework of "push," "pull," and "safety net" factors influencing the allocation of capital and resources. "Push" factors consisted of the Community Reinvestment Act and Home Mortgage Disclosure Act, the evolution of which led private investment into low-income and minority communities such as Harlem. "Pull" factors included the deeply-experienced, closely-knit network of affordable housing professionals working in Harlem that had the skills and influence to execute projects; and a long-term, comprehensive community development framework, spearheaded by the public sector, that organized affordable housing efforts across the public...

Economic modeling of Korean private equity market through comparisons of market structures and investment strategies between the Korean and American private equity market

Baek, Kiwoong, 1960-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 202 leaves; 15318797 bytes; 15343923 bytes; application/pdf; application/pdf
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Modem capitalist societies depend on entrepreneurship for their progress. Entrepreneurs seek profits by introducing new goods, services, and technologies and, in doing so, they advance the economic welfare of society. To maintain and further entrepreneurial activities, each society requires a well-organized resource allocation system that can distribute resources to selected industries or firms. The private equity market is an efficient resource allocation system that provides equity capital to the firms not quoted in the stock market. However, a private equity market is difficult to develop not only due to the high risk characteristics of the market but also because of the needs to establish value added infrastructure and to change the current financial mechanisms as the capital market evolves. The government plays one of the most important roles in initiating a new type of capital market, the private equity market. Significant changes and evolution in the development of private equity markets are typically preceded by changes in the regulatory system (deregulation), tax structure, monetary policy, government policy, and/or pension fund operations. Different starting points lead to different paths of market development. However, many countries have tried to introduce private equity markets with various degrees of success. These attempts highlight the fact that different schemes of private equity market structure are necessary for each country. They will...