Página 1 dos resultados de 122 itens digitais encontrados em 0.008 segundos

Designing the Payout Phase of Pension Systems : Policy Issues, Constraints and Options

Rocha, Roberto; Vittas, Dimitri
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
37.428943%
This paper examines the policy issues, constraints and options facing policymakers in promoting the development of sound markets for retirement products. It discusses the various risks faced by pensioners and the risk characteristics of alternative retirement products and also reviews the risks faced by providers of retirement products and the management and regulatory challenges of dealing with these risks. The paper focuses on policies that could be adopted by developing and transitioning countries where financial and insurance markets are not well developed. It argues for promoting an adequate level of annuitization but avoiding excessive annuitization. It also argues for favoring combinations of payout options, covering different products at a particular point in time as well as different payout options over time. The paper also discusses the choice between centralized and decentralized markets and highlights the basic elements of an effective regulation of risk management.

Building Response Strategies to Climate Change in Agricultural Systems in Latin America

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
37.392004%
This report, Building Response Strategies to Climate Change in Agricultural Systems in Latin America, reports the results of action research to identify and prioritize stakeholder driven, locally relevant response options to climate change in Latin American agriculture. The study has three primary objectives. The first is to develop and apply a pilot methodology for assessing agricultural vulnerability to climate change and for formulating adaptation response strategies to inform private and public sector decisions in the Latin America region. The study is principally concerned with adaptation responses to climate change, rather than mitigation. The second objective is to formulate recommendations for investments in each of the selected agro-ecosystems in a range of areas including agricultural technology adaptation, infrastructure investments, public and private sector support activities, and institutional and policy changes. The final objective is to disseminate the study results in the Latin America region and other parts of the world to help increase understanding of the impacts of climate change and alternative adaptation response strategies. This methodology can be used by the Bank to support client countries in defining response strategies...

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

Byskov, Steen; Boskovic, Tanja
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
48.285967%
This note aims to assess the implementation of the Markets in Financial Instruments Directive (MiFID) in Bulgaria, provide an initial view on the impact it had on the Bulgarian securities markets, and draw lessons from the experience. Bulgaria entered the European Union (EU) and adopted MiFID at the cusp of a global crisis that hit central Europe particularly hard. MiFID implementation in Bulgaria began along with other EU countries on November 1st 2007, less than a year after Bulgaria had entered the union. Important changes for the local market were the introduction of the passport, which allows intermediaries to operate throughout Europe under the local license, a more competitive environment for trading venues as shares listed on the regulated market (RM) shares can be traded anywhere in Europe, and greater role for home supervisor.

South Asia - Policy Paper for Regional Energy Trade : Trading Arrangements and Risk Management in International Electricity Trade

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
37.626782%
Economic Consulting Associates (ECA) and Cambridge Economic Policy Associates (CEPA) have been engaged by Energy Sector Management Assistance Program (ESMAP) and the World Bank to prepare a policy paper for enhanced regional electricity trade involving the Economic Cooperation Council (ECO) countries. The study has reviewed the opportunities for increased electricity trade within the ECO region and exports outside the region, considered the types of trade that will be most likely to develop in the short and evolve over the medium and longer term, and made an assessment of the risks and obstacles to further trade development. Drawing on international experience of national and regional trading arrangements, as well as four case studies of regional trade, the study has reviewed the financing options including risk mitigation products, considered the requirements for good governance of international trade including dispute resolution procedures, and made an initial assessment of the proposed Tajikistan-Afghanistan-Pakistan electricity trade project (TAP). Drawing on all aspects of the research...

Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
28.029077%
The regulatory framework for the securities market in Saudi Arabia has significantly developed since the enactment of legislation to regulate the capital markets. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMOU) Concerning Consultation and Cooperation and the Exchange of Information. However, no information sharing arrangement exists with the Saudi Arabian Monetary Agency (SAMA). Even so, refinements can be made to processes, the Capital Market Law (CML), and the Committee for the Resolution of Securities Disputes (CRSD). The framework contained in the CML and the implementing regulations is still relatively new. However, revision and updating of the requirements needs to be a continuing program...

Mexico : The IOSCO Objectives and Principles of Securities

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
38.169004%
As the supervisor of the securities markets in Mexico, the National Banking and Securities Commission (Comision Nacional Bancaria y de Valores, CNBV) has developed a robust supervisory framework that exhibits high levels of implementation of the International Organization of Securities Commissions Objectives and Principles of Securities Regulation (IOSCO Principles) in many areas. The assessment was conducted during the International Monetary Fund (IMF) and World Bank Financial Sector Assessment Program (FSAP) mission to Mexico during the period September 7 to September 21, 2011. The assessment was carried out using the 2003 IOSCO methodology for assessing implementation of the IOSCO Principles. The most significant issues regarding full implementation of the Principles fall under the regulator principles. These issues flow from two sources. First, there is no specific statute governing derivatives (whether exchange traded or over-the-counter (OTC)), nor any other express legislative provisions that govern the regulation of that growing market. Second...

Trade and Transport Facilitation in South Asia : Systems in Transition, Volume 2. Annexes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
37.337476%
Over the past few decades, the World trading system has become increasingly more open. Tariff rates have been reduced and quantitative restrictions (quotas) have been progressively eliminated, e.g. the Multi-Fiber Agreement (MFA). Most countries have adopted more outward-looking economic policies, seeking to increase growth and employment through expanding exports. Such outward looking policies have even been adopted by countries which previously pursued policies based on import substitution as in South Asia. Protective trade restrictions still persist, but tend to be in terms of more subtle non-tariff barriers (such as sanitary or phyto-sanitary standards), though anti-dumping measures and temporary quantity restrictions are still used by many countries to shield domestic producers. Trade regulations no longer solely attempt to protect domestic producers; their scope has extended to cover the need for enhanced security and the desire for greater consumer protection through the traceability of the production chain for many agricultural products. Intense competition compels firms to reduce costs throughout their manufacturing and distribution processes. Outsourcing to lower cost firms and countries has been one major source of cost reduction...

Republic of Korea Financial Sector Assessment Program : Detailed Assessment of Observance - IOSCO Objectives and Principles of Securities Regulation

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
38.610247%
An assessment of the level of implementation of the IOSCO Objectives and Principles of Securities Regulation (IOSCO Principles) was conducted in the Republic of Korea (Korea) from April 3 to 19, 2013 as part of the IMF-World Bank Financial Sector Assessment Program (FSAP). The assessment was made by Eija Holttinen, Monetary and Capital Markets Department, IMF, and Andrea Corcoran, an external expert working for the World Bank. The previous IOSCO assessment of Korea was conducted in 2001-02 before the first IOSCO Assessment Methodology had been developed. From the perspective of the IOSCO Principles, this is therefore effectively a first assessment. Hence, comparisons with the prior assessment are discouraged since the process has since been refined to promote consistency and has become progressively more rigorous. The assessment was based on: (i) a self-assessment and additional written responses prepared by the authorities; (ii) reviews of the relevant legislation and regulations; (iii) meetings with the management and staff of the FSC...

Stock Market Automation and the Transmission of Information Between Spot and Futures Markets

Brailsford, Tim; Frino, Alex; Hodgson, Allan; West, Andrew
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 97736 bytes; application/pdf
Português
Relevância na Pesquisa
27.919514%
This paper examines the impact of automated trading in the stock market on the information transmission between the stock and futures markets. This issue is of particular relevance given the trend of exchanges to introduce automated trading. We focus on the Australian market as its institutional features and recent changes in trading systems have created an ideal environment for examining this issue. We initially find evidence of a substantial bidirectional information flow between the stock and futures markets. The paper then focuses on the period surrounding the move by the Australian stock exchange to automated trading. After the introduction of automated trading, we find a significant change in the information transfer process between the two markets. The findings are consistent with the hypothesis that automated trading results in a richer and more timely information set which accelerates the price discovery process. However, the evidence is not overwhelming and alternative explanations exist.; no

Designing a realistic climate change policy that includes developing countries

McKibbin, Warwick J; Wilcoxen, Peter J
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 48497 bytes; 365 bytes; application/pdf; application/octet-stream
Português
Relevância na Pesquisa
47.62678%
In earlier papers we have argued that the Kyoto Protocol is not sustainable as a global climate change policy and have proposed an alternative policy regime based on a coordinated but decentralized system of national permit trading systems with a fixed internationally negotiated price for permits. In this paper we extend this earlier proposal to include an explicit mechanism for participation by developing countries. The idea is to give incentives for carbon abatement in developing countries through price signals without imposing short or medium term costs in these economies. This new system is based on the creation of two types of assets in each participating country – emission endowments and emission permits. We argue that this new system is an effective and realistic way to move forward on a sustainable regime for climate change policy.; no

Multiobjective genetic algorithm optimization of water distribution systems accounting for economic cost, greenhouse gas emissions and reliability.

Wu, Wenyan
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado
Publicado em //2012 Português
Relevância na Pesquisa
37.337476%
Multiobjective optimization is becoming an increasingly important approach for both the design and operation of water distribution systems (WDSs). Given the multiobjective nature of these problems, multiobjective optimization is expected to provide decision makers with increased insight into the tradeoffs between competing objectives and alternative solutions of WDSs, which might benefit the water industry, society and environment. Due to the advances in computing technology and the development of fast multiobjective sorting algorithms, research activities into the application of multiobjective algorithms to WDS design and operation have increased significantly in the past decade. Minimization of economic cost and maximization of network reliability are the two most commonly considered objectives in WDS optimization. In addition, some environment related issues, such as energy conservation, have been incorporated into the optimization of WDSs. However, the leading environmental concern – Greenhouse gas (GHG) emissions – has not yet been addressed directly in the field of WDS optimization. Consequently, this research incorporates GHG emission minimization as an objective directly into the optimal design of WDSs, together with the economic objective of minimizing cost and the hydraulic reliability objective of maximizing surplus power factor via a multiobjective approach. The major research contributions are presented in six journal publications. These publications describe the motivation and methodology to incorporate GHG emission minimization as an objective of WDS optimization; explore the tradeoffs between the traditional objective of minimizing life cycle cost and the environmental objective of minimizing life cycle GHG emissions; investigate the sensitivity of these tradeoffs to a number of factors...

A Market Study of Organic and Fair Trade Coffee in Bolivia

Estevez, Christopher L
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
37.821816%
The purpose of this research is to study the commercialization of Fairtrade and Organic coffee in the Bolivia. Fairtrade and Organic coffee are alternative trade systems designed to promote the equitable and environmentally sustainable production of coffee. However, these alternative trading systems often fail to meet these goals. The producers and environment these systems are intended to protect remain marginalized. These failures are due to a number of local institutions. In order to better understand these institutions, this research conducted interviews of various stakeholders including producers, cooperative leaders, organic/Fair Trade certifiers, government agencies and private buyers. All these stakeholders influence the success of the alternative trade systems. By better understanding how these stakeholders impact the commercialization of coffee in Bolivia; new policies can be develop to improve the outcomes of alternative trade, to benefit both producers and the environment. This is especially critical in Bolivia because of the environmentally sensitive area in which coffee is grown, the potentially damaging impact of coca on the region and, the devastating economic impact to farmers.

Adjusting the capital asset pricing model for the short-run with liquidity proxies, while accounting for denials and deceptions in financial markets

Mooney, John J., IV
Fonte: Monterey, California: Naval Postgraduate School Publicador: Monterey, California: Naval Postgraduate School
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
68.26189%
Approved for public release; distribution is unlimited.; William Sharpe's 1964 capital asset pricing model relies heavily on an accurate assessment of the asset's sensitivity to the broader market, termed _. By modifying the classic approach to incorporate liquidity of the asset, designated _', short-term return estimates may be improved. Specifically, in this research, the limit order book is used as a short-term proxy for liquidity assessments. Unfortunately, precise data were unavailable to test: however, detailed realistic examples are outlined in order to explore both rationale and critiques of the adjusted model. In light of the adjusted CAPM, modern market conditions, such as the rise in both high-frequency trading and alternative trading systems, are investigated to determine their impact on the model and asset pricing. Parallels can be drawn to appreciate these implementation obstacles under such information operation paradigms as denial, deception, and counterdeception. These topics, the protection of critical information from leakage, as well as the advancement and detection of deliberate misinformation, are increasingly critical for asset pricing. Furthermore, in response to these implementation obstacles, short-term asset pricing research is explored under both the efficient and adaptive market hypotheses. In conclusion...

Multilevel Governance of Interdependent Public Goods: Theories, rules and institutions for the central policy challenge in the 21st Century

Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf
Português
Relevância na Pesquisa
28.172212%
This publication includes papers of an interdisciplinary conference in 2011 analysing multilevel governance problems of the international trading, environmental, development and rule-of-law systems as interdependent ‘aggregate public goods’. It begins with policy-oriented analyses from leading practitioners on the ‘gap between theory and practice’ in multilevel governance. The analyses of the ‘collective action problems’ are supplemented by case-studies on the world trading, environmental, development and related rule-of-law systems. Apart from assessing existing multilevel governance arrangements (such as the G20 meetings), the conference papers explore alternative strategies for rendering multilevel governance more effective, for instance by promoting public-private partnerships, empowering private actors through stronger cosmopolitan rights, enhancing legal-judicial accountability of governments and by promoting overall coherence through transnational rule-of-law systems. The papers explore emerging principles for multilevel political governance (like ‘responsible sovereignty’, unilateral protection of ‘common concerns’) as well as new forms of multilevel judicial governance strengthening transnational rule-of-law in international trade...

Philippines : IOSCO Objectives and Principles of Securities Regulation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
38.34908%
A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Securities and Exchange Commission (SEC) is the primary regulatory authority over the capital markets and their participants. The Bangko Sentral ng Pilipinas (BSP) also supervises non-bank financial institution (NBFIs) to the extent that they have ownership links with banks, and are permitted to have quasi-banking function and trust operations and offer foreign exchange products and services. The Securities Regulation Code (SRC) is the main legal basis for the regulation of the markets. The SRC narrowed and redefined the scope of responsibilities of the SEC to enable the regulator to focus on regulation of the securities market and its enforcement in particular. However...

Manual for RERA Guidelines for Regulating Cross-border Power Trading in the SADC Region : A User's Guide

Castalia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Energy Study; Economic & Sector Work
Português
Relevância na Pesquisa
27.946553%
There are currently a large number of proposed cross-border generation and transmission projects in Southern Africa that are not moving forward, despite being technically and economically feasible. To help address this situation, the Regional Electricity Regulators Association of Southern Africa (RERA) has prepared a set of guidelines for national regulators in the SADC region, which have been adopted by the SADC Energy Ministers. This section of the Manual provides some context for the guidelines and provides an overview of the purpose and contents of the Manual.

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Commodities Study; Economic & Sector Work
Português
Relevância na Pesquisa
38.257612%
Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial diversification of the financial system. Bulgaria began aligning its regulation of securities markets to European Union (EU) standards when its EU accession process began and introduced the Markets in Financial Instruments Directive (MiFID) in November 2007 along with other EU countries. This report aims to assess the implementation of MiFID in Bulgaria, to provide an initial view on the impact it had on the Bulgarian securities markets, and to draw lessons about the experience. The report not only offers concrete suggestions for stimulating development of the capital market to the benefit of firms and investors, but it also aims to stimulate further debate about how to organize the securities market infrastructure for long-term development.

Managing Flexibility in Multi-Area Power Systems

Bucher, Matthias; Chatzivasileiadis, Spyros; Andersson, Göran
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 08/09/2014 Português
Relevância na Pesquisa
37.337476%
In this paper we present a framework to efficiently characterize the available operational flexibility in a multi-area power system. We focus on the available reserves and the tie-line flows. The proposed approach is an alternative to the current calculation of the Available Transfer Capacity (ATC), as it considers location and availability of reserves, transmission constraints, and interdependencies of tie-line flows between different areas, while it takes into account the N-1 security criterion. The method is based on computational geometry using polytopic projections. It requires only a limited amount of information exchange and does not need central coordination. The method has two versions: a passive and an active approach, where neighboring areas can share reserves. In that respect we also introduce the term "exported flexibility", which could form the basis for a new trading product in electricity markets. Case studies demonstrate the improved tie-line utilization, especially if reserves are shared, and the visualization benefits.; Comment: submitted to IEEE Transactions on Power Systems

Competitive Energy Trading Framework for Demand-side Management in Neighborhood Area Networks

Mediwaththe, Chathurika P.; Stephens, Edward R.; Smith, David B.; Mahanti, Anirban
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 10/12/2015 Português
Relevância na Pesquisa
38.08969%
In this paper, we analyze three energy trading systems for demand-side management of a residential neighborhood area network using a community energy storage (CES) device and consumer-owned photovoltaic (PV) systems. We consider a fully-competitive CES operator in a non-cooperative Stackelberg game, a benevolent CES operator that has socially favorable regulations with competitive consumers, and a centralized cooperative CES operator that minimizes the total community energy cost. The two former game-theoretic systems consider that the CES operator first maximizes their revenue by setting a pricing signal and trading energy with the grid. Then the users with PV panels play a non-cooperative repeated game following the actions of the CES operator to trade energy with the CES device and the grid to minimize energy costs. The centralized CES operator cooperates with the participating users to minimize the total community energy cost without appropriate incentives. The non-cooperative Stackelberg game with the fully-competitive CES operator has a unique Stackelberg equilibrium at which the CES operator maximizes revenue and users obtain unique Pareto-optimal Nash equilibrium CES energy trading strategies while ensuring the balance between social costs of the two entities. Both CES operator and participating users are simultaneously benefited in the fully-competitive system and the system requires less energy storage resources to give optimal and peak economic benefits than the other two alternative CES operator models. Numerical evaluations prove that the benefits gained thorough the fully-competitive system are robust to imperfect forecasts of PV power generation and user demand of the following day.; Comment: 10 pages...

Long-Run Equilibrium Modeling of Alternative Emissions Allowance Allocation Systems in Electric Power Markets

Schulkin, Jinye Z.; Hobbs, Benjamin F.; Pang, Jong-Shi
Fonte: Faculty of Economics, University of Cambridge, UK Publicador: Faculty of Economics, University of Cambridge, UK
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
48.002734%
A question in the design of carbon dioxide trading systems is how allowances are to be initially allocated: by auction, by giving away fixed amounts, or by allocating based on output, fuel, or other decisions. The latter system can bias investment, operations, and pricing decisions, and increase costs relative to other systems. A nonlinear complementarity model is used to investigate long-run equilibria that would result under alternative systems for power markets characterized by time varying demand and multiple generation technologies. Existence of equilibria is shown under mild conditions. Solutions show that allocating allowances to new capacity based on fuel use or generator type can distort generation mixes, invert the operating order of power plants, and inflate consumer costs. The distortions can be smaller for tighter CO2 restrictions, and are somewhat mitigated if there are also electricity capacity markets or minimum-run restrictions on coal plants.