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Integrating Land Financing into Subnational Fiscal Management

Peterson, George E.; Kaganova, Olga
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
26.65%
Land assets have become an important source of financing capital investments by subnational governments in developing countries. Land assets, often with billions of dollars per transaction, rival and sometimes surpass subnational borrowing or fiscal transfers for capital spending. While reducing the uncertainty surrounding future debt repayment capacity, the use of land-based revenues for financing infrastructure can entail substantial fiscal risks. Land sales often involve less transparency than borrowing. Many sales are conducted off-budget, which makes it easier to divert proceeds into operating budgets. Capital revenues from sales of land assets exert a much more volatile trend and could create an incentive to appropriate auction proceeds for financing the operating budget, particularly in times of budget shortfalls during economic downturns. Furthermore, land collateral and expected future land-value appreciation for bank loans can be linked with macroeconomic risks. It is critical to develop ex ante prudential rules comparable to those governing borrowing...

Managing State Debt and Ensuring Solvency : The Indian Experience

Rangarajan, C.; Prasad, Abha
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
26.36%
The paper presents the policymakers perspective on the reforms undertaken to manage states debt and ensure solvency. While the sustained high growth rates of the Indian economy played a part in alleviating the interest burden on debt and ensuring that the debt does not grow in an explosive trajectory, major reforms were implemented to reverse the fiscal decline, develop fiscal responsibility rules to ensure sustained adjustment, and move toward a market-based financing of state deficits. The serious efforts at fiscal consolidation and institutional reforms have enabled states to set on the path toward fiscal correction. Nonetheless, weak global growth prospects and the risk of a further rise in global commodity and fuel prices could generate the dilemma of needing to compress expenditures for ensuring fiscal sustainability while simultaneously needing counter-cyclical spending to boost growth, and challenge the fiscal adjustment process.

Rural Risk Management Ethiopia

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
26.47%
This document investigates prospects for the use of index based weather insurance in Ethiopia for commercial and semi-commercial farmers. The document first summarizes the impact of risk weather risk in particular on Ethiopian agriculture and the need to balance investments in weather risk mitigation and weather risk management. Because the focus of this document is on risk management in the face of potential weather shocks, this introduction is followed by a summary of the traditional risk-transfer tool available for managing agricultural weather risk, multi-peril crop insurance. It outlines the limitations of this approach in the Ethiopian context. Finally, the first section of the paper provides an overview of the index based weather insurance product, which is the focus of the remainder of the document. Narrowing its scope to the potential use of index based weather insurance products in Ethiopia, the research discusses whether the prerequisites or enabling conditions for this type of product exist and whether there are any major impediments to developing a weather insurance program in the country. It was determined that the major pre-requisites for a pilot program appeared to be in place. The research took a project implementation approach to determining the technical feasibility of this type of program...

Are We Overestimating Demand for Microloans?

Anand, Malika; Rosenberg, Richard
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.57%
This brief addresses demand for micro credit only, not demand for microfinance or other microfinance services, such as savings or funds transfers, which may be greater than the demand for micro credit. For instance, the ratio of savers to borrowers is about 10-to-1 for Bank Rakyat Indonesia, 9-to-1 for Centenary Bank in Uganda, and 4-to-1 for PRODEM in Bolivia (MIX Market). Micro credit demand estimates address the amount of funding required: the expected number of active borrowers is multiplied by an assumed average outstanding loan amount. Reasonable estimates of average loan size can be derived from international databases maintained by the mix market and micro credit summit. But estimating numbers of expected borrowers can be a minefield. This brief discusses the kinds of reductions that should be factored into a demand estimate and looks at some all too-sketchy empirical evidence about the size of those reductions. Most-but not all-of this evidence raises a concern that demand may often be overestimated by a considerable margin.

Saving Viable Businesses : The Effect of Insolvency Reform

Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
26.36%
The 2008 financial crisis and consequent rise in corporate insolvencies highlight the clear need for efficient bankruptcy systems to liquidate unviable firms and reorganize viable ones and to do so in a way that maximizes the proceeds for creditors, shareholders, employees, and other stakeholders. This note summarizes the empirical literature on the effect of insolvency reforms on economic and financial activity. Overall, research suggests that effective reforms increase timely repayments, reduce the cost of credit, and lower the rate of liquidation among distressed firms.

Capital Subsidies Implicit in Concessional Finance : How to Make Them More Transparent and Better Targeted

Kingdom, William; Baeumler, Axel; Guzman, Alfonso
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.54%
Multilateral Development Banks (MDBs) finance a significant share of developing country water sector investments in Vietnam. Much of this financing is concessional and often on-lent by national governments, at similar concessional terms, to water utilities. This concessionality carries an implicit subsidy, i.e., the difference between MDB financing terms and commercial financing terms priced more in line with the underlying credit risks. As such concessional financing is most often used for capital investment projects, the implicit subsidy can be considered a capital subsidy. This working paper asks whether there is an opportunity to increase the value of concessional financing for water sector investments by making implicit capital subsidies more explicit and targeting them to a clearly defined public policy objective. Specifically, the paper (i) considers the extent to which implicit subsidies exist in MDB lending for the water sector; (ii) identifies a possible approach to quantify the amount of subsidies involved; (iii) outlines an emerging framework to make subsidies more explicit as a basis for improved targeting; and (iv) discusses operational implications. By investigating these issues...

Debt Management Performance Assessment Tool

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
26.52%
The World Bank is developing a program to assist developing countries improve debt management in collaboration with other partners. The objective of the program is to help strengthen capacity and institutions in developing countries to manage government debt in an effective and sustainable manner in the medium to long term. A cornerstone of the program is the Debt Management Performance Assessment Tool (DeMPA), a methodology for assessing performance through a comprehensive set of performance indicators spanning the full range of government debt management (DeM) functions. The intention is that the indicator set will be an internationally recognized standard in the government debt management field and may be applied in all developing countries. The DeMPA highlights strengths and weaknesses in government DeM practices in each country. Performance assessment facilitates the design of plans to build and augment capacity and institutions tailored to the specific needs of a country. The debt management performance report will not, however, contain specific recommendations or make assumptions as to the potential impact of ongoing reforms on government DeM performance. The DeMPA also facilitates the monitoring of progress over time in achieving the objectives of government DeM consistent with international sound practice. [Revised November 2008]

Microfinance Consensus Guidelines : Guiding Principles on Regulation and Supervision of Microfinance

Christen, Robert Peck; Lyman, Timothy R.; Rosenberg, Richard
Fonte: CGAP and World Bank, Washington, DC Publicador: CGAP and World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.59%
Many developing countries and countries with transitional economies are considering whether and how to regulate microfinance. These guiding principles are formulated for the regulation and supervision of microfinance. This document is divided into five sections. The first section of the paper discusses terminology and preliminary issues. The second section outlines areas of regulatory concern that do not call for "prudential" regulation. The next section discusses prudential treatment of microfinance and Microfinance Institutions (MFIs). The fourth section briefly looks at the challenges surrounding supervision, and the final section summarizes some key policy recommendations.

Financing Urban Water Services in Kenya : Utility Shadow Credit Ratings

Kimani, Angela; Advani, Rajesh; Sy, Jemima
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
26.42%
The Water Services Regulatory Board (WASREB), with support from the Water and Sanitation Program, is exploring the potential for urban water services providers (WSPs) to access medium-term finance from commercial lenders. The debt will be used to finance infrastructure investment to improve access to water services by Kenyans. This paper presents the results of a credit assessment and shadow rating exercise for 43 urban WSPs. The objective of the credit assessment is to provide borrowers and lenders with an overview of the creditworthiness of WSPs to support access to local currency finance from the domestic financial market. It gives an overview of the credit capacity of water utilities, provides utilities with a diagnostic to identify areas for improvement, and exposes financial institutions to potential lending opportunities in the water sector. Commercial finance in water is seen as a supplementary resource to public finance, which remains the predominant source of investment funds in the sector.

Tunisia Urban Development and Local Governance Program : Fiduciary Systems Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.61%
As part of the preparation of the Tunisia Urban and Local Governance Program (ULGP) using the Program for Results (PforR) instrument of the World Bank, the Bank task team carried out a Fiduciary Systems Assessment (FSA) of the Program in accordance with OP/BP 9.0. Based on the findings of the FSA, it is concluded that Program Fiduciary Systems have the capabilities to provide reasonable assurance that the financing proceeds will be used for intended purposes. However considering the existing weaknesses in Program Fiduciary systems, the residual fiduciary risk rating for the Program is rated as Substantial. The Program will finance a portion of the Government of Tunisia s (GoT) existing program for financing municipal service delivery that involves a combination of Capital Grants, and Loans in addition to the Own Source Revenues generated by the municipalities themselves. The PforR Program intends to reform the system of Capital Grants by making it predictable and based on an allocation formula that is principle based and transparent. It has been agreed with client counterparts that GoT will issue a Decree prior to the start of the Program that will spell out the design and operating rules of the reformed capital grant. Indicative allocations for Capital Grants will be included in the Five Year Plans and indicative allocations will be provided by MoEF in advance of the annual plan preparations. The budget allocations for Capital Grants will be transferred from the Treasury Current Account at the Central Bank (BCT) to the Caisse des Prêts et de Soutien des Collectivités Locales (CPSCL) (referred to as the Caisse)...

Philippines : Study on Local Service Delivery

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.36%
This policy note analyzes the composition of public expenditures that support devolved services (including the resource allocation decisions that support these expenditures), an assessment of the quality of local service delivery based on available local data, and an evaluation of the interactions between various public entities that finance and provide local services. The report includes reviews of local capital investments, local road sector, and the local health sector. The findings from the case studies suggest the need for the rationalization, harmonization, and simplification of local planning and budgeting requirements prescribed by national government oversight agencies. There is also strong need for the national government to clarify the assignment of administrative responsibility for local roads in order to improve the planning and coordination of investments. Finally, the Department of Health should continue to build on its comprehensive reform agenda, which is focused on creating incentives for the local government unit's health sector performance and strengthening systems of local accountability for the province-wide health system.

Strengthening Fiscal Transfers in Indonesia Using an Output-Based Approach

Ellis, Peter; Mandri-Perrott, Cledan; Tineo, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
36.42%
In 2010 the World Bank approved a US$220 million loan for a Local Government and Decentralization project in Indonesia. The project aims to improve the accountability and reporting of the central government's Specific Purpose Grants (DAK). Piloted in four infrastructure sub-sectors-irrigation, roads, sanitation, and water the project is the World Bank's first to apply innovative Output-Based Aid (OBA) design principles on a large scale to target improvements in inter-governmental fiscal transfers. Under the project, the DAK grants will work in a similar way to OBA subsidies, which reimburse service providers for independently verified, pre-agreed physical outputs. Up to 81 local governments in five provinces are eligible to take part in this project. This note presents an overview of the project objectives and design.

Does a Picture Paint a Thousand Words? Evidence from a Microcredit Marketing Experiment

Giné, Xavier; Mansuri, Ghazala; Picón, Mario
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
26.63%
Female entrepreneurship is low in many developing economies partly because of constraints on women's time and mobility, which are often reinforced by social norms. This paper analyzes a marketing experiment designed to encourage women to adopt a new microcredit product. A brochure with the same content but two different covers was randomly distributed among male and female borrowing groups. One cover featured five businesses run by men, while the other showed identical businesses run by women. Men and women responded to psychological cues. Among men who were not business owners, had lower measured ability and whose wives were less educated, the responses to the female brochure were more negative, as did female business owners with low autonomy within the household. Women with relatively high levels of autonomy had a similar negative response to the male brochure, while there was no effect on female business owners with autonomy. Overall, these results suggest that women's response to psychological cues, such as positive role models...

South East Europe : Regular Economic Report; Jugoistocna Evropa - Redovni ekonomski izvestaj

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: General Economy, Macroeconomics and Growth Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
26.36%
After they achieved 2.2 percent growth in 2011, early indications are that the economies of the six countries in South East Europe (the SEE6: Albania, Bosnia and Herzegovina (BIH), Kosovo, FYR Macedonia, Montenegro, and Serbia) are slowing drastically and can expect just 1.1 percent growth in 2012. Economic conditions in the Euro zone are holding back economic activity and depressing government revenues in SEE6 countries. With both public debt and financing pressures high, most countries in the region need to embark on major fiscal consolidation programs if they are to reverse their adverse debt dynamics and avoid financing problems down the road. The good news is that in general the SEE6 financial sectors are still relatively well placed, despite elevated risks and vulnerability to adverse shocks, especially the possibility of contagion if the Greek crisis should intensify. The bad news is social: SEE6 countries have the highest unemployment and poverty rates in Europe. Yet even with the difficult short-term situation...

Innovative Financial Mechanism to Implement Energy Efficiency Projects in Mexico

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: ESMAP Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
26.52%
This report provides a summary of Energy Sector Management Assistance Program (ESMAP) supported activities in Mexico focused on the creation of a pooled financing program for multiple energy efficiency projects through a single debt instrument. The report is organized as eight chapters. Chapter one provides additional details regarding the ownership, structure and operation of an special purpose entity (SPE); it discusses the flexibility of this structure and how it can serve a pool of private or public sector projects. Chapter two provides an overview of the Mexican energy sector with a focus on the electricity supply, demand and pricing. Chapter three reviews the market potential for energy efficiency investments and provides comparative data on Mexico's energy prices and costs of capital in other countries where the energy efficiency and energy services company (ESCO) market is active. Chapter four reviews the current financial market conditions in Mexico, and the restrictive nature of commercial lending. Chapter five identifies the market...

The Concept of Odious Debt : Some Considerations

Nehru, Vikram; Thomas, Mark
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
26.73%
Despite the popularity of the term among advocates of debt forgiveness, there is little agreement on a workable definition of "odious" debts and there are but few examples where the concept has been invoked in law to justify non-payment of sovereign debts. Most often, these have been cases when a successor state or government has refused to honor certain debts contracted by its predecessor state or government. Repudiating sovereign debts on broader grounds - such as that money may have been misused by the borrower or that results were not as hoped for at the outset of lending - would create real risks not only of reduced financial flows to poorer countries as a result of the danger of ex post challenges to lenders' claims, but also of moral hazard and lack of project ownership. This paper presents a discussion of the extant legal and financial environment facing developing country sovereign borrowers and develops a proposed approach within this environment to address issues of concern underlying the concept of odious or illegitimate debt. The authors make the case for focusing attention on codes of conduct along the lines of the Equator Principles and on refining forward-looking attempts to increase aid effectiveness and recover stolen assets.

Republic of Belarus : Corruption Vulnerability Scan

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Institutional and Governance Review (IGR); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.25%
The Corruption Vulnerability Scan (CVS) is an internal Bank document aimed at providing a better understanding on the Bank's vulnerability in extending assistance to Belarus, and making suggestions as to how to reduce risks in the use of Bank funds, while improving results on the ground. The CVS team visited Belarus in March 2007. Its main conclusion is that the vulnerability to corruption of Bank funds and activities funded from loan proceeds in Belarus is low, as long as Bank fiduciary procedures are used and implementation is closely supervised. The report is in three parts: Corruption and Anti-Corruption in Belarus, Public Finance Management and the Bank Portfolio.

O fato gerador do empréstimo compulsório

Fonte: Universidade Católica de Brasília Publicador: Universidade Católica de Brasília
Tipo: Trabalho de Conclusão de Curso Formato: Texto
PT_BR
Relevância na Pesquisa
36.47%
O Sistema Tributário é entendido como sendo o conjunto de elementos formado pelos tributos, instituídos em um país ou região autônoma, e os princípios e normas que os regem. Esse sistema permite ao Estado adentrar, legalmente, no patrimônio dos indivíduos, através da tributação. Os tributos são divididos em cinco espécies, de acordo com a teoria da pentapartição dos tributos, sendo eles: os impostos, as taxas, as contribuições de melhoria, os empréstimos compulsórios e as contribuições especiais. O empréstimo compulsório é uma espécie tributária instituída, privativamente, pela União, mediante Lei complementar, com a finalidade de acatar despesas extraordinárias, decorrentes de calamidade pública, de guerra externa ou sua iminência e no caso de investimento público de caráter urgente e de relevante interesse nacional. A sua arrecadação é vinculada, isto é, os recursos provenientes do empréstimo compulsório serão destinados à despesa que fundamentou sua instituição. Além desse quesito, o empréstimo compulsório é um tributo restituível, pois o Estado tem a obrigação de devolver a importância que lhe foi emprestada. O fato gerador do empréstimo compulsório não é a guerra, nem a calamidade pública e nem mesmo o investimento público. Esses se tratam das hipóteses de incidência para sua instituição. Seu fato gerador será...

Fulfilling the Housing Dreams of Microfinance Clients

Roy, Friedemann; Rao, Shilpa; Bansal, Sachin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Brief; Publications & Research :: Brief; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
26.54%
Rahees Mohammed and his wife lived in a rented house in a slum and had one wish - to build a house that will be a permanent home for the whole family. Aadhar Housing Finance Private Limited can help Rahees realize his dream by offering a housing finance product that corresponded to his needs, preferences, and capacities. This smart lesson, building on Aadhar’s experience and that of other housing finance clients in South Asia, provides a brief overview of the do’s and don’ts for the implementation of housing finance products.

Loan securitisation: default term structure and asset pricing based on loss prioritisation

Jobst, Andreas A.
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /08/2002 EN; EN
Relevância na Pesquisa
26.42%
Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial services industry to collateral loan obligations (CLOs) as an important balance sheet management tool. CLOs represent a specialised form of Asset-Backed Securitisation (ABS), with investors acquiring a structured claim on the interest proceeds generated from a portfolio of bank loans in the form of tranches with different seniority. By way of modelling Merton-type risk-neutral asset returns of contingent claims on a multi-asset portfolio of corporate loans in a CLO transaction, we analyse the optimal design of loan securitisation from the perspective of credit risk in potential collateral default. We propose a pricing model that draws on a careful simulation of expected loan loss based on parametric bootstrapping through extreme value theory (EVT). The analysis illustrates the dichotomous effect of loss cascading, as the most junior tranche of CLO transactions exhibits a distinctly different default tolerance compared to the remaining tranches. By solving the puzzling question of properly pricing the risk premium for expected credit loss, we explain the rationale of first loss retention as credit risk cover on the basis of our simulation results for pricing purposes under the impact of asymmetric information.