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The Impact of the Global Financial Crisis on Investments in the Electric Power Sector : The Experience of India, Pakistan, and Bangladesh - Final Report

World Bank
Fonte: World Bank Publicador: World Bank
Português
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The three large South Asian countries (India, Pakistan, and Bangladesh), which are the focus of this report, have drawn up large power capacity addition plans to provide for the rapidly increasing electricity demand in the region. The global financial crisis (the crisis), which became acute from September 2008 with the collapse of Lehman Brothers, has had a widespread impact across the world and across sectors through inducing recessionary conditions including falling demand, freezing financial markets, and loss of confidence. The purpose of this report is to assess whether the ambitious plans of these countries were adversely affected by the global financial crisis, and where relevant, to be able to plan better for such future shocks. The report is structured as follows: it starts with the executive summary. After this introductory chapter (chapter one), there are detailed country chapters (chapter two to four) which, inter-alia, map the different sources of financing available to the power sectors in the three target countries and discuss how these sources were affected by the crisis (if at all). An important aspect of this assessment has been the attempt to ring-fence the impact of the crisis per se on power sector projects...

After the Microfinance Crisis : Assessing the Role of Government-Led Microcredit Alternatives

de la Torre, Jordi; Giné, Xavier; Vishwanath, Tara
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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In light of the recent microfinance crisis in South India, government-run institutions in general, and primary agricultural credit cooperatives in particular, may end up playing a larger role in the provision of financial services for the poor. Using survey data collected in 2007 from three districts in Andhra Pradesh, this paper assesses the performance of 72 primary agricultural credit cooperatives and finds lack of training among the management. In addition, primary agricultural credit cooperatives tend to be used as political instruments and, as a result, borrowers prioritize all debt obligations (microfinance institutions, informal lenders, etc.) before repaying their primary agricultural credit cooperative loans. The authors suggest that if the performance of primary agricultural credit cooperatives does not improve, a larger government role in the supply of credit may undermine the culture of repayment.

Expanding Housing Finance in Uganda : Task 2. Study to Examine the Use of Retail Funds for Mortgage Lending

Hanouch, Michel; Ketley, Richard; Kramer, Jessica; Wiese, Christo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The objective of the First Initiative Project in Uganda is to expand the access of households to housing finance, especially modest and lower income households, by introducing new and innovative housing loan products, by introducing innovative loan products combined with affordable housing designs. The project has delivered two studies to the Bank of Uganda: i) a study addressing the financial and banking sector context for housing finance, liquidity and liquidity management, and the resultant potential for use of retail funds for mortgage lending; and ii) a feasibility study for housing finance pilots targeted at modest and lower income households, seeking to introduce innovative loan products combined with lower cost house design in a planned urban setting. This paper, business and sustainability plan for affordable housing finance pilot projects, provides supporting technical detail for the feasibility study for design of pilot projects for modest and lower income households, including the need for more liquidity for lenders involved in lending to lower income households. Two types of pilot projects have been developed: one for starter homes for modest income households and one for an incrementally built home for low-modest income households. The recommended loan products include a down-market or...

Hashemite Kingdom of Jordan : Options for Immediate Fiscal Adjustment and Longer Term Consolidation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This report aims to provide options for immediate fiscal adjustment to the government of Jordan and to set the foundations for longer term consolidation. To that effect, an analysis of the dynamics of revenues and expenditures over the years 2000-2011 is undertaken. Specifically, this report attempts to provide options to stop and reverse the declining trend in revenues observed since 2007. Indeed, domestic revenues declined by 9.4 percentage points of GDP between 2007 and 2011. This steady and structural decline in revenues increased the vulnerability of Jordan s public finances to any exogenous shock. Hence, the strong fiscal stress at the eve of the Arab Awakening, due to the pressures to finance widening power sector deficit following the disruption of Egyptian gas supply, and to meet popular demand for additional spending and subsidies. The report also examines: 1) potential sources of savings from current and capital spending, 2) scenarios to reduce power sector deficit including tariff simulations...

United Republic of Tanzania - Public Expenditure Review FY02 : Report on Fiscal Developments and Public Expenditure Management Issues

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This Public Expenditure Review (PER) examines the overall fiscal discipline, which after targeting, and achieving recurrent surpluses by FY99, the targets for FY01 were set to provide scope for financing of priority sector activities under the Poverty Reduction Strategy, and accommodate increased foreign inflows in the form of program grants. However, recurrent deficits in FY01, and, the target for FY02, delivered a recurrent deficit of 2.5 percent of GDP. Nonetheless, these deficits are within the sustainability thresholds indicated by recent analyses of fiscal, and debt sustainability, and remain compatible with continued macroeconomic stability. The report also looks at the introduction of cash flow planning, and the innovation introduced with the public finance act, to then analyze the government resources, and expenditures, which overall, expenditures on the key priority areas increased, exceeding the additional debt relief available through the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The report subsequently focuses on two main sources of fiscal risks...

Financing for Development Post-2015

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
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This paper is a contribution to United Nation (UN)-led efforts to articulate a post-2015 development framework, building on the Millennium Declaration and Millennium Development Goals (MDGs). It focuses on the challenge of financing development goals and complements the extensive work conducted by the United Nations1 and other institutions, including the World Bank Group. The paper is structured as follows. Section one outlines elements of what it will take to achieve development outcomes, the importance of a global development cooperation framework, the role of targeted, evidence-based policies and sound institutions; and the mobilization of resources for global public goods. Section two focuses on how best to support developing countries in mobilizing domestic resources for development, by boosting taxation capacity, harnessing natural resource revenue, improving expenditure efficiency, and curbing illicit financial flows. Section three examines issues of aid effectiveness and considers ways for development actors to provide better and smarter aid. Section four discusses trends in private financial flows to developing countries and the growing mismatch between available financing and investment needs. It then turns to strategies for mobilizing financing for long-term infrastructure. Finally...

Chasing the Shadows : How Significant is Shadow Banking in Emerging Markets?

Ghosh, Swati; Gonzalez del Mazo, Ines; Ötker-Robe, İnci
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Broadly defined as credit intermediation involving entities and activities outside the regular banking system, shadow banking raises important policy concerns. Given significant challenges with data availability, the size, nature and significance of shadow banking in emerging market and developing economies (EMDEs) are even less discussed and understood. Shadow banking in EMDEs generally does not involve long, complex, opaque chains of intermediation, as is often the case in advanced economies. Nonetheless, it can pose systemic risks, both directly, as its importance in the total financial system grows (with the concomitant credit, market, and liquidity risks that its participants undertake), and indirectly through its interconnectedness with the regulated banking system. At the same time, shadow banks also play an important role in channeling alternative funding sources to EMDEs, especially as deleveraging pressures from European banks continue. This suggests that policy makers need to manage trade-offs carefully to ensure that shadow banks provide alternative but safe sources of funding to the private sector without generating additional systemic risks. Based on a snapshot of selected EMDEs in East Asia and in Central and Eastern Europe...

Grant Financing of Metropolitan Areas : A Review of Principles and Worldwide Practices

Shah, Anwar
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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In the new information age in the globalized and interconnected world, metropolitan areas hold the key to the future prosperity and growth of nations. This paper takes a closer look at grant-financing regimes faced by metropolitan areas and their role in facilitating or hindering improvements in economic and social outcomes of residents of metropolitan areas. A review of 42 large metropolitan areas worldwide shows that, with a few notable exceptions, metropolitan areas in general are hamstrung from playing their potential role in economic advancement. Metro areas have large economic bases and therefore little a priori needs for grant financing, yet they have strong dependence on central transfers. This is because of the highly constrained fiscal autonomy given to these areas, especially in developing countries, with the singular exception of metro areas in China. Such a strong reliance on transfers undermines local autonomy and local accountability. General purpose transfers are formula based , transparent and predictable yet they discriminate against metropolitan areas as they utilize a one size fit all (common formula) for all local governments -- large or small. Such formula typically incorporate equal per jurisdiction component that discriminates against large metropolitan areas. Compactness is rarely rewarded and the greater needs of metro areas for transportation...

Understanding Options for Public-Private Partnerships in Infrastructure : Sorting Out the Forest from the Trees--BOT, DBFO, DCMF, Concession, Lease . . .

Delmon, Jeffrey
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This paper provides a methodology for categorizing public-private partnerships in infrastructure, based on the following key characteristics: whether the project involves new or existing business, the nature of the private sector s construction obligations, the need for the private sector to mobilize significant private funding ab initio, the nature of the private sector s service delivery obligations, and the source of the project revenue stream. The purpose of this methodology is to facilitate mapping, referencing, cross-comparison, analytical studies, and descriptions of public-private partnerships in infrastructure projects with similar key characteristics across sector, commercial, regional, and geopolitical lines. The methodology is tested against 15 case studies representing different infrastructure sectors, regional applications, and commercial approaches to public-private partnerships.

Republic of Paraguay : Strengthening Tax Administration and SOE Corporate Governance

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This document describes the activities carried out and results achieved under the strengthening tax administration and state-owned enterprises (SOE) corporate governance non - lending technical assistance (NLTA). The objectives of this NLTA are: (i) to contribute to protect sources of value added tax (VAT) revenue through enhanced control and management of tax refund claims and cross cutting strategic management support, and (ii) to contribute to improve corporate governance of SOEs for more efficient and transparent public enterprises. Activities under the NLTA were carried out primarily in FY2014. The document is divided into three parts: (i) introduction, (ii) components, activities, and results, and (iii) lessons learned.

The Legal and Regulatory Framework for Microfinance in Iraq

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
Português
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Over the past few years, Microfinance Institutions (MFIs) in Iraq have emerged as credible sources of financing for low-income households and entrepreneurs, both underserved by conventional banks. Microfinance services in Iraq, however, are still nascent and far from meeting their full potential. Similar to many countries in the MENA region, MFIs in Iraq were set up as non-governmental organizations (NGOs) supported by a steady influx of donor funding. While these NGOs were initially able to grow through donor support, they are now struggling to meet increasing client demand as donor resources have dwindled, preventing them from making the necessary investments in capital and infrastructure to meet growing client demand. Many countries address this funding challenge by allowing institutions to provide financial services as companies or banks, helping them raise capital, provide new services, and increase their outreach in a sustainable manner. A similar path could be envisioned in Iraq, but is currently obstructed by regulatory hurdles. This diagnostic report aims to present and assess the current microfinance landscape in Iraq...

Getting Financed

World Bank Group; World Wildlife Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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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.

The Nuts and Bolts of Baseline Setting

Partnership for Market Readiness
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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This document provides an overview of baseline setting for greenhouse gas (GHG) crediting mechanisms. The first section briefly explains the general purpose and objectives of setting a crediting mechanism baseline. The second section summarizes key policy considerations in defining and setting baselines. The final section covers important technical elements of baselines and provides an overview of various methods that can be used to estimate baseline emissions. The main purpose of this technical note is to examine key issues for baseline setting in the context of scaled-up crediting mechanisms. Many of the technical and policy considerations presented here, however, are relevant to existing project-based crediting mechanisms as well, and the discussion takes into account concepts developed and experience gained under these mechanisms. In addition, most of the concepts and examples presented here are relevant to setting baselines in the energy and industry sectors. Where relevant, however, examples from other sectors...

Union of the Comoros : Debt Management Performance Assessment; Comores - Outil d'evaluation de la performance en matiere de gestion de la dette(DeMPA)

World Bank
Fonte: Washington, Dc Publicador: Washington, Dc
Tipo: Economic & Sector Work :: General Economy, Macroeconomics and Growth Study; Economic & Sector Work
Português
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This study shows that performance in terms of debt management has been weakened by recurrent political and institutional crises experienced by the country in recent years and has had a negative impact on the State's ability to both mobilize external financing and to honor its financial commitments. The accumulation of external arrears has increased by extension of the depletion sources of funding. However, the government recently initiated numerous actions contributing to a more serene climate at home with the establishment of democratic governance, developing a program of poverty reduction and regularization of arrears. This more favorable environment will soon pave the way for more substantial outside funding, especially following the accession of the Comoros to the enhanced Heavily Indebted Poor Countries (HIPC), and therefore requires the full attention of the authorities to implement better management of public debt. This evaluation is part of this perspective. Overall, performance in terms of debt management in the Comoros is satisfactory in all three of the following areas: (i) coordination with fiscal policy...

Mineral-Rich Countries and Dutch Disease : Understanding the Macroeconomic Implications of Windfalls and the Development Prospects, The Case of Equatorial Guinea

Toto Same, Achille
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only crowded out other exports, it actually reduced other exports disproportionately and fueled the fears of dire consequences for Dutch manufacturing. In the case of Equatorial Guinea, the secondary sector represents about 2 percent of the gross domestic product, manufacturing represents less than 1 percent, and oil represents more than 95 percent. The negative impact of the Dutch Disease in this context would be limited given the structure of the economy and on the contrary may even be a good thing because it fuels the structural transformational process of the economy, which is needed in Equatorial Guinea. This paper argues that the ongoing Dutch Disease is a natural and necessary reallocation of resources in the economy of Equatorial Guinea. The magnitude of negative macroeconomic consequences of the Dutch Disease depends on the country's economic structure and stage of development. In a country where the manufacturing sector barely exists or where the non-oil primary sector is structurally deficient...

Beyond Aid : New Sources and Innovative Mechanisms for Financing Development in Sub-Saharan Africa

Ratha, Dilip; Mohapatra, Sanket; Plaza, Sonia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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45.6%
Given Sub-Saharan Africa's enormous resource needs for growth, poverty reduction, and other Millennium Development Goals, the development community has little choice but to continue to explore new sources of financing, innovative private-to-private sector solutions, and public-private partnerships to mobilize additional international financing. The paper suggests several new instruments for improving access to capital. An analysis of country creditworthiness suggests that many countries in the region may be more creditworthy than previously believed. Establishing sovereign rating benchmarks and credit enhancement through guarantee instruments provided by multilateral aid agencies would facilitate market access. Creative financial structuring, such as the International Financing Facility for Immunization, would help front-load aid commitments, although these may not result in additional financing in the long run. Preliminary estimates suggest that Sub-Saharan African countries can potentially raise USD 1-3 billion by reducing the cost of international migrant remittances...

Lao PDR - Power to the People : Twenty Years of National Electrification

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Energy Study; Economic & Sector Work
Português
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This report documents the Lao People's Democratic Republic's success story in rapid national electrification integrated within a broader strategy of national and rural development. In fifteen years (1995-2009), electricity access more than quadrupled, from about 15 percent in 1995 to 69 percent in 2009 -- and the program is on track to achieve the government's target of 70 percent national coverage by 2010 year-end. This expanded electricity access resulted in over 700,000 household connections by 2009 year-end, from about 120,000 households connected in 1995. The government of Lao PDR (GoL) has pursued a pragmatic and purposeful approach. Further, a series of government policy initiatives helped steer the rapid liberalization and modernization of the national economy, as a consequence of which the economy has grown at an average annual rate of 6.5 percent since 2001. The key to the successful implementation of the national electrification program in Lao PDR has been its institutional model of grid extension and rollout driven by the national electricity utility...

Financing Business Innovation; Review of External Sources of Funding for Innovative Businesses and Public Policies to Support Them

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
Português
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65.78%
Innovation is the main driver of long-term economic growth. The accumulation of capital, whether in the form of physical assets such as plants and equipment, or through better human capital, cannot indefinitely sustain growth unless new products, services, processes, and/or business models are developed and implemented. This paper describes the actors involved and the types of funding available at different stages of the innovation process, the rationales for public intervention, and the advantages and disadvantages of some of the most commonly used policy instruments. Innovation activities are more difficult to finance than other types of investment for several reasons. Innovation produces an intangible asset that does not typically constitute accepted collateral to obtain external funding. Also, the technological and market uncertainty of innovation activities makes the returns to investment highly uncertain, creating significant problems for the standard risk adjustment methods used by providers of funds. This paper uses a streamlined version of an innovation process with three stages to categorize the different sources of finance available; in reality...

L'exception de non-subrogation: l'influence de ses principes justificatifs sur sa mise en oeuvre

Parent, Alain
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
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À la lecture de l'article 2365 c.c.Q., le créancier et la caution ne peuvent pas percevoir les droits et les libertés que ce texte concrétise à leur encontre ou à leur profit. Pour pallier ce problème, les auteurs et la jurisprudence ont alors laissé place à leur imagination afin de tenter de classifier cette disposition à l'intérieur d'institutions juridiques éprouvées, le tout en vue de démythifier le contenu de la règle de droit. Pour notre part, nous considérons que l'exception de non-subrogation est une notion originale en soi, qui trouve sa source à l'intérieur même de son institution. La thèse que nous soutenons est que l'exception de non-subrogation, mode de libération qui a pour mission de combattre le comportement opportuniste, cristallise l'obligation de bonne foi en imposant implicitement au créancier une obligation de bonne subrogation. Tout manquement du créancier à cette obligation a comme conséquence de rendre le droit de créance du créancier irrecevable à l'égard de la caution devant les tribunaux. Ce précepte éclaircit le contexte de l'article 2365 C.c.Q. et, par le fait même, il permet de délimiter le contour de son domaine et de préciser ses conditions d'application. L'exception de non-subrogation est un mécanisme juridique qui date de l'époque romaine. Elle est maintenant intégrée dans presque tous les systèmes juridiques du monde...

Compliance with WTO law in developing countries: A study of South Africa and Nigeria.

Fasan, Oluseto
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2007 Português
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This is a legal impact study. Its concern is the effectiveness of WTO law and its focus is the compliance behaviour of developing countries. Article XVI:4 of the WTO Agreement provides: "Each Member shall ensure the conformity of its laws, regulations and administrative procedures with its obligations as provided in the annexed Agreements" In the light of this overarching compliance obligation, this thesis examines the behavioural impact of WTO law, and investigates the preconditions for its effectiveness. In doing so, the experiences of two developing countries - South Africa and Nigeria - are considered. Through extensive research conducted both in these countries and in Geneva, involving thorough examination and analysis of national legislation and case law, WTO obligations and jurisprudence, archival materials and other documentary evidence, as well as interview data, this thesis gives systematic and detailed accounts of the compliance experiences of both countries, and identifies the sources of their behaviour. The research revealed that South Africa substantially complied with its WTO obligations, although there were areas of obvious non-compliance and areas where compliance was unclear. Nigeria, on the other hand, was in substantial non- compliance...