Space: the finance sector

1984 ◽  
Vol 312 (1519) ◽  
pp. 75-81
Keyword(s):  
Interest Rate ◽  
Nuclear Power ◽  
Relative Importance ◽  
Launch Vehicles ◽  
International Capital ◽  
Public And Private ◽  
International Capital Markets ◽  
Inflation Rates ◽  
Different Types ◽  
The Impact

The paper will deal with the relative importance of finance. Analogies will be drawn with the financing of nuclear power and North Sea oil. The entities — public and private — involved in financing will be summarized including joint ventures, military binding and the impact of privatization. The various types of space expenditures to be financed will be reviewed including ground facilities, launch vehicles, satellites and space stations. The availability and appropriateness of different types of finance will be considered including defence and P.T.T. budgets, resources of Broadcasting Authorities, finance of equipment suppliers and export-import credit. In addition, funds available from national and international capital markets will be considered. The impact of risk and whether it can be insured or hedged will be examined together with the relevance of risk analysis to the availability of private sector funding. In this context the influence of interest rate changes, inflation rates and currency parities will be considered.

scholarly journals Revisiting Sovereign Ratings, Capital Flows And Financial Contagion in Emerging Markets

2015 ◽  
Vol 1 (2) ◽  
pp. 3 ◽  
Author(s):  
Noha Emara ◽  
Ayah El Said
Keyword(s):  
Emerging Markets ◽  
Capital Flows ◽  
Financial Contagion ◽  
International Capital ◽  
Dynamic Panel ◽  
International Capital Markets ◽  
Sovereign Credit Ratings ◽  
Different Types ◽  
The Impact ◽  
The Relationship

This study revisits sovereign credit ratings, contagion and capital flows to Emerging Markets (EMs), and clarify the relationship between them. Specifically, this study analyzes how the changes in sovereign rating influence different types of capital flows to EMs and whether the changes in the different kinds of capital flows in one country be explained by a sovereign ratings’ change in another country. Using Arellano-Bover/Blundell-Bond Dynamic Panel System GMM for 23 EMs over the period 1990-2012 the results of the study suggest that sovereign ratings is a crucial factor for EMs’ access to international capital markets and that capital flows is a major source of financing for Ems. In addition, the results show that financial contagion may continue to be a threat to capital flowing into EMs and that financial crisis increases the impact of sovereign rating on foreign direct investment but is not the case with portfolio investment.

Real estate risk, yield modelling and market sentiment: the impact on pricing in European office markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tony McGough ◽  
Jim Berry
Keyword(s):  
Real Estate ◽  
International Capital ◽  
Content Type ◽  
International Capital Markets ◽  
Real Estate Markets ◽  
Market Sentiment ◽  
Office Markets ◽  
Risk Pricing ◽  
Changes In Risk ◽  
The Impact

PurposeThe financial and economic turmoil that resulted from the Global Financial Crisis (GFC), included a marked increase in the volatility in real estate markets. Property asset prices were impacted by the real economy and market sentiment, particularly concerning the determination of risk. In an economic downturn, the perception of investment risk becomes increasingly important relative to overall total returns, and thus impacts on yields and performance of assets. In a recovery phase, and particularly within an environment of historically low government bonds, risk and return compete for importance. The aim of this paper is to assess the interrelationships and impacts on pricing between real estate risk, yield modelling outcomes and market sentiment in selective European city office markets.Design/methodology/approachThis paper specifically considers the modelling of commercial property pricing in relation to the appetite for risk in the financial markets. The paper expands on previous work by determining a specific measure of risk pricing in relationship to changing financial market sentiment. The methodology underpinning the research specifically examines the scope for using national and international risk pricing within specific real estate markets in Europe.FindingsThis paper addresses whether there is a difference between the impact of risk on the pricing of real estate in international versus regional cities in Europe. The analysis, therefore, determines which city centre office markets in Europe have been most impacted by globalisation including the magnitude on real estate prices and market volatility. The outcome of the paper provides important insights into how changes in risk preferences in the international capital markets have driven and continues to drive yield movements under different market conditions.Research limitations/implicationsThe paper considers the driving forces which have led to the volatile movements of yields, emanating from the GFC.Practical implicationsThis paper considers the property market effects on pricing of commercial real estate and the drivers in selected European cities.Originality/valueThe outcome of the paper provides important insights into how changes in risk preferences in the international capital markets have driven and continue to drive the yield movements in different real estate markets in Europe.

Economic stress drains CIS sovereign wealth funds

2015 ◽  
Keyword(s):  
Pension System ◽  
Economic Stress ◽  
International Capital ◽  
Sovereign Wealth Funds ◽  
Content Type ◽  
International Capital Markets ◽  
The Face ◽  
National Welfare ◽  
The Impact ◽  
Welfare Fund

Significance Concern about the need to preserve one of the SWFs to support the pension system is probably a major reason behind the rejection. The Ministry of Economic Development had already approved part of the 1.3 trillion ruble (25 billion dollar) transfer to Rosneft from the National Welfare Fund. The intra-ministry dispute highlights how state firms are looking to SWFs for unconventional government financial support in the face of sanctions-driven stress on Moscow's budget and restricted access to international capital markets. Impacts SWFs are helping to offset the impact of low oil prices and regional turmoil. The anti-crisis effort is boosting spending on infrastructure. Weaker exchange rates will increase the value of resources in domestic currencies.

THE VATICAN AND THE WALL STREET CRASH: BERNARDINO NOGARA AND PAPAL FINANCES IN THE EARLY 1930s

1999 ◽  
Vol 42 (4) ◽  
pp. 1077-1091 ◽  
Author(s):  
JOHN F. POLLARD
Keyword(s):  
Financial Control ◽  
International Capital ◽  
Financial Difficulty ◽  
Economic Ethics ◽  
Wall Street ◽  
International Capital Markets ◽  
Financial Position ◽  
Capital Endowment ◽  
The Status ◽  
The Impact

The signing of the Lateran Pacts between Mussolini and Pius XI not only changed the status of the Vatican, it also transformed its financial position overnight. After decades of financial difficulty, the Vatican acquired a substantial capital endowment, the investment of which the pope entrusted to Bernardino Nogara. But as the diary of Nogara reveals, as a result of the pope's ambitious spending plans, the lack of a proper system of financial control in the Vatican, and, above all, the impact of the Wall Street crash, within less than two years the Vatican was losing money hand over fist. This article explains how Nogara reconstructed the finances of the Vatican in the wake of this disaster, and explores the links between the Vatican's first experience of playing the international capital markets and the pope's notions of social and economic ethics.

scholarly journals Preocupações de Professores Supervisores de Estágio Curricular Supervisionado em Educação Física

2019 ◽  
Vol 5 (3) ◽  
pp. 21-27
Author(s):  
Luciane Costa ◽  
Jaqueline Silva ◽  
Vinícius Oliveira ◽  
Allana Cardoso ◽  
Rui Resende ◽  
...  
Keyword(s):  
Physical Education ◽  
Private Higher Education ◽  
Initial Training ◽  
Self Assessment ◽  
Public And Private ◽  
Initial Formation ◽  
Different Types ◽  
Private Higher Education Institutions ◽  
The Impact ◽  
Annual Planning

This quantitative study aims at analysing the pedagogical concerns of supervising teachers of the Supervised Internship in initial training in Physical Education. Twenty-seven teachers from public and private higher education institutions in Brazil participated in this study. For the data collection, the Pedagogical Concerns Scale of the Teacher was used, which evaluates the pedagogical concerns in the following dimensions: Self, Task and Impact. The results present an abundance of pedagogical concerns corresponding to the dimension of the impact of the teaching, being the main ones: to identify problems of learning of the students and to meet the needs of the different types of students. In the dimension of the teaching task, the most pointed concerns were the lack of a conscious policy of self-assessment and the lack of continuity in the annual planning of the discipline. Concerns about the personal aspect are not present among the highest pedagogical concerns of the trainee supervisors. It is concluded that the supervisors of internships concentrate their pedagogical concerns on the impact dimension of the teaching, necessitating in this way, the fomentation of strategies that improve their interventions and actions in the context of the supervised internship in the initial formation in Physical Education.

Shades of blue in financing: Transforming the ocean economy with blue bonds

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Joywin Mathew ◽  
Claire Robertson
Keyword(s):  
Social Impact ◽  
International Capital ◽  
Public And Private ◽  
Content Type ◽  
International Capital Markets ◽  
The Public ◽  
Market Participants ◽  
Market Framework ◽  
Sustainable Finance ◽  
Transformative Impact

Purpose To provide an overview of how blue bonds can have a transformative impact on the blue- and ocean-based economies. Design/methodology/approach This article provides an overview of what a blue bond is, the process for issuing a blue bond, the transformative effects blue bonds can have on ocean economies, and the areas ocean economies should focus on to attract investors and catalyze investment into their ocean economies. Findings This article concludes blue bonds present an opportunity to not only achieve strong financial returns but to also contribute to a meaningful environmental and social impact on ocean economies. As the public and private sectors develop initiatives to catalyze investment into ocean initiatives, it is likely the investment community will eagerly adopt blue bonds into the suite of sustainable finance products, driving greater investment into ocean economies and supporting the health of our oceans. Practical implications One of the key constraints for blue-bond growth is the lack of familiarity to this product among market participants. Unlike its other ESG-labeled counterparts, blue bonds are not regulated by a set of principles such as those prescribed by the International Capital Markets Association (ICMA). Clarifying the alignment of globally recognized standards such as the ICMA principles and its correlation to blue financing may help ocean industries to achieve greater recognition within the sustainable bond market framework and can make the market aware of important characteristics of ocean industries, including differing risks and opportunities. Originality/value Practical guidance from experienced lawyers in ESG bonds and blue economy initiatives.

scholarly journals Capital Controls with International Reserve Accumulation: Can this Be Optimal?

2013 ◽  
Vol 5 (3) ◽  
pp. 229-262 ◽  
Author(s):  
Philippe Bacchetta ◽  
Kenza Benhima ◽  
Yannick Kalantzis
Keyword(s):  
Interest Rate ◽  
Central Bank ◽  
Open Economy ◽  
Capital Mobility ◽  
Capital Controls ◽  
International Capital ◽  
Asset Accumulation ◽  
International Capital Markets ◽  
Growing Economy ◽  
Domestic Interest Rate

Motivated by the Chinese experience, we analyze an economy where the central bank has access to international capital markets, but the private sector does not. The central bank is modeled as a Ramsey planner who can choose the domestic interest rate and the level of international reserves. Consumers are credit-constrained as in Woodford (1990). We find that a rapidly growing economy has a higher welfare without capital mobility. In the Chinese context, we argue that the domestic interest rate should be temporarily above the international rate and that there should be more foreign asset accumulation than in an open economy. (JEL E58, E62, F32, F41, O19, O24, P33)

scholarly journals Fresh Water in Roman Law: Rights and Policy

2017 ◽  
Vol 107 ◽  
pp. 60-89
Author(s):  
Cynthia Bannon
Keyword(s):  
Fresh Water ◽  
Private Property ◽  
Analytical Framework ◽  
Roman Law ◽  
Public And Private ◽  
The Public ◽  
Different Types ◽  
Water Administration ◽  
The Impact ◽  
Withdrawal Management

ABSTRACTFresh water came from a variety of sources, streams and springs as well as aqueducts. Much of the Roman law on fresh water concerns its supply, regulating rights to use it with a variety of legal institutions from public and private law (e.g. ownership, servitudes, interdicts). The study of fresh water has usually followed the legal categories, segregating the public water supply from water that was private property, and consequently segregating different types of evidence. In this paper varied evidence is analysed using the ‘bundle’ approach, an analytical framework from legal scholarship on rights in the environment, in which water rights are not monolithic but are represented by component rights, including rights of access, withdrawal, management, exclusion and alienation. Analysing component rights in fresh water reveals significant continuities in the Romans' regulation of it and the impact of this regulation. Although there was no centralized water administration in the early Empire, Romans took a systematic approach to regulating fresh water based on consistent working principles and policy priorities.

scholarly journals The vulnerable financial issue: Capital flight in Indonesia

2021 ◽  
Vol 18 (1) ◽  
pp. 89-105
Author(s):  
Muhammad Basorudin ◽  
Harwin Dwi ◽  
Hartini Sri ◽  
Gantjang Amannullah ◽  
Hamid Rachmadani
Keyword(s):  
Trade Openness ◽  
Capital Flight ◽  
Budget Deficits ◽  
International Capital ◽  
Combined Method ◽  
Sixth Edition ◽  
Inflation Rates ◽  
Financial Issue ◽  
Macroeconomic Determinants ◽  
The Impact

Indonesia is a developing country with a high demand for capital from both domestic and international sources. However, international capital flows are needed the most. For non-Western countries, especially Indonesia, capital flight is an unfavourable financial problem. This research aims to summarise capital flight from Indonesia and analyse the impact of macroeconomic and non-macroeconomic determinants through capital flight. Macroeconomic determinants include budget deficits, economic growth, inflation rates, and exchange rates. Nonmacroeconomic determinants are the degree of trade openness, interest rate differences, and dummy ratings. The data comes from the Bank of Indonesia, OECD, Moody's, and BPS-Statistics Indonesia. The coverage of this research is the Indonesian quarter from 2010 to 2018. This period complies with the latest procedures of the sixth edition of the Balance of Payments Manual (BPM 6). In this research, the measurement of the capital flight is the World Bank's residual method, trade misinvoicing method, and combined method. This research finds that, compared with other economics, non-macroeconomics is the most influential determinant of capital flight from Indonesia.

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