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Financial-Stability Challenges in European Emerging-Market Countries

Schinasi, Garry
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
95.83%
This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries...

Countercyclical Financial Regulation

Ren, Haocong
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
85.84%
The global financial crisis has focused much attention on procyclicality, particularly in the context of a macroprudential framework. This paper reviews a set of prudential measures that can be adopted by national authorities to deal with procyclicality and discusses issues in designing and implementing such measures. For developing countries, in addition to some general considerations on policy design and implementation, a range of issues may warrant special attention. These include the balance between financial stability and financial development objectives, selection and calibration of policy instruments according to national circumstances and taking into account data limitations and capacity constraints as well as other practical challenges, and continued efforts to improve supervisory independence, supervisory powers and analytical capacity and to ensure adequate resources in order to perform the required tasks. Given the limited practical experience with countercyclical prudential measures, developing countries (as well as developed countries) will have to ascend a learning curve and experiment with select instruments while carefully monitoring and evaluating their effectiveness over time before a framework matures.

Financial Sector Assessment : A Handbook

World Bank; International Monetary Fund
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
85.81%
The experience of many countries around the world clearly shows that while financial sector development can spur economic growth, financial fragility and instability can seriously harm growth. Following the financial crises of the late 1990s, there has been increasing interest in the systematic assessment of the strengths and weaknesses of financial systems, with the ultimate goal of formulating appropriate policies to foster financial stability, and stimulate financial sector development. Consequently, there has been an increased demand from financial sector authorities in many countries, as well as from the Bank and International Monetary Fund (IMF) staff for information on key issues, and sound practices in the assessment of financial systems, and in the design of policy responses. This Handbook of Financial Sector Assessment is a response to this demand. The Handbook presents an overall analytical framework for assessing financial system stability and developmental needs, providing broad guidance on approaches...

Financial Sector Assessment Update : Albania

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
85.83%
Although the Albanian financial system withstood the shocks of 2008 global crisis relatively well, it continues to operate in highly uncertain macroeconomic environment, which triggers increased vulnerabilities in the system. The decline in profitability, growing non-performing loans (NPLs), substantial level of euroization, continued deleveraging of foreign bank subsidiaries and significant investments in government bonds in the absence of active secondary market are the main challenges that banking system faces. Given strong trade and financial links with euro area, the financial system and real sector in general are increasingly vulnerable to external shocks as well. Since 2007 the Bank of Albania (BoA) has introduced several macro-prudential measures to safeguard financial stability in the country. Higher risk weights and stricter loan-to-value and debt-to-income ratios were placed on banks surpassing twin limits on the rate of credit growth and NPL levels. A second set of macro-prudential policies was put in place in late 2011 to limit contagion risks and international spillovers: (i) foreign bank branches were converted into subsidiaries; (ii) liquidity regulations were tightened; and (iii) the regulation on related-party exposure was enhanced. In addition to that...

Pension Risk and Risk Based Supervision in Defined Contribution Pension Funds

Randle, Tony; Rudolph, Heinz P.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
125.84%
The main goal of any pension system is to ensure that members receive an adequate pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulates a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not set in advance. In the absence of a proper regulatory framework, feature n DC plans leads to a focus by not only pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. The paper is organized as follows: chapter two discusses the origins of risks based supervision and discusses the role of capital in the alignment of incentives in financial institutions. Chapter three discusses the concept of risk based supervision for pension funds...

Pension Risk and Risk-Based Supervision in Defined Contribution Pension Funds

Randle, Tony; Rudolph, Heinz P.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
85.85%
Defined contribution pension systems have faced criticism in the wake of the financial and economic crisis for not delivering adequate and sustainable pension incomes at retirement. Much of the problem has centered around the misalignment of pension fund management companies and the interests of pension fund members, with the focus on short-term volatility rather than delivering adequate pension income over the long term. Although pension fund supervisors in emerging economies have attempted to correct for these market failures, they have not focused sufficiently on the ultimate long-term pension income objective. The paper suggests that in order to have a meaningful impact on future pensions, the supervision of defined contribution pension systems needs to take a more proactive role in minimizing pension risk. This objective would require ensuring that investment risks are aligned with the probability of achieving a target pension at retirement age. The paper also suggests that a proper institutional design of the pension fund industry and intensive use of market surveillance are efficient tools for dealing with most of the operational risks of funded pension fund schemes in emerging economies.

Financial Risk Management in Commonwealth Organisations

Brailsford, Tim; Heaney, R.A; Oliver, Barry
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 75279 bytes; application/pdf
EN_AU
Relevância na Pesquisa
85.79%
In the last decade financial risk management in public sector organisations has become of greater interest to the public, politicians and regulators. Derivatives are commonly used to manage financial risk but little is known about the reasons why financial risk is managed, particularly through the use of derivatives. Furthermore, little is known about the reasons for and extent of derivative use in public sector organisations. To the authors knowledge this paper represents one of the first studies into the use of derivatives in Australian Commonwealth public sector organisations. A sample of Commonwealth organisations is surveyed on attitudes towards the use of derivatives for hedging. A variety of tests including ANOVA and t-tests are used to analyse the results. The two most important issues in the use of derivatives for hedging in the Commonwealth public sector include budgeting and reducing risks faced by management. Reducing the risks faced by management is often cited as a reason for derivative use in the private sector. It is unclear if budgeting is linked to this. Respondents from Commonwealth organisations rank other private sector reasons for derivative use, such as reducing bankruptcy and taxation relatively unimportant. Results also indicate that there are significant differences in the level of importance in some issues regarding derivative use across different organisations...

Moldova Financial Sector Assessment Program; Insurance Core Principles--Detailed Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Financial Sector Assessment Program
ENGLISH; EN_US
Relevância na Pesquisa
95.8%
This assessment reviews the regulatory and supervisory developments in the insurance sector of Moldova. The current assessment is benchmarked against the insurance core principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) in October 2011 and revised in 2012. The ICPs apply to all insurers, whether private or state-owned. Specific principles apply to the supervision of intermediaries. The assessment covers the supervisory practices of the Comisa Nationala a Pietei Financiare (National Commission for Financial Markets (NCFM)) which began operations in 2007. The recent decision to move from a pure compliance approach to a more risk based methodology needs to be gradual and carefully staged given the technical capacity constraints in Moldova. Insurer risk management is not universally developed so insurers will only be able to effectively move toward a more risk based approach in a series of small and quite specific steps, supported by regulatory clarity. Many shortcomings in the observance of the ICPs will be addressed by a well-structured transition to risk-based supervision (RBS). Group supervision...

Republic of Lebanon : Country Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Financial Accountability Assessment; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
85.81%
This CFAA aims to propose pragmatic and feasible solutions to problem areas in the current environment. The recommendations are presented in Appendix 8 to this report, and the key recommendations that are designed to address the areas of greatest fiduciary risk for the Government are summarized in this Executive Summary. These key recommendations are designed to assist the Government in improving the Lebanese public financial management system and provide the foundation to all the donors to move towards greater use of the country system. One of the CFAA's overall themes is that the Government must continue to work to develop a unified budget framework that enables proper management of the finances of the Government, in collaboration with the Bank and the IMF. This would assist the Government to better control public sector debt, revenues and expenditures, maintain its social safety nets, and improve its financial relations with the public utilities. The current budget framework is not unified for the entire public sector; many of its financial activities are still not transparent to the Government itself, to Parliament or to the public. These include transactions of extra-budgetary funds and entities, loans to selected public autonomous agencies that are converted to expenditure at the end of the financial year and unutilized investment authority that is carried forward without additional parliamentary disclosure or for review of actual performance against the budget plans. There is also no formal audit opinion by the Court of Accounts on the fairness of the Government's annual financial report. The CFAA report makes a number of recommendations to address these practices.

The World Bank Annual Report 2001; Volume 2. Financial Statements and Appendixes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: World Bank Annual Report
ENGLISH; EN_US
Relevância na Pesquisa
105.77%
This Annual Report covers the period from July 1, 2000, to June 30, 2001, and details the World Bank strategy for meeting the poverty challenge. After the Introduction, Chapter 1 provides an overview of Bank activities in 2001 that focused on multi-dimensional support, improved development effectiveness, increased funding volume, formalized the country business model, evolved country assistance strategies by preparing them in consultation, developed investment vehicles to support low-income countries, created a task force to consider the response to the needs of middle-income countries, developed an innovative IBRD and IDA program and project lending to support strong national programs, assessment of the Strategic Compact, the use of the World Bank Institute to empower through knowledge and setting out a strategic framework for future directions. Chapter 2 describes the role of the Board of Executive Directors. Chapter 3 examines the thematic issues the Bank is tackling, such as addressing the social, institutional...

Public Credit Registries as a Tool for Bank Regulation and Supervision

Girault, Matias Gutierrez; Hwang, Jane
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
85.85%
This paper is about the importance of the information in Public Credit Registries (PCRs) for supporting and improving banking sector regulation and supervision, particularly in the light of the new approach embodied in Basel III. Against the backdrop of the financial crisis and the existence of information data gaps, the importance of complete, accurate and timely credit information in the financial system is evident. Both in normal times and during crises, authorities need a device that allows them to look at the universe of credits in a detailed and readily way. And more importantly, they need to develop tools that exploit as much as possible the information therein contained. PCR databases contain individual credit information on borrowers and their credits which makes it possible to implement advanced techniques that measure banks' credit risk exposure. It allows optimizing the prudential regulation ensuring that provisioning and capital requirements are properly calibrated to cover expected and unexpected losses respectively. It also permits validating banks' internal rating systems...

Implementing Consumer Protection in Emerging Markets and Developing Economies; Mise en oeuvre de la protection des consommateurs dans les pays emergents et en developpement : manuel technique pour les autorites bancaires Aplicacion de la proteccion del consumidor en las economias de mercados emergentes y en desarrollo : guia tecnica para supervisores bancarios; A Technical Guide for Bank Supervisors

Dias, Denise
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
85.85%
Financial consumer protection regulation reflects the regulator's and policy makers' concerns with the relationship between financial institutions and their clients. Most emerging markets and developing economies (EMDEs) researched for this guide have regulated at least one financial consumer protection topic. Each detail in the regulatory requirements impacts how the supervisor enforces them in practice and which tools and techniques will work best. For example, a rule simply requiring disclosure of an item will be checked by the field supervisor differently than a rule requiring the item to be disclosed at a specific moment and in a specified format. Ignoring the time dimension of this rule can jeopardize its core goal. This guide is an attempt to help bank supervisors enforce such regulations. It is divided into following sections: section one gives introduction. Section two details guidance points in eight areas of interest for supervisory staff and agencies, while section three suggests a prioritization framework for supervisors - particularly those in low-income countries with resource and capacity constraints - that adopt a gradual approach when implementing the guidance.

Achieving Financial Sustainability and Recovering Costs in Bank Financed Water Supply and Sanitation and Irrigation Projects

McPhail, Alexander; Locussol, Alain R.; Perry, Chris
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
95.72%
This note is a partial response to the above mentioned 2010 Independent Evaluation Group (IEG) evaluation. It covers the specific issues to be addressed in the Water supply and Sanitation (WSS) sector and in the irrigation sector in two distinct parts, because if WSS and irrigation have some common features, there are many distinctions to be made. Among the various water-using sectors, that include navigation, fisheries, hydropower, rain fed agriculture, irrigated agriculture, WSS, and more generally 'the environment', cost recovery issues are of primary concern, and are the focus for this note, in the WSS and irrigation sectors. This preliminary background Note is divided in four parts: a 'history' of the call for financial sustainability and cost recovery and the parallel documenting of the lack of progress. This section ends with what this Note hopes to achieve in the face of what is clearly a deeply rooted problem; an outline of options to be considered for achieving financial sustainability of WSS service providers and recovering the costs of the WSS service through tariffs...

Financial Sector Assessment : Republic of Tajikistan

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
ENGLISH
Relevância na Pesquisa
105.83%
Financial intermediation in Tajikistan has deepened in recent years, albeit from a low base. This is reflected in the overall growth of the financial system, greater diversification, and the expansion of lending to previously under-served sectors, such as agriculture and small- and medium-sized enterprises. Even after the expansion, however, the financial sector remains small and cannot serve all the financing needs of the economy. While banks are generally well capitalized and liquid, their rapid growth has brought new risk exposures that should be carefully monitored and appropriately addressed. In particular, rapid loan growth could lead to a build-up of unrecognized credit risk and give rise to an increase in non-performing loans (NPLs). Because of extensive dollarization, the exposure of banks to exchange-rate induced credit risk is another significant cause for concern. Also, the exceptionally rapid growth of nonresident deposits without clear knowledge of their sources exposes the banking system to reputational risk. Significant strengthening of the regulatory and supervisory framework will be needed to sustain the system's health in the face of rapid growth. Governance in the financial sector needs significant strengthening. Improvements are needed to ensure the integrity of the regulatory bodies and to guarantee that all financial transactions are conducted at arms' length and priced on a market basis. Fair and transparent resolution of the large stock of distressed cotton debt would demonstrate the government's commitment to market principles and good governance.

The World Bank Approach to Public Sector Management 2011-2020; Better Results from Public Sector Institutions

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
85.79%
Public sector management (PSM) reform is concerned with improving public sector results by changing the way governments work. It is a challenging reform area in which to offer assistance. Sustainable institutional change often requires that thousands of public agents alter their behavior, and political incentives may be at odds with improving public sector performance. “What works” in PSM reform is highly context-dependent and explicit evidence remains limited. The Bank’s Approach to PSM for 2011-2020 emphasizes that public sector reform is a pragmatic problem-solving activity, which seeks to improve results by identifying sustainable improvements to the public sector results chain. The Approach reflects continuing evolution in the Bank's PSM work. It responds to changing demands from client countries, as well as changes in the Bank's own operating environment, including opportunities presented by results-based lending and risk management strategies. It puts into practice the lessons learned from significant progress research has made in recent years in unpacking the nature of institutional reform. Overall, it seeks to achieve better results by better adapting the way in which the Bank supports client countries to the distinctive nature of PSM reform.

Cross Border Banking Supervision : Incentive Conflicts in Supervisory Information Sharing between Home and Host Supervisors

D'Hulster, Katia
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
85.82%
The global financial crisis has uncovered a number of weaknesses in the supervision and regulation of cross border banks. One such weakness was the lack of effective cooperation among banking supervisors. Since then, international bodies, such as the G-20, the Financial Stability Board and the Basel Committee have actively promoted the use of supervisory colleges. The objective of this paper is to explore the obstacles to effective cross border supervisory information sharing. More specifically, a schematic presentation illustrating the misalignments in incentives for information sharing between home and host supervisors under the current supervisory task-sharing anchored in the Basel Concordat is developed. This paper finds that in the absence of an ex ante agreed upon resolution and burden-sharing mechanism and deteriorating health of the bank, incentive conflicts escalate and supervisory cooperation breaks down. The promotion of good practices for cooperation in supervisory colleges is thus not sufficient to address the existing incentive conflicts. What is needed is a rigorous analysis and review of the supervisory task-sharing framework...

Liberalization and Universal Access to Basic Services : Telecommunications, Water and Sanitation, Financial Services, and Electricity

Organisation for Economic Co-operation and Development; World Bank
Fonte: OECD and the World Bank, Paris Publicador: OECD and the World Bank, Paris
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
95.67%
Access to basic services plays an important role in both individual well-being and a country's economic development. For this reason, general availability of these services to citizens, regardless of income level and geographical location, has generally been viewed as an important public policy goal. However, the precise definition of this goal and the means of attaining it have provoked controversy. This volume explores whether liberalization can contribute to achieving universal service goals and, if so, how, and looks at the types of complementary policies that may be required. It focuses on experience in four sectors: telecommunications, financial, water and sanitation, and energy services. For each sector, an overview paper and one or two case studies from developing countries examine the experience of governments in harnessing liberalization to meet social goals. It is hoped that this cross-sector view will yield general insights which a focus on a single sector may not, and help each sector to generate ideas by drawing upon experience in other sectors. A horizontal assessment also helps to determine how far the services negotiations at the World Trade Organization (WTO)...

Optimizing inventory levels using financial, lifecycle and forecast variance data

Hwang, Irene S
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 48 leaves
ENG
Relevância na Pesquisa
105.59%
Significant inventory write-offs have recently plagued ATI Technologies, a world leader in graphics and media processors. ATI's product-centric culture has long deterred attention from supply chain efficiency. Given that manufacturing lead time exceeds customer order lead time for its semiconductors, ATI relies heavily on their demand forecasting team to instigate supply chain activities. The PC business unit forecasting team translates market information into product-line forecast and also sets finished goods inventory levels intended to offset demand uncertainty. Today's inventory decisions are made in response to customer escalations, often ignoring financial implications. To add necessary rigor when setting these inventory levels, this thesis presents a model using wafer and unit cost, profit margin, product lifecycle stage and historical forecast error to categorize products into inventory risk levels. The resultant risk levels become a critical input to monthly demand-supply meetings with marketing, operations and senior executives - the outcome of which are wafer orders and assembly and test plans at the world's largest contract foundries and subcontractors. Finally, the 2006 acquisition of ATI by Advanced Micro Devices (AMD) offers unforeseen flexibility...

Pricing and Risk Management with High-Dimensional Quasi Monte Carlo and Global Sensitivity Analysis

Bianchetti, Marco; Kucherenko, Sergei; Scoleri, Stefano
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 11/04/2015
Relevância na Pesquisa
125.61%
We review and apply Quasi Monte Carlo (QMC) and Global Sensitivity Analysis (GSA) techniques to pricing and risk management (greeks) of representative financial instruments of increasing complexity. We compare QMC vs standard Monte Carlo (MC) results in great detail, using high-dimensional Sobol' low discrepancy sequences, different discretization methods, and specific analyses of convergence, performance, speed up, stability, and error optimization for finite differences greeks. We find that our QMC outperforms MC in most cases, including the highest-dimensional simulations and greeks calculations, showing faster and more stable convergence to exact or almost exact results. Using GSA, we are able to fully explain our findings in terms of reduced effective dimension of our QMC simulation, allowed in most cases, but not always, by Brownian bridge discretization. We conclude that, beyond pricing, QMC is a very promising technique also for computing risk figures, greeks in particular, as it allows to reduce the computational effort of high-dimensional Monte Carlo simulations typical of modern risk management.; Comment: 43 pages, 21 figures, 6 tables

Identification and characterisation of novel associations in the CASP8/ALS2CR12 region on chromosome 2 with breast cancer risk

Lin, Wei-Yu; Camp, Nicola J.; Ghoussaini, Maya; Beesley, Jonathan; Michailidou, Kyriaki; Hopper, John L.; Apicella, Carmel; Stone, Jennifer; Schmidt, Marjanka K.; Broeks, Annegien; Van't Veer, Laura J.; Rutgers, Emiel J. Th.; Muir, Kenneth; Lophatananon,
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Article; accepted version
EN
Relevância na Pesquisa
95.64%
This is the accepted manuscript version. The final version is available from Oxford Journals at http://hmg.oxfordjournals.org/content/early/2014/08/28/hmg.ddu431.abstract.; Previous studies have suggested that polymorphisms in CASP8 on chromosome 2 are associated with breast cancer risk. To clarify the role of CASP8 in breast cancer susceptibility we carried out dense genotyping of this region in the Breast Cancer Association Consortium (BCAC). Single nucleotide polymorphisms (SNPs) spanning a 1Mb region around CASP8 were genotyped in 46,450 breast cancer cases and 42,600 controls of European origin from 41 studies participating in the BCAC as part of a custom genotyping array experiment (iCOGS). Missing genotypes and SNPs were imputed and, after quality exclusions, 501 typed and 1,232 imputed SNPs were included in logistic regression models adjusting for study and ancestry principal components. The SNPs retained in the final model were investigated further in data from nine genome-wide association studies (GWAS) comprising in total 10,052 case and 12,575 control subjects. The most significant association signal observed in European subjects was for the imputed intronic SNP rs1830298 in ALS2CR12 (telomeric to CASP8), with per allele odds ratio and 95% confidence interval [OR (95% CI)] for the minor allele of 1.05 (1.03-1.07)...