This paper examines how corporate financial structure shapes the impact of a financial crisis on the real sector by way of its effects on flows of funds and on corporate real expenditures.
It is one of the first papers to utilize extensive cross-country flow and balance sheet data and also to examine
subcomponents of GDP in the wake of banking and currency crises rather than focusing exclusively on aggregate GDP.
Other Topics in Capital Budgeting
Evaluating projects with unequal lives Identifying embedded options Valuing real options in projects
Evaluating projects with unequal lives
Projects S and L are mutually exclusive, and will be repeated. If k = 10%, which is better?
The book is devoted to a subject which deserves growing attention from policy makers, financial operators and academics. It is the issue of unbanking or underbanking in developed countries. With respect to this, the goal of the authors has been to devote more efforts to understanding the problem of financial exclusion in order to offer to low-moderate-income people new opportunities of accessing financial services (banking, credit and investment services)
Standardised, regularly available indicators to explain market developments for microfinance in
Europe do not yet exist, or refer to Eastern Europe. Thus, we will focus in this section on the
framework conditions for microfinance which are covered by the regularly updated Eurostat
indicators for poverty and social inclusion, and by data on micro-enterprises. Specific aspects of
the current crisis will be discussed later in this paper.
There is also diversity with regard to final beneficiaries: many providers target people excluded
from mainstream financial services (47% of respondents of the latest EMN survey) and women
(44%); moreover, ethnic minorities and/or immigrants (41%), young (29%) and disabled people
(21%) are amongst the top ranks (see Jayo et al, 2010).
Priority outreach to these specific target groups show the high social focus of microfinance in
The Inter-American Development Bank (IDB) works exclusively in Latin
America. It has just concluded a study and published a book called So-
cial Investment Funds in Latin America: Past Performance and Future Role. It
occurred about two years ago that social funds have become overwhelm-
ingly popular all over the world. They started out as a way of respond-
ing to adjustment and have developed in different ways, doing various
things. The IDB decided to look at them to determine what is working
and what is not working.
The limited access to finance remains a key constraint on growth across the region, limiting
the scope for smaller, less well-established firms to finance investment through the formal
banking system. How to improve access and increase the level of financial intermediation
remains a key policy challenge.
Compagnia di Sviluppo Imprese Sociali (COSIS) set up by the Foundation Cassa di Risparmio
di Roma (Fondazione CR Roma) is a financial company that issues loans to social coopera-
tives and other non profit bodies. The projects financed are all aimed at combating social
and financial exclusion and creating employment opportunities for low income people and/
or disadvantaged people hired by the social cooperatives. The funding has been provided
by the Foundation CR Roma and through the issuance of “social” bonds as well as trough
access to European funds.
There are currently 11 state buy-down programs for renewable energy technologies, all of
which have been initiated within the past several years. Nearly all of these programs are
funded by public benefits funds and administered by the state’s energy office, third-party
fund administrator, or individual utilities. All of the buy-down programs fund PV
installations, with several states targeting PV exclusively. About half of the programs also
support wind technology development. A few programs include solar thermal systems or fuel
cells as eligible technologies.
This includes being at risk for all medical and long term care costs. A health center taking on this
program must be comfortable assuming significant financial risk as well as be able to assume the significant
regulatory requirements for PACE that parallel much larger Medicare Advantage health plans. Despite the
risk, PACE is one of the few accepted models for fully integrating health and long term care services for
disabled elders and is a very significant resource for communities that have the programs.
PACE began as a Medicare waiver program but is now a full Medicare benefit.
The genuine saving indicator marks a step forward by the Bank to move away from simple GDP
per capita calculations and introduce some human and environmental considerations into
mainstream national accounting. Because of its simple and striking nature it looks set to be a
major factor in key Bank documents and policy advice. Perhaps it will even become the figure
which represents the combined total of the two sides of the “national balance sheet” outlined in
Wolfensohn’s CDF proposal.
However, it suffers from flawed data and methodology.
The Credit Register information used here is based exclusively at the transaction or
loan level, not at the level of borrowers. A given borrower may enter into several loans with the
same bank or with different banks. As some characteristics of the loans cannot readily be
aggregated for a given borrower (collateral, maturity, type of instrument), in order to
distinguish their impact it is essential to perform the analysis at the level of each loan.
However, an altruistic basis for donation does not necessarily exclude other approaches:
systems based on altruism and systems involving some form of payment are not mutually
exclusive. This holds in two circumstances: first, in the absence of reward, where payment may
be used to recompense the donor for costs actually incurred in donating (that is, in order to
avoid financial losses as a result of donation); and second, in the presence of reward, where
some forms of reward (monetary or otherwise) may in fact co-exist with altruistic intent.
With the exceptions of EMBASE, Agricola and the Internet,
selection of articles from the library databases and the
International Journal of Obesity were carried out in dupli-
cate by two independent researchers blinded to each other’s
selections. The continuously changing nature of the Inter-
net impeded a duplicate selection. Because of time con-
straints, selection was not carried out in duplicate for
Agricola and Embase, which were added after the ﬁrst
search had been conducted.
This book weaves strands of research that date back more than 20 years,
to approximately 1990–1991. Although I worked at a futures commission
merchant (that is, a brokerage firm) while in graduate school, that work
involved financial futures exclusively. Deciding to leave that business in mid-October 1987 (thereby causing the 1987 crash), first for a stint in litigation
support consulting and then on to academia at the Michigan Business
School, I worked on research completely unrelated to futures markets.
It aims at providing assistance in compiling the specifications for your digital projection equipment. It
exclusively focuses on technical questions and does not address the economic, financial and political
dimensions of digital cinema.
Although it does not claim to be complete, this guide intends to be as complete as possible to assist
you with planning your installation. The latter has to meet in France the AFNOR NF S27-100 standard
(“Salle de projection électronique de type cinéma numérique” [“Electronic projection room of the type
digital cinema”]), ...
Our work is almost exclusively with banks and financial services companies in local markets, in western
states markets, nationally and even abroad. We see what works, where it works, and why it works in one
market, and maybe not in others. When we find anything new that has the potential to work better than
our baseline programs, we incorporate the technique into our toolkit of tactics and menu of options for
We do not represent any particular sales system and are not bound to represent any particular sales
management company. Rather than being tied...
Investment banks have strong capital adequacy, in particular with
respect to their hedge credit fund exposures – some estimates of
which are provided below.
Ironically, the fastest growing area of new financial products that
utilise highly-complex derivative products exclusively lies mostly
within the regulated sector. This is the market for “structured
products” that are produced by investment banks and sold to retail,
private bank and institutional clients.
Although FHLBanks can use published securities ratings to help make investment decisions,
they should also consider other sources of financial information. Exclusive reliance on ratings
can be an unsafe and unsound banking practice because credit ratings may lag actual changes in
credit quality. There have been a number of instances where companies maintained investment
grade ratings until just before they defaulted.
To manage investment risks prudently, FHLBanks should supplement external ratings with
internal credit analysis.
Older individuals encounter a panoply of legal vicissitudes, as well as
other types of challenges, in their daily lives. For older persons needing
medical services, it frequently is impossible to separate the clinical aspects
of care from the legal (as well as ethical, financial, and public policy) elements.
Medical care of the elderly is intimately affected and extensively
governed by the broad array of legal considerations that are applicable to
the delivery of health services in general, and many of these considerations
often are exacerbated in the care of older persons.