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Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe

Pollner, John
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
36.65%
This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes. In particular, the Visegrad countries (V-4) of Central Europe, namely, Poland, the Czech Republic, Hungary, and the Slovak Republic, have such tremendous potential flood damages that reliance on budgetary appropriations or even European Union (EU) funds in such circumstances becomes ineffective and does not provide needed cash funds for the quick response and recovery needed to minimize economic disruptions. The report is primarily addressed to the governments of the region, which should build into their fiscal planning the necessary contingent funding mechanisms, based on their exposures. The report is addressed to finance ministries and also to the insurance and securities regulators and the private insurance and capital markets, which may all play a role in the proposed mechanisms. An arrangement using a multi-country pool with a hazard-triggered insurance payout mechanism complemented by contingent financing is proposed...

The Financing and Growth of Firms in China and India : Evidence from Capital Markets

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.76%
This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.

Financing for Development Post-2015

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.64%
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...

Strengthening Subnational Debt Financing and Managing Risks

Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.64%
The Chinese budget law prevents subnational governments from borrowing. However, Subnational Governments (SNG) borrows indirectly off-budget, through Urban Development and Investment Corporations (UDIC). There are various estimates on the off-budget liabilities, with one estimate having the liabilities at more than 30 percent of Gross Domestic Product (GDP). This paper provides a discussion of more reform options for China, anchored with cross-country experiences and lessons. The way forward is to develop regulatory frameworks that can expand SNG and UDIC market access and debt financing, while strengthening subnational fiscal discipline, managing default risks, promoting capital market development, and supporting macroeconomic management and a stable financial system. The paper is organized as: section two presents fiscal rules and framework - ex ante regulations for subnational debt issuing and procedures. Section three discusses what to do when a subnational government becomes insolvent - ex post system. Section four is devoted to developing regulatory frameworks for UDIC...

Financing Mechanisms for Addressing Remediation of Site Contamination

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.74%
Industrial and commercial facilities provide great economic benefit to communities throughout the world. Unfortunately, many industries use or have used practices and materials which have proven toxic to the environment and to those who live and work near contaminated sites. The definition and degree of contamination varies at national and regional levels of government, but leaders throughout the world now recognize the hazard that contaminated industrial and service sites present to the wellbeing of their communities and seek innovative ways to finance the remediation of these challenging sites. Industrial contamination can have a severe, direct impact on adjacent communities. The cleanup and redevelopment of a so-called brownfield can improve a community s economy, provide an opportunity for habitat restoration, and create public space. Cleanup and redevelopment of brownfields can be an effective economic development strategy, with benefits seen in two timeframes. First, there is an immediate and one-time capital expenditure for cleanup activities...

Global Economic Prospects : Financial Markets Outlook, June 2014

Ju Kim, Eung; Stocker, Marc
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
36.72%
External financing conditions for developing countries have been remarkably favorable in recent months, reflecting expectations of a more drawn-out period of monetary policy accommodation in high-income countries and some narrowing of external vulnerabilities. Additional easing by the European Central Bank, combined with prospects of modest growth and stable inflation in the United States ( Goldilocks recovery ), helped pull down bond yields and volatility worldwide. These benign conditions currently provide support to capital inflows and activity across developing countries, but could at the same time increase the risk of greater and potentially more abrupt market adjustments ahead. Despite some reduction of current account deficits in several developing countries, many remain vulnerable to sudden shifts in investors sentiment and capital outflows. Following a brief period of market turmoil at the start of the year, global financing conditions have eased consider-ably from March to June. Bond spreads for developing countries (i.e. yield difference with 10-year U.S. Treasury bonds) have narrowed...

Investment Financing in the Wake of the Crisis

Chelsky, Jeff; Morel, Claire; Kabir, Mabruk
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Brief
EN_US
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Sustained growth in emerging markets and developing economies requires long-term, reliable capital to finance productive investment, including in basic infrastructure. However, the availability and composition of long-term financing is constrained, partly due to fragile market conditions and cyclical weaknesses in parts of the global economy, as well as longer-term trends. This has had a particularly negative impact on developing economies that do not have reliable access to international bond markets and on sectors that have traditionally relied on bank lending (such as infrastructure). At the same time, fiscal space has been eroded by the crisis, and the direct lending capacity of Multilateral Development Banks (MDBs) remains constrained. This heightens the importance of the catalytic role of the official sector in mobilizing long-term financing from the private sector by drawing on its ability to reduce and share risk. This note explores some of the ways in which MDBs are equipped to serve this purpose.

Local Sources of Financing for Infrastructure in Africa : A Cross-Country Analysis

Irving, Jacqueline; Manroth, Astrid
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
36.64%
With the exception of South Africa, local financial markets in sub-Saharan Africa remain underdeveloped and small, with a particular dearth of financing with maturity terms commensurate with the medium- to long-term horizons of infrastructure projects. But as financial market reforms gather momentum, there is growing awareness of the need to tap local and regional sources. Drawing on a comprehensive new database constructed for the purpose of this research, the paper assesses the actual and potential role of local financial systems for 24 African countries in financing infrastructure. The paper concludes that further development and more appropriate regulation of local institutional investors would help them realize their potential as financing sources, for which they are better suited than local banks because their liabilities would better match the longer terms of infrastructure projects. There are clear signs of positive change: private pension providers are emerging in Africa, there is a shift from defined benefit toward defined contribution plans...

Global Development Finance 2006 : The Development Potential of Surging Capital Flows, Volume 1. Review, Analysis, and Outlook

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH
Relevância na Pesquisa
36.64%
Global Development Finance is the World Bank's annual review of global financial conditions facing developing countries. The current volume provides analysis of key trends and prospects, including coverage of capital originating from developing countries themselves. Robust global growth and a favorable financing environment provided the context for a record expansion of private capital flows to developing countries in 2005. Many low-income countries still have little or no access to international private capital, and instead depend largely on official finance from bilateral and multilateral creditors to support their development objectives. Capital flows are changing due to financial integration among developing countries, financial innovations, domestic debt markets, and the global role of the Euro. Net official flows continue to decline as official lending falls and there is more aid and debt relief for the poorest countries. To ensure economic stability, developing countries must manage capital flows with effective macroeconomic policies, prudent accumulation of reserves, careful management of oil-export revenues, and improvements in standards for the corporate sector.

Global Development Finance 2011 : External Debt of Developing Countries

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH
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36.7%
The World Bank's Debtor Reporting System (DRS), from which the aggregates and country tables presented in this report are drawn, was established in 1951. The debt crisis of the 1980s brought increased attention to debt statistics and to the World debt tables, the predecessor to Global development finance. Now the global financial crisis has once again heightened awareness in developing countries of the importance of managing their external obligations. International capital flows to the 128 developing countries reporting to the World Bank Debtor Reporting System (DRS) fell by 20 percent in 2009 to $598 billion (3.7 percent of Gross National Income (GNI), compared with $744 billion in 2008 (4.5 percent of GNI) and a little over half the peak level of $1,111 billion realized in 2007. Private flows (debt and equity) declined by 27 percent despite a rebound in bond issuance, portfolio equity flows, and short-term debt flows. Both foreign direct investment (FDI) flows and bank lending fell precipitously. By contrast, the net inflow of debt-related financing from official creditors (excluding grants) rose 175 percent as support was stepped up to low- and middle-income countries severely affected by the global financial crisis.

Asking the Right Questions : Johannesburg Completes a Groundbreaking Municipal Bond Issue

Ngobeni, Jason
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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46.61%
In 2004 the city of Johannesburg sold two municipal bond issues, among the very few such issues in Africa. The bond issues marked the city's recovery from near bankruptcy in the mid-1990s. They have been followed by several more as well as an even more ambitious capital financing program. Preparing for a first-time bond issuance is complicated and time consuming. Johannesburg navigated its way with remarkable success by asking the right questions and insisting on credible answers. Its path offers guidance and insights to other local governments considering the use of municipal bonds to finance infrastructure.

Toward Better Infrastructure : Conditions, Constraints, and Opportunities in Financing Public-Private Partnerships in Select African Countries

Shendy, Riham; Kaplan, Zachary; Mousley, Peter
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
36.74%
Examining innovative ways to address Africa's infrastructure deficit is at the heart of this analysis. Africa's infrastructure stock and quality is among the least developed in the world, a challenge that significantly hinders economic development. The study is structured around the most inhibiting constraints to developing PPPs, as shared by all six countries. Section one provides a brief background of the infrastructure needs in the sample countries and outlines the current scope of Public-Private Partnership (PPP) transactions; section two examines the sources of financing for PPPs domestic and foreign with a particular focus on domestic sources; section three explores the supporting legislative, regulatory, and institutional environment for PPPs; section four addresses issues connected with the importance of developing a sound pipeline of PPP projects; and section five tackles the importance of managing the increased government fiscal commitments that are commonly coupled with PPPs. Section six outlines medium-term options for PPP financing. Finally...

Financial Development in Latin America and the Caribbean : Stylized Facts and the Road Ahead

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.67%
The paper documents the major trends in financial development in Latin America and the Caribbean since the early 1990s. The paper compares trends in Latin America and the Caribbean with those in Asia, Eastern Europe, and advanced countries and compares countries within Latin America and the Caribbean. The findings show that financial systems in the Latin America and the Caribbean region have become more diversified and more complex. In particular, domestic financial systems have become less bank-based, with bond and stock markets playing a larger role; institutional investors have gained some space in channeling domestic savings, thus increasing the availability of funds for investment in capital markets; and several economies in the region have started to reduce currency and maturity mismatches. Nonetheless, a few large companies continue to capture most of the domestic savings. And because these trends have unfolded more slowly than pro-market reformers had envisioned, broad, market-based financial systems with dispersed ownership have yet to materialize fully in the region. As a result...

Innovative Financing for Development

Ketkar, Suhas; Ratha, Dilip
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.68%
In the run-up to the 'follow-up international conference on financing for development' to be held in Doha from November 28 to December 2, 2008, it seems particularly timely to collect in one book writings on the various market-based innovative methods of raising development finance. Although developing countries are well advised to use caution in incurring large foreign debt obligations, especially of short duration, there is little doubt that poor countries can benefit from cross-border capital whether channeled through the public or private sectors. The papers in this book focus on various recent innovations in international finance that allow developing countries to tap global capital markets in times of low risk appetite, thereby reducing their vulnerability to booms and busts in capital flows. Debt issues backed by future hard currency receivables and diaspora bonds fall into the category of mechanisms that are best described as foul-weather friends. By linking the rate on interest to a country's ability to pay...

Financial Development in Asia : Beyond Aggregate Indicators

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.72%
This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. Financial systems in Asia remain less developed than in advanced countries but more developed than in Eastern Europe and Latin America. Bond and stock markets play a larger role and institutional investors have gained importance. Nonetheless, capital-raising activity has not expanded. A few large companies capture most of the issuances. Many secondary markets remain illiquid. The public sector captures a significant share of bond markets. The largest advancements in Asia occurred in China and India. But still in these countries, few large companies use capital markets to expand and grow, becoming much larger than nonuser firms. In sum, Asia's financial systems remain less developed than aggregate measures suggest, with few spillovers to many firms.

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
ENGLISH
Relevância na Pesquisa
46.72%
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...

Assessment of the Financing Framework for Municipal Infrastructure in Vietnam; Danh gia khung tai tro cho co so ha tang dia phuong o Viet Nam bao cao cuoi cung

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Infrastructure Framework
ENGLISH; EN_US
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36.7%
A fundamental challenge for Vietnam is to improve the affordability and efficiency of infrastructure investment. The fragmentation of public infrastructure investment results in duplication and waste, and is a major underlying cause of investment inefficiency. Bond issuance has been the most prominent form of debt financing at the sub-national level. At the provincial level, significant disconnects exist between total planned investment needs in infrastructure, and the effective demand for such investment. The success of any initiative to improve the financing of municipal infrastructure in Vietnam hinges on advances in the broader landscape of policy reform as part of the country's long-term development. Meeting these challenges requires a comprehensive approach that addresses issues of governance, financing, and execution. This report has been formulated with the objective of informing the Government of Vietnam (GOV) on how the financing framework for municipal infrastructure in the country can be strengthened. It is based on an assessment of the constraints and opportunities that sub-national governments face in accessing financing for infrastructure development. It also draws upon lessons and good practices from international experience in this area...

Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments

Matsukawa, Tomoko; Habeck, Odo
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
36.74%
The objective of the Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments is to provide a concise yet comprehensive guide as well as reference information for practitioners of infrastructure financing, including private sector financiers and developing country officials. The work is also intended as a reference for institutions offering (or developing) risk mitigation instruments, allowing them to learn from each other's recent practices. The book is organized into five chapters with the following objectives: Chapter 1 Type of Risk Mitigation Instruments: increases awareness of the different types and nature of risk mitigation instruments currently available for private financiers. Chapter 2 Recent Trends in Risk Mitigation: highlights areas in risk mitigation for developing country infrastructure financing receiving recent attention. Chapter 3 Characteristics of Providers and Compatibility: summarizes the characteristics of multilateral, bilateral, and private providers of risk mitigation instruments and the compatibility of those instruments. Chapter 4 Innovative Application of Risk Mitigation Instruments: presents recent developments and innovative applications of risk mitigation instruments through case transactions. Chapter 5 Challenges Ahead: summarizes areas that pose challenges to the use of risk mitigation instruments as catalysts of infrastructure development. The focus of this book is on the multilateral development banks and agencies (that is...

Capital Market Instruments to Mobilize Institutional Investors to Infrastructure and SME Financing in Emerging Market Economies; Report for the G20

World Bank Group; International Monetary Fund; OECD
Fonte: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris Publicador: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.72%
This report seeks to identify key capital markets instruments that can help mobilize institutional investors to infrastructure and small and medium enterprises (SME) financing in emerging market economies (EMEs). EMEs face financing gaps in infrastructure and SMEs that if not addressed can stifle growth and affect shared prosperity. This report is structured as follows: this section explains the objective of this report and the scope of the work undertaken. Section two provides an overview of the size and importance of institutional investors in EMEs and their current portfolio allocation. Sections three and four analyze key capital markets instruments that might help to mobilize institutional investors in EMEs to infrastructure and SME financing, and their current use in AEs and EMEs. Section five explains the challenges affecting the development of capital markets instruments in EMEs. Section six provides an overview of the role of governments and multilateral development banks (MDBs). Section seven draws conclusions and offer recommendations about actions that EMEs will need to undertake to mobilize institutional investors to infrastructure and SME financing.

On the Feasibility of a Bi-National Bond Financing Mechanism for Strategic Border Infrastructure: Reviewing the U.S. and Mexican Legal Frameworks

Espinosa,Salvador; Mojica,Joel
Fonte: UNAM, Centro de Investigaciones sobre América del Norte Publicador: UNAM, Centro de Investigaciones sobre América del Norte
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2012 EN
Relevância na Pesquisa
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There is a growing gap between infrastructure needs and available funding along the U.S.-Mexico border. A recent proposal to address the situation calls for the creation of a bi-national mechanism of bond financing to enable sub-national governments from both countries to issue bonds jointly. Creating the legal infrastructure to attain this goal requires an evaluation of key aspects of existing regulations. It also calls for a discussion of the feasibility of regulatory harmonization. This article compares bond issuance rules and investor protection mechanisms in both countries and discusses how these differences may affect the viability of a bi-national bond mechanism.