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Population dynamics and secondary production of Euzonus furciferus Ehlers (Polychaeta, Opheliidae) in an exposed sandy beach of Southern Brazil

Souza,José R. B. de; Borzone,Carlos A.
Fonte: Sociedade Brasileira de Zoologia Publicador: Sociedade Brasileira de Zoologia
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2007 Português
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The distribution, population dynamics and secondary production of the polychaete Euzonus furciferus was studied in Atami Beach (Southern Brazil), from February 1992 to March 1993. Euzonus furciferus Ehlers, 1897 is the only deposit feeder species of the upper intertidal region. The organisms were present in the sandy beach all over the year, concentrated in a narrow band, and reaching maximal densities of 3,029 individuals m-2. Peaks of abundance occurred in September 1992, with a mean of 681.8 individuals m-2. Recruitment occurred in winter, with a peak in July. Mean annual biomass was estimated in 0.218 gAFDW m-2, with a total annual production of 0.466 gAFDW m-2 y-1, giving a P/B ratio of 2.13 y-1. Similar values were found for a filter-feeder polychaete inhabiting the same beach, suggesting that general food disposability of each particular environment is more important for production than the trophic strategic employed by those organisms exploring this environment.

Testing the annual nature of speleothem banding

Shen, Chuan-Chou; Lin, Ke; Duan, Wuhui; Jiang, Xiuyang; Partin, Judson W.; Edwards, R. Lawrence; Cheng, Hai; Tan, Ming
Fonte: Nature Publishing Group Publicador: Nature Publishing Group
Tipo: Artigo de Revista Científica
Publicado em 16/09/2013 Português
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Speleothem laminae have been postulated to form annually, and this lamina-chronology is widely applied to high-resolution modern and past climate reconstructions. However, this argument has not been directly supported by high resolution dating methods. Here we present contemporary single-lamina 230Th dating techniques with 2σ precision as good as ±0.5 yr on a laminated stalagmite with density couplets from Xianren Cave, China, that covers the last 300 years. We find that the layers do not always deposit annually. Annual bands can be under- or over-counted by several years during different multi-decadal intervals. The irregular formation of missing and false bands in this example indicates that the assumption of annual speleothem laminae in a climate reconstruction should be approached carefully without a robust absolute-dated chronology.

Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set

Ardic, Oya Pinar; Ibrahim, Joyce A.; Mylenko, Nataliya
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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26.33%
Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access in retail financial markets by reducing information asymmetries and power imbalances between providers and users of financial services. Financial consumer protection has gained significance in policy debates, especially since the onset of the financial crisis in 2008. This paper presents the results of a survey on consumer protection regulations in 142 countries. The findings indicate that although consumer protection legislation is in place in the majority of countries, these do not necessarily address the issues specific to financial services. There is some evidence that enforcement powers and monitoring capacity are limited in many countries, obstructing the effective implementation of the existing regulations. Furthermore, independent third party dispute resolution mechanisms are not widespread. The paper also compiles comprehensive information on laws and regulations relevant for consumer protection and discusses a number of challenges related to empirical analyses of financial consumer protection to enable cross-country comparison.

How Do Governments Respond after Catastrophes? Natural-Disaster Shocks and the Fiscal Stance

Melecky, Martin; Raddatz, Claudio
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Natural disasters could constitute a major shock to public finances and debt sustainability because of their impact on output and the need for reconstruction and relief expenses. This paper uses a panel vector autoregressive model to systematically estimate the impact of geological, climatic, and other types of natural disasters on government expenditures and revenues using annual data for high and middle-income countries over 1975-2008. The authors find that, on average budget, deficits increase only after climatic disasters, but for lower-middle-income countries, the increase in deficits is widespread across all events. Disasters do not lead to larger deficit increases or larger output declines in countries with higher initial government debt. Countries with higher financial development suffer smaller real consequences from disasters, but deficits expand further in these countries. Disasters in countries with high insurance penetration also have smaller real consequences but do not result in deficit expansions. From an ex-post perspective...

Sudden Stops : Are Global and Local Investors Alike?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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The main goal of this paper is to characterize the determinants of sudden stops caused by domestic vis-a-vis foreign residents. Are the decisions of domestic investors to invest abroad or of foreign investors to cut off funds from the domestic economy governed by the same set of determinants? Given the distribution of different types of sudden stop episodes over time and its different macroeconomic consequences, the authors argue that the determinants may not be alike. Using an effective sample of 82 countries with annual information over the period 1970-2007, the analysis finds that global investors are less likely to stop bringing their capital when their economy is growing and the world interest rate is lower. Domestic agents are more willing to invest abroad if the macroeconomic performance of the domestic economy is poor (high inflation), the financial system is weak, and there are high external savings (current account surpluses). Increasing financial openness makes the domestic country more vulnerable to sudden stops caused by either local or global investors. Finally...

Characterizing the Business Cycles of Emerging Economies

Calderón, Cesar; Fuentes, Rodrigo
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Using the dating algorithm by Harding and Pagan (2002) on a quarterly database for 23 emerging market economies (EMEs) and 12 developed countries over the period 1980.Q1 - 2006.Q2, the authors proceed to characterize and compare the business cycle features of these two groups. They first find that recessions are deeper and more frequent among EMEs (especially, among LAC countries) and that expansions are more sizable and longer (especially, among East Asian countries). After this characterization, this paper explores the linkages between the cost of recessions (as measured by the average annual rate of output loss in the peak-to-trough phase of the cycle) and several country-specific factors. The main findings are: (a) adverse terms of trade shocks raises the cost of recessions in countries with a more open trade regime, deeper financial markets and, surprisingly, a more diversified output structure. (b) U.S. interest rate shocks seem to have a significant impact on the cost of recessions in East Asian countries. (c) Recessions tend to be deeper if they coincide with a sudden stop...

Bank Activity and Funding Strategies : The Impact on Risk and Returns

Demirgüç-Kunt, Asli; Huizinga, Harry
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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This paper examines the implications of bank activity and short-term funding strategies for bank risk and returns using an international sample of 1,334 banks in 101 countries leading up to the 2007 financial crisis. Expansion into non-interest income generating activities such as trading increases the rate of return on assets, and it may offer some risk diversification benefits at very low levels. Non-deposit, wholesale funding, by contrast, lowers the rate of return on assets, although it can offer some risk reduction at commonly observed low levels of non-deposit funding. A sizeable proportion of banks, however, attract most of their short-term funding in the form of non-deposits at a cost of enhanced bank fragility. Overall, banking strategies that rely prominently on generating non-interest income or attracting non-deposit funding are very risky, which is consistent with the demise of the U.S. investment banking sector.

Does Financial Openness Lead to Deeper Domestic Financial Markets?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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26.26%
Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings -- that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection...

Annual World Bank Conference On Development Economics 2006 : Growth and Integration

Bourguignon, François; Pleskovic, Boris
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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36.36%
The Annual World Bank Conference on Development Economics (ABCDE) brings together the world s leading scholars and development practitioners for a lively debate on state-of-the-art thinking in development policy and the implications for the global economy. The 17th conference was held in Dakar, Senegal, on January 27, 2005. The theme of the conference was growth and integration, which was divided into five topics: growth and integration, financial reforms, economic development, trade and development, and investment climate.

Bank Privatization in Sub-Saharan Africa : The Case of Uganda Commercial Bank

Clarke, George R.G.; Cull, Robert; Fuchs, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas...

Financial Sector Assessment : Republic of Latvia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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Latvia has a well-developed financial sector, but in the aftermath of the 2008-09 global financial crisis, access to finance has become a major constraint for the development of private enterprises. Credit to the private sector in Latvia, at above 100 percent of Gross Domestic Product, or GDP, is one of the highest in Eastern Europe, after significant growth over the last decade. However, in the aftermath of the 2008-09 financial crisis, credit growth has been negative (average annual growth of -7 percent between FY2009-2011) and access to finance has become one of the most significant obstacles for growth according to enterprises (close to 30 percent of firms identify it as an obstacle in 2009, versus 2 percent before the crisis). This contributed to a significant decline in the volume of private investment, which dropped by 48 percent between 2008 and 2010. Credit constraints are more severe in specific segments, including smaller firms. In response to these challenges, the Government has supported credit to the private sector through various instruments...

ICSID 2013 Annual Report

International Centre for Settlement of Investment Disputes
Fonte: Washington, DC Publicador: Washington, DC
Português
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International investment law and international investment arbitration are relatively new disciplines: the first bilateral investment treaty was signed by Pakistan and Germany in 1959, the first investment treaty offering investor-state arbitration was concluded in 1968 between the Netherlands and Indonesia, the first International Center for Settlement of Investment Dispute (ICSID) case was registered in 1972, and the first treaty-based investment case was registered by the Centre in 1987. The Centre itself was established in 1966, along with the coming into force of the ICSID convention. It was the first dispute resolution facility designed exclusively for international investment dispute settlement, and it continues to be the only international facility dedicated to this area. This specialized mandate has allowed ICSID to develop an unparalleled expertise and focus, which benefits disputing parties, arbitrators and contracting states. Cumulatively, ICSID has administered over 430 cases, involving foreign investors from all regions of the world and more than 95 states and state agencies under the ICSID convention and rules. In addition...

Predicting Bank Insolvency in the Middle East and North Africa

Calice, Pietro
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
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This paper uses a panel of annual observations for 198 banks in 19 Middle East and North Africa countries over 2001-12 to develop an early warning system for forecasting bank insolvency based on a multivariate logistic regression framework. The results show that the traditional CAMEL indicators are significant predictors of bank insolvency in the region. The predictive power of the model, both in-sample and out-of-sample, is reasonably good, as measured by the receiver operating characteristic curve. The findings of the paper suggest that banking supervision in the Middle East and North Africa could be strengthened by introducing a fundamentals-based, off-site monitoring system to assess the soundness of financial institutions.

Financial Sector Assessment : Vietnam

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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Vietnam has achieved remarkable progress since the start of its transition from a centrally planned economy in the mid-1980s. The Economic Renovation Policy announced in December 1986 marked the transition from a centrally planned economy to a mixed economy with greater reliance on markets and increased participation of private financial and non-financial institutions. These reforms contributed to an impressive performance in the last two decades, since 1990 the annual GDP growth has exceed 7 percent and per capita income has increased three-fold. This Financial Sector Assessment Program (FSAP) provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations fall into three groups: (i) a plan to work out the large stock of existing NPLs; (ii) measures to ensure sound new flows of finance and prevent the accumulation of additional NPLs; and (iii) a set of policy steps designed to protect the financial sector during the envisaged reform period. For each group of measures...

Enhancing Financial Capability and Inclusion in Morocco : A Demand-Side Assessment

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
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Approximately 41 percent of Moroccan adults use a formal financial product or service. This places Morocco well above the average level of financial inclusion in the Middle East and North Africa, as well as above the average level in lower middle income countries (18 percent and 28 percent, respectively). Bank accounts are the most commonly used financial product, with 28 percent of adults reporting having a deposit or checking account. Microfinance institutions (MFIs) currently reach about five percent of the adult population, a finding consistent with supply-side data. Insurance is used by around 24 percent of the adult population in Morocco which is mainly due to mandatory insurance classes. Allowing, and advocating for branchless banking offers the potential to further expand the coverage of financial services and to reach the poor, rural dwellers, and women. Moreover, initiatives to bring women into the financial sector need to reveal and take into account, the substantial differences which can exist between men and women in their access...

Access to Financial Services and the Financial Inclusion Agenda around the World : A Cross-Country Analysis with a New Data Set

Ardic, Oya Pinar; Heimann, Maximilien; Mylenko, Nataliya
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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Recent empirical evidence highlights that access to basic financial services can make a substantial positive difference in improving poor people's lives. Accordingly, financial sector reforms that promote financial inclusion are increasingly at the core of policymakers agendas. The Consultative Group to Assist the Poor and the World Bank Group, in response, launched the Financial Access project, including a cross-country database on financial inclusion topics and an annual report to inform the policy debate. Using this database, this paper (i) counts the number of unbanked adults around the world at 56 percent, (ii) analyzes the state of access to deposit and loan services as well as the extent of retail networks, and (iii) discusses the state of financial inclusion mandates around the world.

World Bank Group and World Bank Corporate Scorecards, October 2014

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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The 2014 World Bank Group Corporate Scorecard for the fall Annual Meetings is designed to provide a high-level and strategic overview of the World Bank Group's performance toward achieving the two goals. It is the apex from which indicators cascade into the monitoring frameworks of the three World Bank Group institutions. The Scorecard is structured in three tiers: 1) The Goals and Development Context tier provides an overview of progress on key development challenges faced by World Bank Group client countries; 2) The Results tier reports on the key sectoral and multi-sectoral results achieved by World Bank Group clients with support of World Bank Group operations in pursuit of the goals; and 3) The Performance tier captures World Bank Group performance in implementation of the World Bank Group Strategy and includes measures of both operational and organizational effectiveness. These three tiers are the components of a unified results and performance monitoring framework with indicators grouped along the result chain as follows: the Scorecard monitors...

Mozambique : Financial Sector Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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26.33%
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...

Cambodia Economic Update, April 2014 : Coping with Domestic Pressures and Gaining from a Strengthened Global Economy

World Bank
Fonte: Phnom Penh Publicador: Phnom Penh
Tipo: Economic & Sector Work :: Economic Updates and Modeling
Português
Relevância na Pesquisa
26.26%
Cambodia's economy has withstood domestic pressures and managed to sustain its high growth driven by its usual engines of growth. The external sector improved as a result of slower imports due to dampened domestic demand. The post-election adverse effects slowed down the demand for imports, while export growth advanced. Inflation rose to 4.7 percent year-on-year at the end of 2013, up from 2.5 percent at the end of 2012. Inflation is projected to remain in mid-single-digits over the short term. Financial deepening continues but the gap between credit and deposit growth rates has widened, reducing bank liquidity. Government revenue growth has moderated, resulting in an increase in the fiscal deficit. The latest joint World Bank and International Monetary Fund (IMF) debt-sustainability analysis (DSA) conducted in 2013 shows that Cambodia's debt-distress rating remains low, with all debt-burden indicators projected to be below respective thresholds. The prospects for sustaining high growth appear favorable...

Annual World Bank Conference on Development Economics--Europe 2004 : Economic Integration and Social Responsibility

Bourguignon, Francois; Jacquet, Pierre; Pleskovic, Boris
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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26.31%
To address these broad questions: How to analyze the impact of globalization? What is the effect of rich countries' policies on developing ones? How to redefine the development agenda and scale-up the aid effort? The European Conference on Development Economics (ABCDE-Europe) focused on some of the problematic features of globalization and discussed the global impact of developed countries' policies in a number of crucial areas for developing countries, such as farm trade, migrations, the protection of intellectual property, and capital flows. It also highlighted the role and responsibilities of the private sector. This volume, organized in twelve chapters, opens with the five plenary session papers that were at the core of the discussion and focuses on five crucial issues and policy challenges: agricultural trade, migration flows, intellectual property rights, the costs and benefits of international capital flows, and options for sovereign debt restructuring. The seven remaining chapters offer a collection of selected papers discussed in the parallel workshops held during the conference. They cover a wider range of issues...