Suchergebnisse

Al analizar la situación de los establecimientos de crédito (EC) entre agosto de 2016 y febrero de 2017, se observó un menor crecimiento real de la cartera, explicado principalmente por la dinámica de la cartera comercial. En cuanto a los indicadores de calidad por riesgo (ICR) y calidad por mora (ICM), se presentaron incrementos para todas las modalidades de cartera; sin embargo, estos niveles en general se mantuvieron por debajo de los observados en 2009. Con respecto a la dinámica del pasivo, este continuó con la tendencia decreciente presentada desde el segundo semestre de 2016. Por composición, los certificados de depósito a término (CDT) de mayores plazos y las cuentas de ahorro aumentaron su participación. En cuanto a las instituciones financieras no bancarias (IFNB), en febrero de 2017 se registró una desaceleración de los activos tanto en posición propia como administrada, en comparación con lo observado en agosto de 2016. Con respecto a la composición del portafolio propio y de terceros, las inversiones se concentraron principalmente en títulos de deuda pública y privada de emisores nacionales. Además, en el mismo período se observaron incrementos en el indicador de rentabilidad sobre activos (ROA) para todos los tipos de entidad. El análisis de los principales deudores del sistema financiero muestra que el sector corporativo presentó una disminución en el endeudamiento como porcentaje del PIB durante 2016. En el caso del sector privado, la reducción obedeció a que el endeudamiento con instituciones financieras nacionales creció a un ritmo menor que el producto y a que el fondeo con proveedores del exterior se redujo a causa de la apreciación de la tasa de cambio. En el caso del sector público, la disminución se dio por un menor financiamiento en moneda extranjera con entidades financieras nacionales y por una reducción, debido a la apreciación del peso, del saldo de bonos emitidos en el exterior y del endeudamiento con entidades bilaterales. El endeudamiento de los hogares se aceleró entre agosto de 2016 y febrero de 2017, principalmente en la modalidad de consumo. La dinámica anterior estuvo acompañada de una relativa estabilidad en el indicador de carga financiera calculado a nivel agregado. Por su parte, el ICM y el ICR presentaron incrementos durante este periodo, destacándose el deterioro de los créditos de libre inversión. En relación con el riesgo de mercado, la principal exposición por parte de las entidades financieras estuvo concentrada en el mercado de renta fija. Estos títulos mostraron valorizaciones durante el último semestre de 2016 y los primeros meses de 2017, impulsadas por un mayor apetito por riesgo a nivel mundial y por cambios en la postura de política monetaria local. Durante la segunda mitad de 2016 el mercado de renta variable presentó un comportamiento estable debido a la baja volatilidad del precio del petróleo. El indicador de riesgo de liquidez (IRL) muestra que los EC contaron con niveles adecuados de recursos líquidos para cumplir con sus obligaciones de corto plazo. Por su parte, la dinámica de los pasivos y el patrimonio de los EC continuó con la tendencia decreciente presentada desde mediados de 2015, destacándose la contribución negativa de los depósitos a la vista, las operaciones pasivas del mercado monetario, y los créditos de bancos y obligaciones financieras. Por otro lado, se resalta que los depósitos a término fueron el componente del pasivo que más aportó positivamente al crecimiento real anual del fondeo. Por último, el ejercicio de sensibilidad propuesto evaluó la resiliencia de los EC ante un escenario negativo (y poco probable), con un choque sobre la inversión, una caída en la confianza global sobre la economía colombiana y la materialización de un conjunto de riesgos para el sistema (riesgo de crédito, riesgo de mercado y riesgo de fondeo). Los resultados indican que el impacto del escenario hipotético sobre la solvencia total de los EC tendría una magnitud moderada. Al mismo tiempo, se observarían ciertos efectos negativos sobre el volumen de la cartera, su calidad y la rentabilidad del negocio de intermediación. Lo anterior muestra la importancia de continuar con el monitoreo cuidadoso de la situación financiera de deudores y entidades. ; The analysis of credit institutions between August 2016 and February 2017 showed a lower real growth of the loan portfolio, mainly explained by commercial loan-portfolio dynamics. The quality and non-performing loan indexes featured increases for all loan portfolio modalities; however, these levels remained below those observed in 2009, in general. As for liabilities, they continued with the declining trend shown since the second half of 2016. By composition, term deposit certificates at longer maturities and savings accounts increased their share. Regarding non-banking financial institutions, a slowdown was registered in assets in February 2016, both in proprietary and third-party positions, compared to that observed in August 2016. Regarding proprietary and third-party loan portfolio compositions, investments mainly concentrated in domestic issuers' government and private debt securities. In addition, increases in the return on assets index (ROA) for all types of entities were observed in the same period. Analysis of the main debtors of the financial system shows that the corporate sector featured a decrease in debt as GDP percentage during 2016. As for the private sector, this reduction took place since debt with domestic financial institutions grew at a lower rate than the output, and that funding with overseas suppliers was reduced due to exchange-rate appreciation. Regarding the public sector, the decrease was given by lower financing in foreign currency with domestic financial institutions, and by a reduction, due to appreciation of the Colombian peso, of bonds issued abroad, and debt with bilateral entities. Household debt increased between August 2016 and February 2017, mainly in the consumer modality. This dynamics was accompanied by a relative stability in the financial burden indicator calculated at the aggregate level. On the other hand, non-performing loans and quality indexes showed increases during this period, with a highlighted deterioration of personal loans. As for market risk, the main exposure by financial institutions was concentrated in the fixed-income market. These securities exhibited valuations during the latter half of 2016 and the first months of 2017, driven by a greater global appetite for risk and by monetary policy stance changes. Variable yield market had a stable behavior due to oil price low volatility during the second half of 2016. The liquidity risk indicator shows that credit institutions had adequate levels of liquid resources to meet their short-term obligations. On the other hand, credit institutions' liabilities and equity dynamics continued with the decreasing trend featured since mid-2015, highlighting the negative contributions of demand deposits, money market lending operations, and bank credits and financial obligations. Also, it is noteworthy that term deposits were the item that most positively contributed to funding real annual growth. Finally, the proposed sensitivity tests assessed the resilience of credit institutions to a negative (and unlikely) scenario, with an investment shock, a global confidence decline in the Colombian economy, and the materialization of a set of risks for the system (credit risk, market risk, and funding risk). Results indicate that the impact of the hypothetical scenario on the total solvency of credit institutions would have a moderate magnitude. At the same time, certain negative effects on the volume of the loan portfolio, its quality, and the profitability of the intermediation business would be observed. This shows the importance of continuing with the careful monitoring of the financial situation of debtors and entities.

Abstrack:Article 29 of the Act Number 10, 1998 regarding the Change of the Act Number 7, 1992 regarding Banking states that the guidance in verse (1) means the efforts done by determining the rules relating institutional aspect, the owning, activities, report and other relating operational bank aspect. The meaning of supervision in verse (1) covers indirect supervision especially preliminary supervision through research, analysis, and the evaluation of bank report and direct supervision through investigation followed by reparation. In accordance with that, the Indonesian Bank is granted the power, responsibility, and duty fully to guide and supervise on the bank by doing some preventive and repressive efforts. On the other hand, the bank is compulsory to have and apply supervision system internally in terms of securing the decision process in managing the bank that based on the careful principle of bank. Due to the fact that the bank is working with the fund from people deposited based on the trust, every bank is necessary to keep healthy and keep the trust of the people. In fact, the internal supervision at Bank Aceh has not been working due to debt risk.This research aims to explain the application of internal monitoring of bank on providing loan that has been suitable to the law, the obstacles faced in monitoring on the loan and the consequence of law on the bank if the internal monitoring in providing loan is conducted not properly. This is normative-empirical research based on library and field research. Library research is conducted to obtain secondary data by reviewing the literatures and laws relating to the research problems. Field research is conducted to primary data by interviewing respondents and informants. The data obtained are then analysed qualitatively by descriptive analytical approach. The research shows that the implementation of internal bank monitoring on the debt provision has not been conducted well and based on the law due to the monitoring function has not been done maximally namely the provision of it is not conducted based on the Policy of Bank Credit, the procedure of credit provision and internal bank regulation, the developing of debtors including the monitoring through visiting them and warn them earlier regarding the decrease of credit quality that is expected to risk the bank is not implemented fully, the quality of credit that is not based on the Indonesian Bank Regulation, the truth of the provision between related parties and the Bank is not fully based on the bank policy, the administration of the loan documents is not in according with the law. The obstacles faced in the monitoring are the independency of the bank management, tight competition, many debt programs, and the customer's loyalty. The constraints in providing credit at the Bank of Aceh are the analysis of credit provision cannot done maximally that is the review on the character of debtors and the limit of time given by the bank management for the monitoring is limited. The legal consequences towards the monitoring that is not conducted based on the law are the weakness in providing the debt causing the problem and risking in cashing the money that is not based on the requirements, the extension of time that is not based on the regulation, there is the debt transaction that is not based on the Standard Operational Procedure of credit provision.It is recommended that the Bank of Aceh could monitor more intensive in providing the credit hence the risk from the credit provision can be minimalized. The government should provide more freedom for the bank management to decide the policy professionally, provide more time to review the capability of the debtors hence the review can be optimally done, and the analysis of 5 C's can be fulfilled in providing the credit and it is a necessary a regulation on the internal monitoring of the bank thus the mechanism of the monitoring can be more clear and providing the punishment if the internal monitoring is conducted against the law. Keywords: Internal Monitoring, Bank of Aceh and Credit Provision. Abstrak: Penjelasan Pasal 29 Undang-Undang Republik Indonesia Nomor 10 Tahun 1998 tentang Perubahan Atas Undang-undang Nomor 7 Tahun 1992 tentang Perbankan (selanjutnya disingkat UUP) menyebutkan, yang dimaksud dengan pembinaan dalam ayat (1) ini adalah upaya-upaya yang dilakukan dengan cara menetapkan peraturan yang menyangkut aspek kelembagaan, kepemilikan, pengurusan, kegiatan usaha, pelaporan serta aspek lain yang berhubungan dengan kegiatan operasional bank. Yang dimaksud dengan pengawasan dalam ayat (1) ini meliputi pengawasan tidak langsung yang terutama dalam bentuk pengawasan dini melalui penelitian, analisis, dan evaluasi laporan bank, dan pengawasan langsung dalam bentuk pemeriksaan yang disusul dengan tindakan-tindakan perbaikan. Sejalan dengan itu, Bank Indonesia diberi wewenang, tanggungjawab, dan kewajiban secara utuh untuk melakukan pembinaan dan pengawasan terhadap bank dengan menempuh upaya-upaya baik yang bersifat preventif maupun represif. Di pihak lain, bank wajib memiliki dan menerapkan sistem pengawasan intern dalam rangka menjamin terlaksananya proses pengambilan keputusan dalam pengelolaan bank yang sesuai dengan prinsip kehati-hatian. Mengingat bank terutama bekerja dengan dana dari masyarakat yang disimpan atas dasar kepercayaan, setiap bank perlu terus menjaga kesehatannya dan memelihara kepercayaan masyarakat padanya". Kenyataannya pengawasan internal pada Bank Aceh belum dapat berjalan, karena masih terjadinya kredit bermasalah atau resiko kredit.Penelitian ini bertujuan untuk menjelaskan pelaksanaan pengawasan internal bank terhadap penyaluran kredit telah berjalan menurut peraturan perundang-undanga, hambatan bank dalam melakukan pengawasan internal terhadap penyaluran kredit dan konsekuensi hukum terhadap bank bila pengawasan internal penyaluran kredit oleh bank tidak sebagaimana mestinya.Penelitian ini bersifat normatif-empiris yang didasarkan kepada penelitian kepustakaan dan penelitian lapangan.Penelitian kepustakaaan untuk memperoleh data sekunder dengan mempelajari literatur-literatur dan peraturan perundang-undangan yang berhubungan dengan masalah yang diteliti. Sedangkan penelitian lapangan untuk memperoleh data primer dengan cara mewawancarai responden dan informan. Keseluruhan data yang diperoleh dianalisis secara kualitatif dengan pendekatan desriftif analisis.Hasil penelitian menunjukkan bahwa pelaksanaan pengawasan Internal Bank terhadap Penyaluran Kredit belum dapat berjalan dengan baik dan sebagaimana mestinya, karena fungsi pengawasan kredit belum dilakukan secara maksimal antara lain pemberian kredit belum dilaksanakan sesuai dengan Kebijakan Perkreditan Bank, prosedur pemberian kredit dan ketentuan internal Bank yang berlaku, perkembangan kegiatan debitur termasuk pemantauan melalui kegiatan kunjungan kepada debitur dan memberikan peringatan dini mengenai penurunan kualitas kredit yang diperkirakan mengandung risiko bagi Bank belum sepenuhnya dilakukan, adanya kualitas kredit yang tidak sesuai dengan ketentuan yang ditetapkan oleh Bank Indonesia, kebenaran pemberian kredit kepada pihak yang terkait dengan Bank dan debitur-debitur besar belum sepenuhnya sesuai Kebijakan Perkreditan Bank, adanya pelaksanaan pengadministrasian dokumen perkreditan yang tidak sesuai dengan ketentuan yang ditetapkan. Hambatan-hambatan dalam melakukan pengawasan internal pada Bank Aceh adalah independensi manajemen bank, persaingan yang ketat, kredit program yang banyak, dan loyalitas nasabah. Hambatan-hambatan dalam pemberian kredit pada PT Bank Aceh analisis pemberian kredit tidak dapat dilaksanakan secara optimal adalah penilaian terhadap watak (character) debitur dan batasan jangka waktu yang diberikan oleh manajemen bank bagi melakukan pengawasan kredit terbatas. Konsekuensi hukum terhadap pengawasan internal bank yang tidak berjalan sebagaimana mestinya adalah terjadinya kelemahan-kelemahan dalam penyaluran kredit sehingga dapat terjadinya kredit bermasalah dan risiko kredit.pencairan kredit yang tidak memenuhi persyaratan, perpanjangan jangka waktu yang tidak memenuhi persyaratan, adanya transaksi keuangan debitur yang tidak sesuai dan tidak berpedoman pada Standar Operasional Prosedur (SOP) pelaksanaan perkreditan.Disarankan kepada Bank Aceh untuk dapat melakukan pengawasan yang lebih intensif dalam penyaluran kredit, sehingga risiko atau kredit bermasalah dapat diminimalisir. Diharapkan pemerintah dapat memberikan keleluasaan dan kebebasan kepada Manajemen Bank untuk secara profesional memutuskan kebijakan perkreditan, memberikan tenggang waktu yang memadai untuk penilaian kelayakan kredit sehingga pelaksanaan analisis penilaian kredit berjalan optimal dan analisis 5 C's dapat terpenuhi dalam pemberian kredit dan diperlukan suatu aturan yang tegas terhadap pengawasan internal bank, sehingga mekanisme pengawasan dapat lebih jelas dan memberikan sanksi yang tegas jika pengawasan internal bank tidak dilakukan sesuai peraturan perundang-undangan. Kata Kunci:Pengawasan Internal, Bank Aceh dan Penyaluran Kredit.

Статья посвящена развитию теоретических положений субфедерального рынка ценных бумаг. В настоящее время на региональном уровне для финансирования возрастающих объемов бюджетного дефицита все активнее используют долговые инструменты заимствования. Выбор наиболее оптимального набора инструментов является важным компонентом грамотной бюджетной политики субъекта Российской Федерации. Одним из таких инструментов и являются государственные ценные бумаги субъектов Российской Федерации. В качестве вида размещаемых ценных бумаг власти регионов, как правило, используют облигации. Рассмотрены преимущества и недостатки использования государственных ценных бумаг на региональном уровне. Был сделан вывод о том, что вопрос непопулярности использования государственных ценных бумаг может быть связан с несколькими факторами. На желание субъекта РФ использовать данный инструмент может повлиять отсутствие «почвы» для удачного выхода на рынок (низкий уровень инвестиционной привлекательности субъекта РФ), в том числе низкий уровень социально-экономического развития региона, отсутствие или «мусорные» рейтинги от российских и зарубежных рейтинговых агентств. В статье были отображены развитие практики субфедеральных государственных ценных бумаг в Российской Федерации с начала 1990-х годов по настоящее время и существующие подходы к классификации государственных ценных бумаг (уточнено их применение к облигациям, вы-пускаемым субъектами Российской Федерации). На основе ретроспективного анализа эмиссионной активности субъектов выделены этапы развития практики субфедеральных облигационных заимствований. Предложена и научно обоснована классификация государственных ценных бумаг субъектов Российской Федерации в зависимости от целей эмиссии, в соответствии с которой выделены: облигации, эмитированные в целях привлечения средств в бюджет субъекта РФ для обеспечения его сбалансированности; облигации, эмитированные в целях реструктуризации несекьюритизированного долга субъекта Российской Федерации. ; The article is devoted to development of theoretical positions of sub-federal securities market. Currently, at the regional level to finance increasing volumes of budget deficit are increasingly using debt borrowing instruments. Selection of the optimal set of tools is an important component of competent fiscal policy of the Russian Federation. One of these tools is the state securities of the Russian Federation. As a kind of securities placed power regions typically use bonds. It is given the advantages and disad-vantages of the use of government securities at the regional level. It was concluded that the issue of the unpopularity of the use of government securities may be related to several factors. On the desire of the subject of the Russian Federation to use this tool may affect the lack of «soil» for a successful market entry (low level of investment attractiveness of the Russian entity), including a low level of socio-economic development of the region, the absence or «junk» ratings from Russian and international rating agencies. The article displays the development of the practice of sub-federal government securities in the Russian Federation since the beginning of the 1990s to the present and existing approaches to the classification of government securities (updated their application to the bonds issued by the Russian Federation subjects). It is based on a retrospective analysis of the issue activi-ty of the subjects highlighted in the stages of development practice sub-federal bond borrowing. Proposed and scientifically based classification of government securities of the Russian Federation according to the emission targets, in accordance with which highlighted: bonds issued for the purpose of raising funds in the budget of the subject of the Russian Federation to ensure its bal-ance; bonds issued to restructure non-bonds debt of the Russian Federation.

The Sustainable Development Goals, the global development agenda for 2015 through 2030, will require unprecedented mobilization of resources to support their implementation. Their predecessor, the Millennium Development Goals, focused on a limited number of concrete, global human development targets that can be monitored by statistically robust indicators. The Millennium Development Goals set the stage for global support of ambitious development goals behind which the world must rally. The Sustainable Development Goals bring forward the unfinished business of the Millennium Development Goals and go even further. Because of the transformative and sustainable nature of the new development agenda, all possible resources must be mobilized if the world is to succeed in meeting its targets. Thus, the potential for Islamic finance to play a role in supporting the Sustainable Development Goals is explored in this paper. Given the principles of Islamic finance that support socially inclusive and development promoting activities, the Islamic financial sector has the potential to contribute to the achievement of the Sustainable Development Goals. The paper examines the role of Islamic financial institutions, capital markets, and the social sector in promoting strong growth, enhanced financial inclusion, and intermediation, reducing risks and vulnerability of the poor and more broadly contributing to financial stability and development.

Some of the main challenges faced by colombian economy and emerging countries are public over-indebtedness and the procyclicality of fiscal policy. Colombian Government started a significant effort to face these problems in the beginning of 2000, however the advances achieved have been reversed during the last years at the time the economy has moderated its dynamic and the external deficit reached historical maximums. Since the Fiscal Rule began in 2012, fiscal deficit has been located on average 0.7 percentage points above the structural fiscal déficit, and the gross debt of the Central National Government rose to historical maximum levels. According to the Government the fiscal shock between 2013 and 2016 was 3,9% of gdp and it was associated 82% with lower fiscal income due to the fall in oil prices. Under this scenario, the Government implemented tax reforms and cut investment spending significantly since 2013, affecting in this way the economic dynamics through a pro-cyclical policy. Taking into account the deterioration of fiscal accounts, associated with the fall in oil prices observed between 2014 and 2017, this article evaluates a theoretical approach to the performance of the fiscal balance by incorporating a hedging mechanism with european put options against fluctuations of international oil prices. It was found that the coverage improved the balance of the Central National Government during the periods evaluated. It isconcluded that the rate of decline in debt would have been faster than observed and that the implementation of tax adjustments and spending cuts observed in recent years could have been avoided. ; Algunos de los principales retos que ha enfrentado la economía colombiana, y en general los países emergentes, son el sobreendeudamiento público y la prociclicidad de la política fiscal. Desde comienzos del 2000 se pudo observar un esfuerzo importante del Gobierno colombiano por enfrentar estos problemas, sin embargo, los avances alcanzados hasta hace algunos años se han venido revirtiendo al tiempo que la dinámica de la economía se ha moderado y el déficit externo alcanzó máximos históricos. Desde que inició la Regla Fiscal en 2012, el déficit fiscal observado se ha ubicado en promedio 0,7 puntos porcentuales por encima del déficit estructural, y la deuda bruta del Gobierno nacional central ascendió a niveles máximos históricos. De acuerdo con los cálculos del Gobierno, el choque fiscal entre de 2013 y 2016 fue de 3,9 % del pib, y estuvo asociado en un 82 % a un menor ingreso fiscal por la caída en los precios del petróleo. Bajo este escenario, el Gobierno implementó reformas tributarias y recortó el gasto de inversión de manera importante desde 2013, lo que influenció negativamente la dinámica económica a través de una política procíclica. Teniendo en cuenta el deterioro de las cuentas fiscales, asociado a la caída en los precios del petróleo observada entre 2014 y 2017, en este artículo se evalúa una aproximación teórica al desempeño del balance fiscal incorporando un mecanismo de cobertura con opciones put europeas contra las fluctuaciones de los precios internacionales del petróleo. Se encontró que las coberturas mejoraron el balance del Gobierno nacional central durante los periodos evaluados. Se concluye que el ritmo de descenso de la deuda habría sido más acelerado al observado y que se habría podido evitar la implementación de los ajustes tributarios y los recortes de gastos observados durante los últimos años.

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the "flat Swedish-type ABM" and the "fiscal-cliff US- type ABM". These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures

This guide continues to be a 'living' document that will be updated as practice evolves. Investors are strongly encouraged to provide feedback on how to improve this guide and to share additional material that could be included. The Guide is organized as follows: section two describes the principles and their importance to ensuring sustainable microfinance development that serves the best interests of clients. Section three provides an update on the smart campaign. Section four offers practical advice on approaches and tools to incorporate the principles into investment processes. Section five highlights questions that investment organizations are facing and emerging responses. Finally, section six provides a list of resources and tools.

File originally titled "Juan Barragán Automobile. Return of Paulino Fontes". It includes telegrams exchanged among Mr. Adolfo de la Huerta, Secretary of Finance and Public credit (who is in New York holding conferences with the bankers and creditors on Mexico's foreign debt problems) and President Alvaro Obregón. The correspondence is regarding the steps taken by Gen. Juan Barragán to recover the automobile that was confiscated from him since he could not prove he did not buy it using government funds. Mr. De la Huerta informs Gen. Obregón that Mr. Barragán has offered to sign a declaration assuring that Mr. Venustiano Carranza committed suicide. Gen. Obregón refuses to accept the bribe and give the car in exchange for the declaration. Due to this, a misunderstanding arises between the President and his Minister of Finance. Telegrams exchanged between Mr. De la Huerta and President Obregón can also be found in this file, concerning Gen. Paulino Fontes' request to return to Mexico and end his exile. Gen. Obregón does not wish to give permission but Mr. De la Huerta grants it, without determining a date. / Expediente titulado originalmente "Automóvil Juan Barragán. Regreso Paulino Fontes". Contiene telegramas cruzados entre el Sr. Adolfo de la Huerta, Secretario de Hacienda y Crédito Público (quien se encuentra en Nueva York conferenciando con los banqueros acreedores el problema de la deuda externa mexicana) y el Presidente Alvaro Obregón, relativos a las gestiones del Gral. Juan Barragán para que se le devuelva automóvil que le fue recogido por no poder probar que no lo compró con fondos de la Nación. El Sr. De la Huerta informa al Gral. Obregón que el Sr. Barragán se ofrece a firmar declaración asegurando que el Sr. Venustiano Carranza se suicidó; el Gral. Obregón se niega a aceptar el soborno y dar el coche a cambio de la declaración. Con este motivo surge un malentendido entre el Presidente y su Ministro de Hacienda. En este mismo expediente se encuentran los telegramas cruzados entre el Sr. De la Huerta y el Presidente Obregón relativos a la solicitud del Gral. Paulino Fontes para regresar a vivir a México y se le levante el destierro. El Gral. Obregón no quiere dar el permiso y el Sr. De la Huerta lo concede, sin fijar fecha determinada.

While recent years have seen the rapid growth of off-grid solar power, ten per cent of the world's population, the majority in sub-Saharan Africa, still lack access to electricity. Meanwhile, standalone solar home systems using pay as you go (PAYGO) mobile money have been proposed as a key solution to meeting the target of universal access to energy under Sustainable Development Goal 7. These systems are being deployed in various regions of the global South, including East Africa and to a lesser extent West Africa. I investigate how through PAYGO, off-grid solar electricity in sub-Saharan Africa is being transformed into a cash flow, a financial asset and a conduit for consumer debt. In so doing I analyse evolving relationships between some of the key actors and institutions involved in this process, including mobile banking platforms such as M-Pesa, 'next generation utilities' such as M-KOPA and BBOXX, and powerful mobile network operators such as Safaricom and MTN. Theoretically I conceptualise energy access as a new frontier of 'electricity capital', a developing field from political economy and energy geography, which is concerned with the way in which technological developments in the electricity sector are reconfiguring relationships between different institutions of the state, industry, finance, and users.

Recent decades have seen important progress in strengthening country tax systems. Yet many areas of reform have remained stubbornly resistant to major improvements. Overall, revenue collection still falls short of that needed for effective governance and service delivery. Tax collection is too often riddled with high rates of evasion among large corporations and the rich and by disproportionate, though often hidden, burdens on lower-income groups. As countries around the world deal with the large debt burdens induced by COVID-19, an in-depth look at how to strengthen tax systems is especially timely. Innovations in Tax Compliance: Building Trust, Navigating Politics, and Tailoring Reform takes a fresh look at tax reform. The authors draw on recent research and experience for their new conceptual framework to guide more effective approaches to reform. Building on the achievements of recent decades, they argue for a greater emphasis on the overlapping goals of building trust, navigating political resistance, and tailoring reform to unique local contexts—an emphasis achieved by identifying the most binding constraints on reform. This focus not only can lead to greater compliance, a fairer system, and higher revenues, but also can contribute to building state capacity, sustained political support for further reforms, and a stronger fiscal contract between citizens and governments.