The ADB Institute (ADBI) conducted a capacity-building Seminar on International Finance during July 22-26, 2002. The seminar was co-hosted with the Asian Development Bank (ADB) and the South East Asian Central Banks Research and Training Centre (SEACEN). The participants were 28 government officials and policymakers from 17 developing member countries of ADB. The seminar featured prominent resource speakers from academia, government, and multilateral institutions. The seminar provided a forum for knowledge dissemination, exchange of views, and discussion of country experiences and evolving policy issues in international finance. It covered key areas of international finance such as dealing with massive capital inflows; sequencing of domestic and external financial liberalization; regional financial arrangements; financial innovation and regulation; and bank risk management.
In: Ahmad, A.U.F. (2013). Regulatory impediments to Islamic finance the UK and Australia compared. Journal of Islamic Economics, Banking and Finance. 9(4), 91-114.
This volume gathers selected peer-reviewed papers presented at the international conference "MAF 2016 - Mathematical and Statistical Methods for Actuarial Sciences and Finance", held in Paris (France) at the Université Paris-Dauphine from March 30 to April 1, 2016. The contributions highlight new ideas on mathematical and statistical methods in actuarial sciences and finance. The cooperation between mathematicians and statisticians working in insurance and finance is a very fruitful field, one that yields unique theoretical models and practical applications, as well as new insights in the discussion of problems of national and international interest. This volume is addressed to academicians, researchers, Ph. D. students and professionals.
In this report that follows the 1999 report Investing in the People's Business, CED makes three categories of recommendations: FEC reform, strengthening the soft-money ban by closing the so-called '527 committee" loophole, and strengthening the presidential public funding system in both the primary and general election. These reforms are vital if we are to fashion a campaign finance system that protects free speech, encourages debate, and elects candidates based on ideas, not dollars.The subcommittee that oversaw this project was co-chaired by Edward A. Kangas, Chairman, Global Board of Directors, Deloitte Touche Tohmatsu, and George Rupp, President, Columbia University. Professor Anthony Corrado of Colby College served as project director.
Public authorities seem increasingly to be involving the private sector in financing, building and operating new infrastructures. A lot of reasons are usually given to justify this private sector involvement but the reasons which are the most frequently mentioned relate to the ability of a private operator to manage the construction and operation of the project more efficiently. This amounts to assuming that the Internal Rate of Return (IRR) of the project is not the same depending on whether it is managed by an administration or public body or by a company which in theory keeps abreast of the progress in optimization techniques which is taking place all the time. This difference is explained in many ways: the private sector pays some categories of staff less well, is more flexible, offers faster construction times which speed up the return on investment and is also more able to resist political demands which generate additional costs. Nevertheless, with a public or a private operator, there is a target IRR, very near the standard notion of Weighted Average Capital Cost (WACC), which is larger in the case of the private alternative because this cost must also include the operator's profit. Thus, if the main stake for the national government relates, for each project of public infrastructure, to the need of subsidies, the fundamental issue is the result of two opposite effects: on one hand the effect of a bigger efficiency of the private operator, on the other hand the effect of a lower WACC for the public operator. The objective of this communication is to propose a modelling of the determination of the need of public financing which formalizes these two effects and allows analyzing the conditions under which the PPP would be advantageous for the public finances. We propose for that a model of the mechanism of financing of the projects with a restricted number of parameters. This modelling will be confronted with real French cases of projects of toll highways in order to verify the relevance of the model and to determine the actual range of these parameters and their dispersal. An analysis will finally be proposed, according to the intrinsic profitability of the projects, the conditions under which a PPP can relieve the public spending. This conclusion joins many other authors in arguing against a systematic choice of one or other solution and suggesting rather that the most appropriate solution will depend on the circumstances of each case. The original contribution of this communication consists of an original formalization and of econometric estimations of these circumstances.
Public authorities seem increasingly to be involving the private sector in financing, building and operating new infrastructures. A lot of reasons are usually given to justify this private sector involvement but the reasons which are the most frequently mentioned relate to the ability of a private operator to manage the construction and operation of the project more efficiently. This amounts to assuming that the Internal Rate of Return (IRR) of the project is not the same depending on whether it is managed by an administration or public body or by a company which in theory keeps abreast of the progress in optimization techniques which is taking place all the time. This difference is explained in many ways: the private sector pays some categories of staff less well, is more flexible, offers faster construction times which speed up the return on investment and is also more able to resist political demands which generate additional costs. Nevertheless, with a public or a private operator, there is a target IRR, very near the standard notion of Weighted Average Capital Cost (WACC), which is larger in the case of the private alternative because this cost must also include the operator's profit. Thus, if the main stake for the national government relates, for each project of public infrastructure, to the need of subsidies, the fundamental issue is the result of two opposite effects: on one hand the effect of a bigger efficiency of the private operator, on the other hand the effect of a lower WACC for the public operator. The objective of this communication is to propose a modelling of the determination of the need of public financing which formalizes these two effects and allows analyzing the conditions under which the PPP would be advantageous for the public finances. We propose for that a model of the mechanism of financing of the projects with a restricted number of parameters. This modelling will be confronted with real French cases of projects of toll highways in order to verify the relevance of the model and to determine the actual range of these parameters and their dispersal. An analysis will finally be proposed, according to the intrinsic profitability of the projects, the conditions under which a PPP can relieve the public spending. This conclusion joins many other authors in arguing against a systematic choice of one or other solution and suggesting rather that the most appropriate solution will depend on the circumstances of each case. The original contribution of this communication consists of an original formalization and of econometric estimations of these circumstances.
Recent changes in the local finance system in Portugal are analysed as is the impact of present government proposals. A brief description of local finance in Portugal reveals a system structured into three main components, showing an increase in local taxes and a relative decrease in grants since 1979. Taxes on immovable property are dominant as are unconditional block grants in state budget transfers. Another characteristic is a clear geographical differentiation in most municipal revenue components. The importance of local government expenditure in relation to total government expenditure is one of the lowest in Europe. The reform in preparation will result in an increase in local government expenditure as a proportion of total public expenditure, the percentage being expected to double to 15%, representing an increase in the overall weight given to local taxes and a diversification of taxes. In the second part of the paper the author discusses the impact this will have on the financing of municipal planning and urbanisation, with the issue of equity a central point.
"Clear, comprehensive guidance toward the global infrastructure investment market Infrastructure As An Asset Class is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. This new second edition has been fully updated to reflect the current state of the global infrastructure market, its sector and capital requirements, and provides a valuable overview of the knowledge base required to enter the market securely. Step-by-step guidance walks you through individual infrastructure assets, emphasizing project financing structures, risk analysis, instruments, cash flow models and sensitivity analysis to help you understand the mechanics of this complex, but potentially rewarding, market. New chapters explore energy, renewable energy, transmission and sustainability, providing a close analysis of these increasingly lucrative areas. Ancillary materials, including a question bank and lecture slides, ease classroom implementation, and leading-edge coverage of the most current market dynamics make this book a must-have reference. The risk profile of an asset varies depending on stage, sector and country, but the individual structure is most important in determining the risk/return profile. This book provides clear, detailed explanations and invaluable insight from a leading practitioner to give you a solid understanding of the global infrastructure market. Get up to date on the current global infrastructure market Investigate individual infrastructure assets step-by-step Examine illustrative real-world case studies Understand the factors that determine risk/return profiles Infrastructure continues to be an area of global investment growth, both in the developed world and in emerging markets. Conditions continually change, markets shift and new considerations arise; only the most current reference can supply the right information practitioners need to be successful. Infrastructure As An Asset Class provides clear reference based on the current global infrastructure markets, with in-depth analysis and expert guidance toward effective infrastructure investment"--
