Number of results to display per page
Search Results
122. Climate Change Spending in Ethiopia: Recommendations to bridge the funding gap for climate financing
- Author:
- Neil Bird and Eshetu Zedwu
- Publication Date:
- 11-2015
- Content Type:
- Working Paper
- Abstract:
- The Government of Ethiopia considers climate change to be one of its priorities in responding to the country’s long-term development needs. The nation’s widely acclaimed Climate Resilient Green Economy (CRGE) strategy has called for annual spending of $7.5bn. With federal budgetary resources for climate change relevant actions estimated to be in the order of $440m per year, and international sources adding an uncertain amount that may be in the tens of millions (USD) per year, there appears to be a major financing gap. Therefore, if the CRGE strategy is to be delivered, and the lives of the country’s most vulnerable people made more resilient, much more effort needs to be exerted to mobilize additional resources both domestically and externally. In particular, international commitments on climate finance need to be realized. This is now a matter of urgency for Ethiopia, as it is for many other African States. Drawing on research by the Climate Science Centre of Addis University and the Overseas Development Institute, this policy brief, supported by the ACCRA programme, sets out recommendations to bridge the funding gap for climate financing in Ethiopia.
- Topic:
- Climate Change, Politics, Natural Resources, Budget, and Finance
- Political Geography:
- Ethiopia
123. Sovereign Bond Purchases and Risk-Sharing Arrangements – Implications for Monetary Policy
- Author:
- Monika Blaszkiewicz
- Publication Date:
- 07-2015
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- The design of the euro area Quantitative Easing (QE) programme raises the question of whether insufficient liquidity in the bond markets will reduce the impact of the programme and lead to market volatility. While estimates suggests that scarcity of around €102 billion may arise over the life of the programme, to date the QE programme has met its monthly targets and bond market volatility has been managed. Questions also arise in respect of the fact that risk is not fully shared on up to €738.4 billion to be purchased over the life of the programme. Partial risk sharing raises the spectre of defaulting central banks exiting the euro system, and existing members being unwilling to bear associated costs, and thus the future of the euro area. However, estimations suggest that, at present, all national central banks should be able to bare losses stemming from sovereign debt purchases under the current round of QE. This report was prepared within a research project entitled Sovereign bond purchases and risk sharing arrangements: Implications for euro-area monetary policy, which received funding from the European Parliament.
- Topic:
- Finance, Economic growth, Banks, Trade, and European Central Bank
- Political Geography:
- Europe and European Union
124. Revisiting the Latvian and Greek Financial Crises: The Benefits of Front-Loading Fiscal Adjustment
- Author:
- Anders Åslund
- Publication Date:
- 05-2015
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- This paper discusses why Greece has done so poorly in comparison with all other European Union countries since the onslaught of the global financial crisis in 2008. To show what was wrong with its fiscal adjustment, this paper compares Greece with the other European Union country that was hit be the most severe fiscal crisis, namely Latvia. The conclusion is that front-loaded fiscal adjustment works much better. Greek economic policy has been a popular topic among opinion writers, notably Nobel Prize winner and New York Times columnist Paul Krugman, who claimed that Greece suffered from austerity. Because of his prominence in the international public debate, I shall scrutinize his arguments on the Greek crisis. The paper also examines what policy the International Monetary Fund has pursued with regard to Greece, and how its views have been influenced by the debate and Greek economic developments. Finally, the paper assesses what lessons can be drawn from the contrasting experiences of Latvia and Greece. The conclusion is that a fiscal adjustment should be sufficient to resolve the crisis to restore confidence and that it should be as front-loaded as is practically and politically possible.
- Topic:
- Financial Crisis, Finance, Economic growth, Macroeconomics, Fiscal Policy, and Trade
- Political Geography:
- Europe, Eastern Europe, Greece, and Latvia
125. An assessment of direct and indirect liabilities of Polish banks AD 2015
- Author:
- Marek Radzikowski and Mieczysław Groszek
- Publication Date:
- 08-2015
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- The present document is an attempt at a comprehensive analysis of direct and indirect burdens imposed upon banks in 2015. The idea to present such factors — which are often extremely varied in nature — in a single study was born out of the fact that these factors are often considered separately, on the basis of various criteria, which causes them to be split into different groups. This approach results in a fairly common tendency for fragmentary assessment of their impact and, more importantly, in the adoption of piecemeal regulations which fail to take into account the full impact of the actions taken in different areas. This applies in equal measures to supervisory authorities, regulators, analysts, policymakers and the media, which means that, in a somewhat oversimplified sense, the above statement is applicable to the public at large. This situation can be most succinctly characterised in the manner presented below. In the aftermath of the crisis, banks require a new set of instruments to regulate the functioning thereof. This is because they are to become more stable, safe, less risk-prone and more customer-friendly. Each of these areas requires a separate set of regulatory instruments, along with the respective subgroups thereof. Oftentimes they are not synchronised with each other and are usually aimed at the implementation of a specific, particular goal to an excessive extent. In addition, there are also “special tasks” such as the reform of the Credit and Saving Unions (SKOK).
- Topic:
- Finance, Economic growth, Banks, and Trade
- Political Geography:
- Europe, Central Asia, Caucasus, Eastern Europe, Poland, and European Union
126. The Banking Union: State of Art
- Author:
- Andrzej Reich and Stefan Kawalec
- Publication Date:
- 06-2015
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- It is widely believed that the creation of the banking union initiated the integration of the EU banking market. The process is traced back to June 2012 (EU Summit decided to create the banking union), 4 November 2013 (effective date of the Banking Union Regulation), or 4 November 2014 (operational launch of the Single Supervisory Mechanism, SSM). However, the integration of the EU banking market began much earlier and the creation of the banking union should be considered the final rather than the initial step in the process.
- Topic:
- Finance, Financial Markets, Regional Integration, Banks, and Fiscal Policy
- Political Geography:
- Europe and European Union
127. On Competition in the Banking Sector in Poland and Europe Before and During the Crisis
- Author:
- Małgorzata Pawłowska
- Publication Date:
- 01-2015
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- In the past decades, the banking sector has come to be known in literature as the banking industry as it was geared to increasing profits, banks were growing, and banking products developed dynamically. It was believed that competition in the banking sector makes banks more efficient and stimulates financial innovation opening new markets. The financial crisis of 2007–2008 has sparked the interest of researchers and politicians in competition in the banking sector and its impact on the stability of the financial sector and overall economic growth. However, researchers cannot agree whether more competition improves or hinders stability. The paper is comprised of three sections and a summary. The first section discusses the concept of competition in the banking sector as well as measures of competition. The second section is a review of literature on competition in the banking sector and its determinants. The third section presents the results of research on competition in the EU, including my own research as well as other research. The paper concludes with a short summary. This publication was presented by Małgorzata Pawłowska during the 134th mBank-CASE Seminar "The global financial crisis: changes in competition in the banking sector in Europe, the role of regulation and intervention by governments and central banks".
- Topic:
- Financial Crisis, Finance, Economy, Global Financial Crisis, and Banks
- Political Geography:
- Europe, Poland, and European Union
128. Channelling household savings to productive uses through the capital markets
- Author:
- Geetima Das Krishna, Vardhana Pawaskar, and Ankit Bhardwaj
- Publication Date:
- 11-2015
- Content Type:
- Working Paper
- Institution:
- Centre for Policy Research, India
- Abstract:
- Savings provides the means for investments. Typically, investments are primarily funded through domestic savings and the rest through foreign capital inflows. Domestic savings are from three sources -- households, private and public sector. Household savings form the largest part of total savings. As domestic savings contributes the most to capital formation, it can also be a limiting factor to investments. The paper deals with changing pattern of Household savings, its shift away from capital (financial) markets towards unproductive assets like gold and possibilities of channelization household savings to investment rather than speculative assets. The paper looks at the current policy incentives in terms of tax to boost capital market investment and whether it has served the purpose of long term capital formation. The current savings environment indicates a high proportion being in physical rather than financial assets. Within financial assets derivatives are preferred over the cash equity. We propose that an investment of incentive structure should support a pyramid where the small investors would hold maximum in the less risky assets and reduce the holdings as they move towards risky assets. Our paper is organized as, section (2) studies trends in current macro-economic scenario in terms of the savings; section (3), deals with, the capital formation and share of capital markets in terms of raising new capital. In section (4), we look at the current investment pattern in Indian capital markets and the incentives provides to boost trading in the equity and derivative products. Section (5) we give our proposal on the layered approach to investment architecture. Finally, section (6) concludes the paper.
- Topic:
- Finance, Economy, Capital Flows, and Investment
- Political Geography:
- South Asia, India, and Asia
129. Full Issue: Money & War
- Author:
- Sarah Detzner, James Copnall, Alex de Waal, Ian M. Ralby, Joshua Stanton, Ibrahim Warde, Leon Whyte, Richard Weitz, Jessica Knight, John H. Maurer, Alexander Tabarrok, Alex Nowrasteh, Tom Keatinge, Emily Knowles, Karolina MacLachlan, Andrew Lebovich, Caroline Troein, and Anne Moulakis
- Publication Date:
- 01-2015
- Content Type:
- Journal Article
- Journal:
- Fletcher Security Review
- Institution:
- The Fletcher School, Tufts University
- Abstract:
- The Fletcher Security Review: Managed and edited by students at the Fletcher School of Law and Diplomacy, we build on the Fletcher School’s strong traditions of combining scholarship with practice, fostering close interdisciplinary collaboration, and acting as a vehicle for groundbreaking discussion of international security. We believe that by leveraging these strengths – seeking input from established and up-and-coming scholars, practitioners, and analysts from around the world on topics deserving of greater attention – we can promote genuinely unique ways of looking at the future of security. Each issue of the Review is centered around a broad theme – in this issue, we tackle “Money & War.” Money influences every aspect of warfare, conventional or unconventional. No nationstate military, insurgent group, terrorist network, trans-national criminal organization, or hybrid actor can be understood, or countered, without knowing where the money is coming from – as well as where, and how, it gets spent. Evolutions and revolutions in financial tools and practices quickly translate to transformations in military affairs, and some cases, vice versa.
- Topic:
- Security, Foreign Policy, Economics, Human Rights, Governance, Sanctions, Military Affairs, Finance, Islamic State, Navy, Arab Spring, Maritime, Conflict, Multilateralism, Islamism, Drugs, and Currency
- Political Geography:
- Afghanistan, Africa, China, Iran, Sudan, Darfur, Middle East, Asia, North Korea, Mali, Asia-Pacific, Sahel, United States of America, and North America
130. Nip It in the Bud: Disrupting Insurgent Financial Networks Before They Take Root
- Author:
- Tom Keatinge
- Publication Date:
- 01-2015
- Content Type:
- Journal Article
- Journal:
- Fletcher Security Review
- Institution:
- The Fletcher School, Tufts University
- Abstract:
- The rapid rise of Islamic State[1] has galvanised the international community to take action to contain it. One issue in particular – financing – has drawn increasing attention from policy-makers. As U.S. Secretary of Defense Chuck Hagel noted in August 2014, "ISIL is as sophisticated and well-funded as any group that we have seen. They’re beyond just a terrorist group…they are tremendously well funded."[2] He elaborated on this further in a September testimony to the U.S. Senate Armed Services Committee, stating that the United States would work with international partners "to cut off ISIL’s funding" and that "the Department of Treasury’s Office of Terrorism and Financial Intelligence is working to disrupt ISIL’s financing and expose their activities."[3] This decision by international partners to jointly focus on finance disruption has resulted in a bombing campaign partly targeting oil refineries (a major source of funds for Islamic State) and in a UN Security Council Resolution that exhorts the international community to inhibit foreign terrorist fighter travel and otherwise disrupt financial support.[4] But will it work? This article will give necessary broader context on this key question by exploring in more general terms the importance of financing for terrorist and insurgent groups and the extent to which disrupting their funding can reduce the security threat posed by such groups. Specifically considering the evolution of Islamic State, this article will first review the importance of financing in conflict, then assess the way in which funding models develop. It will argue that, once groups move from a reliance on externally sourced funding to generating sufficient internal financing – a path several groups have now followed – disruption becomes significantly more challenging and complex. The international community consistently fails to prioritise the early disruption of terrorist and insurgent financing – an attitude that needs to change...
- Topic:
- Defense Policy, Counterinsurgency, Finance, Islamic State, and Financial Crimes
- Political Geography:
- Iraq, Middle East, Syria, and Global Focus