financing subnational and local governments the missing link in development finance

... 2016: PRODUCTIVE REGIONS FOR INCLUSIVE SOCIETIES © OECD 2016 TABLE OF CONTENTS Chapter Financing subnational and local governments: The missing link in development finance ... Financing the city by the city: Acknowledging the role of local governments to promote development policies Meet the deficit in infrastructures and finance ... from the printed page! Look for the StatLinks2at the bottom of the tables or graphs in this book To download the matching Excel® spreadsheet, just type the link into your Internet browser, starting...

Ngày tải lên: 26/10/2016, 15:25

... Journal of Banking and Finance 14:69–84 Goodfriend, M., and R G King 1988 Financial deregulation, monetary policy, and central banking In Restructuring Banking and Financial Services in America (ed ... 1975 and 1995, including the Savings and Loan crisis in the United States in the late 1980s, which cost more than $150 billion to the American taxpayers Since then, Argentina, Russia, Indonesia, ... General Introduction and Outline of the Book The recent episode of the Northern Rock bank panic in the United Kingdom, with depositors queuing from a.m in order to get their money out, reminds us...

Ngày tải lên: 10/08/2014, 07:21

... increase in USD denominated foreign debt) followed by a real shock In the case of Finland it was the collapse of the Soviet Union After the rise in European interest rates in 1989, Finland, and ... cost, once the crisis erupts Finally, the Scandinavian banking crisis (1988–93) was much more dramatic in Finland and to a lesser extent in Norway than in Sweden The common causes were the deregulation ... England in the Barings’ crisis of 1890 It was then adopted in continental Europe, resulting in the absence of a major banking crisis for more than thirty years In the United States, prior to the...

Ngày tải lên: 10/08/2014, 07:21

... • increasing in the fire-sale premium and the face value of foreign short-term debt; and • increasing in the precision of public information about R when public news is bad and decreasing in the ... spite of the lack of information regarding the shocks, a point we examine in section 3.3.3 We introduce here the general structure of the problem of determining the optimal contract The mathematical ... FAILURES AND THE LLR i 69 Goodfriend, M., and R G King 1988 Financial deregulation, monetary policy, and central banking In Restructuring Banking and Financial Services in America (ed W Haraf and...

Ngày tải lên: 10/08/2014, 07:21

... constraints The DIF has to break even and the banker must be given incentives to monitor the loans Denoting by P the premium paid by the bank to the DIF, and using the budget constraint of the bank ... constraint is binding, and if the optimal spread σ ∗ is lower than the interbank spread σ (βS = 0), then the CB can improve upon the unsecured interbank market solution by lending at a rate σ ∗ against ... argue in favor of reintroducing interest rate ceilings on deposits as a complementary instrument to capital requirements for mitigating moral hazard By introducing these ceilings, the regulator increases...

Ngày tải lên: 10/08/2014, 07:21

... a serious concern in manufacturing, where trade credit links producers through a chain of obligations, and in the insurance industry through the institution of reinsurance The anxiety about systemic ... (ρ1 ) The following proposition and the next are proved in the appendix Proposition 5.1 (borrowing bank) Under optimal interbank lending: (i) the continuation decision and the welfare of the borrowing ... liability of the bank) When xi (ρi ) = 1, it means that the expected gain obtained by the bank by shirking is smaller than the increase in expected utility obtained by behaving (which increases the probability...

Ngày tải lên: 10/08/2014, 07:21

... and consuming at location j simultaneously and without coordination determines the fraction xij of his or her deposit to maintain in the bank Accordingly, the percentage of investment remaining ... under the condition that the borrowing country must use the loan to buy goods and services from the lending country We suggest eliminating the need for a “double coincidence of wants” and thinking ... ceilings These ceilings can be added to the debit ceiling agreed upon by the other lender, the central bank, in order to create flexibility; then the net balances corresponding to the overdrafts and...

Ngày tải lên: 10/08/2014, 07:21

... geographic uncertainty and we focus on the implications of the insolvency of one bank in terms of market discipline and the stability of the system In particular in proposition 7.4 we show how the structure ... authorities in the Continental Illinois debacle in 1984 and, to some extent, in arranging the private-sector rescue of Long Term Capital Management 21 The failure of Barings in 1996 is an example of the ... credit chain fashion) than when the interbank market is complete (in the sense that banks are allowed to cross-hold deposits in a diversified lending fashion) In our paper interbank links instead...

Ngày tải lên: 10/08/2014, 07:21

... theory Journal of Banking and Finance 1:3–11 Pratt, J 1964 Risk aversion in the small and in the large Econometrica 2:122–36 Pyle, D 1971 On the theory of financial intermediation Journal of Finance ... by the example given in the appendix (section 8.10), it may very well increase in some cases, the reshuffling effect dominating the “size” effect A similar result has been obtained before in Kim and ... nonnegativity constraints on asset choices Therefore, even in the unregulated case, only a portion of the market line is in fact attainable When nonnegativity constraints start to be binding, the efficient...

Ngày tải lên: 10/08/2014, 07:21

... 10.4 The impact of an increase in m on the gains of equityholders when adopting the good technology The continuous line represents the difference between EG and EB as functions of x The dash line ... banks on the period 1990–97 He suggests that the credit crunch cannot be explained by demand effects but rather by the increase in capital requirements and/ or the increase in regulatory monitoring ... Journal of Banking and Finance 26:989–1009 Fries, S., P Mella-Barral, and W Perraudin 1997 Optimal bank reorganization and the fair pricing of deposit guarantees Journal of Banking and Finance 21:441–68...

Ngày tải lên: 10/08/2014, 07:21

... design of the study and the interpretation of the results All authors participated in revising the manuscript, and read and approved the final manuscript 19 20 Competing interests The authors ... trends in beliefs about the harmfulness of nicotine itself, stop-smoking medication including NRT, and SLT over the last to years in Canada, the US, the UK and Australia This paper also examines the ... 2000 [21], and the other in 2007 [9] focusing on nicotine addiction and harm reduction Both reports received public coverage about the role of nicotine in smoking and the second report in particular...

Ngày tải lên: 11/08/2014, 18:20

... increase in USD denominated foreign debt) followed by a real shock In the case of Finland it was the collapse of the Soviet Union After the rise in European interest rates in 1989, Finland, and ... Journal of Banking and Finance 14:69–84 Goodfriend, M., and R G King 1988 Financial deregulation, monetary policy, and central banking In Restructuring Banking and Financial Services in America (ed ... General Introduction and Outline of the Book The recent episode of the Northern Rock bank panic in the United Kingdom, with depositors queuing from a.m in order to get their money out, reminds us...

Ngày tải lên: 01/11/2014, 19:44

Ngày tải lên: 20/08/2015, 00:37

... uncertain data In addition, direct observations and general knowledge, in the form of constraints, help in refining the probabilities of the possible worlds, and possibly ruling out some of them ... 1995] and the following studies focus on pricing informatics service (for instance, filtering advertisement, private chatting, user interface, etc) and information goods other than data (for instance, ... Data Pricing Chapter 3 Cleaning Data:  Conditioning Uncertain Data Figure 1.1: The big picture of the contributions of this thesis straints rather than treating them as add-ons We define the conditioning...

Ngày tải lên: 09/09/2015, 11:24

... of using language games in teaching speaking skills The difficulties in using language games in class The advantages of using language games in lessons Time spent in using language games The English ... or reinforce their knowledge about a foreign language Moreover, language games give practice in all the skills (listening, speaking, writing and reading) and in all the stages of teaching and ... found that: “they are highly motivating and entertaining, and they can give shy students more opportunity to express their opinions and feelings” (Hansen 1994:118) Playing games in the classroom...

Ngày tải lên: 01/06/2016, 18:35

Ngày tải lên: 12/08/2014, 18:21

... reZAsbly de~erm£ne a 80 "point of view" for a problem solver at each point in the problem solving from a record of the problem solving report and a record of moves made Then, we use this extracted ... evaluating the model So far, we have focussed our efforts on two types of problem solving phenomena: the changes in the problem solver's organization of the problem ("point of view"), and systematic ... problem solving and talk about problem solving, 2) development of a process model of these behaviors, and 3) use of coding techniques to extract traces of "critical phenomena" from the transcripts...

Ngày tải lên: 21/02/2014, 20:20

... that consist in having a belief with a certain content According to internalism, such properties are intrinsic to the individuals who have them, and so, as the saying goes, belief is in the head ... contains all and only the inhabitants of every world contained in the proposition The property being in Main Library, Stanford, on Lewis’s view, is the set of all actual and possible things that ... Lingens self-ascribes it if and only if Twin Lingens does So, either they both self-ascribe the property being in Main Library, Stanford, or neither of them does It is hard to see how Twin Lingens...

Ngày tải lên: 11/06/2014, 00:53

... in the philosophy of mind, and applies to them the insights that our best understanding of the basic emotions, and other affects, provides Chapter introduces and explains the affect program theory, ... time, they are a promising source for new understanding of the mind The Audience Although this is a work in the philosophy of mind—tackling issues traditionally in the domain of philosophers and ... result in inadequate theory Many of these inadequate theories are considered viable in contemporary philosophy and science of mind, and their continued pursuit results in wasted effort Although these...

Ngày tải lên: 11/06/2014, 09:54

... NVP: the extent of nausea in hours, the quantity of retching episodes, and the number of vomiting episodes on an average day since the beginning of the pregnancy Total scores range between and ... done in the subgroup of pregnant women who reported suffering from NVP in the self-administered questionnaire The NVPQOL The NVPQOL questionnaire measures QOL in the last week and contains 30 ... prenatal care at the obstetrics and gynaecology clinic of either the Centre Hospitalier Universitaire SainteJustine (CHU Sainte-Justine) or the René-Laennec clinic, both affiliated with the University...

Ngày tải lên: 18/06/2014, 22:20