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A study on “Issues associated with the shelter reconstruction after Gorkha Earthquake 2015 in Nepal” was conducted during the period of March to September 2017 on the basis of secondary literature received from different sources and field observation. Various articles, journal and government documents retrieved from online research database like ‘Google Scholars’ and topic related government online sites were reviewed. It has been realized that reconstruction after disasters is a long process. To manifest and implement the notion of build back better and successful completion of shelter reconstruction projects, there is a need for an in-depth knowledge of construction project management because 600,000 houses are to be constructed and about 250,000 to be repaired and retrofitted as well. The study reveals that the lack of funding, construction materials, labors and experienced human resources hinder the smooth progress of reconstruction. Similarly, reconstruction projects can take place only when the affected people are also involved in the design and planning process as well as in the implementation phase of the project, ensuring the best utilization of local knowledge and resources as much as possible. The strong coordination among various stakeholders can act as the key to a effective reconstruction in the context of Nepal.

Effective January 1, 2018, IFRS 9 Financial Instruments will replace IAS 39 Financial Instruments: Recognition and Measurement (IAS 39). Unlike most publications on IFRS 9, this paper focuses primarily on the application of the new standard on central banks’ foreign reserve assets, which increasingly constitute a substantial part of central banks’ balance sheet. Based on IFRS 9 implementation assessment projects with several central banks, the World Bank RAMP accounting team identified six factors that can help central banks determine appropriate business model for foreign reserve assets. Empirically, the result of applying the six factors has indicated that central banks’ reserve portfolios often display elements of more than one business model; hence management judgment coupled with a well-articulated accounting policy paper will be critical when implementing IFRS 9. Under most central banks reserves management frameworks, performing the solely payments of principal and interest (SPPI) test should be a relatively straightforward exercise, and the practical expedient option under the new impairment provisions should also apply.

The Lebanon Economic Monitor provides an update on key economic developments and policies over the past six months. It also presents findings from recent World Bank work on Lebanon. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy on the outlook for Lebanon. Its coverage ranges from the macro-economy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Lebanon.

Using the universe of all externally issued bonds by corporates and sovereigns in emerging and developing economies during 2000-14, this paper analyzes various issuance trends, including the unprecedented post-crisis surge. The paper focuses on external issuance at the country-industry and individual bond levels and finds that global factors matter greatly for emerging and developing economies issuance. A decrease in U.S. expected equity market (or interest rate) volatility, U.S. corporate credit spreads, and U.S. interbank funding costs and an increase in the Federal Reserve’s balance sheet (i) raise the odds that the monthly issuance volume of a country-industry is above its historical average; (ii) decrease individual bond yields and spreads; and (iii) raise bond maturities, after controlling for country pull factors, bond characteristics (for example, type of issuer, industry, and riskiness). Additionally, we document support that the risk-taking channel of exchange rate appreciation also operates for external bond issuance. Moreover, while the paper finds that country pull factors affect the impact of global factors, it does not find consistent evidence for this across the board. This result suggests that, during loose global funding conditions, flows are mostly driven by push factors and do not systematically discriminate between emerging and developing economies. Taken together, the findings suggest that although issuers might be able to benefit from benign international funding conditions, the large issuance volumes, currency risks, and high exposure to global factors could pose external and domestic challenges for policy makers, particularly when global cycles reverse.

Pakistan is vulnerable to a number of adverse natural events and has experienced a wide range of disasters over the past 40 years, including floods, earthquakes, droughts, cyclones, and tsunamis. The World Bank is supporting the Government of Pakistan (GoP) in building capacity in the area of disaster risk management (DRM) in order to build resilience from both humanitarian and fiscal shocks associated with natural disasters. The World Bank is providing technical assistance to the GoP for the development of a national disaster risk financing strategy. This non-lending technical assistance aims to: (i) assess the fiscal exposure of the GoP to natural disasters; (ii) present options for the development of a national strategy to improve financial response capacity for natural disasters; and (iii) promote property catastrophe risk insurance for both public and private dwellings. Disaster risk financing and insurance (DRFI) is one of the five pillars in the proactive and strategic framework for DRM promoted by the World Bank. The World Bank has been promoting a proactive and strategic framework for DRM based on five pillars: (i) risk identification; (ii) risk reduction; (iii) preparedness; (iv) financial protection; and (v) resilient recovery. Chapter one is introduction. Chapter two presents an overview of the budget processes for the financing of natural disaster losses during each of the three post-disaster phases. Chapter three provides a preliminary financial disaster risk assessment for Pakistan, focusing particularly on the fiscal impact of natural disasters. Chapter four presents an overview of the private catastrophe insurance market; and chapter five reviews the options for future financing of natural disaster recovery and reconstruction expenditures.

The Sustainable Development Goals, the global development agenda for 2015 through 2030, will require unprecedented mobilization of resources to support their implementation. Their predecessor, the Millennium Development Goals, focused on a limited number of concrete, global human development targets that can be monitored by statistically robust indicators. The Millennium Development Goals set the stage for global support of ambitious development goals behind which the world must rally. The Sustainable Development Goals bring forward the unfinished business of the Millennium Development Goals and go even further. Because of the transformative and sustainable nature of the new development agenda, all possible resources must be mobilized if the world is to succeed in meeting its targets. Thus, the potential for Islamic finance to play a role in supporting the Sustainable Development Goals is explored in this paper. Given the principles of Islamic finance that support socially inclusive and development promoting activities, the Islamic financial sector has the potential to contribute to the achievement of the Sustainable Development Goals. The paper examines the role of Islamic financial institutions, capital markets, and the social sector in promoting strong growth, enhanced financial inclusion, and intermediation, reducing risks and vulnerability of the poor and more broadly contributing to financial stability and development.

The Lebanon Economic Monitor provides an update on key economic developments and policies over the past six months. It also presents findings from recent World Bank work on Lebanon. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy on the outlook for Lebanon. Lebanon continues to be impacted by the domestic political stalemate and regional turmoil, particularly along its border with Syria. Economic activity picked up in the second half of 2014. Stronger economic performance and lower oil prices pushed real GDP growth to an estimated 2.0 percent in 2014, compared to 0.9 percent in 2013. One-off cosmetic and unsustainable measures rather than policy actions helped improve the fiscal balance in 2014. We estimate the overall fiscal deficit to have declined by 2.3 percentage points. Declining imports lead an improvement in the current account balance. In 2014, a fall in merchandize imports induced a 4.4 pp reduction in the current account deficit to a still-elevated 22.2 percent of GDP. This trend is projected to continue in 2015 helped by falling oil prices and a depreciating euro, Headline inflation plummeted from 2.7 percent in 2013 to 1.9 percent in 2014 and is expected to remain tempered over the medium term. Lebanon s economy continues to be exposed to external shocks. The border with Syria is increasingly menacing as coordinated attacks by ISIS and Al Nusra are being launched more frequently from their bases in Syria. Inefficiencies in power generation impose sizable macroeconomic costs on Lebanon. The Lebanese electricity sector has been underperforming for decades with considerable socio-economic costs. The macroeconomic impact has been massive.

The FSAP mission to Moldova included an assessment of the financial crisis resolution framework, focusing on bank resolution arrangements. The FSAP did not include an assessment of crisis resolution arrangements in respect of insurance, Financial Market Infrastructure (FMI) or other types of financial institutions. However, many of the findings and recommendations made in this report in relation to bank crisis resolution are also likely to be pertinent to other parts of the financial sector. Accordingly, the authorities are encouraged to draw on this Technical Note to assist them in reviewing the crisis resolution framework applicable to insurance, FMI and other categories of financial institution. The assessment was undertaken having regard to the principles set out in the Financial Stability Board’s (FSB’s) key attributes of effective resolution regimes for financial institutions (key attributes). In undertaking this assessment, the mission reviewed relevant legislation applicable to bank crisis resolution, particularly the law on financial institutions and the Law on the National Bank of Moldova. It also reviewed the government decree establishing the NCFS and the MOU established for members of the NCFS.

[ES] Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las Entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente. [EN] This article analyzes the determinants of the primary profitability of mortgage-backed securities (MBS) issued in Spain between 1993 and 2011, a period during which the Spanish market became the most important in continental Europe. The results obtained from an analysis of the entire population of MBS issued (262 tranches from 94 securitization funds) indicates that their multiframe structuring helped reduce the perceived global risk associated with issuing these bonds by creating more complete markets. It also helped reduce the problems derived from the existence of information assymetries implicit in the selection of assets transferred by the issuing entity. This reduction in perceived risk had a direct effect on the profitability of the bonds issued. Furthermore, no evidence is found that the issue of MBS led to the transmission of risk. On the contrary, the credit agencies have on the whole retained the first loss tranches, contributing to maintaining MBS profitability levels at very low levels (be¬neath sovereign debt profitability). Indeed, the scant difference in profitability is due to the fact that the tranches that were retained did not offer return premiums that were adjusted to the inherent risk. [FRE] Cet article analyse les déterminants de la rentabilité primaire des bons de titrisation hypothécaire (connus dans les publications comme mortgage backed securities, ou MBS) émis en Espagne dans la période 1993-2011, pendant laquelle le marché espagnol est devenu le plus important de l’Europe continentale. Les résultats obtenus sur l’analyse de la totalité des MBS émis (232 segments constitués sur 94 fonds de titrisation) indiquent que la structuration multi branche des MBS a aidé à réduire le risque perçu global des émissions de ces bons de titrisation, par la génération de marchés plus complets et la réduction des problèmes dérivés de l’existence d’asymétries informatives, implicites dans le processus de sélection des actifs transmis par l’organisme cédant. Cette réduction du risque perçu a eu un effet direct sur la rentabilité offerte par les bons de titrisation émis. En outre, il existe des évidences que l’émission de MBS poursuit la transmission effective de risques. Bien au contraire, les organismes de crédit, en général, ont retenu les segments des premières pertes, ce qui a contribué à maintenir des niveaux très bas (en dessous de la rentabilité de la dette souveraine) la rentabilité offerte par les MBS. Précisément, la rare différence offerte par les bons de titrisation est due au fait que les segments retenus n’ont pas offert de primes de rentabilité ajustées au risque inhérent. [POR] Este artigo analisa os determinantes da rentabilidade primária das gratificações de titulação hipotecária (conhecidos na literatura como mortgage backed securities ou MBS), emitidos na Espanha durante o período de 1993 e 2011, período no qual o mercado espanhol chegou a se converter no mais importante da Europa Continental. Os resultados obtidos sobre a análise da população completa de MBS emitidos (262 tranches configurados sobre 94 fundos de titulação) indicam que a estruturação multitranche dos MBS ajudou a reduzir o risco percebido global das emissões dessas gratificações de titulação, mediante a geração de mercados mais completos e a redução dos problemas derivados da existência de assimetrias informativas, implícitas no processo de seleção dos ativos transmitidos por parte da entidade cedente. Essa redução do risco percebido teve um efeito direto sobre a rentabilidade oferecida pelas gratificações de titulação emitidas. Além disso, não se encontram evidências de que a emissão de MBS persiga a transmissão efetiva de riscos. Provavelmente o contrário: as entidades de crédito, geralmente, retêm os tranches de primeiras perdas, o que contribui para a manutenção em níveis muito baixos (abaixo da rentabilidade da dívida soberana) da rentabilidade oferecida pelos MBS. Precisamente, o escasso diferencial oferecido pelas gratificações de titulação se deve a que tranches retidos não oferecem prêmios de rentabilidade ajustadas ao risco inerente. Investigación realizada en el marco del proyecto de investigación NUPV12/01

Resumen: Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente. Abstract: This article analyzes the determinants of the primary profitability of mortgage-backed securities (MBS) issued in Spain between 1993 and 2011, a period during which the Spanish market became the most important in continental Europe. The results obtained from an analysis of the entire population of MBS issued (262 tranches from 94 securitization funds) indicates that their multiframe structuring helped reduce the perceived global risk associated with issuing these bonds by creating more complete markets. It also helped reduce the problems derived from the existence of information assymetries implicit in the selection of assets transferred by the issuing entity. This reduction in perceived risk had a direct effect on the profitability of the bonds issued. Furthermore, no evidence is found that the issue of MBS led to the transmission of risk. On the contrary, the credit agencies have on the whole retained the first loss tranches, contributing to maintaining MBS profitability levels at very low levels (beneath sovereign debt profitability). Indeed, the scant difference in profitability is due to the fact that the tranches that were retained did not offer return premiums that were adjusted to the inherent risk. Résumé: Cet article analyse les déterminants de la rentabilité primaire des bons de titrisation hypothécaire (connus dans les publications comme mortgage backed securities, ou MBS) émis en Espagne dans la période 1993-2011, pendant laquelle le marché espagnol est devenu le plus important de l'Europe continentale. Les résultats obtenus sur l'analyse de la totalité des MBS émis (232 segments constitués sur 94 fonds de titrisation) indiquent que la structuration multi branche des MBS a aidé à réduire le risque perçu global des émissions de ces bons de titrisation, par la génération de marchés plus complets et la réduction des problèmes dérivés de l'existence d'asymétries informatives, implicites dans le processus de sélection des actifs transmis par l'organisme cédant. Cette réduction du risque perçu a eu un effet direct sur la rentabilité offerte par les bons de titrisation émis. En outre, il existe des évidences que l'émission de MBS poursuit la transmission effective de risques. Bien au contraire, les organismes de crédit, en général, ont retenu les segments des premières pertes, ce qui a contribué à maintenir des niveaux très bas (en dessous de la rentabilité de la dette souveraine) la rentabilité offerte par les MBS. Précisément, la rare différence offerte par les bons de titrisation est due au fait que les segments retenus n'ont pas offert de primes de rentabilité ajustées au risque inhérent. Resumo: Este artigo analisa os determinantes da rentabilidade primária das gratificações de titulação hipotecária (conhecidos na literatura como mortgage backed securities ou MBS), emitidos na Espanha durante o período de 1993 e 2011, período no qual o mercado espanhol chegou a se converter no mais importante da Europa Continental. Os resultados obtidos sobre a análise da população completa de MBS emitidos (262 tranches configurados sobre 94 fundos de titulação) indicam que a estruturação multitranche dos MBS ajudou a reduzir o risco percebido global das emissões dessas gratificações de titulação, mediante a geração de mercados mais completos e a redução dos problemas derivados da existência de assimetrias informativas, implícitas no processo de seleção dos ativos transmitidos por parte da entidade cedente. Essa redução do risco percebido teve um efeito direto sobre a rentabilidade oferecida pelas gratificações de titulação emitidas. Além disso, não se encontram evidências de que a emissão de MBS persiga a transmissão efetiva de riscos. Provavelmente o contrário: as entidades de crédito, geralmente, retêm os tranches de primeiras perdas, o que contribui para a manutenção em níveis muito baixos (abaixo da rentabilidade da dívida soberana) da rentabilidade oferecida pelos MBS. Precisamente, o escasso diferencial oferecido pelas gratificações de titulação se deve a que tranches retidos não oferecem prêmios de rentabilidade ajustadas ao risco inerente.

Direct cash transfers for vulnerable elderly and disabled populations have been provided by the Ministry of Social Welfare (Kementerian Sosial, Kemensos) since 2006; a similar cash transfer for at-risk youth was inaugurated in 2009. The Government of Indonesia's (GoI) pro-poor development initiatives, international agreements and domestic laws and regulations, and considerable experience delivering more general social assistance programs led to the creation of cash transfers for these historically neglected and difficult-to-reach groups. These programs Jaminan Sosial Lanjut Usia (JSLU), Jaminan Sosial Paca Berat (JSPACA), and program Kesejahteraan Sosial Anak (PKSA) for the elderly, disabled, and youth respectively transfer cash directly to beneficiaries. They account for increasing shares of the Kemensos overall budget, but subsidies directed to care and rehabilitation facilities as well as direct provision of institutional care still account for a noticeable portion of the Kemensos budget for these groups. Program support operations socialization and outreach; allocation, targeting and prioritization; monitoring and evaluation; and complaints and grievances have very small budgets and depend crucially on cooperation and enthusiasm from local governments and facilitators. A full range of safeguarding activities is spelled out in program guidelines but these have not been institutionalized at the local implementation level. There is variation in the content, methods, frequency, completion rates, and outcomes in all safeguarding activities, and no easy-to-use reporting process that would ensure information from implementation level reaches the central funding and policy agency, Kemensos. The note summarizes quantitative and qualitative evidence in order to build a sound foundation for evaluating the cash transfer programs JSLU, JSPACA, and PKSA provided by Kemensos. The evidence on which the evaluation is based here is composed primarily of first-hand observation of the programs in operation. Where possible information collected from administrative records, including monitoring and evaluation reports, and from Kemensos itself, is summarized. Design features, efficiency and effectiveness of program implementation and operation, and impacts (intended or not) the program produces for beneficiaries are all analyzed in as much detail as possible. Current policy planning within Kemensos assumes expansion of these programs in the coming years, so an evaluation of the programs' features is relevant for Indonesian policymakers and stakeholders.

Mestrado em Finanças Este estudo tem como objetivo estudar o mercado europeu de CDS e CDO. Através de uma análise econométrica estimaremos a relevância de diversas variáveis para explicar o logaritmo das primeiras diferenças dos spreads das tranches do CDO baseado no iTraxx Europe 5-year. Assim, a nossa amostra é composta por dados diários desde Fevereiro de 2005 até Fevereiro de 2012 das tranches do iTraxx Main 5-year e de proxies para os riscos de crédito, taxa de juro, liquidez e para a volatilidade de mercado e rendibilidades do mercado acionista. Para aferir se houve alterações significativas no mercado Europeu de CDO depois da crise financeira, estimaremos duas regressões adicionais, onde na primeira utilizaremos uma dummy temporal para isolar os períodos antes e depois da crise e na segunda outra dummy temporal para isolar o período após a falência do Lehman Brothers. As nossas principais conclusões são que as proxies para os riscos de crédito e de taxa-de-juro, bem como a volatilidade de mercado são relevantes em todas as tranches para a totalidade do período da amostra. Além disso, as rendibilidades do mercado acionista e o declive da estrutura temporal parecem assumir uma maior relevância para explicar as tranches do CDO depois da crise financeira de 2007. The focus of this study is the European CDS and CDO markets. Using a regression-based approach we estimated the relevance of market-based proxies for explaining the first differences of the logarithm of European CDS Index tranches premia (iTraxx Europe 5-year index). Therefore, our sample is comprised by daily data since February 2005 to February 2012, of iTraxx Main 5-year tranche premia and proxies for credit risk, interest rate risk, liquidity risk, equity returns and market volatility. In order to understand if there were significant changes in the CDO market after the financial crisis, we run two additional regressions, where first, we add a time dummy to isolate the periods before and after the turmoil and, after that we include a time dummy to isolate the period after the Lehman Brothers´ collapse. Our main findings are that proxies for credit risk, risk-free rate risk and market volatility are significant in all tranches when we consider the entire sample. Moreover, equity returns and the slope of the term structure seem to play a more important role in pricing tranche premia, since the start of the financial crisis of 2007.

In the present work we study the securitized products of ?financial markets with focus on collateralized debt obligations and the impact of fi?nancial crisis on the markets in the world. First part the thesis is focused on the methodology of the reasons behind launching these products, the portfolio, tranches and further on mechanisms how these structures are working. In the second part the thesis teoretically describes the valuation methods for which the Markov chains and copula functions are used. Further on follows the practical part with output from the quantitative analysis and at the end the thesis describes the impacts on economics of di?fferent countries and practically introduces the stress testing as the precaution tool.

Innovation is the main driver of long-term economic growth. The accumulation of capital, whether in the form of physical assets such as plants and equipment, or through better human capital, cannot indefinitely sustain growth unless new products, services, processes, and/or business models are developed and implemented. This paper describes the actors involved and the types of funding available at different stages of the innovation process, the rationales for public intervention, and the advantages and disadvantages of some of the most commonly used policy instruments. Innovation activities are more difficult to finance than other types of investment for several reasons. Innovation produces an intangible asset that does not typically constitute accepted collateral to obtain external funding. Also, the technological and market uncertainty of innovation activities makes the returns to investment highly uncertain, creating significant problems for the standard risk adjustment methods used by providers of funds. This paper uses a streamlined version of an innovation process with three stages to categorize the different sources of finance available; in reality, considerable crossover takes places among instruments because innovation processes are not discrete.

This note, prepared as background for the G20 submission, explores the potential for Multilateral Development Banks (MDBs) to increase the volume of climate financing by leveraging and intermediating resources, through two main avenues: leveraging shareholder capital through the MDBs non-concessional windows, by raising debt from capital markets to finance climate investment; and mobilizing and 'pooling' concessional flows to support climate investment beyond the MDBs own balance sheets. The note is organized along these two lines, with the aim of providing some insights into the feasibility for MDBs to mobilize resources to leverage a significantly larger volume of climate financing assistance. The next section of this note provides information on how MDBs can support concessional flows to climate investments through pooling of external concessional flows beyond traditional balance-sheet capital. Leveraging shareholder capital and mobilizing and-pooling concessional flows are two potential avenues through which MDBs can leverage and intermediate resources to ultimately increase the volume of climate financing. The experience gained by the MDBs and their clients and donors from implementing these financing arrangements should provide helpful lessons for the development community as it considers how to develop the green climate fund and other future climate change initiatives.

This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program. The assessment also finds that the Argentine securities regulator has dedicated professional staff, active on-site inspection programs, pro-active investigation of complaints, a road map to transition by 2012 to international accounting standards (IFRS) and plans to modernize auditing standards, the ability to assist foreign regulatory authorities to the extent of its current powers, and a commitment to use the powers it has to meet its mandate, achieve international benchmarks, and build on its practical experience to strengthen regulatory oversight. At the same time this assessment finds areas, of which the securities regulator is well aware, that need to be improved. These include that: (i) the complex structure of the market may be a source of inefficiency and an impediment to price formation and best execution; (ii) the regulator has insufficient administrative power to oversee comprehensively the regulatory performance by certain self-regulatory organizations affecting equity and private debt markets with respect to their members and to supervise, discipline and enforce its rules and the securities laws over such members directly; (iii) the ability to cooperate domestically and with foreign regulators is constrained by securities and banking secrecy law; (iv) the legal underpinning for protecting customer funds held by intermediaries needs enhancements; (iv) there are no existing market disruption contingency plans at the regulatory level; and (v) the markets offer some products that may require additional, tailored monitoring and explanation to external participants. This assessment of the International Organization of Securities Commissions (IOSCO) objective and principles of securities regulation was conducted between May 11 and May 26, 2011 in Buenos Aires, Argentina and includes references to certain post on-site improvements. The assessment included a review of the main securities laws, executive decrees, and general resolutions that relate to the mandate of the Comision Nacional de Valores (CNV) and underpin the public offer and trading of securities in Argentina.

In El Salvador, the banking safety net emergency liquidity assistance, resolution and deposit insurance- faces particular challenges given it operate in the context of official dollarization. The economy was officially dollarized in 2000 with the adoption of the law on financial integration and of the United States (US) dollar as legal tender. Dollarization constrains a central bank's ability to act as a lender of last resort (LOLR) and provide emergency liquidity assistance (ELA). This note discusses the weaknesses of the current framework and recommendations to ensure the safety net functions more effectively and efficiently. To address systemic liquidity risk in the context of official dollarization, the Banco Central de Reservas (BCR) should be provided with more powers and funds to provide emergency liquidity assistance to banks. The bank resolution scheme, which has not been tested, and the deposit insurance fund, which has insufficient funds, both need to be strengthened. Appropriate roles and formal mechanisms to monitor and manage systemic risk and events should be put in place. However the roles and responsibilities of the various institutions involved in the safety net are not always consistent with their objectives, powers, and mandates, while a well-specified strategy to preserve the stability of the system (e.g., with clear responsibilities for monitoring systemic risks and taking macro prudential decisions) and definition or formal measurement of systemic risk have not yet been established. Furthermore, coordination with foreign supervisors of international banks does not include designing contingency plans to address a possible cross-border event. This paper is divided into following four parts: part one is introduction; part two gives systemic liquidity management and emergency liquidity assistance; part three is bank resolution and deposit insurance; and part four gives crisis management arrangements.

Payment systems are a core part of all financial systems. The quality of payment systems determines the stability of the overall economy, the efficiency and reliability of financial intermediation, and the possibility for the private sector to innovate and provide new services to consumers. This technical note presents the results of the assessment of payments, remittances, and securities settlement processes in El Salvador, based on international standards and best practices. It includes several observations for the improvement of the National Payments System (NPS) in El Salvador. This note takes into account the peculiarities of the jurisdiction of El Salvador: namely, the relatively small size of the financial system and the dollarized nature of the economy. The central bank and other institutions are already planning appropriate actions on many of the issues discussed. In some cases, however, the team identified additional elements, which are discussed in this note.

Benin experienced a long period of political instability and economic challenges after achieving its independence in August 1960. In 1991 a new government initiated far-reaching reforms aimed at the creation of a market-based economy, resulting in significant liberalization of Benin's political and economic system. Growth fluctuated in the range of 4-6 percent until 2000, after which it began to trend downwards, fluctuating largely in response to variation in the exchange rate as well as to movement in the prices of cotton, Benin's main export, and oil, a major import. Benin benefited from support under the Environmental and Social Assessment Framework (ESAF) and Poverty Reduction and Growth (PRGF) facilities, the latter continuously since 1993. According to an independent ex-post review (International Monetary Fund 2004), program implementation during 1993-2003 was broadly successful. Real economic growth averaged 5 percent and fiscal consolidation improved as key initial challenges arising from the Government's low revenue collection and high wage bill were addressed. But overall progress in structural reform was mixed. Initial efforts to liberalize the economy and reduce government intervention were successful, and there was progress in introducing far-reaching reforms in the cotton sector. A new poverty reduction growth facility was approved in August 2005.

The Lao PDR has been a one-party, socialist state since the overthrow of the monarchy by the communist Pathet Lao in 1975, which was preceded by a long period of civil and regional strife. After a decade of relative isolation and close military cooperation with Vietnam, the new economic mechanism, introduced in 1986, ushered in an era of market-based reforms, which has continued to the present day. Lao PDR is one of the poorest countries in East Asia, with a 2006 per capita income of US$ 500. In 2004, 71 percent of its population of 5.7 million lived on less than US$ 2/day and 23 percent on less than US$ 1/day. However Lao PDR has grown rapidly since the inauguration of reforms two decades ago. During the 1990s growth averaged 6 percent per annum despite severe imbalances during the Asian crisis. Following successful stabilization, growth continued to average close to 6 percent during 2001-2004, accelerating in 2005-2007 to over 7 percent. Inflation remained well below 10 percent since 2005. Although Lao PDR qualifies for the Heavily Indebted Poor Countries (HIPC) initiative, the Government has chosen to maintain normal creditor relations. The latest debt sustainability analysis confirms that, while risk of debt distress is high, medium term debt service is manageable, contingent on continued reform and prudent fiscal management. Foreign direct investment has almost quadrupled between 2004 and 2007, and exceeds US$ 800 million annually, mostly in hydropower and mining. Growth in Lao PDR has been pro-poor. Based on the national poverty line, the poverty headcount has fallen from almost half to one-third of the population during the decade ending in 2002-2003. The country's performance on other elements of poverty reduction as summarized in the millennium development goals is mixed.

The Poverty Reduction Support Credit (PRSC) instrument was put to use at an opportune juncture in 2003 when, after a period of economic crisis, macroeconomic stability had been restored to Ghana and a reform process had been mapped out. The Bank used this instrument to signal strong support to the Government for the reform process, which was at risk of being derailed in the run up to the 2004 elections. The PRSC was perceived as a clear departure from previous adjustment lending, which was characterized by acrimonious negotiation of conditions. Following independence from Britain some 50 years ago, Ghana experienced rapid economic growth, spurred by commodity exports and industrialization linked to import-substitution policies. But by the early 1980s, standards of living had declined sharply, and Ghana had joined the ranks of other low-income African countries. Ghana's economic reform program, launched in 1983, marked a notable change in policy direction and a shift from a state-controlled economy to a more market-driven system. Ghana made progress in regaining macroeconomic stability and achieved its Highly Indebted Poor Country (HIPC) initiative completion point by 2004. Even so, progress was uneven, and the economy remained vulnerable. Ghana was among Africa's top 10 performers in the 2008 doing business report, and its ranking on corruption indicators is the best of low-income African countries. A recent national survey found that 75 percent of households regard corruption as a serious national problem, and 80 believe it has worsened in recent years.

Chloroacetaldehyde (CAA), one of the main products of ifosfamide (IFO) hepatic metabolism, is considered as responsible of IFO nephrotoxicity. The mechanisms of this nephrotoxicity are not completely known. In the first part of this study, we tried to clarify the pathophysiological mechanisms of CAA toxicity using precision-cut rat renal cortical slices, then, in the second part, we looked for a possible anticancerous effect of CAA on human breast cancer cells (MCF-7). Using clinically-relevant concentrations (0-75 µM), CAA nephrotoxicity was demonstrated by the depletion of ATP and glutathione and by the inhibition of lactate metabolism. Some of the gluconeogenic enzymes, mainly glyceraldehyde 3-phosphate dehydrogenase, were inhibited by CAA. The complex I of the mitochondrial respiratory chain as well as lactate oxidation were also inhibited by CAA. On the other hand, CAA (10 and 25 µM) inhibited MCF-7 cell proliferation which was not accompanied by cellular ATP depletion. Glucose transport and metabolism as well as some of the glycolytic enzymes were also inhibited by CAA. Hexokinase seems to be the rate-limiting enzyme of glycolysis. In conclusion, CAA is implied in the mechanisms of IFO-induced nephrotoxicity; furthermore, it could, via the inhibition of the glycolytic pathway, contribute to the therapeutic effect of IFO., Le chloroacétaldéhyde (CAA), un des principaux produits du métabolisme hépatique de l’ifosfamide (IFO), est considéré comme responsable de la néphrotoxicité de ce médicament. Les mécanismes exacts de cette néphrotoxicité ne sont pas complètement élucidés. Dans la première partie de cette étude, nous avons essayé de préciser les mécanismes physiopathologiques de la toxicité du CAA sur un modèle de tranches de cortex rénal de rat, puis, dans la deuxième partie, nous avons recherché un effet anticancéreux éventuel du CAA sur des cellules de cancer du sein humain (MCF-7). La néphrotoxicité du CAA, utilisé à des concentrations proches de celles mesurées chez les patients traités par l’IFO, soit 0 - 75 µM, s’est manifestée par une chute d’ATP et du glutathion ainsi que par une inhibition du métabolisme du lactate. Certaines enzymes de la néoglucogenèse, notamment la glyceraldéhyde 3-phosphate déshydrogénase, ont été inhibées par le CAA. Le complexe I de la chaîne respiratoire mitochondriale ainsi que l’oxydation du lactate ont été également inhibées par le toxique. D’autre part, le CAA (10 et 25 µM) a inhibé la prolifération des cellules MCF-7 sans que cette inhibition soit accompagnée d’une chute d’ATP cellulaire. Le transport cellulaire et le métabolisme du glucose ainsi que certaines enzymes de la glycolyse ont été également inhibés par le CAA. Parmi celles-ci, l’hexokinase semble être l’enzyme qui catalyse l’étape limitante de la voie de la glycolyse. En conclusion, le CAA est bien impliqué dans les mécanismes de la néphrotoxicité de l’IFO, mais de plus, il pourrait, via l’inhibition de la glycolyse, contribuer à l’effet thérapeutique de l’IFO.

The subprime mortgage crisis ranks among the most serious economic events affecting the United States since the great depression of the 1930s. This study analyzes key issues raised by the crisis at three levels: (i) issues directly and specifically relating to subprime mortgage lending; (ii) issues relating to the securitization of subprime mortgages; and (iii) issues affecting financial markets and institutions. These issues are fundamental to risk bearing, sharing, and transfer in financial markets and institutions around the world. Many of the issues raised by the U.S. subprime crisis also apply to high-risk loan markets in developing countries. The framework applied in the paper analyzes subprime mortgage lending as a major financial market innovation. Although conditions were conducive for subprime lending to arise as a financial innovation, financial innovations are necessarily risky undertakings, all the more so when they create new classes of risky loans and securities. The lessons learned from the crisis can thus be usefully applied to issues of the growth and development of emerging economies, as well as pointing the way to the design of new and efficient policies for subprime lending in the developed economies.

The article studies the turbulences on the world financial markets, which were caused by the turnaround on the US mortgage market leading to a significant increase of default rates, the further turmoil on the markets for asset backed securities and serious liquidity troubles in the banking sector. The following paper tries to highlight some reasons for the turbulences on financial markets which seem to challenge the banking sector so much. Furthermore the impacts on the German banking sector and on the German economy at all are addressed. Дана стаття досліджує дестабілізацію на світових фінансових ринках, яка була викликана кризовими явищами на іпотечному ринку США і привела до різкого зростання дефолтяв, хаосу на ринку цінних паперів, забезпечених активами, а також проблем з ліквідністю у банківському секторі. У статті розглядаються причини турбулентності на фінансових ринках, їх вплив на банківський сектор Німеччини, а також всю економіку цієї країни.

Stratoconception is a patented rapid prototyping process. It allows the direct manufacturing of a CAD model, layer after layer, without any lag in the design/manufacturing workflow. The Stratoconception process was developed by CIRTES since 1990 and is protected by relevant trademarks and international patents.This process consists in breaking the part down, by Computing, into a set of straightforward elementary layers called stratum, in which stiffeners and strengthening plugs are inserted. The elementary parts are identified and then directly manufactured by 2.5 axis rapid milling, or by 5 axis laser cutting from sheet material. These elementary parts are the fitted together and imbricated in order to rebuild the final part. The assembly of the strata is considered from the design step to help withstand the mechanical constraints during use.This work follows the CIFRE thesis n°642/99 prepared by Geoffroy LAUVAUX at the IFTS (Reims, France) and attended in 2005.A lot of work was published about decomposition of model. At the beginning, the entities were used in the context of machining (of plane, cylinder,...). Nowadays, the decomposition is applied in the field of multimedia visualization, similarities recognition or conception of new models by using database of existing models.In Stratoconception, we identify three types of decomposition, each of one responding to specific problem: decomposition in strata, pieces of strata and entities. Each of these decomposition solves accessibility, reduction of model's size and speed up of manufacturing time problems.We work more specifically on the optimization of slicing procedure by using critical points and on the manufacturing of tubular models by using parting line. We also study the decomposition of model into nearly convex entities in 2D and 3D., La Stratoconception est un procédé breveté de prototypage rapide permettant de fabriquer directement par couches une pièce créée par CAO, sans rupture de la chaîne conception / fabrication. Le procédé de Stratoconception est développé au CIRTES depuis 1990 et a fait l'objet de nombreuses communications ainsi que de dépôts de brevets et de marques.La Stratoconception consiste à décomposer (trancher) une pièce, en un ensemble de couches élémentaires simples, appelées strates, dans lesquelles sont introduits des renforts et inscris. Les pièces élémentaires sont identifiées puis fabriquées directement par micro-fraisage rapide 2.5 axes, à partir de matériaux en plaques. Ces pièces élémentaires sont ensuite assemblées pour reconstituer le produit final. L'assemblage est pris en compte dès la décomposition.Ce travail est une continuation des travaux de thèse CIFRE n°642/99 de Geoffroy LAUVAUX effectués au sein de l'IFTS de Reims et soutenus en 2005.La notion de décomposition de modèle numérique en entités a connu, et connaît encore, de nombreux développements et travaux. A l'origine, les entités de décomposition correspondaient à des entités élémentaires d'usinage (plan, cylindre, balayage...). Aujourd'hui, les travaux portant sur la décomposition de modèles sont principalement appliqués dans les domaines de l'imagerie multimédia, de la reconnaissance de similarités de modèles et de la création de nouveaux modèles à partir de bases de données de modèles existants.Lorsque l'on cherche à appliquer la notion de décomposition à la Stratoconception, il apparaît que celle-ci n'est pas unique et qu'il est possible de définir trois types de décompositions adaptées à des problématiques bien distinctes : la décomposition en strates, en morceaux et en entités. Chacune de ces décompositions résout des problèmes d'accessibilté, de réduction de dimensions de modèles et d'optimisation de vitesse de réalisation.Nous avons plus particulièrement travaillé sur l'optimisation de la phase de tranchage par l'utilisation de points caractéristiques (dits critiques) et sur l'utilisation de la ligne de reflet pour la décomposition et la réalisation de formes tubulaires. Nous avons également étudié un algorithme de décomposition en entités convexes approchées en dimensions 2 et 3.