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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.

This agriculture public expenditure review (AgPER) provides key background information and guidance in this endeavor by presenting and analyzing historic data on public spending on agriculture, examining the efficiency of spending, and identifying areas where additional funds can be applied effectively to achieve national agricultural policy and comprehensive Africa agriculture development program (CAADP) objectives. The goals of the AgPER in Sierra Leone are as follows: gain a better understanding of the countrys performance in the context of the 2003 Maputo declaration; draw lessons from the past in terms of budget execution in the agricultural sector and identify bottlenecks, inefficiencies, and deviations from goals; seek and recommend corrective actions for existing and future programs with a view to improving their impact and making them more efficient and equitable; initiate the implementation of the databases and methodology required for conducting similar reviews regularly and thus contribute to the institutionalization of the process; help the government establish an environment and capabilities for results-based management, with particular emphasis on improving planning, execution, and monitoring and evaluation; and increase visibility for the government and the financial and technical partners over the sectors absorptive capacity so that the decision may be made to allocate more resources to agricultural development. This report consists of five chapters: first chapter introduces the strategic and institutional context; second chapter studies the level of public agricultural expenditure in Sierra Leone; third chapter analyzes the economic and functional composition of public agricultural expenditure (allocative efficiency); fourth chapter assesses the technical efficiency of the processes of preparation, execution, and monitoring and evaluation of agricultural budgets; and fifth chapter contains our findings and recommendations.

This report was initiated at the request of the Iraqi government to get a better understanding of the overall financial sector in Iraq. The main objective of the report was to develop a comprehensive assessment of the financial sector. This report takes a first look at the overall financial system of Iraq with a forward looking approach. Key findings of the report are: 1) Iraq's financial sector is dominated by the banking system, with most assets held by state-owned banks; 2) many private banks are in the process of developing modern banking practices, but still need further strengthening and consolidation; 3) other financial markets are concentrated at the Iraqi stock exchange but capitalization is low, and few instruments are traded; 3) the insurance sector is small, dominated by state- owned enterprises, and is not supervised; 4) weak financial infrastructure is a clear impediment to access to finance; and 5) Small Medium Enterprises (SME) and microfinance is not well developed.

From the introduction: The last two years mark a turning point in public perception of human-induced climate change as a problem of global importance. The widespread acceptance that 'most of the observed increase in globally-averaged temperatures since the mid-20th century is very likely due to the observed increase in anthropogenic greenhouse gas [GHG] concentrations' has increased political pressure on governments to reduce GHG emissions. At the same time, rising oil prices have made the reduction of dependence on energy imports and diversification of the energy mix strategic imperatives for many countries around the world. While governments worldwide are confronted with this dual challenge, it is of special relevance to China. On the one hand, China has recently become the world's largest emitter of CO2, accounting for 24% of global annual CO2 emissions. China is therefore one of the most important players to effectively mitigate global warming and pressure from governments around the world on China to join emission reductions efforts is mounting. On the other hand, energy demand is growing exponentially and China is increasingly relying on energy imports to satisfy energy needs. Worried that growing dependency on energy imports may be accompanied by foreign-policy and economic pressures that might threaten national security as well as social and political stability, China has implemented a number of policies to address this issue ranging from policies to save energy and reduce energy intensity, to the diversification of oil supply sources and routes, the support of equity oil overseas acquisitions and the build up of strategic oil reserves to the diversification of the energy portfolio. In line with the objective to diversify the composition of the energy mix, China's leadership is increasingly realizing the need to reduce emissions and support renewable energy development. At a recently held Politburo study session, President Hu Jintao exclaimed: 'Our task is tough, and our time is limited. Party organisations and governments at all levels must give priority to emission reduction and bring the idea deep into people's hearts". To address the issue of energy security, the Chinese government has adapted a two-pronged approach. While measures to promote energy savings and efficiency curb the increase in energy demand, the support of renewable and nuclear energy reduces dependency on energy imports and contributes to the broadening of the foundation of energy supply. This study focuses on China's renewable energy policy and the development of wind energy in China in particular. Commitment by the highest levels of government and a host of favourable policies have triggered a boom in renewable energy in China, especially in the wind power sector. A major step in the development of renewable energy in China has been the Renewable Energy Law that came into effect in January 2006. In addition, the government has set ambitious targets for energy intensity reduction, and share of renewable energy of primary energy consumption. China is on the way to become the world leader in renewable energies. In 2007, investment in renewable energies in China amounted to approximately US$ 12 billion, second only to Germany. In terms of installed renewable energy capacity, China leads the world with 151 GW of installed capacity, largely due to the widespread utilization of hydropower for electricity generation. According to a report by the United Nations Environmental Programme, China is the world's leading manufacturer of solar cells, with an estimated annual production capacity of 3.000 MW. China's wind power market was the third biggest worldwide in 2007 and growth rates continue to exceed expectations. In 2009, China is expected to take the lead as the largest manufacturer of wind turbines. Hydro power represents the most important source of renewable energy in China and plays an important part in the power generation portfolio, most notably since the construction of the Three Gorges Dam. Hydro capacity is expected to double to 290 GW until 2020, but concerns about the social and environmental impact of large-scale hydro power are becoming stronger. Although China is the world's leading solar manufacturer, installed solar photovoltaic power capacity amounts to a mere 0.01% of total power generation capacity (80 MW, approx. 50% of which are off-grid). Solar power equipment is produced almost exclusively for export. Considering China's enormous energy demand and the pace of its growth, deployment of solar photovoltaic power is not viewed as a first-rate solution to satisfy China's energy needs, since it features high costs and low efficiencies compared to other renewables like hydro or wind power. While China does not have significant amounts of solar PV capacity, it is the biggest market for solar thermal systems for heating and hot water supply with 64,5% of global capacity, amounting to 68 GW. Biomass covers 13% of primary energy demand, mostly used in rural households for heating and cooking. In 2007, only 0,28% of power generation capacity were fuelled by biomass. The government plans to expand biomass capacity from 2 to 30 GW by 2020. Despite the impressive progress of recent years, renewable energies - excluding hydro - only contribute less than 1% to China's electricity supply and the skies above China's urban areas continue to be shrouded by smog. Since coal-fired power generation accounts for 82,9% of total electricity supply, it is no surprise that half of China's emissions are attributable to power generation. With electricity demand growing rapidly alongside the economy, dependency on coal as the major source for power generation is likely to persist. However, as the most important source of renewable energy next to hydro, and growth of installed capacity constantly accelerating, peaking at about 130% in 2007, wind power is one of – if not the – most promising option on China's path towards diversification of the energy mix. In recent years wind power has become a mainstream source of renewable energy excelling with mature technology and power generation costs almost competitive with conventional power sources, providing a viable alternative to coal as a source of electricity generation. In 2005, just before the development of wind power started to pick up pace, the China Wind Power Training and Research Project (CWPP) of the German Development Cooperation (GTZ) saw its inception, with the aim of improving the conditions for sustained development of wind power in China. Primary objective of CWPP is the support of sustained long-term wind power development in China. To attain this goal CWPP supports the improvement of technical capabilities of private and government institutions and organizations through activities in the fields of wind power training, technical support and research. The project's engagement ranges from training of technicians in charge of operation and maintenance (OM) at wind farms to the introduction and localisation of software vital to wind resource assessment. These capacity building activities are complemented by wind power information services as well as policy advice to relevant government institutions. The CWPP activities and the indicators measuring its success are based on an analysis of framework conditions in 2003/2004. However, since then the general conditions for wind power in China have changed drastically due to policy changes inducing exponential growth of the industry. While from 2000 to 2005 total installed capacity grew at an average rate of 31%, it more than doubled in the last two years. Newly installed capacity increased at an even faster rate averaging 156% annual growth from 2005 till 2007. In light of the boom in the Chinese wind power sector, it is imperative to realign project activities with actual market conditions on the basis of an up-to-date assessment of the current situation and future outlook. This analysis of the wind power sector in China in 2008 will serve as a basis for the review of current CWPP activities with the aim of developing recommendations for adaptations where deemed necessary. Content Methodology: The study is divided into seven chapters. Subsequent to the introduction, the global development of wind power, its major drivers and trends are discussed briefly serving as a backdrop to the study. The third chapter introduces CWPP and its activities along with the current status of project implementation. The fourth and fifth chapter form the main body of this study. Beginning with the current picture of energy supply and demand, the fourth chapter goes on to introduce the relevant government authorities in charge of Chinese renewable energy policy. Since the basis for wind power development is government support, a detailed examination of renewable energy policy in China is given. The policies governing the wind power sector are reviewed in order to explore the origins of the current boom of the wind power industry. The fifth chapter offers an in-depth discussion of wind power in China, including wind power potential, current status of the market and future development as well as the situation with regards to wind power equipment manufacturers and project developers. In the sixth chapter, major determinants that have the potential to negatively affect the perspectives of wind power development in China are identified and discussed. As a conclusion, chapter seven offers recommendations for the realignment of CWPP activities according to the actual needs of the market. A series of expert interviews was conducted within the scope of the study. The experts interviewed included representatives of relevant government authorities, foreign and domestic wind turbine manufacturers, component suppliers, project developers, industry associations, universities, research institutes, consultancies, CDM agencies and environmental organizations. These interviews serve as a supplement to the evaluation of secondary literature and online sources so as to guarantee the timeliness and validity of information in the study. In cooperation with the China Electric Power Research Institute (CEPRI) and the Chinese Wind Energy Association (CWEA) the need for wind power-specific training and education for wind power equipment manufacturers and power generation companies was assessed through two separate surveys. In addition, two polls were conducted among wind turbine and component manufacturers at the China Wind Energy Exhibition 2008 in Shanghai and the Wind Power Asia 2008 in Beijing. These polls helped to identify the major challenges for the wind sector's future development in China and contributed to the assessment of the current situation with regard to human resources and qualification.Inhaltsverzeichnis:Table of Contents: 1.INTRODUCTION7 1.1BACKGROUND7 1.2CONTENT METHODOLOGY9 2.THE GLOBAL DEVELOPMENT OF WIND POWER10 2.1DEVELOPMENT OF THE GLOBAL WIND POWER MARKET10 2.2DRIVERS AND TRENDS OF WIND POWER DEVELOPMENT12 3.THE GTZ CHINA WIND POWER PROJECT17 4.ENERGY POLICY IN CHINA19 4.1ENERGY SUPPLY AND DEMAND19 4.2RELEVANT PLAYERS IN ENERGY POLICY MAKING22 4.3RENEWABLE ENERGY AND WIND POWER POLICY25 4.3.1THE CONCESSION PROGRAMME AND ORIGINS OF WIND POWER PRICING25 4.3.2THE RENEWABLE ENERGY LAW29 4.3.3INVESTMENT CONDITIONS FINANCIAL INCENTIVES33 5.WIND POWER IN CHINA39 5.1WIND ENERGY RESOURCE CHARACTERISTICS AND DEVELOPMENT POTENTIAL39 5.2CURRENT STATUS OF DEVELOPMENT42 5.3MARKET FORECAST45 5.4WIND TURBINE MANUFACTURERS47 5.5WIND TURBINE COMPONENT SUPPLIERS55 5.6PROJECT DEVELOPERS55 5.7PROJECT ECONOMICS56 6.POTENTIAL PITFALLS FOR WIND POWER DEVELOPMENT IN CHINA58 6.1POLICY59 6.2HUMAN RESOURCES60 6.3WIND FARM PERFORMANCE LACK OF TRANSPARENCY63 6.4GRID INTEGRATION64 7.RECOMMENDATIONS FOR THE GTZ CHINA WIND POWER PROJECT67 7.1WIND POWER EDUCATION TRAINING68 7.2RD AND TECHNOLOGICAL CAPACITY BUILDING70 7.3INFORMATION SERVICES71 7.4FINAL REMARKS73 Bibliography72Textprobe:Text Sample: Chapter 6.1, Potential Pitfalls for Wind Power Development in China: Wind power in China faces a series of adverse outer influences at present. Most of these are not expected to constitute insurmountable barriers to wind power development, but will impact the pace of development nonetheless. The financial crisis on Wall Street that has spread to financial markets around the world, spurs serious worries of a global economic downturn. The renewable energy sector is hit particularly hard by a deterioration of investor confidence, since many observers assume that renewable energy development same as environmental concerns will be shelved until the economies show signs of recovery. The wind industry in China will not be exempt from negative effects of the crisis. Since raising capital will prove difficult in this situation, planned IPOs will be moved back and investments may be deferred. The fall in oil prices in fear of a recession contributes to increase the discrepancy in profitability between conventional power and renewable energy projects (decrease the relative competitiveness of renewables). The rise in coal prices and the credit squeeze further draws liquidity from the market for project development. Rising prices in raw materials drive the increase in wind turbine prices. However, wind power development in China also faces a series of challenges of intrinsic nature. The tremendous pace at which the Chinese wind power sector has been evolving entails an inherent risk of undesirable developments. Reports of wind turbines not performing as expected or even collapsing, lack of due diligence in planning of wind farms, serial production errors in turbines, the counterfeiting of components. These incidents are often portrayed as isolated, but may be representative of greater erroneous trends in the industry. Government regulation will be essential in addressing the issues at stake and preventing them from becoming fundamental barriers to future wind power development. Policy: As mentioned before, government renewable energy and wind power policy have been the single most important driver for wind power development around the world. This is also true for China. A combination of wind power development targets, mandatory market share requirements, economic incentives and protective policies have created a burgeoning wind power market and a thriving domestic industry. Nevertheless, in order to prevent a bust from following the boom, a few adjustments of the policy framework are necessary in order to provide for sustained wind power development. Restrictive government policies, particularly with regard to wind power pricing and foreign investment, pose a serious barrier to the exploitation of a diverse set of investment sources for wind power development in China. Obstructive regulations for FDI, especially with regard to debt financing and CDM project ownership, serve as deterrents for foreign investors. Modes for participation in the regulatory process are unclear, as are rights to appeal regulatory decisions. The lack of a clear pricing policy guaranteeing secure and attractive profit margins for wind power projects has kept many potential investors at bay. Limited access to proper financing and insurance further discourages private and foreign investors. The development of a competitive power sector is also impeded by the dominance of state-owned power generators, who retain strong and often opaque links to state funds, while their levels of profit, subsidies and cross-subsidisation are undisclosed. The government has largely recognized the challenge to open up the market to private and foreign investors. Movement towards further improvement of the policy framework governing wind power is visible. Recently, the government has been addressing many of the most important barriers impeding wind power development. Wind power pricing policy has been slowly moving towards a more predictable and lucrative system of fixed feed-in tariffs. Government action has been taken to alleviate deficiencies regarding reliable wind resource data and the innovation capability of the domestic industry. According to some observers, CDM regulations are expected to be loosened in favour of foreign investors. Still, a number of challenges remain to be addressed, demanding government guidance in order to facilitate sustained, long-term development of wind power in China: - Enforce efforts to provide adequate wind power education and training programmes to ease the human resource deficit. - Establish strong mandatory wind turbine certification standards and support capacity building in the field of turbine testing, in order to ensure turbine quality/reliability and in the long-run improve global competitiveness of the domestic wind industry. - Facilitate smooth grid integration of wind power by: - strengthening the national power grid and interregional transmission capacity, taking into consideration the integration of wind power in the design of grid expansion plans by establishing management regulations and technical specifications to integrate wind power into grid planning; - mapping out comprehensive wind power development plans on national and provincial level in consultation with the grid companies, taking into account construction of other power generation capacity, (interregional) transmission capacity as well as the specific requirements of wind power grid integration; - redoubling research efforts with regard to the analysis of the influence of extensive deployment of wind power on the operation and management of the power grid, intensifying studies on accurate wind power forecasting to allow for effective dispatch of power and establishing a national grid code for wind turbines to ensure maximum electricity output of wind farms. - Tweak FDI, CDM and wind power policies to allow for more diversity in investment and enhance the efficiency of the power sector by creating a fair and open market. Clarify wind power pricing policies and facilitate access to government subsidized bank loans. - Increase transparency within the wind industry and power sector, e.g. with regard to information on wind farm energy output and turbine availability, in order to facilitate competition and intra-industry learning processes, enable timely identification of challenges and build investor confidence. Information transparency is also necessary to improve energy demand and (wind power) supply forecasts and thus provide for proper dispatch of power plants.

From the introduction: Based on the findings of the correlation analysis described in chapter 7.1, factors of influence and variables statistically not related to financial B2C e-commerce can now be distinguished. While the focus of this part of the analysis lies on factors showing significant correlation coefficients in relation to the research topic, this does not mean that the non-correlated factors are not of importance or somewhat connected. The statistical measurements may not be suitable for this type of analysis, survey results may be misleading or the situation will have changed in the last two years after the investigation. On the other hand, the observed correlations do not necessarily equal a causal relationship and the high complex matter can not be explained by single variables as influence factors. The conducted correlation analysis only serves as an indicator for potential influence factors or accelerators and has to be carefully evaluated. Keeping these considerations in mind, the statistical analysis within the scope of this masters dissertation will support the following conclusions and interpretations. First of all, computer usage and skills as well as internet usage and skills need to be on a high level in a country to facilitate financial B2C e-commerce. Residents of countries with higher levels for the subject of examination will probably already have gained adequate skills, as indicated by a medium strong negative relation to computer courses taken in the last three months and other online activities such as online information search and online banking positively correlated. While online banking is partially included in the variable e_comm representing financial B2C e-commerce through customer's usage of online financial services, this particular result may not be totally conclusive. However, it seems logical that consumers with good computer and internet skills also spending a lot of time with advanced activities on the internet may also engage in financial B2C e-commerce. This assumption narrows down the target group and excludes a certain clientele from online product offers of financial institutions - banks will need to adapt their web portals accordingly, set up initiatives improving computer and web skills of their consumers and meet their consumers on the internet, e.g. with advertising while they are using search engines. Practical evidence supporting these interpretations can be found in several examples of the past, e.g. extensive usability evaluations for UK banks by the press and specialised agencies, internet courses for seniors offered with German Postbank or online marketing success stories of financial enterprises. Similar to skills and frequency of use, basic technical availability of infrastructure such as computer system and internet access is required for the realisation of the research issue. Since mobile ownership and high-speed broadband access are also highly correlated, it can be assumed that countries with a generally higher technological development will have higher levels of financial B2C e-commerce. It can be expected that almost all European countries will reach digital maturity in the next few years and will be implicit, which will automatically accommodate the matter of examination. Structural factors of the finance sector do not show linkages to financial B2C e-commerce, only countries' GDP show a certain positive correlation, which is in line with findings on online banking. E-government seems to be in a similar state like the research topic, but does not seem to be of direct influence. General e-commerce in a country seems to have a positive relationship with financial e-commerce, especially in countries with a low rate of encountered problems on customer side. This makes sense as customers will possibly have good experiences with this business practice and will therefore not limit their e-commerce activity to certain business sectors. One could also infer that banks in countries with a high rate of general e-commerce will have better opportunities to market their online product sales. Going further, banks should actively support e-commerce business models of all sectors, for example though offering electronic, credit card or e-commerce shop payment systems. Whereas most cross-border e-commerce variables examined would not show high correlation coefficients, concerns about varying consumer protection in other countries seem to be important for consumers actively involved in financial B2C e-commerce. Even more interestingly, countries with a high level of financial B2 e-commerce would also show a high readiness of their consumers to participate in cross-border e-commerce, especially if prices in foreign countries are lower. Obviously, customers using domestic online services could easily expand their buying habits to other European countries, if suitable products offers and legal frameworks are available. Through cross-border financial B2C e-commerce, there is a potential danger to lose customers to foreign banks - domestic banks observing critical tendencies need to act accordingly. First of all, marketing research is needed to define current consumer buying habits and problems related. Banks with the necessary market power could adapt their product offers to target consumers prone to switch to foreign competitors, smaller local banks need to differentiate and exploit local advantages. Examples can be found in the German market with Commerzbank and its direct bank subsidiary comdirect directly competing with INGDiBa of the Dutch ING group or with Kreissparkasse Köln using local affiliates like sports clubs for their product sales, promoting high-interest deposit account in local Cologne dialect and offering a loyalty card for a local business partner network to their customers. Trust in online financial transactions and their security as well as a positive perception of consumer rights protection seems to be necessarily interwoven with financial B2C e-commerce. It is therefore crucial for financial institutions to ensure secure transactions according to the latest industry standards, provide valid information on internet security to customers and offer practical customer support concerning virus protection and internet fraud prevention. Banks should also value the importance of consumer rights highly, e.g. through using complaint management, support of nation or European wide legal initiatives and positive attitude towards consumer action groups. Most banks will have implemented security facilities, consumer rights are usually not explicitly mentioned and outlined on private customer webpages of commercial banks. The formal possibility to make complaints and enquiries should be largely improved by financial institutions in the EU. While the European Commision has for example established the Financial Services Consumer Group to promote this matter, which now tragically appears in public in connection with the Financial crisis, illiquid banks and frozen consumer accounts. Payment types preferred in a country are of interest for the level of financial B2C e-commerce - logically, countries with a high adoption of bank transfers are likely to have a higher rate of e-commerce in place, while countries using traditional methods such as cheques or cash show lower adoption rates. This may be explained by a general lack of a necessity and willingness to use modern instruments such as online financial transactions. Promoting bank transfers, especially through self-service terminals and online channels, may therefore help banks to promote their e-commerce activities.Inhaltsverzeichnis:Table of Contents: 1.Research Context1 1.1Introduction and Theoretical Background of the Research1 1.2Professional and Academic Significance of the Research3 2.Research Problem, Objectives and Scope5 2.1Research Problem Statement and Research Questions5 2.2Research Hypothesis6 2.3Research Aims and Objectives6 2.4Scope of the Research7 3.Literature Review8 3.1Overview Literature Review8 3.2Introduction to the Current EU Financial Sector9 3.3Developments and Forces of Change in the EU Banking Environment10 3.4Strategic Reactions and Major Trends in EU Banking10 3.5Recent Developments and the Current State of the EU Retail Banking Market10 3.6Recent Developments and Current State of Online Banking and Financial E-Commerce in the EU12 3.6.1E-Business Potential of the EU Banking Industry12 3.6.2Online Banking in EU countries12 3.6.3Financial E-Commerce in EU countries14 3.6.4Cross-border financial e-commerce16 3.6.5Advantages, Problems and Future Prospects of Financial E-Commerce in the European Union18 3.6.6Potential Influence Factors on Financial E-Commerce in the EU20 3.7Reflective Summary, Key Findings and Relation to Research Topic24 4.Research Methodology32 4.1Research Design32 4.2Research Strategy32 4.3Research Methods33 4.4Data Sources34 4.4.1Primary Data34 4.4.2Secondary Data35 4.5Data Analysis for Research Questions38 4.5.1Research Question 138 4.5.2Research Question 239 4.5.3Research Question 341 4.5.4Research Question 443 5.Research Question 1: Current State and Extent of B2C E-Commerce in the EU Banking Sector44 5.1Research Results and Findings for Research Question 144 5.1.1Basic Prerequisites for Provision of Financial Services Online44 5.1.2Provision of Financial Services Online and Financial E-Commerce45 5.1.3Consumer Adoption of Financial Services Online / Fin. E-Commerce47 5.1.4Cross-Country Financial E-Commerce50 5.2Research Analysis and Interpretation for Research Question 152 5.2.1Basic Prerequisites for Provision of Financial Services Online52 5.2.2Provision of Financial Services Online / Financial E-Commerce54 5.2.3ConsumerAdoption of Financial Services Online / Fin. E-Commerce55 5.2.4Analysis and Interpretation for Cross-Country Financial E-Commerce57 5.2.5Analysis and Interpretation Conclusion58 6.Research Question 2: Country Cluster Analysis for B2CE-Commerce in the EU Banking Sector59 6.1Research Results and Findings for Research Question 259 6.2Research Analysis and Interpretation for Research Question 262 7.Research Question 3: Influence Factors on B2C E-Commerce in the EU Banking Sector66 7.1Research Results and Findings for Research Question 366 7.2Research Analysis and Interpretation for Research Question 370 7.2.1Quantifiable Factors of Influence70 7.2.2Other Factors of Influence75 8.Research Question 4: The Case of Sparkasse Langen-Seligenstadt and B2C E-Commerce77 8.1Research Results and Findings for Research Question 477 8.2Research Analysis and Interpretation for Research Question 477 9.Reflections on the Current Financial Crisis and its Relation to the Research Topic83 10.Conclusion, Policy Recommendations and Future Research85Textprobe:Text Sample: Chapter 4.1, Research Design: Providing the framework for collection and analysis of data, the research design of the planned study can be best described as a cross-sectional design with comparative, cross-cultural and international research elements. Quantitative or quantifiable data (extent and potential influence factors of B2C e-commerce in the banking sector) is gathered for a range of cases (EU countries) at a single point in time to detect patterns of association. This approach seems suitable as it allows for a systematic and standardised method to examine relationships between the variables - financial e-commerce and its key influence factors - within the European sample. However, since the proposed design approach has no elements of an experimental design, problems of internal validity, credibility and uncertain causal relationships may occur. As already indicated in the research objectives, another research design in the form of a case study will additionally be used to apply conclusions and recommendations derived from the analysis to an exemplary mid-sized bank in Germany. The case study approach seems particularly interesting as the researcher is working for the examined company, will have access to internal resources and have opportunities to gather instant feedback on suggested improvements. Research Strategy: The research strategy chosen reflects the nature of the examined variables – some examined influence factors will be of quantitative character whereas others are rather difficult to quantify. Since the focus of this dissertation lies on the quantitative analysis of the extent and current state as well as on measurable relationships and possible dependencies between e-commerce adoption and several other factors, quantitative research serves as an appropriate research strategy. Having established this fact, it is equally important to realise that a well-balanced and complete appraisal of financial B2B e-commerce will involve qualitative factors and business case examples. Building on the complementarity of both groups of factors, elements of mixed methods research need to be taken into account as well. Research Methods: The research methods used are directly linked to the stated aims and objectives and are supposed to help achieve them in the most effective and meaningful manner. Almost all research objectives can be analysed with quantitative data analysis building on a relevant data set. However, due to the expected nature of the influence factors examined, qualitative document analysis of secondary research and an exemplary case study based on primary research will supplement the quantitative analysis. The reasons for choosing these research methods can be described as follows: first of all, the availability of current official statistics on this topic. Secondly, studies already conducted in the similar field of online banking with informative results and the connection with a company for a case study (see primary data) were seen as an excellent starting point. A number of reasons would even exclude other research methods such as surveys, interviewing techniques or the triangulation approach, which is commonly used for researching internet adoption. The European scope of the research as well as the highly confidential banking sector would not enable the researcher to conduct a survey research or interviews of representative nature. To enquire about the state of European B2C e-commerce in the financial sector, impact on domestic banks and its influence factors, it seems justified to use general statistical information available in the public domain together with secondary data for non-quantitative information as well as a case example thematically linked to the day-to-day business of local banks. Data Sources - Primary Data: Primary research was conducted first to determine the interest, level of support, requirements and wants of the sponsoring company Sparkasse Langen-Seligenstadt, Frankfurt, Germany, (see case study in appendix B) to facilitate and support dissertation on this particular topic. During the process of writing the dissertation several presentations and feedback sessions were arranged with the department of electronic media. Interim and final results were also discussed in an informal manner at the Conference on Innovation in the Banking Industry and at various other events. Most importantly, the case study employed was set up with the help of the electronic media department at Sparkasse Langen-Seligenstadt. In several interview sessions and group discussions, employees with different functions within the company, e.g. product managers, web designers, marketing experts, customer support agents, provided their insights and opinions on the reality of online product sales as conducted by Sparkasse Langen-Seligenstadt. From a future perspective, it may be possible to introduce the findings to a group of experts from different banks and discuss the results and implications, since the company is part of a larger network of German savings banks. The excellent availability of primary data and information from inside the company due to personal involvement of the researcher is highly beneficial for the reflective examination of B2C e-commerce in the financial sector. Data Sources - Secondary Data: For the thorough investigation into the extent of financial e-commerce and level of adoption by consumers, related information and data to be used had to meet the following criteria: a recent publishing date, highly relevant research topics and questions, multinational scope as well as high quality of the data set and its underlying questionnaires. The quantitative research parts of this dissertation were therefore largely based on the data set of the Eurostat Community Survey on ICT usage and e-Commerce in Enterprises in the Financial Sector, the analogue survey research for all kinds of enterprises and ICT Household survey, as shown in figure 9 at the end of this chapter. These sources of data were considered to be most appropriate for several reasons. Probably the most extensive and current data source on this issue, these sources covered the entire European Union (EU27 plus partially Norway and Iceland) and a number of e-commerce related questions in the year 2006. The quality and density of data seemed to be of high quality, with a representative sample of more than 100,000 enterprises in total for all sectors, more than 10,000 enterprises for the financial sector and 1000 to 6000 households in every country. The data sets were freely available as a working database, to be used with statistical tools such as SPSS or Microsoft Excel. Problems of validity seemed to be fairly low as standards and sample questionnaires were set up by the European Commission for the agencies conducting the analysis within the particular country. Several problems and limitations were identified in connection with the usage of these data sets. First of all, a general limitation to official statistics including this data set is the usage of aggregate data in some cases, so a potential for ecological fallacy as well as generalisation exists. Next, the pan-European sample incorporating highly different cases may not be equally as representative for all cases (see % of sampled enterprises in appendix D 2). Single missing values weakened the explanatory power for some parts of the analysis. It was also the case that data on certain issues, e.g. consumer satisfaction with product offers in this field, was not available for the entire sample at this point in time. Due to a lack of alternatives, following other examples of research using a similar approach as well as with reliance on the reputation of Eurostat, the extensive documentation) and the quality assurance of the OECD and other high profile institutions in this case, the decision to use the sources described seemed justified and a sound basis for the proposed research. Additionally, several Eurobarometer studies were used and considered for the data analysis of the third research question. Since they contained valuable information on public opinion regarding issues related to the research topic, it had to be accepted that the reference year varied in a few cases. For the qualitative part of the research and the literature review, other secondary resources such journals and reports available through the LSBU E-resources, Reuters Insight and the Business Source Premier database were used to start. Later on, materials from business school libraries in Germany amended prior findings. For particular parts of the research, e.g. regulatory issues or web usability, specific web resources were employed.

Affordable housing will be instrumental to helping Vietnam achieve its goals for increasing productivity and inclusive urban growth. Since Doi Moi, the country has experienced impressive economic growth, averaged at 7.4 percent per annum from 1990 to 2008, lowering to an average of 6 percent per annum from 2007 to 2013. Strong economic growth has supported a substantial reduction in poverty, from 58 percent in 1993 to 17 percent in 20121. Yet, the country has remained largely rural, with more than half of its population working in the agricultural sector, which only contributed 17 percent of GDP in 20142. In some countries, urbanization has been used as a tool to accelerate economic growth and poverty reduction. As Vietnam aims to maintain a high growth rate, supporting urbanization, where cities contribute a growing share of jobs and GDP, will be an important measure. This structural shift will drive population growth and new demand for housing in cities, for which quality and affordable housing options in well-serviced and connected settlements will be needed. Areas of particular importance in the Law is support toward self-built housing, the active participation of the private sector, addressing the shortage of affordable rental housing as well as high demand for housing from low income groups, especially workers in industrial zones of large cities. This report, which includes a comprehensive assessment and roadmap for affordable housing in Vietnam, recommends the following key messages moving forward: increase investment, Prepare Three Flagship Initiatives under an umbrella National Affordable Housing Program, Institutional Strengthening, Land Tax Reform, and Create an Enabling Environment for Affordable Housing. Moving forward, design of the market-oriented measures described above will require intensive and careful consultation and engagement with all housing sector actors, particularly the private sector. Private sector will need to play an active role in the early preparation to ensure their participation and commitment that carries through to implementation of policy measures on the financing and supply side.

Integrated Development Plans (IDPs) have been introduced in Romania as a prerequisite for accessing EU funds under the Regional Operational Program (ROP). The IDPs designed for growth poles represent a specific category of strategic planning documents as: 1) they need to be considered within the frame of the national policy to whose implementation they contribute; and 2) they represent a first endeavor to think of development across functional areas rather than confined to the administrative borders of the main cities. The objectives of this report are: i) to carry out a strategic evaluation of the seven IDPs and assess how the current plans compare with the diagnostic of the challenges identified in the work on urban development; and ii) to provide clear recommendations for the improvement of existing IDPs which will contribute to the elaboration of the future generation of plans implemented during the next programming period and will help improve the targeting of investments to enhance their economic impact.

This study is part of the ongoing dialogue on reforming trade logistics, and facilitating trade and transportation in Central and South Asian countries. It presents key findings from several rounds of first-hand observations and interviews conducted with multiple stakeholders to measure the performance of key road transport corridors across the region, including Kazakhstan, Kyrgyz Republic, Tajikistan, and to some extent, Pakistan and Afghanistan. The study identifies obstacles that hinder efficient movement of goods along transport corridors, and offers recommendations for short- and medium-term reforms for participating country governments with particular emphasis on the performance of border crossings. The overall objective of this study is to provide basic information on transport corridor performance so that national policy makers and private sectors have a basis to open discussions on how they might cooperate to facilitate international trade and transport by addressing infrastructure and operational bottlenecks in the region.

The twentieth century (characterized by the gruesome and haze of horror of two World Wars, the Cold Wars-CW, dictatorships, civil wars, genocides, etc.) has seen a great transformation in warfare but to the expense of the innocent civilians and yet in the full view of regulatory internationally recognized war-laws. So, if at one point in history, civilian populations hardly suffered war directly, the order of the state of affairs has now changed. Many civilians perish simply because warlords so desire; extremes of violence, killings and destruction of property is predominantly preferred. As if that is not enough, the indifference of the majority of the public in tranquil zones of the world towards the fate of the civilians in zones under by fire kind of provide implicit licenses to violence planners to do whatever it takes to "win". Consequently, great numbers of survivors are seen trying to escape from situations of assured death to that of probable death. It is against this background that we feel moved to take on this dissertation. Bearing in mind the generally complex and challenging contemporary conflicts that acutely breeds volatile security environments (for civilians), our thesis is that there needed to be an increased, noteworthy and continued applicable innovation of approaches to civilian protection. To be precise, as a strategy to sustainable peace, we have aspired after a world where the United Nations Peacekeeping Department (UNPKD) is not singly considered the sole custodian of the concept of civilian protection but (based on contexts and cases) as one but a leader among other stakeholders (local and foreign) able and ready to contribute to the common-pool of operational arenas. Thinking about these other stake holders, we have in this work stood by those that: firstly, move towards more civilian-centered operations that are; secondly, carried out by (a mixture of grassroots and international) unarmed civilians by means of; thirdly, engages nonviolent approaches and practices that in themselves anticipate the basic constituents of successive bottom-up Peacemaking (PK) and Peacebuilding (PB) in the hic et nunc of their Peacekeeping (PK) initiatives and applications. All these basics, in our view, do not just add up to drawing a continuous line that intersects the just mentioned Three Approaches to Peace (PK, PM, PB) coined by Johan Galtung way back in 1975; they also open avenues to sustainability. The thesis is taken on through three different parts; each subdivided into two chapters. With due attention to intrastate contemporary violent conflicts, the first part tries to demonstrate the reason why in PK there has been indeed need for rethinking the protection of civilians (PoC) and/or for enriching the methods until now employed in bringing it about. In the first chapter of the part, we kind of gave a sketchy attention to the historical journey that the patterns of violent conflicts in relation to the fate of non-combatants have made. It emerges that, unlike in the past, the pattern of contemporary violent conflict, especially with reference to the CW (especially in third-world countries) and post-CW periods, have become severely complex to handle. Wars have continued and proved to be very hot especially on the populations on the periphery; on those who are minimally directly concerned with and honestly ignorant of its objectives. In the period in question, these innocent men, women and children are more than ever struck hard not just by its direct consequences but also the indirect ones and their hopes are constantly put at the brink of mere survival and of the grave. Mores so the lucky ones who manage to escape these snares, continue to unwaveringly hope for bread, freedom, justice and peace, instead of iron that kills and destroys. In chapter II of the same part, looking at the commitments borne by the UN right from its early years in keeping, initially, the interstate and successively also the intrastate peace (of those tormented by reign of violence and terror), we acknowledge the strides gradually taken along the years. These strides has better late than never embraced a multidimensional point in time where civilian protection counts as a primacy. Accordingly, we recognize that the UN military PK is certainly capable of reducing the level of tension in conflicts but we also negated that, by so doing, it is able to guarantee a durable peace not only because of the application of the non-peaceful means which is limited to separating the conflicting parties but also because it lacks the strategic concern of fostering an active citizenship which is a basic ingredient to democratic populace. In Part Two, we have concentrated on the vision and the peculiar picture of the practitioners of the alternative way, particularly; the Nonviolent Peaceforce (NP) which operates on a benchmark of bottom-up strategic empowerment of local civilian unarmed and nonviolent efforts by international unarmed and nonviolent civilians to protect civilians, prevent, reduce and stop violent conflicts. The first chapter of this second part begins by singling out some of the nuts and bolts (Like: The centrality of sustainability; strategic, local and multilevel capacity and relational empowerment and mediation for peace; conflict transformation as the adequate language; nonviolence and nonpartisanship as a philosophy) that make Unarmed Civilian Protection (UCP) stands out faithfully to the above stated aspirations. Without giving importance to the chronological specifics and with a particular reference to the assessment of the practicality of the project that, on a later date, would organizationally become the NP, an extensive attention is paid to the vicissitudes that surrounded the founding of this UCP protection agency and especially to the foundations of the formative elements entailed. Chapter II does not only build on the findings and stimuli of Chapter I, it supersedes it and makes real a new and distinct reality. Herein, a unique place is devoted to the formative components reserved to the practitioners as a strategy for guaranteeing the competencies and high professionalism needed for the successful execution of field strategies attached to the NP UCP objectives, principles, key methods and practices. Through the analysis of the UCP Training Course entitled "Strengthening Civilian Capacities to Protect Civilians; A joint UNITAR- Nonviolent Peaceforce online Course" the chapter tries to show how the activities of the organization intrinsically flow from its very being; from elements which define it. And this is illustrated in how the very life of the NP UCP is blended with its formative spirit and content; a sort of transformative training that seeks to promote transformative operational frameworks that applicable to situations and contexts. The third part of the work is an applied one. It is dedicated to our chosen case study, namely, NP's intervention in the longtime violence-stricken Republic of South Sudan; in a country which (Thomas Hobbes would say) has once again reverted to its natural state; a harsh reality of hand to mouth living and a never ending search for sustenance in an ambiance virtually challenging to change. In chapter I, the pragmatic implementation of NP UCP in strengthening the local civilians' capacity, security and sense of safety in situation of violent conflict is marked out. Here, some concrete instances of this intervention are presented to exemplify the claim that a multiple base of actors (UCPs, the inviting civil society and/or local NGOs of an UCP presence and local partners) can sustainably and strategically provide the PoC work that for a long time was and is still largely entrusted to the military. And at the end of the day PK, PM, PB resources are considered to consist in not only financial and material supports, but also, and (in the same way) importantly, the socio-cultural resources of the affected people. And in this way people in conflict settings are seen as resources rather than recipients. Even though we evidently confirmed that the alternative way counts exceptionally big in strategically promoting, developing, and implementing sustainable unarmed civilian PK as a tool for preventing, reducing and stopping violence and protecting civilians in situations of violent conflict, we also acknowledge that it is not without challenges. These are actually what chapter two of the part extensively dwells on. The second chapter is instead dedicated (at length) to looking at the challenges that NP faces not only with regard to its missions lands but also in general. We have gone about this in the form of a comprehensive assessment and in some humble recommendations are advanced. Among these challenges we have particularly paid attention to issues like: The meager UCP funding and the dominant top-down mentality; the violent bully character of some major world power wielders; the need for more practitioners to carry out UCP; the dynamicity and complexity of conflict nature as a challenge; conflict prevention challenges like delays in capturing the signs of time so as to effectively intervene; the presence of spoilers as a challenge; the challenge of effective sustainable credibility. Recommendations proposed include among others: Investing in systematic reflections on the extent of the progress and failures so far registered in efforts to involve the UN, regional bodies and other donor agencies or individuals in the cause of NP (UCP) and reflecting on the philosophy that underpins the reasons why financial assistance to UCP and NP in particular is founded; more emphasis on the already existing engagement with political leaders and other influential people and embarking on popular campaigns to propagate a concretely evidenced knowledge of the feasibility of the alternative way, instituting and investing in "School Project" (dedicated to preferably to high schools) within the NP Advocacy and Outreach office and insisting on the positives of volunteers' contribution; enriching a little more the content of the just elaborated online UCP training course; etc. Hereafter, the general conclusion of our dissertation will be drawn. A profound acknowledgement of the UNPK pivotal role with its actual multidimensional fronts in PK basically intended as PoC specifically in the contemporary intrastate violent conflicts. It is also observed that, thanks to the appropriate blending of local and international capacities giving priority to the former, UCP's strategic approach to PK (which is not limited to the PoCs but is also anchored to preventing, reducing and ending not just those that are already on but also lays for standing up to the future possible ones) could be counted on. Thus far, it is on one hand, admissible that, despite all the challenges that there may be, NP (UCP) mechanisms is already proffering a great deal to this end, and on the other, it is evident that it can and should still do more. The ability of its interventions to stand the test of time and to stand up to the future conflicts (i.e. its sustainability) resides in a time which is not yet at hand and in the continuous involvement and inventiveness of many. As per now, if the Italian proverb "Il buongiorno si vede dal mattino" (Meaning: You can tell how something will go by how it begins) holds, then it is, up till now, realistic to count on NP as one of the most outstanding Bottom-up UCP organizations in the PoC in (selected) contemporary violent conflict situations. All that is needed is the building and the consolidation of international interest and support for UCP that presents the hope and reality of alternatives to over dependence on armed intervention; alternatives that chances the revitalization of local communities and the restoration of the social fabrics and capital of the affected people.

Good afternoon ladies and gentlemen. I am very pleased that you were all able to accept my invitation to join me here today on this landmark occasion for nursing education. It is fitting that all of the key stakeholders from the health and education sectors should be so well represented at the launch of an historic new development. Rapid and unpredictable change throughout society has been the hallmark of the twenty-first century, and healthcare is no exception. Regardless of what change occurs, no one doubts that nursing is intrinsic to the health of this nation. However, significant changes in nurse education are now needed if the profession is to deliver on its social mandate to promote peopleÃ'´s health by providing excellent and sensitive care. As science, technology and the demands of the public for sophisticated and responsive health care become increasingly complex, it is essential that the foundation of nursing education is redesigned. Pre-registration nursing education has already undergone radical change over the past eight years, during which time it has moved from an apprenticeship model of education and training to a diploma based programme firmly rooted in higher education. The Secretary General of my Department, Michael Kelly, played a leading role in bringing about this transformation, which has greatly enhanced the way students are prepared for entry to the nursing profession. The benefits of the revised model of education are clearly evident from the quality of the nurses graduating from the diploma programme. The Commission on Nursing examined the whole area of nursing education, and set out a very convincing case for educating nursing students to degree level. It argued that nurses of the future would be required to possess increased flexibility and the ability to work autonomously. A degree programme would provide nurses with a theoretical underpinning that would enable them to develop their clinical skills to a greater extent and to respond to future challenges in health care, for the benefit of patients and clients of the health services. The Commission has provided a solid framework for the professional development of nurses and midwives, including a process that is already underway for the creation of clinical nurse specialist and advanced nurse practitioner posts. This process will facilitate the transfer of skills across divisions of nursing. In this scenario, it is clearly desirable that the future benchmark qualification for registration as a nurse should be a degree in nursing studies. A Nursing Education Forum was established in early 1999 to prepare a strategic framework for the implementation of a nursing degree programme. When launching the ForumÃ'´s report last January, I indicated that the Government had agreed in principle to the introduction of the proposed degree programme next year. At the time two substantial outstanding issues had yet to be resolved, namely the basis on which nurse teachers would transfer from the health sector to the education sector and the amount of capital and revenue funding required to operate the degree programme. My Department has brokered agreements between the Nursing Alliance and the Higher Education Institutions for the assimilation of nurse teachers as lecturers into their affiliated institutions. The terms of these agreements have been accepted by all four nursing unions following a ballot of their nurse teacher members. I would like to pay particular tribute to all nurse teachers who have contributed to shaping the position, relevance and visibility of nursing through leadership, which embodies scholarship and excellence in the profession of nursing itself. In response to a recommendation of the Nursing Education Forum, I established an Inter-Departmental Steering Committee, chaired by Bernard Carey of my Department, to consider all the funding and policy issues. This Steering Committee includes representatives of the Department of Finance and the Department of Education and Science as well as the Higher Education Authority. The Steering Committee has been engaged in intensive negotiations with representatives of the Conference of Heads of Irish Universities and the Institutes of Technology in relation to their capital and revenue funding requirements. These negotiations were successfully concluded within the past few weeks. The satisfactory resolution of the industrial relations and funding issues cleared the way for me to go to the Government with concrete proposals for the implementation of degree level education for nursing students. I am delighted to announce here today that the Government has approved all of my proposals, and that a four-year undergraduate pre-registration nursing degree programme will be implemented on a nation-wide basis at the start of the next academic year, 2002/2003. The Government has approved the provision of capital funding totalling Ã'£176 million pounds for a major building and equipment programme to facilitate the full integration of nursing students into the higher education sector. This programme is due to be completed by September 2004, and will ensure that nursing students are accommodated in purpose built schools of nursing studies with state of the art clinical skills and human science laboratories at thirteen higher education sites throughout the country. The Government has also agreed to make available the substantial additional revenue funding required to support the nursing degree programme. By 2006, the full year cost of operating the programme will rise to some Ã'£43 million pounds. The scale of this investment in pre-registration nursing education is enormous by any yardstick. It demonstrates the firm commitment of myself and my Government colleagues to the full implementation of the recommendations of the Commission on Nursing, of which the introduction of pre-registration degree level education is arguably the most important. This historic decision, and it is truly historic, will finally put the education of nurses on a par with the education of other health care professionals. The nursing profession has long been striving for parity, and my own involvement in the achievement of it is a matter of deep personal satisfaction to me. I am also pleased to announce that the Government has approved my plans for increasing the number of nursing training places to coincide with the implementation of the degree programme next year. Ninety-three additional places in mental handicap and psychiatric nursing will be created at Athlone, Letterkenny, Tralee and Waterford Institutes of Technology. This will yield 392 extra places over the four years of the degree programme. A total of 1,640 places annually on the new degree programme will thus be available. This is an all-time record, and maintaining the annual student intake at this level for the foreseeable future is a key element of my overall strategy for ensuring that we produce sufficient "home-grown" nurses for our health services. I am aware that the Nursing Alliance were anxious that some funding would be provided for the further academic career development of nurse teachers who transfer to one of the six Universities that will be involved in the delivery of the degree programme. I am happy to confirm that up to Ã'£300,000 in total per year will be available for this purpose over the first four years of the degree programme. In line with a recommendation of the Commission on Nursing, my Department will have responsibility for the administration of the nursing degree budget until the programme has been bedded down in the higher education sector. A primary concern will be to ensure that the substantial capital and revenue funding involved is ring-fenced for nursing studies. It is intended that responsibility for the budget will be transferred to the Department of Education and Science after the first cohort of nursing degree students have graduated in 2006. In the context of todayÃ'´s launch, it is relevant to refer to a special initiative that I introduced last year to assist registered nurses wishing to undertake part-time nursing degree courses. Under this initiative, nurses are entitled to have their course fees paid by their employers in return for a commitment to continue working in the public health service for a period following completion of the course. This initiative has proved extremely popular with large numbers of nurses availing of it. I want to confirm here today that the free fees initiative will continue in operation until 2005, at a total cost of at least Ã'£15 million pounds. I am giving this commitment in order to assure this yearÃ'´s intake of nursing students to the final diploma programmes that fee support for a part-time nursing degree course will be available to them when they graduate in three years time. The focus of todayÃ'´s celebration is rightly on the landmark Government decision to implement the nursing degree programme next year. As Minister for Health and Children, and as a former Minister for Education, I also have a particular interest in the educational opportunities available to other health service workers to upgrade their skills. I am pleased to announce that the Government has approved my proposals for the introduction of a sponsorship scheme for suitable, experienced health care assistants who wish to become nurses. This new scheme will commence next year and will be administered by the health boards. Successful applicants will be allowed to retain their existing salaries throughout the four years of the degree programme in return for a commitment to work as nurses for their health service employer for a period of five years following registration. Up to forty sponsorships will be available annually. The new scheme will enable suitable applicants to undertake nursing education and training without suffering financial hardship. The greatest advantage of the scheme will be the retention by the public health service of staff who are supported under it, since they will have had practical experience of working in the service and their own personal commitment to upgrading their skills will be informed by that experience. I am confident that the sponsorship scheme will be warmly welcomed by health service unions representing care assistants as providing an exciting new career development path for their members. Education and health are now the two pillars upon which the profession of nursing rests. We must continue to build bridges, even tunnels where needed to strengthen this partnership. We must all understand partnerships donâ?Tt just happen they are designed and must be worked at. The changes outlined here today are powerful incentives for those in healthcare agencies, academic institutions and regulatory bodies to design revolutionary programmes capable of shaping a critical mass of excellent practitioners. You have an opportunity, greater perhaps than has been granted to any other generation in history to make certain those changes are for the good. Ultimately changes that will make the country a healthier and more equitable place to live. The challenge relates to building a seamless preparatory programme which equally respects both education and practise as an indivisible duo whilst ensuring that high tech does not replace the human touch. This is a special day in the history of the development of the Irish nursing profession, and I would like to thank everybody for their contribution. I want to express my particular appreciation of two people who by this stage are well known to all of you – Bernard Carey of my Department and Siobhán OÃ'´Halloran of the National Implementation Committee. Bernard and Siobhán have devoted considerable time and energy to the project on my behalf over the past fourteen months or so. That we are here today celebrating the launch of degree level education is due in no small part to their successful execution of the mandate that I gave them. We live in a rapidly changing world, one in which nursing can no longer rely on systems of the past to guide it through the new millennium. In terms of contemporary healthcare, nursing is no longer just a reciprocal kindness but rather a highly complex set of professional behaviours, which require serious educational investment. Pre-registration nurse education will always need development and redesign to ensure our health care system meets the demands of modern society. Nothing is finite. Today more than ever the health system is dependent on the resourcefulness of nursing. I have no doubt that the new educational landscape painted will ensure that nurses of the future will be increasingly innovative, independent and in demand. The unmistakable message from my Department is that nursing really matters. Thank you.

Energy efficiency (EE) is critical to help Turkey continue its trajectory of economic growth in a sustainable manner. The Government of Turkey recognizes this and has placed EE as a key component of its energy strategy and National Climate Change Strategy and Action Plan. Over the past 5-10 years, it has made considerable advances in establishing a strong policy and legal framework, creating a robust institutional set-up and developing programs to support EE implementation. Institutionally, the General Directorate of Electric Power Resources Survey and Development Administration (EIE) had been mandated with EE policy making, implementation and promotion since 1981, and an Energy Efficiency Coordination Board (EECB) was established under the 2007 EE Law to coordinate various EE policies, programs and other efforts. In November 2011, EIE was converted into the General Directorate for Renewable Energy (GDRE) and absorbed within the Ministry of Energy and Natural Resources (MENR). The World Bank conducted an EE institutional review in consultation with the Turkish Government with the objective to enhance their ability to more effectively manage EE policies and programs and thus contribute to helping meet its stated national EE targets. The review consisted of a detailed assessment of the current institutional set-up, including roles and responsibilities for EE in Turkey, along with a comparison with international experience and best practices. A final set of institutional options and recommendations are provided at the end of the report.

Brazil grew 2.4 percent per year on average in the last 25 years-somewhat less than Latin America, a good deal less than the world, far less than the emerging countries of Asia in the same period, and indeed far less than Brazil itself in previous decades. If anything stands out favorably in recent Brazilian experience, it is not growth but stabilization and the successful opening of the economy. The purpose of this paper is more modest. It is limited to setting out the authors' particular view of recent efforts to consolidate democracy in Brazil while controlling inflation and resuming economic growth. At the same time the paper presents, as objectively as possible, some thoughts on the limits but also the relevance of action by political leaders to set a course and circumvent obstacles to that process. Here and there, the paper refers to the experiences of other Latin American countries, especially Argentina, Chile, and Mexico, not to offer a full fledged comparative analysis but merely to note contrasts and similarities that may shed light on the peculiarities of the Brazilian case and suggest themes for a more wide-ranging exchange of views.

Inhaltsangabe: Abstract: The US subprime-crisis became a headline in the global media starting in February 2007 after the US housing market had already shown first signs of a slowdown in late 2006. Previously, the US housing market had enjoyed a favorable environment, especially from 2002 to 2005, which was characterized by low interest rates, rising house values, and increasing home financing possibilities through subprime mortgages. However, more and more events were published during the year by US mortgage brokers, international investment banks, and central banks around the world that presented a picture which caused today's perception of the subprime-crisis. What's more, the subprime-crisis is far from being over: an end to the crisis is not yet in sight. One rather unique characteristic of this crisis is that its actual basis is the delinquencies and defaults of subprime single-family home mortgages in the US which is commonly not regarded to be of great relevance for the international capital markets. However, taking into account the originate and distribute business model of US mortgage brokers in connection with the securitization of these mortgages into various types of securities that are traded on a global basis, it is not surprising to observe that banks and investment funds around the world were invested into these securities. Before the crisis started, only a few banks or funds considered the liquidity of these securities when investing significant amounts of money in them because they focused on maximizing their returns. But, when larger problems in the US subprime mortgage market became evident, liquidity became the major concern for investors and investor preferences significantly shifted to safer assets such as government bonds. This caused severe problems in the money market, which ultimately brought the crisis across the Atlantic to Europe. Moreover, funding problems emerged and caused the first bank run in Europe in decades when depositors in Britain started to queue outside Northern Rock branches for hours to withdraw their deposits in light of fears that the bank might have to file for bankruptcy. In addition, another British bank had been in the spotlight earlier that year because HSBC was the first European bank to announce a billion dollar write-off linked to its exposure to subprime mortgages. Taking into consideration the subprime-crisis-related events in Europe, the British banking market can be characterized as the only banking market in Europe where the subprime crisis caused banks to substantially write down subprime-related assets on the one hand but where severe funding problems even led to a bank run that had to be bailed out by the central bank and the government on the other hand. Consequently, the British banking market can be considered to be the European banking market with the highest impact of the subprime-crisis and is, therefore, worth analyzing in detail. The objective of this thesis is to discuss the reasons for the emergence of the subprime-crisis and to empirically examine whether the subprime-crisis had an impact on the British Banking sector. The empirical analysis consists of two different approaches whereas an event study measures the short-term impact of certain news. The performance of the British banking sector in the full year 2007 is analyzed in a second approach that focuses on the long-term impact of the subprime-crisis. In addition, the paper provides an overview on the development of the subprime-crisis in 2007 based on a detailed description of the underlying fundamental market characteristics. In order to empirically measure the impact of the subprime-crisis on British banks, an event study will be conducted. Event studies are a widely-used empirical methodology in economics and finance to examine the impact of certain events: they are considered to be the standard method to measure security price reactions. An event study is an empirical study that measures if specific events have a significant impact on certain stock prices by calculating abnormal stock returns around predefined events. In this regard, an abnormal return is the difference between the actual return in the market and the expected return according to a return generating model. A common assumption in this regard is that positive events lead to positive abnormal returns whereas negative events cause the abnormal returns to be negative. Consequently, important news relating to the subprime-crisis will be categorized as positive or negative and its impact on stock returns will be determined. The event study, as well as the timeline of the subprime-crisis, include events from January 1, 2007 to December 31, 2007. The analysis of the year-round performance of the British banking sector in 2007 is conducted in addition to the event study and follows a different methodology. In contrast to the analysis of the impact of individual events, this approach deals with the performance of British banks and compares this to the performance of an alternative non-bank portfolio. Key to this analysis is that both portfolios have the same risk and return characteristics at the beginning of 2007 that have been determined through a backtesting of the portfolios' performance in 2006. Course of the Investigation: In the second chapter, important fundamentals of the subprime-crisis will be examined. These fundamentals explain how an environment was able to develop in the last decades that lay the foundation for today's crisis. In Chapter 2.1, an overview about the development and the structure of the US subprime mortgage market will be presented before specific characteristics of subprime mortgages will be outlined in 2.2. The unique business model of mortgage brokers is depicted subsequently. The last segments of Chapter 2 specify complex financial instruments that enabled the subprime-crisis to spread around the world and explain why the securitization process leads to high-risk securities. Chapter 3 specifically describes the development of the subprime-crisis in 2007. After presenting an overview about the situation of the US housing market up to 2007 in 3.1, a timeline about last year's subprime-crisis is outlined in 3.2, and the impact on international capital markets is discussed in 3.3. Chapter 3.4 focuses on the consequences for British banks and the actions of the British financial regulatory environment. An empirical analysis of the subprime-crisis is conducted in Chapter 4. A general overview about event studies and their historic development is presented in 4.1. After deducing the typical framework of an event study in 4.2, the relevant British banks in line with its market index as well as relevant news for the event study are determined in Chapter 4.3. The actual event study that analyzes the impact of the subprime-crisis on British banks will be presented in Chapter 4.4. Additionally, a comparison of the performance of a bank portfolio with an alternative non-bank portfolio is given in 4.5. Finally, Chapter 5 contains a summary of the theoretical concepts and the empirical results and gives an outlook about a potential development of the subprime-crisis, capital markets, and specifically the British banking market. Ideas for further research are also presented.Inhaltsverzeichnis:Table of Contents: LIST OF FIGURESI LIST OF TABLESII LIST OF ABBREVIATIONSIII 1.INTRODUCTION1 1.1Motivation and Objective1 1.2Course of the Investigation3 2.FUNDAMENTALS OF THE SUBPRIME-CRISIS4 2.1The US Housing and Subprime Mortgage Market4 2.2Characteristics ofSubprime Mortgages7 2.3Business Model of US Mortgage Brokers9 2.4Financial Instruments Underlying the Subprime-Crisis10 2.5Consequences of the Fragmented Securitization Process14 3.THE DEVELOPMENT OF THE SUBPRIME-CRISIS15 3.1Situation of the US Housing Market up to200715 3.2Timeline of the Subprime-Crisis in 200717 3.3Spillover Effects from the Mortgage Market to the Global Capital Markets21 3.4Consequences for the British Banking Market22 4.EMPIRICAL ANALYSIS ABOUT THE SUBPRIME-CRISIS27 4.1History and Overview of Event Studies27 4.2Framework of an Event Study28 4.3Selection of Relevant Data31 4.3.1British Banks and Market Index31 4.3.2News about Private Financial Institutions and Central Banks32 4.4Event Study About the Subprime-Crisis34 4.4.1Event Study Methodology34 4.4.2Formulation and Testing of Hypotheses36 4.4.3Interpretation of Results37 4.5Year-round Performance of the British Banking Sector in 200740 5.SUMMARY AND CONCLUSION43 REFERENCES45 APPENDIXES51Textprobe:Text Sample: Chapter 3.2,Timeline of the Subprime-Crisis in 2007: In February 2007, the first signs appeared that subprime mortgage brokers were in trouble as ResMae Mortgage filed for bankruptcy and Nova Star Financial reported a loss that was not expected by analysts. It was also the beginning of European banks having to announce losses that were caused by the subprime-crisis. HSBC reported losses of Dollar 10.5bn in its mortgage finance subsidiary in the US and, consequently, fired the head of that particular division. Problems of US mortgage brokers became more and more evident in March 2007 as People's Choice was the next mortgage broker that had to declare bankruptcy. Moreover, the brokers Fremont General and New Century Financial stopped making new subprime mortgages. Two weeks later, rumors appeared that New Century Financial may have to file for bankruptcy as well and these rumors became true in the beginning of April when the company had to file for Chapter 11. In May, the next European bank announced an involvement in the subprime-crisis when UBS had to close its US hedge fund operation Dillon Read Capital Management. In June 2007, rating agencies began appearing in the crisis. Moody's downgraded 131 subprime MBSs and announced to review the rating of an additional 260 securities. Moreover, two Bear Stearns hedge funds that heavily invested in subprime-backed securities lost a significant part of their value and Bear Stearns had to bail-out the hedge funds and provide them with Dollar3.2bn to cover their subprime exposure. As a result, they fired their head of asset management who was responsible for the hedge fund business. July 2007 is considered the first month when the subprime-crisis had a significant impact on the stock market. After closing above 14,000 points for the first time in history, the Dow Jones lost about seven percent until the end of September. UBS brought the crisis back to Europe once more when they suddenly fired their chief executive officer (CEO) Peter Wuffli, mentioning problems relating to the subprime crisis as the cause of this decision. Ration agencies also played a major role in July when Standard Poor's (SP) and Moody's downgraded the ratings of subprime MBSs with values of Dollar 7.3bn and Dollar 5.0bn, respectively. On July 7, SP announced a review of the ratings of numerous CDOs with investments in subprime structured products; Moody's was said to review 184 mortgage-backed CDO tranches. Mortgage brokers were in the spotlight again when American Home Mortgage had difficulties in the refinancing of loans. Countrywide, another major mortgage broker announced a drop in earnings as more and more of their subprime loans defaulted. Fed Chairman Ben Bernanke also mentioned rising defaults in the subprime market and estimated that total losses caused by the subprime crisis could add up to Dollar 100bn. Suddenly, on July 30, the German bank IKB Deutsche Industriebank (IKB) had to announce that one of its ABCP conduits that invested in subprime structured products had troubles refinancing itself. As a consequence, IKB's main shareholder, state-owned KfW, had to bail-out IKB and guaranteed liquidity lines for the conduit Rhineland Funding. One day later, on August 1, 2007, the whole picture of IBK was presented to the public. Total losses due the Rhineland Funding conduit were Euro 3.5bn and a rescue fund by KfW and other German private banks was installed. The mortgage broker American Home Mortgage finally declared bankruptcy and extended the terms on ABCP that were issued by one of its funding conduits. Liquidity problems in the markets for structured products became obvious when BNP Paribas stopped the redemption of three of its funds with a total value of Euro 2bn because they were not able to calculate a fair price for the funds due to the illiquid subprime MBS market. This announcement triggered concerns about market prices of structured credit products in general and interbank lending rates such as LIBOR strongly increased as banks sought liquidity. ABCPs were also priced with higher premiums. This closure of BNP Paribas funds can be regarded as one of the key events in the subprime-crisis because it caused central banks to heavily intervene in the money markets. One day later, the European Central Bank (ECB) injected Euro 95bn of short-term liquidity into the European money market and, subsequently, the Fed as well as the Bank of Japan provided liquidity to their respective money markets. These central banks continued to provide hundreds of billions of dollars of short-term liquidity to the global money markets in the following weeks. The Fed intervened again, by reducing the discount rate in order to provide liquidity to the markets. Goldman Sachs was the next company that had to inject money into a hedge fund in mid-August. The investment bank injected Dollar3bn into one of its hedge funds that suffered from losses in subprime structured products. Citigroup closed seven SIVs with a value of Dollar49bn and took the SIVs' subprime debt on its balance sheet as the SIVs were not able to receive funding due to the illiquidity in the money markets. Morgan Stanley announced to a write-off of Dollar 9.4bn due to investments in the subprime market and sold a 9.9 percent stake to a Chinese investment company in order to strengthen its equity base later that month. Countrywide also suffered from the illiquid markets and had to draw down Dollar 11.5bn from the company's credit lines before receiving a Dollar2bn cash injection from Bank of America. Similar to the losses of IKB, SachsenLB, another German bank, reported refinancing problems in one of its conduits that invested into subprime mortgage products and was, consequently, sold to LBBW after receiving a Euro17.3bn credit line. Looking at the British Banking market, Barclays received a Pounds1.6bn short-term loan from the Bank of England. In the beginning of September 2007, it became evident that the subprime-crisis was a truly global crisis when Bank of China revealed that they made losses of Dollar 9bn that can be attributed to subprime investments. The major event of the subprime-crisis in Britain started on September 13, when the BBC announced that Northern Rock received an emergency loan from the Bank of England in order to solve its refinancing problems. As a consequence, a bank run started that could only be stopped when the British government guaranteed all savings. A more detailed analysis of Northern Rock is presented in Chapter 3.4. A number of investment banks announced their quarterly results in September. Goldman Sachs reports net earnings of Dollar 2.8bn, which were mainly due to short positions in structured subprime mortgage products, whereas Deutsche Bank announced losses of Euro1.7bn. HSBC had losses of Dollar 880m in the third quarter and announced the closure of its US subprime mortgage unit. International banks continued to announce quarterly results in October. UBS reveled an unexpectedly high loss, wrote down Dollar3.4bn in its fixed income division, and fired its Chief Financial Officer and its investment banking head. Moreover, Citigroup had to write-off Dollar 5.9bn in addition to its earlier write-offs. Merrill Lynch's write-offs accounted for Dollar 7.9bn and caused total losses of Dollar 2.3bn. As a result, CEO Stan O'Neil resigned from his position. The Japanese Bank Nomura also announced a substantial loss and closed its US MBS department. The US government initiated the Hope Now initiative that was set up in order to support homeowners to avoid defaults on their mortgage. The US Treasury Department also made major US banks install the Master Liquidity Enhancement Conduit that was supposed to buy illiquid structured products to reestablish liquidity in the market. SP downgraded another Dollar23bn worth of structured products that were backed by mortgage loans and unlike the downgrades in August, SP also downgraded securities that had an AAA rating before. On October 31, the Fed announced the expected reduction of the federal funds target rate by another 25 basis points to 4.5 percent. Investment banks continued to report their subprime exposure in November 2007. Citigroup started with admitting an additional write-down requirement between Dollar8bn and Dollar11bn after already having to write-off Dollar5.9bn in October. As a consequence of these substantial losses, CEO Charles Prince resigned. Morgan Stanley reported a Dollar3.7bn loss in its subprime mortgage investments, whereas Wachovia announced a total loss of Dollar1.7bn. Bank of America wrote off Dollar3bn due to investments in the subprime market and the GSE Freddie Mac reported a loss of Dollar2bn. Besides US banks, UK banks were also again affected by the subprime-crisis. Barclays and HSBC had to write down Dollar2.7bn and Dollar3.4bn, respectively. At the end of November, Citigroup announced an increase in its equity base and sold additional shares to an investment fund based in Abu Dhabi in order to raise Dollar7.5bn. Moreover, Freddie Mac increased its equity by issuing Dollar6bn worth of new shares. In line with Freddie Mac's capital increase, Fannie Mae also issued new shares worth Dollar7bn in the beginning of December 2007. On December 3, Moody's announced a review of additional subprime debt. The British banks Royal Bank of Scotland and Lloyds TSB reported subprime write-offs with a value of Pounds1.25bn and Pounds200m, respectively. On December 6, the Bank of England lowered the interest rate by 25 basis points while the ECB left the interest rates at a constant level following its regular meeting on the same day. In the US, the Fed lowered the discount rate by 25 basis points one week later although some directors were in favor of a 50 basis points interest rate cut. UBS announced that the bank had to write-down another Dollar10bn due to its subprime mortgage market investments. In addition, the company received an Dollar11.5bn capital infusion by investors from Singapore and the Middle East. The last banks that reported substantial losses in 2007 were Washington Mutual, who reported fourth quarter losses of Dollar1.6bn and Morgan Stanley, who wrote off an additional 9.4 Dollar bn and also sold new equity to a foreign investor. In order to provide European banks with sufficient liquidity at the end of the year, the ECB provided banks with 500 Dollar bn at the end of December. This timeline of the development of the subprime-crisis in 2007 shows the huge impact on the international financial markets and global financial institutions that the problems in the US subprime mortgage market have caused. The next chapter will highlight how the crisis in the subprime mortgage market was able to spill over to other asset classes on a global basis. In order to understand the consequences of the subprime-crisis and especially the need for central bank interventions in the money markets, it is necessary to understand the emergence of the liquidity crisis that appeared in the second half of 2007. Many economists such as Buiter define August 9, 2007 as the day when the subprime-crisis was evidently the trigger for the global capital markets crisis. The closure of the BNP Paribas funds due to its inability to value ABS had a spill-over effect on many asset classes and also forced the central banks to massively intervene in the money markets. In economic theory, these spill-over effects are called contagion, which is defined as the spread of a crisis from one specific market into different countries or asset classes. One major consequence was the widening in credit spreads in the global money markets that were caused by the liquidity shortage in the interbank market. Banks across the globe were more and more uncertain about other banks' involvement in subprime MBSs and CDOs and the financial health of their counterparties in money market transactions and became reluctant to lend money, even on a short-time basis. As a result, a liquidity crisis occurred that forced the central banks to provide enormous amounts of liquidity to the interbank markets. One characteristic of the liquidity crisis was a so-called flight to quality which means that banks and fund managers sell riskier assets such as subprime MBSs and CDOs and invest in safe assets such as government bonds. A flight to quality is generally regarded to be based on uncertainty in the markets or uncertainty about counterparties rather than on the risk of specific assets itself. This also seems to hold true for the subprime-crisis. Due to the large supply in these risky asset classes, the markets for MBSs, CDOs, and ABCPs became very illiquid because many sellers were opposing few buyers. As a result, credit spreads in these asset classes significantly increased. As a reaction to the liquidity crisis in the interbank market, central banks intervened several times and provided liquidity to the market.

For the purposes of this project, the East African countries included in the study were Kenya, Rwanda, Tanzania, and Uganda. The focus for this project was Small and Medium-sized Enterprises (SMEs) as for-profit or nonprofit organizations with less than 50 employees and not exceeding USD 1,000,000 in annual revenues/turnover. The main output of this project was a proposed program of interventions to drive transformational change. To succeed in this ambitious endeavor, the project articulated clear objectives and designed a blueprint for implementation including levels of resourcing, budget and monitoring metrics. Over the course of the project the team conducted brief surveys with over 90 entrepreneurs, over 50 percent of who had 3-10 years of experience in the Information and Communication Technology (ICT) sector and primarily worked at companies with 5 employees or less.

While diversification of exports is often a desirable trade objective, it is far from clear how best to tap into new opportunities. This paper discusses the range of avenues of diversification, including (i) expanding the range of markets into which existing products are sold (geographic diversification); (ii) upgrading the value of existing products, including agricultural exports (quality diversification); and (iii) taking advantage of opportunities to expand non-merchandise exports (services diversification), in addition to introducing entirely new export products. All offer opportunities for cost?effective positive policies relating to the incentive regime, backbone services, and export support institutions.