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Using public- private partnerships and energy savings contracts to fund DoD mobile assets / by Joseph G. San Miguel, Donald E. Summers.

San Miguel, Joseph G.; Summers, Donald E.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Relatório Formato: xiv, 51 p.: ill.;28 cm.
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The Department of Defense (DoD) has engaged in numerous Public-Private Partnership (PPP) ventures such as outsourcing of services and privatization of military housing. In the past, the activities considered for PPPs have been primarily administrative and support functions. This research explores the possibility of expanding the use of PPPs to enhance the DoD combat and combat-support functions. First, to better understand how PPPs function (the partnership relationships and financing arrangements), we examine Hannon Armstrong's fee for service contract solution to the lack of appropriated funds for establishing a vital fiber-optic link near the Arctic Circle. Next, we explore the history of Energy Savings Performance Contracts (ESPCs) and their potential application to re-engining the Air Force's B-52H through PPPs. Historically, this program has only been used for fixed assets, not mobile assets like engines. There is little debate over the success of ESPC contracts in reducing energy consumption, but their use in DoD mobile assets is new. Finally, we conclude that applying ESPCs to mobile assets has the potential to reduce energy consumption, save millions of dollars and increase combat efficiency.

In buying more we have settled for less? Household debt and its impact on Australian families

Unwin, Sarah
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
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Since the late 1970s, there has been a major cultural shift in the attitudes of Australian households towards debt. Specifically, households have moved away from a belief in the importance of a 'nest egg' of savings, to an environment of over-spending. Average household expenditure is around 170% of disposable income, and since mid-2002, households have entered a period of dis-savings. Economic theory dictates that consumption and borrowing is critical to Australia's economic growth. Generating home ownership, wealth creation, revenue and employment; household debt arguably 'forms the base of the capitalist pyramid, where what we owe makes more money for the system than what we earn.' However, the excessive levels of household debt that Australia is currently experiencing are detrimental to the individual, the community and the economy. Those that would refute such a claim may point to the composition and distribution of household debt. It would be noted that 84% of debt assumed by households is the result of housing related loans and investment rather than excessive use of personal credit. Further that generally high-income household carry higher debt levels than low-income households. Finally, that for the average Australian household...

Poland : BCBS-IADI Core Principles for Effective Deposit Insurance Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
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During February 19-March 4, 2013 an assessment under the International Monetary Fund (IMF)/World Bank Financial Sector Assessment Program (FSAP) was conducted for the Republic of Poland. Poland's financial system has been expanding rapidly and remains dominated by banks. The total assets of the financial system grew from 86 percent of Gross Domestic Product (GDP) in 2005 to 124 percent of GDP in 2012. The banking system is dominated by a handful of foreign-owned banks. They control about 65 percent of the sector's assets-a sizeable proportion, but lower than in the Czech Republic, Hungary, and Slovakia. The Polish banking system is well capitalized and liquid. In aggregate, capital adequacy reached 14.7 percent, 90 percent of which is tier capital. Banks' profits in 2011 and 2012 were historically high, and regulations restricting dividend payouts aided capital building. Regulatory and supervisory efforts have helped improve the resilience of the banking system, but the economic slowdown will pose some challenges for banks. Poland's regulatory...

Turkey : Rural Finance Study, Volume 2. Expanded Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Rural Study; Economic & Sector Work
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Over the past five years in Turkey, the agricultural and rural sector has seen substantial change in transfer policies which now place greater emphasis on improved equity and investment. These have been summarized in the earlier World Bank "Review of the Impact of the Reform of Agricultural Sector Subsidization (2004), and "Policy and Investment Priorities for Agricultural and Rural Development" (2005). Currently, the structural changes in the agricultural sector and rural employment generation in response to labor shedding in the agricultural sector are key challenges to which Turkey is responding in the design of and agricultural and rural development strategy. However, the impact of government transfers and public investment policies in the rural sector will be limited unless the supply of, access to, and demand for rural financial services is significantly increased. For these reasons, the Turkey Rural Finance study (RFS) seeks to establish a policy agenda for the Government of Turkey (GOT) in order to contribute to the effort of renewed growth of the rural financial system after a period of prolonged decline. In order to inform this policy agenda...

Financial Globalization in Emerging Countries : Diversification vs. Offshoring

Ceballos, Francisco; Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. This paper examines two important, concurrent dimensions of financial globalization: diversification and offshoring. The diversification dimension refers to the increase in foreign assets and liabilities in countries' portfolios. Offshoring is related to the reallocation of financial activities to international markets. The former focuses on who holds the assets, the latter on where transactions take place. The authors find that globalization via the diversification channel expanded throughout the world during the 2000s, as domestic residents invested more abroad and foreigners increased their investments at home, generating more cross-border holdings. However, financial globalization via offshoring displays more mixed patterns, with variations across markets and countries. The paper also shows that the nature of financing through both diversification and offshoring has improved for emerging countries.

Investment Commitments in Latin America and the Caribbean Increased in 2007

Izaguirre, Ada Karina; Jett, Alexander Nicholas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
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Investment commitments to infrastructure projects with private participation in Latin America and the Caribbean grew by 28 percent to US$38.3 billion in 2007, according to just-released data from the private participation in infrastructure project database. The region accounted for 24 percent of the year's total investment commitments in developing countries. Despite having grown for four consecutive years, investment commitments remained well below the region's peak levels reached in 1997-98. Investment in 2007 was just 44 percent of the peak in 1998. Previously implemented projects largely drove the 2007 investment. Projects reaching financial or contractual closure in 1990-2006 attracted US$22.3 billion, while the 46 new projects implemented in 2007 accounted for US$16 billion. Investment in physical assets amounted to US$32.5 billion. Indeed, if only investment in physical assets were counted-that is, excluding payments to the government (such as divestiture revenues and spectrum or concession fees) investment in 2007 would be just 22 percent below the peak level of 1998.

Is Small Beautiful? Financial Structure, Size and Access to Finance

Beck, Thorsten; Demirgüç-Kunt, Asli; Singer, Dorothe
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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Combining two unique data sets, this paper explores the relationship between the relative importance of different financial institutions and their average size and firms' access to financial services. Specifically, the authors explore the relationship between the share in total financial assets and average asset size of banks, low-end financial institutions, and specialized lenders, on the one hand, and firms' access to and use of deposit and lending services, on the other hand. Two findings stand out. First, the dominance of banks in most developing and emerging markets is associated with lower use of financial services by firms of all sizes. Low-end financial institutions and specialized lenders seem particularly suited to ease access to finance in low-income countries. Second, there is no evidence that smaller institutions are better in providing access to finance. To the contrary, larger specialized lenders and larger banks might actually ease small firms' financing constraints, but only at low levels of gross domestic product per capita.

Mozambique : Financial Sector Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
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Mozambique's overall macroeconomic performance in recent years has been impressive. Macroeconomic stability, a sustained structural reform effort, substantial foreign aid flows and, until recently, a benign international environment has generated an average annual real gross domestic product (GDP) growth rate of 7½ percent for most of the past decade. While inflation has been relatively high (around 10 percent annually) and volatile in recent years, reflecting the predominance of food (52 percent) and energy (23 percent) in the consumer basket, underlying inflationary pressures appear to be contained. As a result, the banking sector's soundness, in particular asset quality, improved substantially. Between end-2003 and 2008, non-performing loans (NPLs) for the system as a whole declined dramatically (from 14.4 to 2.9 percent), largely reflecting the restructuring of problem banks and assets and a supportive macroeconomic environment. This Financial Sector Assessment (FSA) focuses on the key developmental challenges still facing the Mozambican financial sector. Section two provides an assessment of the structure and performance of the banking sector and the main impediments to financial deepening and outreach. Section three presents the state of development and key challenges in the pension and insurance sectors...

The International Financial Integration of China and India

Lane, Philip R.; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's foreign direct investment liabilities), these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are "short equity, long debt." Third, China and India have improved their net external positions over the past decade although, based on their income level, neoclassical models would predict them to be net borrowers. Domestic financial developments and policies seem essential in understanding these patterns of integration. These include financial liberalization and exchange rate policies, domestic financial sector policies, and the impact of financial reform on savings and investment rates. Changes in these factors will affect the international financial integration of China and India (through shifts in capital flows and asset and liability holdings) and...

Financial Sector Assessment : Republic of Kazakhstan

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
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The Kazakhstan financial sector remains dominated by domestic commercial banks. The banking sector is largely domestically owned, private, and relatively concentrated, with the largest five banks accounting for 78 percent of total banking assets. The share of foreign banks has increased to about 15 percent of total banking assets after some recent acquisitions. The stress testing included single factor sensibility and scenario analysis and focused on the potential impacts of the two main risks being faced by the banking system, liquidity and credit risks. The exercise looked into the potential impact of: (i) the ongoing liquidity crunch and worsening external funding conditions; and (ii) asset and collateral quality deterioration, particularly for construction, real estate, and consumer lending. Some progress has been achieved in strengthening the prudential framework and improving bank governance. However, there is a need to move towards risk-based supervision with more attention to banks' use of risk management systems and internal controls...

Taxing Issues with Privatization : A Checklist

Mintz, Jack M.; Chen, Duanjie; Zorotheos, Evangelia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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Privatization has been a popular strategy for improving efficiency in both market and transition economies. The literature on privatization includes broad discussions of pricing techniques but overlooks tax issues. In reality, a state-owned company loses its privilege of paying no taxes once it is privatized. This change in tax status would certainly complicate the financial transaction of a newly privatized company, affect industry-wide economic efficiency, and change the revenue pattern of governments. Using Ontario Hydro and the Canadian tax regime as examples, the authors provide policymakers with a checklist on tax issues under privatization. Their main observations: 1) The tax status of the company to be privatized must be considered in analyzing the firm's financial transition. 2) The economic efficiency targeted by privatization may depend partly on the tax regime for a particular industry. 3) Privatization affects government revenue through the revenue-sharing structure determined by intergovernmental fiscal relationships and cross-border tax arrangements. Time is a factor in tax and transition issues. At the time of privatization...

External Sustainability : A Stock Equilibrium Perspective

Calderon, Cesar; Loayza, Norman; Serven, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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The authors consider external sustainability from the perspective of equilibrium in net foreign asset positions. Under their approach, an external situation is sustainable if it is consistent with international and domestic investors' achieving their desired portfolio allocation across countries. They develop a reduced-form model of net foreign asset positions whose long-run equilibrium condition expresses the ratio of net foreign assets to the total wealth of domestic residents as a negative function of investment returns in the country relative to the rest of the world, a positive function of investment risk, and an inverse function of the ratio of foreign-owned to domestically owned wealth. To estimate this equilibrium condition, the authors use a newly constructed data set of foreign asset and liability stocks for a large group of industrial and developing countries, from the 1960s to the present. They also develop summary measures of country returns and risks. Their econometric methodology is an application of the Pooled Mean Group estimator recently developed by Pesaran...

Corporate Governance Country Assessment : Croatia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC)
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This report assesses Croatia's corporate governance policy framework for publicly traded companies. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Croatia. It is an update of the 2001 corporate governance Report on the Observance of Standards and Codes (ROSC). Croatia has experienced rapid and substantial reform over the last decade. New institutions have been created and the roles of private ownership and market forces have expanded. This rapid pace of reform has continued to meet the various requirements for membership in the European Union (EU). Since the 2001 ROSC there have been substantial legal and regulatory changes, many of which address shortcomings identified in the 2001 assessment. Since 2001, Croatia has undertaken substantial legal and regulatory change that has led to a number of improvements in the framework for corporate governance. The two stock exchanges were recently merged and a code of corporate governance introduced. Reform continues as Croatia works towards joining the EU. The real economy has also performed well...

Valuation Effects with Transitory and Trend Productivity Shocks

Nguyen, Ha
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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In the past two decades, cross-border portfolio holdings of a large variety of assets have risen sharply. This has created an important role for changes in asset prices of a country's external assets and liabilities (i.e. "valuation effects") in affecting the country's net foreign asset position. Valuation effects are commonly thought as stabilizing: they counteract current account movements and mitigate the impact of the current account on the country's net foreign asset position. This paper shows that whether valuation effects are stabilizing or not depends critically on the nature of underlying productivity shocks. In response to transitory shocks, valuation effects are stabilizing; but in response to trend shocks, such effects amplify the impact of the current account on the net foreign asset position. These contrasting results arise because optimally smoothing consumers respond differently to a transitory shock than to a trend shock to income. The results are consistent with the pattern of external imbalances between the United States and other G.7 countries since the 1990s.

Stress-Testing Croatian Households with Debt : Implications for Financial Stability

Zalduendo, Juan; Sugawara, Naotaka
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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The purpose of this paper is to stress test the resilience of Croatian households with debt to economic shocks. The shocks not only impact a household's welfare, but also increase the probability of loan default. As a result, there is a direct link between these stress-testing exercises and financial stability risks. The authors find that very few households are at risk as a result of the shocks experienced over the past few years; new vulnerable households represent about 2 percent of all households, 6 percent of households with debt, and 2-3 percent of aggregate banking system assets. This suggests that household over-indebtedness in Croatia is unlikely to become a drag on aggregate economic activity and that financial stability risks remain manageable. One caveat should be noted. Some 27-31 percent of households with debt, representing 8-9 of banking system assets, are vulnerable even before being subjected to an economic shock. Since NPLs were low before the global financial crisis, it can be argued that banks knew something about some of these households that is not captured by household budget surveys. It follows that the calculations in this paper should primarily focus on the increased vulnerability of households as a result of shocks and are likely to represent an upper bound to the financial stability risks faced by Croatia on account of household indebtedness.

Distinguishing between Observationally Equivalent Theories of Crises

Shankar, Rashmi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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The objective of this paper is to empirically test across alternative, apparently observationally equivalent theories of currency crises. Theories of crises are often difficult to distinguish from each other based on the behavior of commonly used predictors. Using a comprehensive data set on gross external assets and liabilities for 167 countries created by the World Bank's Latin America and the Caribbean Region and the Development Research Group, this study is able to make a significant move toward redressing this shortcoming. It focuses on identifying potential crisis predictors, as well as testing the validity of the distinct transmission mechanisms implied by various theories of currency crisis. Evidence is presented in support of insurance-based models, suggesting that proxies for contingent liability accumulation are effective crisis predictors.

Insurance and Liquidity : Panel Evidence

Shankar, Rashmi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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The author presents evidence that balance sheet effects are critical determinants of both the likelihood of a crisis and of income losses following a crisis. She tests the validity of "insurance" and "liquidity" models of currency crisis. Both models predict that the occurrence of a balance of payments crisis is conditional on the health of the nation's accounts in relation to the rest of the world. Problems in the balance sheet either cause a financial crisis that develops into a run on the central bank, or generate a run on the central bank once contingent liabilities exceed reserves and the yield differential moves against domestic assets. Estimations of crisis likelihoods based on several specifications of single and simultaneous equation probit models confirm that output losses following the crisis are persistent and conditional on the balance sheet indicator, that is, the ratio of the stock of gross external liabilities to assets. Measures of contingent liabilities, capital flight, and financial depth perform well as crisis predictors, and the marginal effects on the probability of a crisis are of the expected sign. The panel data set covers the time period 1973 through 2003 for 90 countries.

Risk-Based Supervision of Pension Institutions in Denmark

van Dam, Rein; Andersen, Erik Brink
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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This paper examines the move towards risk-based supervision of pension institutions in Denmark. Although Denmark has not adopted a comprehensive model to assess risk it has developed a number of building blocks which it uses for risk-based assessment. The motivations for improving risk assessment include a desire to identify emerging problems, and concerns about the solvency of pension institutions. In Denmark there is extensive use of guaranteed minimum returns in both the accumulation and payout phases which create substantial obligations on pension institutions, and focus attention on the integrity and solvency of the institutions which provide them. In conjunction with freeing up investment restrictions and moving towards market valuation of assets, the supervisor has introduced a 'traffic light' stress test model which calculates the effect of several market scenarios - the red test which is the more plausible and the yellow test which is possible but less likely. In addition to the use of the traffic light system...

China : Shandong Culture Heritage Sector Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
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Qufu and Zoucheng are two neighboring county-level cities in Jining Municipality, a poor area in the South-West of Shandong Province. The area was home to some of China's earliest civilizations, and rich in cultural heritage assets. Cultural heritage assets in the project area include the Confucius temple, Kong family mansion, and burial grounds complex, a United Nations Educational, Scientific and Cultural Organization (UNESCO) world heritage site, as well as over 100 national-level cultural heritage assets. Qufu has a population of 640,000, covers an area of 896 k

Bank Privatization in Argentina : A Model of Political Constraints and Differential Outcomes

Clarke, George R.G.; Cull, Robert
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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Based on results from country case studies, many researchers have claimed that political constraints affect bank privatization transactions, which in turn affect the post-privatization performance of the banking sector. But no study has either econometrically tested how political constraints affect bank privatization transactions or theretically modeled the privatization transaction. The authors present a simple theoretical framework that models the inherent tradeoffs faced by governments and potential buyers in privatization transactions involving banks. The potential buyer is concerned about the probability that the bank will remain solvent, about the profits it will earn after privatization, and about the price paid for the assets and liabilities. The government is concerned about the price received for the assets, about layoffs, and about service coverage after privatization. The evidence from bank privatization transactions in Argentina in the 1990s supports several of their theoretical predictions. In particular...