Changing Challenges in the Modernization of Nacional Financiera

2018 ◽  
Author(s):  
Juan Carlos Moreno-Brid ◽  
Esteban Pérez Caldentey ◽  
Laura Valdez
Keyword(s):  
Federal Government ◽  
Commercial Bank ◽  
Development Process ◽  
Institutional Transformation ◽  
Market Failures ◽  
Market Segments ◽  
Business Interests ◽  
Policy Bank ◽  
Preferential Access

NAFINSA was essential to Mexico’s development process. It served as the financial agent of the Federal Government and provided preferential access to long-term finance favouring selected business interests and groups. With the Washington Consensus, its tasks were reduced to correcting for market failures, becoming a complement to commercial banks, and focusing on attending the market segments falling outside the scope of commercial bank activity (notably SMEs). Although it appears as a successful story of institutional transformation, on closer inspection, NAFINSA has not been able to overcome key obstacles and its success in alleviating credit restrictions is very limited. NAFINSA must recover some of its functions, prerogatives, and responsibilities as a policy bank to become relevant in strengthening financial intermediation for capital formation.

Infrastructure mortgage in Russia: Opportunities and prospects

2019 ◽  
pp. 114-133
Author(s):  
G. I. Idrisov ◽  
Y. Yu. Ponomarev
Keyword(s):  
Federal Government ◽  
Public Debt ◽  
Budget Deficit ◽  
Expert Assessment ◽  
Inflation Expectations ◽  
Direct Impact ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Negative Effect

The article shows that depending on the goals pursued by the federal government and the available interbudgetary tools a different design of infrastructure mortgage is preferable. Three variants of such mortgage in Russia are proposed, each of which is better suited for certain types of projects and uses different forms of subsidies. According to our expert assessment the active use of infrastructure mortgage in Russia can increase the average annual GDP growth rate by 0.5 p. p. on the horizon of 5—7 years. In the long run the growth of infrastructure financing through the use of infrastructure mortgage could increase long-term economic growth by 0.9 p. p., which in 20—30 years can add 20—30% of GDP to the economy. However, the change in the structure of budget expenditures in the absence of an increase in the budget deficit and public debt will cause no direct impact on monetary policy. The increase in the deficit and the build-up of public debt will have a negative effect on inflation expectations, which will require monetary tightening for a longer time to stabilize them.

An Evaluation of Provincial Macroeconomic Performance in Vietnam

2017 ◽  
pp. 34-47
Author(s):  
Hoi Le Quoc ◽  
Nam Pham Xuan ◽  
Tuan Nguyen Anh
Keyword(s):  
Development Strategy ◽  
Institutional Transformation ◽  
Economic Indicators ◽  
Macroeconomic Performance ◽  
Economic Development Strategy ◽  
Socio Economic Development ◽  
The Cost ◽  
Development Objectives ◽  
First Time

The study was targeted at developing a methodology for constructing a macroeconomic performance index at a provincial level for the first time in Vietnam based on 4 groups of measurements: (i) Economic indicators; (ii) oriented economic indicators; (iii) socio-economic indicators; and (iv) economic - social – institutional indicators. Applying the methodology to the 2011 - 2015 empirical data of all provinces in Vietnam, the research shows that the socio-economic development strategy implemented by those provinces did not provide balanced outcomes between growth and social objectives, sustainability and inclusiveness. Many provinces focused on economic growth at the cost of structural change, equality and institutional transformation. In contrast, many provinces were successful in improving equality but not growth. Those facts threaten the long-term development objectives of the provinces.

Report of the Committee to Survey Needs and Opportunities for the Biomaterials Industry

MRS Bulletin ◽  
1991 ◽  
Vol 16 (9) ◽  
pp. 26-32 ◽  
Author(s):  
S.A. Barenberg
Keyword(s):  
Materials Science ◽  
National Research Council ◽  
International Competition ◽  
Artificial Organs ◽  
Wound Management ◽  
Market Segments ◽  
Materials Science And Engineering ◽  
Industrial Needs

The Biomaterials Industry Subpanel was chartered by the National Research Council (on behalf of the National Academies of Sciences and Engineering) to address the needs and opportunities in materials science and engineering as perceived by the biomaterials industry. This report represents an initial overview and should not be considered definitive.The Committee examined the short-term, intermediate, and long-term needs of the industry and how external factors such as regulations, lack of standards, and international competition influenced the industry. The industry is heterogeneous and was subsequently defined by the following market segments: artificial organs, biosensors, biotechnology, cardiovascular/blood products, drug delivery, equipment/devices, maxillofacial, ophthalmology, orthopedics, packaging, and wound management.Each of these market segments then addressed the:Role of materials in the industry,Current materials and material needs,Material opportunities and impact,Industrial needs/issues,International competition/foreign initiatives, andRole of the U.S. government.

Position of Croatia on European tourist market

1997 ◽  
Vol 3 (2) ◽  
pp. 209-224
Author(s):  
Ivo Ban ◽  
Vesna Borković-Vrtiprah
Keyword(s):  
Transition Process ◽  
European Market ◽  
Short Term ◽  
Market Segments

Croatia is an important factor to the European tourist market. The constructed tourist capacities, realized traffic and revenues are a significant segment of the European "satisfaction industry". However, unfavorable trends were perceived in Croatian tourism already during the second half of the 1980's. War and war destruction had the effect of drastically influencing traffic, as well as resulting in the complete absence of tourists in some regions, as in Dubrovnik. All this, alongside the unavoidable problems of the transition process which appeared on this path, contributed to the serious difficulties that Croatian tourism faces. The come-back of Croatian tourism and the building of its entirely new identity is a long complex and difficult process. Regardless of present circumstances and the evident return of tourists to Croatia in 1997, it is necessary indispose the fundamental changes in the approach to tourism and tourist practices. It is necessary to define long-term goals and market segments towards which offers can be explicitly directed and to systematically develop contemporary, tourist marketing. As the changed and ever-increasing demands of today's tourist consumer seek substantial improvements in the Croatian tourist product, which must be significantly better in quality, richer and more diverse, and thereby more competitive. The Croatian tourist product must comply with all contemporary market demands. The paper considers all these questions and problems and indicates what is necessary and objectively possible to achieve within short-term and long-term periods, in order to accomplish the desired goal - the better placement of Croatia on the European market.

A CONDITIONAL EQUITY RISK MODEL FOR REGULATORY ASSESSMENT

2018 ◽  
Vol 49 (1) ◽  
pp. 217-242
Author(s):  
A. Floryszczak ◽  
J. Lévy Véhel ◽  
M. Majri
Keyword(s):  
Risk Assessment ◽  
Risk Model ◽  
Capital Requirements ◽  
Market Failures ◽  
Equity Prices ◽  
Equity Risk ◽  
Solvency Capital ◽  
Functional Differential ◽  
Stochastic Functional

AbstractWe define and study in this work a simple model designed for managing long-term market risk of financial institutions with long-term commitments. It allows the assessment of solvency capital requirements and the allocation of risk budgets. This model allows one to avoid over-assessment of solvency capital requirements specifically after market disruptions. It relies on a dampener component in charge of refining risk assessment after market failures. Rather than aiming at a realistic and thus complex description of equity prices movements, this model concentrates on minimal features enabling accurate computation of capital requirements. It is defined both in a discrete and continuous fashion. In the latter case, we prove the existence, uniqueness and stability of the solution of the stochastic functional differential equation that specifies the model. One difficulty is that the proposed underlying stochastic process has neither stationary nor independent increments. We are however able to perform statistical analyses in view of its validation. Numerical experiments show that our model outperforms more elaborate ones of common use as far as medium-term (between 6 months and 5 years) risk assessment is concerned.

Detroit’s bankruptcy: treating the symptom, not the cause

2017 ◽  
Author(s):  
George Galster
Keyword(s):  
Federal Government ◽  
Regional Growth ◽  
Growth Management ◽  
Tax Rates ◽  
Tax Base ◽  
White Middle Class ◽  
Death Spiral ◽  
Expressway Construction ◽  
The City

In 2013 Detroit became the largest municipality to declare bankruptcy. Unfortunately, bankruptcy does not treat the long-term cause of Detroit’s financial crisis: the ongoing fiscal death spiral triggered by loss of industrial, commercial and residential tax base starting in the 1950s. The first loss came from manufacturers who abandoned older factories in the city in favor of suburban locations. The second came from the federal government, whose guarantees for FHA-VA mortgages and subsidies for expressway construction spurred suburbanization of Detroit’s (overwhelmingly white) middle class. Detroit trimmed services and raised tax rates in response. But this made it an increasingly uncompetitive location, thereby further contracting its property and income tax bases, forcing still more cuts in services and increases in tax rates. What is required to break out of the fiscal death spiral in which Detroit finds itself is substantially more federal and state revenue sharing and regional growth management.

scholarly journals Parental support in sports development of Brazilian gymnasts participants in the Olympic Games (1980-2004)

2016 ◽  
Vol 30 (1) ◽  
pp. 109-118
Author(s):  
Laurita Marconi SCHIAVON ◽  
Daniela Bento SOARES
Keyword(s):  
Oral History ◽  
Parental Support ◽  
Development Process ◽  
Olympic Games ◽  
Sports Performance ◽  
Oral Testimony ◽  
The Subject ◽  
High Level ◽  
The Olympic Games

Abstract Sports development involves important aspects that collaborate towards the achievement of a high level sports performance. Parental support is one such fact to be considered in Long Term Athlete Development (LTAD), capable of benefiting or harming athletes if not adequately administered. This study registers and discusses the importance of parental support in female Artistic Gymnastics, from the perspective of Brazilian gymnasts who have participated in the Olympic Games. The method used was Oral History with the technique known as oral testimony. The participants of the study were the ten Brazilian gymnasts who represented Brazil in the Olympic Games from when the country first participated in this championship, in 1980, up to the best Brazilian classification in Athens (2004), totaling ten gymnasts (a sample comprising 100% or the research universe). Testimony analysis was conducted through crossanalysis. The study shows unanimity among the gymnasts in regards to the importance of parental support in the sports development process. In addition to reinforcing the results found in the literature, the testimonies provide details of the relationships between the gymnasts and their families for deeper reflections around the subject, a distinguishing feature of studies with oral testimonies.

scholarly journals Faktor Eksternal dan Internal yang Mempengaruhi Profitabilitas Bank Syariah di Indonesia

2018 ◽  
Vol 13 (1) ◽  
pp. 51
Author(s):  
Yudhistira Ardana
Keyword(s):  
Error Correction ◽  
Commercial Bank ◽  
External Factors ◽  
Internal Variables ◽  
Business Unit ◽  
Short Term ◽  
Correction Model ◽  
Monthly Data ◽  
Short And Long Term

This study aims to determine the influence of external factors (inflation and BI rate) and internal (CAR, REO, FDR, and NPF) on the level of profitability of sharia banks in Indonesia as measured by ROA. The data used in this study is the data of Sharia Commercial Bank and Sharia Business Unit in Indonesia from 2011 to 2018 using monthly data. This research uses error correction model which is commonly abbreviated as ECM. The results show that the external and internal variables together significantly influence the ROA variable. Individually, CAR, NPF and Inflation variables have no significant effect on ROA, while FDR and REO variables in both short and long term have significant effect on ROA. BI rate in this study has no significant effect on ROA in the short term, but has a significant effect on ROA variable in the long term

The Goals of Competition Law

2020 ◽  
pp. 58-89
Author(s):  
Rex Ahdar
Keyword(s):  
New Zealand ◽  
Competition Law ◽  
Chicago School ◽  
Labour Government ◽  
Business Interests ◽  
Michael Porter ◽  
Workable Competition ◽  
Term Benefit ◽  
Harvard School

The Commerce Act 1986 expressly states its object is to promote “effective or workable competition.” This traditional Harvard School approach has been consistently assailed by big business interests in New Zealand, assisted by a phalanx of “down-under” Chicago School economists and lawyers. Chicagoans have had minor successes in terms of amendments to the principal Act, and some quite notable court victories, but the glittering prize, the overall objective of the Act, has remained unchanged. Chicago won several battles, but lost the war. A major amendment to the Act in 2001, promoted by a Labour government, recast its object to state that its purpose was “to promote competition in markets for the long-term benefit of consumers within New Zealand.” After a quiet period where nothing seemed to have changed, the most recent signs are that a mild preference for consumers is appearing. The chapter also examines the international competitiveness arguments of Michael Porter.

Investing for Growth and Security

2019 ◽  
pp. 193-206
Author(s):  
William G. Gale
Keyword(s):  
United States ◽  
Research And Development ◽  
Interest Rates ◽  
Federal Government ◽  
The United States ◽  
Federal Spending ◽  
President Obama ◽  
Transit Systems ◽  
Historical Levels

Besides its investment in people, the federal government makes critical investments in infrastructure and research and development. Because federal spending in these areas has fallen significantly in recent years and interest rates are low relative to historical levels, this chapter proposes sizable increases for both categories. The increases in infrastructure spending will provide the resources needed to restore and update aging roads, bridges, and public transit systems, while the increases in research and development will help the United States to explore cutting-edge technologies. Policymakers should also fund the military’s long-term plans through 2032, as outlined by President Obama, and let spending grow modestly afterward. That would allow for a continuing presence overseas. If a new war broke out, policymakers presumably would provide the additional temporary funds to ensure that America achieved its mission and emerged victorious.

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