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The article discusses collateral security and the proposed establishment of a Capital Market Union for all 28 Member States of the European Union (EU) as of 2015, and it mentions the content of the European Commission's Green Paper entitled "Building a Capital Markets Union." EU law and collateralisation are mentioned, as well as the harmonisation of legislation and rules. Conflicts of laws, financing for Small- and Medium-Sized Enterprises in Europe, and change are examined.

The intersection of trade openness and national security in the realm of international trade law constitutes a nuanced and intricate landscape. This paper endeavors to unravel the complexities inherent in this delicate equilibrium, examining legal frameworks within the General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO), Regional Trade Agreements (RTAs), and emerging global trends. The foundational principles outlined in GATT, particularly Article XXI, acknowledge the sovereign right of nations to take actions necessary for their essential security interests. However, the broad and permissive nature of this provision introduces challenges related to potential misuse and a lack of robust scrutiny mechanisms. The proliferation of RTAs, each housing unique national security clauses, adds layers of complexity to the overarching legal framework. Divergent standards, conflicting obligations, and the risk of fragmentation highlight the intricate balancing act that nations must perform to reconcile regional commitments with the principles of the global trade governance structure. The paper delves into practical applications and case studies, dissecting the challenges nations face as they navigate the fine line between economic integration and strategic safeguarding. [ABSTRACT FROM AUTHOR]

Reveals why it has become usual for bank loans, even if secured by collateral, to contain numerous provisions for the acceleration of payment. Conversion of a negotiable instrument into a substitute for money; Origin of the rule requiring certainty in commercial paper; Failure of the courts and law textbooks to distinguish between the requisite of certainty of time and that which forbids the instrument to be conditional.

The article discusses about various issues related to the U.S. security policy on China. This discussion shows that, from China's perspective, the key to improving the U.S.-China relations is not stressing common interests in reality, but stressing China's long-term goodwill. The most important issue in the U.S.-China security relations is Taiwan issue. When dealing with Taiwan issue, China should also take into account how to influence the U.S. concerns about gains. The U.S., therefore, might adopt a more co-operative policy on China.

The article examines the exclusion of securities from the consultation paper of the Law Commission's paper number 164 on registration of security interest. The scheme proposed by the Law Commission is analyzed. The article also considers the major developments of the securities markets. Some of the legal problems which show that there is a need for law reform in the area are identified.

Does the ability to pledge an asset as collateral, after purchase, affect its price? This paper identifies the impact of collateral service flows on house prices, exploiting a plausibly exogenous constitutional amendment in Texas that legalized home equity loans in 1998. The law change increased Texas house prices 4 |$\%$|⁠ ; this is price-based evidence that households are credit-constrained and value home equity loans to facilitate consumption smoothing. Prices rose more in locations with inelastic supply, higher prelaw house prices, higher income, and lower unemployment. These estimates reveal that richer households value the option to pledge their home as collateral more strongly. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) struggle to obtain credit when credit ratings and collateral are used as criteria to assess their credit applications. In the context of Africa, the financial markets have gaping institutional voids, and contextual insights into SMEs' experiences remain underdeveloped. Drawing on the stakeholder-agency theory of debt financing, this paper advances the scholarly conversation by theorising about how collateral security, collateral security value and the gender of SME owners lead to the involuntary financial exclusion of many manufacturing businesses in Africa. Analysis of the World Bank Enterprise Survey (WBES) dataset reveals that collateral security and collateral security value, together with gender biases in Africa's financial markets, reduce credit access potential. Consequently, SMEs' perceptions of the likelihood of obtaining credit for business purposes are reduced. Empirical results for 13,783 SMEs across 41 African countries indicate that the motivations to apply for credit also diminish. These observations contribute to entrepreneurial financing and SME research. Plain English Summary: Although the manufacturing sector is declining in the West, it remains important in Africa. For most African countries, it helps alleviate poverty by creating jobs that enable the economic and social development of citizens. However, manufacturing SMEs face involuntary financial exclusion, even though access to financial facilities helps them develop their ventures and enhance their role in community development. This study uses cross-country data on 13,783 manufacturing SMEs across 41 African countries. The aim is to understand the extent of this problem. This paper presents empirical analysis of how collateral security, collateral security value and the gender of SME owners influence the ability of SMEs to obtain credit in Africa. It provides an understanding of how lenders use collateral security, collateral security value and gender to evaluate the creditworthiness of SME owners. Factors affecting SMEs' ability to convince lenders in Africa to finance their businesses include their size, lack of assets or value of assets and owner's gender. This scenario affects their confidence to apply for credit. Consequently, their motivation is undermined, despite the economic and social importance of their businesses for Africans. This understanding has implications for policy institutions in Africa. They must reconcile the needs of SMEs with the available financial services. Moreover, they must do so in a way that alleviates involuntary financial exclusion whilst enhancing community development. [ABSTRACT FROM AUTHOR]

The low Earth orbit (LEO) satellite market is booming, and the expectations for an efficient regulatory system are rising. Governments seek to keep regulatory improvements at the same pace as innovations. However, their divergent priorities and interests result in different frameworks and relatively costly solutions. Moreover, LEO satellites are operated in space, where states' security interests exist. This clash of interests substantially influences the concepts of national security and competition. Consequently, a regulatory framework shifts from a simple licensing system to a gatekeeper to entail that just competition cannot drive the market without considering national security concerns. In this respect, entities and customers are exposed to various incentives and transaction costs, prompting them to alter their strategies and contractual arrangements. In some cases, these choices operate like barriers to entry which in turn might distort market competitiveness. This paper considers the regulatory frameworks in Australia, Bangladesh, Indonesia, Japan, and Vietnam to explore the shape of a robust regulatory framework. Given that the United States is a pioneer in the expanding notion of national security and the LEO satellite market, the Federal Communications Commission's recent changes are also examined. This paper employs transaction costs and rent-seeking approaches to identify root causes of possible anticompetitive behaviors and proposes viable solutions to advance a robust regulatory framework consistent with LEO satellite internet. [ABSTRACT FROM AUTHOR]

Several papers explain why asset bubbles are observed when growth is large. These papers differ in the role of the bubble, used to provide liquidities or as collateral in a borrowing constraint. We compare the liquidity and collateral roles of bubbles in an overlapping generations model. When the bubble is deterministic, the equilibrium is identical under these two roles, implying that the same mechanism explains the crowding‐in effect of the bubble on growth. With stochastic bubbles, growth is larger when bubbles play the liquidity role, because the burst of a bubble used for liquidity is less damaging to capital investors. [ABSTRACT FROM AUTHOR]

Using Renminbi (RMB) bonds, especially Chinese Government bonds (CGB), as collateral for both onshore and cross-border over-the-counter (OTC) derivatives is a hot topic following China switching to a netting jurisdiction in August 2022. Since then, Chinese financial institutions are required to exchange initial margin and variation margin with offshore counterparties for dealing cross-border derivatives. As the market infrastructure for using RMB bonds as collateral for cross-border OTC derivatives transactions is not well established and RMB bonds are not extensively accepted by foreign counterparties as eligible collateral, Chinese financial institutions are unable to utilise their huge RMB bond holdings. At the same time, many foreign investors are allowed to access China's onshore RMB bond market with RMB bond holding up to RMB 3.4tr, but are unable to use those inventories as collateral for their onshore and cross-border derivatives trading and other financial transactions. Using RMB bonds as collateral is also an initiative of RMB internationalisation. The purpose of this paper is to give an extensive explanation of the status of using RMB bonds as collateral in the Chinese market, point out challenges faced by market participants and provide suggestions to promote using RMB bonds as collateral for both onshore and cross-border derivatives transactions. This paper provides the full picture of China's onshore RMB bond investment and bond collateral management along with the latest data. It also provides extensive analysis for deficiencies in respect of the RMB bond collateralisation. It concludes with suggestions for the future development of the Chinese market to use RMB bonds as collateral for both onshore and cross-border OTC derivatives. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to define a new system to facilitate obtaining reliable collaterals and guarantees for financial activities from tangible assets through a new financial instrument of “guarantee certificates”.Design/methodology/approach This system makes it possible to securitize movable/immovable assets into negotiable paper lots, namely, “guarantee certificates”. Each lot of these certificates can be used as a guarantee or collateral for any guarantee-backed activity in banks or other activities.Findings The mortgage securitization system (MSS) securitizes tangible assets and provides necessary collaterals and guarantees to be used for different purposes. The operations are carried out through notary offices. This system, as a complementary system of the Rastin Banking system, can also be executed separately.Research limitations/implications The system is novel and needs to be more elaborated for further practical development and adjustment. Although this paper deals with only securitization of tangible assets, research can also be extended to securitization of intangible assets, through new institutions and rules.Practical implications Many properties and assets can be used as guarantees for observing obligations. The available ways for changing (especially large) properties into small guarantees are not easy and efficient. The MSS was designed to break large assets into many guarantee (certificate) lots and reduce the formalities of mortgaging and its transfer.Social implications This system provides reliance and security upon collaterals and conditions for fast claim-clearing and low formalities without time-consuming adjudication processes.Originality/value Complementary systems in Rastin Banking have been designed to solve prevailing problems of banking and financial activities. The MSS was designed to provide necessary arrangements for transforming assets into negotiable papers. [ABSTRACT FROM AUTHOR]

This paper finds that declining bank equity or liquidity reduces liquidation values of bank-owned real estate and accelerates the pace of asset sales. Buyers of these assets earn significant returns for providing liquidity to banks, as prices tend to rebound sharply after sales by illiquid banks. Lower liquidation values also depress the prices of nearby real estate transactions. Policy interventions, such as equity injections and central bank asset purchases, increase liquidation values by providing institutions with the balance sheet capacity to slow asset sales. This evidence suggests that balance sheet adjustments at financial institutions can explain real asset price dynamics. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The persistence of intense conflicts over land belonging to indigenous communities is a pressing issue in South Africa. This would resonate even more with the lived experiences of mine communities that are often having to grapple with the collateral socio-economic hardships and impoverishment effects. Matters can get even worse when the State has weak legal and institutional frameworks to regulate the use and possession of such highly contested lands. This paper explores the principle of free, prior and informed consent (FPIC); its relevance and significance to South African extractive sector; its possible bottlenecks and implementation challenges; and suggestions for practical interventions and policy advances to facilitate its incorporation into law and policy. Displacement is the limited context within which this exploration is undertaken. The paper argues that the FPIC – as an envisaged future for the country's extractive policy – is more desirable than a mere duty to consult as currently framed in the empowering legislation namely, the Minerals and Petroleum Resources Act (MPRDA). [ABSTRACT FROM AUTHOR]

This paper shows that the liquidation value of collateral depends on the interdependency between borrower and collateral risk. Using transaction‐level data on short‐term repurchase agreements (repo), we show that borrowers pay a premium of 1.1 to 2.6 basis points when their default risk is positively correlated with the risk of the collateral that they pledge. Moreover, we show that borrowers internalize this premium when making their collateral choices. Loan‐level credit registry data suggest that the results extend to the corporate loan market as well. [ABSTRACT FROM AUTHOR]

When the federal reserve system was established, elaborate precautions were taken to provide for the elasticity of the federal reserve note. The original plan of issue ailed for the use of rediscounted paper as collateral, and the process of issue and retirement was tenuously connected to member bank borrowing. The original plan has been almost entirely abandoned through statutory changes made in response to alterations in monetary and banking practices and structures. The tremendous growth of the gold stock has been of particular significance. The collateral requirements have been modified, and note issue has been divorced from member bank borrowing. The elasticity of the federal reserve note has not been impaired, which suggests that the correct explanation of note elasticity is to be found in the rôle which cash plays in the monetary system rather than in collateral requirements. Vestiges of the original plan of note issue remain and constitute a potential source of embarrassment to the monetary system. [ABSTRACT FROM AUTHOR]

How do policymakers discover their energy security interests abroad? Conventional wisdom assumes states have an inherent interest in securing an affordable and steady supply of oil. In this paper, I show that policymakers often fail to realize such vital interests on their own. Instead, multinational actors like international oil corporations (IOCs) educate policymakers on their state's security interests abroad. By integrating prior scholarship on corporate power with insights on lobbying in American politics, I theorize that multinational corporations like IOCs can influence security policy when two conditions are met: first, policymakers demand information on security policy because of issue complexities, bureaucratic inefficiencies, and structural holes in the international system; and second, these corporations possess social ties that grant them the access, trust, and legitimacy to supply those policymakers with information. In the context of energy security, IOCs provide information on foreign sources of oil, threats posed to access, and anticipatory strategies for protecting access. I apply the theory to the origins of U.S. lend-lease aid to Saudi Arabia in 1943. Through sequential analysis, process-tracing, and comparative counterfactual reasoning, I argue an American IOC hastened U.S. interests in securing Saudi oil by using its ties to lobby the Roosevelt Administration at a time when the Administration lacked information on the country. The theory and findings broaden the state-centric view of energy security, contribute new evidence to historiography on US–Saudi relations, and fill an important gap in our understanding of corporate lobbying in security policy. [ABSTRACT FROM AUTHOR]

The Antarctic Treaty has significant strategic and security interests for Australia. Australia claims 42 per cent of the continent, and the Antarctic Treaty established the area below 60o S as a non-militarised region where military manoeuvres, weapons testing and nuclear explosions are prohibited. The benefits to Australia of maintaining the strength of the Antarctic Treaty System are manifold. This paper sets out the importance to Australia of the Antarctic Treaty System; Australia's Antarctic activities; and current geopolitical tensions in the system. It argues that Australia should continue to invest practical and diplomatic efforts to secure its Antarctic interests and the strength of the System into the future. [ABSTRACT FROM AUTHOR]

While filing for bankruptcy does not seem appealing for any debtor or creditor regardless of the jurisdiction, the reluctance to use the bankruptcy system varies across countries. This article explores the underlying reasons and economic effects of the low usage of bankruptcy procedures in Spain, where the rate of business bankruptcies is one of the lowest in the world. Some authors have argued that the low usage of bankruptcy procedures in Spain is due to a "cultural" problem faced by Spanish entrepreneurs. According to this hypothesis, the lack of a "bankruptcy culture" makes Spanish entrepreneurs afraid to use of the bankruptcy system. In this paper, however, I advocate for a totally different hypothesis. In my opinion, the low rate of business bankruptcies in Spain is not due to a "cultural" problem but to an institutional one. Namely, I argue that the low rate of business bankruptcies is better explained by the unattractive insolvency regime for debtors and creditors traditionally existing in Spain, as well as other legal and institutional factors including a creditor-friendly corporate law, an efficient mortgage system, a rigid labor law, and a poor law of secured transactions. All these factors encourage both debtors and creditors to avoid the use of insolvency proceedings either by minimizing the risk of insolvency or by postponing--if possible, and even avoiding--the bankruptcy system once a debtor becomes insolvent. By exploring the underlying reasons for the low use of the bankruptcy system in Spain, this paper seeks to contribute to the general understanding of the low rate of business bankruptcies around the world while assessing the economic effects potentially associated with this low usage of bankruptcy procedures. The paper concludes with several recommendations to make use of the bankruptcy system more appealing for debtors and creditors. [ABSTRACT FROM AUTHOR]

The World Bank uses getting credit as a measurement of a country's economic development, and a common approach to bolstering economic activity is to carry out necessary reforms on secured transactions laws.1 Amongst many legal systems, a non-possessory security interest over movable assets subject to registration is prominent.2 While the number of security instruments has drastically increased within the last century, one of the most sophisticated ones was invented more than 150 years ago: floating charge.3 Many of its features have been modified in line with the evolving needs of the market, yet its constitutive specialties stayed the same to provide sufficient flexibility for borrowers and creditors. In this paper, we analyze the role of registration and its effects, while examining the functioning of the debtor's (borrower's) right to dispose of encumbered assets by identifying the limits imposed on their withdrawal from the ambit of creditors' security interests, exploring diverging implementations given the different restrictions deployed by various legislators. [ABSTRACT FROM AUTHOR]

Often depicted as a 'nuclear button', the significance of the security exceptions for the world trade regime goes well beyond a rule that exonerates states from their binding commitments to trade liberalisation. As a general exception enshrined into the GATT/WTO regime, the security exceptions reflect a compromise and consensual expectation of WTO members resulting from negotiations. This consensus is two-pronged. On the one hand, the possibility and the scope of review of the security exceptions were intentionally made ambiguous. On the other hand, the ambiguity notwithstanding, state actors share an implicit common expectation as to the applicability of the security exceptions, namely under which circumstances these may be invoked. The existing literature in the field of international trade law focuses predominantly on the former while this paper turns to the latter. Our analysis undertakes three interrelated tasks. First, it attempts to ascertain the 'circumstances' in which the security exceptions are likely to be invoked. Second, it examines whether this shared understanding has changed over time. Lastly, it inquires into how the rules of the international trade regime should interact with these common expectations. In light of our analysis, this paper argues that the security exceptions were mainly invoked in the most severe instances of interstate confrontation, closely approximated to wars, armed conflicts and similar situations endangering territory, population and political system of a state. This reflects a common expectation among states that the security exceptions rule is to be employed exclusively for the protection of the essential security interests. After an examination of recent trade disputes between China and the United States and between Russia and the United States/European Union over Ukraine, this paper concludes that by far this common expectation persists. On this ground, this paper proposes that the WTO dispute settlement body should be mindful of the delimitation between security and other national interests and avoid any arbitrary extension of the use of the security exceptions. [ABSTRACT FROM AUTHOR]

This paper models an unexplored source of liquidity risk large broker-dealers face: a withdrawal of collateral providers. By setting different contracting terms on repurchase agreements with cash borrowers and lenders, dealers can source funds for their own activities. Cash borrowers internalize the risk of losing their collateral in case their dealer defaults, prompting them to withdraw it. This incentive creates strategic complementarities among collateral providers, reducing a dealer's liquidity position and compromising their solvency. Collateral runs are triggered by a contraction in dealers' assets making them markedly different than traditional wholesale funding runs. Mitigating these risks involves different policy recommendations. [ABSTRACT FROM AUTHOR]

Copyright of An-Najah University Journal for Research, B: Humanities is the property of An-Najah National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper examines factors influencing development of the public warehouse system. Public warehouse system primary role is to provide stakeholders in agribusiness financing against stored commodity as collateral. Case study is conducted in Serbia. Interviews with banks, analyses of the public warehouse results, computational analyses and intensive literature research were conducted. Most important factors for lending against warehouse receipts from bankers' perspectives are guarantee system performances followed by efficient enforcement procedure, efficient public warehouse surveillance, favourable central bank's rating of warehouse receipts and subsidies. According to the results, Serbian public warehouse legal framework is properly established resulting in fast development of the public warehouse system in first years. After 2014 system deteriorated primarily due to the absence of inspection and Indemnity fund low guarantee performance. Lessons learned from Serbia point out that besides proper legal framework, implementation and favourable business environment are paramount for successful public warehouse system. Vlado Kovačević1, Irena Janković2, Vesna Paraušić3 *Corresponding author E-mail: irena.jankovic@ekof.bg.ac.rs [ABSTRACT FROM AUTHOR]

This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral values. Firms significantly change their debt structure in response to collateral value appreciation. The results indicate the importance of collateral values in mitigating potential informational imperfections. [ABSTRACT FROM PUBLISHER]

Among our findings: * Small firms tend to pledge real estate collateral,medium-sized firms tend to pledge accounts receivablesand blanket liens, and large firms tend raise unsecuredfinancing. Economic Brief We identify the firm-level and aggregate effects ofcollateral price shocks on business lending andinvestment -- also known as the collateral channel-- using detailed bank-firm-loan level data that allow usto observe the pledging of real estate collateral and tocontrol for credit demand and supply conditions. Results We identify the firm-level effects of the collateralchannel conditioning on firm-level demand factors andbank-level supply conditions using detailedbank-firm-loan level data. Instead, most large firms use debt contractsthat are unsecured or based on earnings-based collateral,whose recovery value depends on the continuation value ofthe firm rather than specific assets. [Extracted from the article]

India's knowledge economy thrives on innovation, but financing such ventures requires alternatives to traditional tangible asset-based collateral. This paper explores the potential of intellectual property (IP) as a viable option. While challenges in valuation and enforcement exist, IP holds significant value. It is argued that IP acts as a two-pronged signal for lenders. Strong IP portfolios indicate a borrower's creditworthiness, while the potential loss of valuable IP discourages defaults. However, India's regulatory framework presents hurdles. Streamlining legal procedures, empowering financial institutions to assess IP value, and establishing centralised registries for recording security interests are crucial first steps. Risk mitigation strategies are equally important. Government-backed risk-sharing programmes and promoting IP insurance can incentivise banks and protect all parties. Finally, educating businesses about IP financing opportunities unlocks this avenue for securing funding. By addressing these challenges, India can create a robust environment for IP-based collateral, thereby fuelling economic growth and technological progress. [ABSTRACT FROM AUTHOR]

In the spring of 2020, the Magyar Nemzeti Bank (MNB) expanded the pool of assets eligible as collateral for central bank lending by accepting loans granted to large corporates as collateral, thus widening the lending channel between the MNB and credit institutions and providing credit institutions with a wider leeway in ALM (Asset-Liability Management). In this paper we analyse the MNB's framework of conditions for the eligibility of large corporate receivables in respect to the principles of collateral management including, in particular, the management of legal risks. The inclusion of such transactions as collateral is challenging from both a legal and an operational perspective, since eligibility for use as collateral requires the development of a framework that fully ensures the enforceability of large corporate receivables accepted as collateral, and compliance with all other relevant collateral management principles. It is concluded from the analysis that a set of strict conditions and the operational framework supporting it can ensure the management of legal risks, but can also be noted that there may be trade-offs between simple asset-liability and liquidity management, and compliance with the complex system of corporate receivables conditions. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Comparative Politics is the property of Journal of Comparative Politics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Election campaign and political activity financing are scantily regulated in Botswana. This may provide an opportunity for threats to national security as business interests may exert overt influence on politicians and illicit financial flows may bloom. Currently, there is no credible way of knowing who provides what financing to whom since no one is really compelled to disclose such information before a writ is issued. Even after a writ, parties and candidates simply do not declare in accordance with the limited statutory requirement. The paper notes foreign funding of major political parties in Botswana. It then argues argues for reforms that will include banning of funding by organisations involved in crime, introduction of funding thresholds, controls to ensure that funds donated for purposes of campaign finances are used strictly for that, the setting up of a statutory body to ensure compliance as well as sanctions for non-compliance. [ABSTRACT FROM AUTHOR]

Copyright of Studia Universitatis Babes-Bolyai, Iurisprudentia is the property of Babes-Bolyai University, Cluj-Napoca, Romania and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We use the staggered enactment of anti-recharacterization laws as a plausibly exogenous shock to the value of securitizing collateral through special purpose vehicles (SPVs) and test how collateral values impact corporate risk management. Following the laws' enactment, we find increases in commodity, foreign exchange, and interest rate hedging, especially for firms with exposure to these risks and that rely on SPVs. Supporting the collateral constraints literature, the effect is weaker for firms that likely need the collateral for external financing, such as financially constrained firms. Our findings highlight fluctuations in collateral values as an important consideration in risk management decisions. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the use of macroprudential policies in a low interest rate environment, where an occasionally binding zero lower bound (ZLB) constraint gives rise to aggregate demand externalities. We study this issue by using a dynamic stochastic general equilibrium (DSGE) model with financial frictions and a monetary policy rule that is subject to the ZLB. We find that, in a low interest rate environment, the occasionally binding ZLB creates additional scope for macroprudential intervention. When the interest rate is high and the two policies can perfectly coordinate, the optimal policy prescriptions behave as if they were independent. This is, however, no more the case, when the interest rate is low and/or when monetary policy and macroprudential policy cannot be perfectly coordinating. This more complex policy environment calls for more policy coordination. [ABSTRACT FROM AUTHOR]

In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policy-makers have noisy and lagged data. The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policy-maker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost, which could outweigh their macroeconomic and financial stability benefits. [ABSTRACT FROM AUTHOR]

In recent years, it has been increasingly recognised that governments seeking to tackle undeclared work effectively should adopt a holistic approach. This seeks to coordinate strategy across the fields of labour, tax and social security law, and to use the full range of policy measures available. The aim of this paper is to evaluate the extent to which European Union member states adopt such an integrated holistic approach when tackling undeclared work by coordinating strategy across the fields of labour, tax and social security law, and using the full range of policy measures available. Reporting a 2017 survey of the official representatives of the national governments on the European Commission's European Platform Tackling Undeclared Work, the finding is that most national governments continue to adopt an uncoordinated fragmented approach to strategy and use only a limited range of mostly deterrent policy measures. The paper concludes by discussing how a more holistic approach could be achieved across EU member states. [ABSTRACT FROM AUTHOR]

The provision of collateral or security is imperative in modern banking as it serves as a significant form of risk mitigation against customer's default in financing activities. One of the most common security instruments utilized by financial institutions is a charge. In the context of a client which is a body corporate, it may create either a fixed or a floating charge. A floating charge has some unique features whereby it constitutes a charge on a class of a company's present and future assets. From the Shari'ah perspective, an Islamic financial institution's collateral arrangements must primarily comply with the Shari'ah. The unique feature of a floating charge where the charged assets may constantly change from time to time may require thorough Shari'ah deliberation to determine its Shari'ah status. This paper specifically analyses floating charge from the Shari'ah perspective juxtaposing the discussion with the known legal characteristics of a floating charge under the law. The paper evaluates the compatibility of floating charge with the Shari'ah, using rahn contract and requirements as the benchmark framework. From the assessment, it is observed that a floating charge does not fulfil the rahn requirements as stipulated by the majority of jurists (Hanafi, Shafi'i and Hanbali). Nonetheless, the Maliki opinion tolerates the features of floating charge involving uncertain or unknown assets. In this regard, Maliki jurists are generally of the view that rahn is a secondary contract, hence, it remains valid even when there are gharar elements in the rahn asset. Another issue in a floating charge is the possibility of the charged assets becoming Shari'ah non-compliant or mixed with Shari'ah non-compliant assets in the future. The Malikis along with the majority of classical jurists do not allow rahn on impermissible assets. However, the paper finds some contemporary Shari'ah opinions arguing that they can still be used as marhun, provided that the prohibited elements are external and can be eliminated/excluded. [ABSTRACT FROM AUTHOR]

This paper assesses the role of a popular collateral constraint–based transmission mechanism in the North–South transmission of the 2008–2009 financial crisis. Theoretically, in the presence of collateral constraints, depressed asset prices caused by a negative shock in a large creditor country generate feedback cycles in a smaller debtor country, in which the decline in borrowing capacity and the collapses of investment and output reinforce each other. I find that although the mechanism has appealing qualitative features and is consistent with the data, quantitative results from the model can only account for a very small part of the actual output declines. [ABSTRACT FROM AUTHOR]

In this paper, we investigate the phenomenon of patent collateralization by empirically focusing on the factors that affect the outcome of the collateralization process. In particular, we want to examine to what extent patent quality, lenders' characteristics, as well as lenders' selection capabilities (i.e. in identifying high-quality patents) affect the likelihood of observing a security interest release. We identify the patents recorded in security agreements and their release from the USPTO Patent Assignment database. The final dataset is made up of a total of 8818 security interest agreement records, involving 133,110 patents pledged as collateral for debt between 2007 and 2010. We find evidence that a security interest is more likely to be released for patents with a higher technical merit and when the lenders are more experienced and are specialty finance companies. When considering other types of lenders (i.e. banks in particular) or less experienced lenders, the positive association between the security interest release and the technical merit of the pledged patent is lower. The evidence suggests that IP-backed loans represent an effective financial channel for those firms that control valuable intangible assets and that experience and specialization allow lenders to develop better selection capabilities. [ABSTRACT FROM AUTHOR]

We study a widespread yet under-explored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank loans. Utilizing a regulatory change that exogenously decreases pledging, we document a negative causal impact of pledging on shareholder wealth. We study two channels that could explain this effect. First, we find that margin calls triggered by severe price falls exacerbate the crash risk of pledging firms. Second, since margin calls may cause insiders to suffer personal liquidity shocks or to forgo private benefits of control, we hypothesize and find that pledging is associated with reduced firm risk-taking. Received March 2, 2017; editorial decision January 24, 2019 by Editor David Denis. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Due to the environment's instability, to reduce inconsistent power supply it is preferable to connect two or more RES in a grid. Harmonics and other power quality issues are introduced into the distribution grid as a result of integrating these Hybrid Renewable Energy Storage (HRES) with nonlinear loads, which is a significant concern for the utility and the consumers, respectively. With the use of the Unified Power Quality Conditioner (UPQC), power quality problems such as voltage interruptions, actual power, and reactive power can be reduced. For optimal operation of the series and shunt compensator of UPQC, the outputs of the converters are controlled by PWM signals, which are optimally tuned by controllers implemented with updated algorithms. An optimized Hybrid metaheuristic-assisted collateral controller comprising of fractional-order proportional integral derivative (FOPID) controller cum (proportional integral (PI) controller for the enhancement of the Three-Phase HRES system-based Distribution Grid integrated with UPQC is developed in this paper. The UPQC reduces the harmonics that non-linear loads feed into the power supply and power quality concerns. The DC link voltage regulation and controller optimization are achieved with the optimal tuning of gain parameters, fractional orders and weight parameters using a hybrid Metaheuristic Algorithm named Amplified Slime Mould with WildeBeest Herd Optimization (ASM-WHO) Algorithm. The proposed system is developed in MATLAB Simulink to compare the effectiveness of compensation for voltage sags and surges and total harmonic distortion (THD) to more traditional approaches, UPQC with PI controller, FOPID-PI controller, FOPID-PI with Chicken Swarm Optimization (CSO), SOA, SMA, and WHO optimization. The settling time for the proposed FOPID-PI controller with ASM –WHO is 147.27 s, which is 1.7%, 13.78%, 1.338% and 13.66% better than the controller without optimization, the proposed collateral controller method with either SOA or CSO or SMA, WHO optimization and PI controller respectively. [ABSTRACT FROM AUTHOR]

This article explores the growing connections between the Persian Gulf states and the heavily militarised Israeli innovation ecosystem. The Gulf actors now play an increasing role in support of Israel as a globally expanding 'Start‐up Nation', and are involved in transforming Palestinian land into a regional frontier of technology in the West Bank and East Jerusalem. Israeli‐Gulf cooperation and its impact on Palestinians, however, has not been thoroughly researched. Drawing from fieldwork among Palestinian and Israeli innovation elites, we map these growing connections between Gulf state actors and Israel and analyse how the occupied Palestinian territories are further enmeshed in complex networks of financial capitalist and settler colonial security interests. Theoretically, the paper advances the critique of the contemporary settler colonial frontier, venturing beyond its usual Eurocentric and binary geographies. We conclude that 'innovation' is both (a) the terrain of expanding structures of Israeli colonisation and (b) the site of productive ambivalences and novel forms of resistance in an evolving regional and global reality. This article explores the growing connections between the Persian Gulf states and the heavily militarised Israeli innovation ecosystem. The Gulf actors now play an increasing role in support of Israel as a globally expanding 'Start‐up Nation', and are involved in transforming Palestinian land into regional frontiers of technology in the West Bank and East Jerusalem. Drawing from fieldwork among Palestinian and Israeli innovation elites, we map these growing connections between Gulf state actors and Israel and analyse how the occupied Palestinian territories are further enmeshed in complex networks of financial capitalist and settler colonial security interests. [ABSTRACT FROM AUTHOR]

This paper offers an analysis of US strategy in the unfolding United States–China 'tech war' and its consequences. We argue that a tech war is now underway, and that Washington is the driving force behind it. Here, we focus on the most impactful policy so far: the placement of Huawei and over 150 of its affiliates on the sanctioned Entity List. As a result, a decoupling between high‐end US tech and Huawei Technologies is well underway, if not already complete. However, the consequences of the sanctions have not been what Washington intended or expected. The company appears to have maintained its position as one of the world's leading innovators in 5G technology and remains a leading supplier of 5G base stations. The United States risks undermining co‐operation with China in other critical policy areas because the tech war is viewed as aggressive in Beijing. It has also exposed the limits of US influence over allies and third countries, many of whom are opting for Huawei's cheaper 5G infrastructure. Nevertheless, the expansion of this approach by the Biden administration suggests that, in future, Washington may prioritise security interests over commercial ones as it seeks to preserve as much US primacy as possible. [ABSTRACT FROM AUTHOR]

A recent French reform, dated 15 September 2021, which entered into force on 1 January 2022, largely modifies the law of guarantees and security interests. It clarifies a certain number of rules, suppresses several security interests that appeared to be obsolete, and reinforces the protection of warrantors without neglecting the interests of creditors. Adopted to promote security, flexibility, and accessibility to French Law, and to enhance the efficiency of secured transactions, the reform has generally been perceived as successful. The purpose of this paper is to present the reform in an international perspective and to try to understand whether it fits the purpose it was assigned: to strengthen the attractiveness of French Law in the comparative landscape. We will demonstrate that, regarding a certain number of international instruments and foreign laws, the answer tends to be affirmative. The French Government might also seize this opportunity to include France in several international projects that it has, so far, stayed away from, such as the ratification of the Cape Town Convention. [ABSTRACT FROM AUTHOR]

This article analyses the recent year's port and military base competitions and rivalries between international, regional, and local powers in the Red Sea and its implication for the peace and security of the Horn of Africa region. The superpower's global ambitions, military capability, and political and economic influence made the Horn of Africa a pivotal role in geopolitics in shaping the security and economic trajectory. In this context, Security developments in the Horn are being integrated into geopolitical and geoeconomics agendas that stretch far beyond the immediate region. On the other hand, the uptick in engagement by external actors, and their attendant interests, alliances, and agendas offers opportunities for development and integration, but it also poses considerable risks since the Horn of Africa region is vulnerable to intra- and interstate conflict. Further, it raises the prospect of proxy struggles and growing geopolitical interest and tensions which is an obstacle to conflict resolutions and lasting peace in the region. Thus the articles argue Rather than seeking to undermine one another, the regimes of the Horn have increasingly tended to support one another. In addition, this paper recommends regional institutions such as IGAD need to reconsider dynamics within the Red Sea in line to build confidence among actors to advance common economic and security interests and ensure the future development of the shared interest. [ABSTRACT FROM AUTHOR]