Managing Climate Risk in the U.S. Financial System
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Social Protection Discussion Paper Series
No. 0109 Social Protection Discussion Paper Series Risk and Vulnerability: The Forward Looking Role of Social Protection in a Globalizing World Robert Holzmann March 2001 Social Protection Unit Human Development Network The World Bank Social Protection Discussion Papers are not formal publications of the World Bank. They present preliminary and unpolished results of analysis that are circulated to encourage discussion and comment; citation and the use of such a paper should take account of its provisional character. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations or to members of its Board of Executive Directors or the countries they represent. For free copies of this paper, please contact the Social Protection Advisory Service, The World Bank, 1818 H Street, N.W., MSN G8-802, Washington, D.C. 20433 USA. Telephone: (202) 458-5267, Fax: (202) 614-0471, E-mail: [email protected]. Or visit the Social Protection website at http://www.worldbank.org/sp. Risk and Vulnerability: The forward looking role of social protection in a globalizing world Robert Holzmann, World Bank* Paper prepared for “The Asia and Pacific Forum on Poverty – Policy and Institutional Reforms for Poverty Reduction”, Asian Development Bank, Manila, February, 5-9, 2001. Abstract The paper outlines a forward-looking role of social protection against the background of increasing concerns about risk and vulnerability, exemplified by the recent East Asian crisis, the concerns of the World Development Report (WDR) 2000, the need for a better understanding of poverty dynamics, and the opportunity and risks created by globalization. -
A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities A Financial System That T OF EN TH M E A Financial System T T R R A E P A E S That Creates Economic Opportunities D U R E Y H T Nonbank Financials, Fintech, 1789 and Innovation Nonbank Financials, Fintech, and Innovation Nonbank Financials, Fintech, TREASURY JULY 2018 2018-04417 (Rev. 1) • Department of the Treasury • Departmental Offices • www.treasury.gov U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary T OF EN TH M E T T R R A E P A E S D U R E Y H T 1789 Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Jessica Renier and W. Moses Kim, and included contributions from Chloe Cabot, Dan Dorman, Alexan- dra Friedman, Eric Froman, Dan Greenland, Gerry Hughes, Alexander Jackson, Danielle Johnson-Kutch, Ben Lachmann, Natalia Li, Daniel McCarty, John McGrail, Amyn Moolji, Brian Morgenstern, Daren Small-Moyers, Mark Nelson, Peter Nickoloff, Bimal Patel, Brian Peretti, Scott Rembrandt, Ed Roback, Ranya Rotolo, Jared Sawyer, Steven Seitz, Brian Smith, Mark Uyeda, Anne Wallwork, and Christopher Weaver. ii A Financial System That Creates Economic -
Navigating Social and Institutional Barriers to Markets: How Social Entrepreneurs Identify and Evaluate Opportunities Jeffrey Robinson
7 Navigating Social and Institutional Barriers to Markets: How Social Entrepreneurs Identify and Evaluate Opportunities Jeffrey Robinson Introduction Entrepreneurship research can be broadly placed into three categories: that which examines the people (entrepreneurs); that which examines the process and that which examines the entrepreneurial or business opportunities. This chapter specifically looks at social entrepreneurial opportunities and the process of identifying and evaluating these types of opportunities. I address three important questions: • What makes social entrepreneurial opportunities different from other types of opportunities? • What makes social entrepreneurship special? • How do social entrepreneurs find social entrepreneurial opportunities? The phenomenon of social entrepreneurship For the purposes of this chapter, I define social entrepreneurship (SE) as a process (Shane and Venkataraman, 2000) that includes: the identifica- tion of a specific social problem and a specific solution (or set of solu- tions) to address it; the evaluation of the social impact, the business model and the sustainability of the venture; and the creation of a social mission-oriented for-profit or a business-oriented nonprofit entity that pursues the double (or triple) bottom line. This approach to defining SE allows for future research directions and for clearer distinctions from ‘traditional’ entrepreneurship. 95 96 Social Entrepreneurship Recently, there has been an explosion of interest in the phenome- non of SE. It is an attractive area for practitioners, policy makers, the media and business schools because it addresses several issues in society (Dees, 1998; Thompson, 2002; Alvord, Brown and Letts, 2004; Brainard and Siplon, 2004). SE is a uniting concept that demonstrates the usefulness of business principles in achieving social goals. -
World Bank: Roadmap for a Sustainable Financial System
A UN ENVIRONMENT – WORLD BANK GROUP INITIATIVE Public Disclosure Authorized ROADMAP FOR A SUSTAINABLE FINANCIAL SYSTEM Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized NOVEMBER 2017 UN Environment The United Nations Environment Programme is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. In January 2014, UN Environment launched the Inquiry into the Design of a Sustainable Financial System to advance policy options to deliver a step change in the financial system’s effectiveness in mobilizing capital towards a green and inclusive economy – in other words, sustainable development. This report is the third annual global report by the UN Environment Inquiry. The first two editions of ‘The Financial System We Need’ are available at: www.unep.org/inquiry and www.unepinquiry.org. For more information, please contact Mahenau Agha, Director of Outreach ([email protected]), Nick Robins, Co-director ([email protected]) and Simon Zadek, Co-director ([email protected]). The World Bank Group The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. Established in 1944, the World Bank Group is headquartered in Washington, D.C. More information is available from Samuel Munzele Maimbo, Practice Manager, Finance & Markets Global Practice ([email protected]) and Peer Stein, Global Head of Climate Finance, Financial Institutions Group ([email protected]). -
CLIMATE RISK COUNTRY PROFILE: GHANA Ii ACKNOWLEDGEMENTS This Profile Is Part of a Series of Climate Risk Country Profiles Developed by the World Bank Group (WBG)
CLIMATE RISK COUNTRY PROFILE GHANA COPYRIGHT © 2021 by the World Bank Group 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org This work is a product of the staff of the World Bank Group (WBG) and with external contributions. The opinions, findings, interpretations, and conclusions expressed in this work are those of the authors and do not necessarily reflect the views or the official policy or position of the WBG, its Board of Executive Directors, or the governments it represents. The WBG does not guarantee the accuracy of the data included in this work and do not make any warranty, express or implied, nor assume any liability or responsibility for any consequence of their use. This publication follows the WBG’s practice in references to member designations, borders, and maps. The boundaries, colors, denominations, and other information shown on any map in this work, or the use of the term “country” do not imply any judgment on the part of the WBG, its Boards, or the governments it represents, concerning the legal status of any territory or geographic area or the endorsement or acceptance of such boundaries. The mention of any specific companies or products of manufacturers does not imply that they are endorsed or recommended by the WBG in preference to others of a similar nature that are not mentioned. RIGHTS AND PERMISSIONS The material in this work is subject to copyright. Because the WBG encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. -
Deloitte Insurance Alert | Issue 1
Deloitte Audit SRL The Mark Tower, 84-98 Grivitei Road, 8th Floor Bucharest, District 1, Romania, 010735 Tel: +40 21 222 16 61 Fax: +40 21 222 16 60 www.deloitte.ro Deloitte Banking Alert April 2021 The EBA is consulting on disclosures for ESG risks under the Pillar 3 framework The European Banking Authority (EBA) published a consultation paper on draft implementing technical standards (ITS) on Pillar 3 disclosures on Environmental, Social and Governance (ESG) risks. The draft technical standards provide a framework for ESG disclosures to ensure stakeholders are informed about ESG exposures and strategies and can make informed decisions and exercise market discipline. The publication also includes details of the proposed Green Asset Ratio, which integrates the EU Taxonomy into bank disclosure requirements for the first time. The consultation is the latest in a series of initiatives at the EU-level developing the ESG risk disclosure framework. It is crucial for banks to have a holistic, joined-up understanding of how the various initiatives apply, to identify synergies and dependencies across different requirements and banks’ implementation workstreams. What will banks be required to disclose? The ITS introduces eight templates, covering transition risk and physical risk, and requiring a combination of quantitative and qualitative information. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL” ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. -
Capital Markets
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets OCTOBER 2017 U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Brian Smith and Amyn Moolji, and included contributions from Chloe Cabot, John Dolan, Rebekah Goshorn, Alexander Jackson, W. Moses Kim, John McGrail, Mark Nelson, Peter Nickoloff, Bill Pelton, Fred Pietrangeli, Frank Ragusa, Jessica Renier, Lori Santamorena, Christopher Siderys, James Sonne, Nicholas Steele, Mark Uyeda, and Darren Vieira. iii A Financial System That Creates Economic Opportunities • Capital Markets Table of Contents Executive Summary 1 Introduction 3 Scope of This Report 3 Review of the Process for This Report 4 The U.S. Capital Markets 4 Summary of Issues and Recommendations 6 Capital Markets Overview 11 Introduction 13 Key Asset Classes 13 Key Regulators 18 Access to Capital 19 Overview and Regulatory Landscape 21 Issues and Recommendations 25 Equity Market Structure 47 Overview and Regulatory Landscape 49 Issues and Recommendations 59 The Treasury Market 69 Overview and Regulatory Landscape 71 Issues and Recommendations 79 -
Food Speculationspeculation Ploughing Through the Meanders in Food Speculation
PloughingPloughing throughthrough thethe meandersmeanders inin FoodFood SpeculationSpeculation Ploughing through the meanders in Food Speculation Collaborator Process by Place and date of writing: Bilbao, February 2011. Written by Mónica Vargas y Olivier Chantry from the (ODG) Observatori del Deute en la Globalització (Observatory on Debt in Globalization) of the Càtedra UNESCO de Sostenibilitat Universitat Politècnica de Catalunya (Po- lytechnic University of Catalonia’s UNESCO Chair on Sustainability) and edi- ted by Gustavo Duch from Revista Soberanía Alimentaria, Biodiversidad y Culturas (Food Sovereignty, Biodiversity and Cultures Magazine). With the support of Grain www.grain.org and of Mundubat www.mundubat.org This material may be freely shared, although we would appreciate your quoting the source. Co-financed by: “This publication has been produced with the financial support of the Spanish Agency for International Co-operation for Development (AECID). The contents of this publica- tion are the exclusive responsibility of Mundubat and do not necessarily reflect the opinion of the AECID.” Index Introduction 5 1. Food speculation: what is it and where does it originate from? 8 Initial definitions 8 Origin and functioning of futures markets 9 In the 1930’s: a regulation that legitimized speculation 12 2. The scaffolding of 21st-century food speculation 13 Liberalization of financial and agricultural markets: two parallel processes 13 Fertilizing the ground for speculation 14 Ever more complex financial engineering 15 3. Agribusiness’ -
The European Union and the United Kingdom
ISSUE 2016/ 01 policy brief JANUARY 2016 bruegel ONE MARKET, TWO MONIES: THE EUROPEAN UNION AND THE UNITED KINGDOM by André Sapir THE ISSUE Access to the single market is one of the core benefits of the United Senior Fellow at Bruegel Kingdom’s membership of the European Union. A vote to leave the EU would [email protected] trigger difficult negotiations on continued access to that market. However, the and Guntram B. Wolff single market is not static. One of the drivers of change is the necessary Director of Bruegel [email protected] reforms to strengthen the euro. Such reforms would not only affect the euro’s fiscal and political governance. They would also have an impact on the single market, in particular in the areas of banking, capital markets and labour mar - kets. This is bound to affect the UK, whether it remains in the EU or not. POLICY CHALLENGE A defining characteristic of the banking, capital and labour markets is a high degree of public intervention. These markets are all regulated, and have implicit or explicit fiscal arrangements associated with them. Deepening integration in these markets will likely therefore require governance inte - gration, which might involve only the subset of EU countries that use the euro. Since these countries constitute the EU majority, safeguards are Participation of euro and non-euro EU countries in inter - needed to protect the governmental arrangements to strengthen EMU legitimate single mar - ket interests of the UK European Union and other euro-outs. Fiscal Compact, 2012 But the legitimate SE interest of the euro- Euro-area 19 Euro-plus area majority in deeper AT, BE, CY, DE, EE, ES UK Pact, 2011 HU market integration to IE, FI, FR, GR, IT, LT, LU, LV BG, DK, PL, RO MT, NL, PT, SI, SK bolster the euro should also be protected Banking Union (SRM), 2014 against vetoes from CZ, HR the euro-out minority. -
Is Europe's Capital Markets Union Now in Sight?
Conference Report| November 2020 IS EUROPE’S CAPITAL MARKETS UNION NOW IN SIGHT? Apostolos Thomadakis, Karel Lannoo and Cosmina Amariei The Covid-19 pandemic has served as a brutal reminder of the urgency to strengthen societal resilience as a whole. The extent of the socio-economic fallout has yet to be fully understood, however. But the Capital Markets Union (CMU) project has now taken on new relevance. Mobilising private funding for recovery coupled with sustainable and digital finance strategies is sorely needed. To this end, the ECMI annual conference brought together policymakers, supervisors, academics and industry representatives to exchange views on the continuation of the CMU, namely how to deliver the best outcomes for companies, investors and citizens in the coming years. It also featured a special debate on the evolving role of credit rating agencies. Disclaimer. This report includes the main conclusions from the 10th ECMI Annual Conference that was held virtually on 5 and 6 November 2020. Its content should be attributed solely to the rapporteurs. A detailed overview of the proceedings is available here. European Capital Markets Institute, Place du Congrès 1, 1000 Brussels, Belgium www.ecmi.eu, [email protected] © Copyright 2020, ECMI All rights reserved. 2 | ANNUAL CONFERENCE Mobilising funding for sustainable recovery In Europe, capital markets are at differing stages of development, and are far from integrated. A fresh agenda for the financial sector that is both anchored in the needs of the real economy and shows regulatory quality is required now, for instance in the form of an ambitious second phase of the CMU project. -
The United States Has a Market Concentration Problem Reviewing Concentration Estimates in Antitrust Markets, 2000-Present
THE UNITED STATES HAS A MARKET CONCENTRATION PROBLEM REVIEWING CONCENTRATION ESTIMATES IN ANTITRUST MARKETS, 2000-PRESENT ISSUE BRIEF BY ADIL ABDELA AND MARSHALL STEINBAUM1 | SEPTEMBER 2018 Since the 1970s, America’s antitrust policy regime has been weakening and market power has been on the rise. High market concentration—in which few firms compete in a given market—is one indicator of market power. From 1985 to 2017, the number of mergers completed annually rose from 2,308 to 15,361 (IMAA 2017). Recently, policymakers, academics, and journalists have questioned whether the ongoing merger wave, and lax antitrust enforcement more generally, is indeed contributing to rising concentration, and in turn, whether concentration really portends a market power crisis in the economy. In this issue brief, we review the estimates of market concentration that have been conducted in a number of industries since 2000 as part of merger retrospectives and other empirical investigations. The result of that survey is clear: market concentration in the U.S. economy is high, according to the thresholds adopted by the antitrust agencies themselves in the Horizontal Merger Guidelines. By way of background, recent studies of industry concentration conclude that it is both high and rising over time. For example, Grullon, Larkin, and Michaely conclude that concentration increased in 75% of industries from 1997 to 2012. In response to these and similar studies, the antitrust enforcement agencies recently declared that their findings are not relevant to the question of whether market concentration has increased because they study industrial sectors, not antitrust markets. Specifically, they wrote, “The U.S. -
When Are Sunk Costs Barriers to Entry? Entry Barriers in Economic and Antitrust Analysis†
WHEN ARE SUNK COSTS BARRIERS TO ENTRY? ENTRY BARRIERS IN ECONOMIC AND ANTITRUST ANALYSIS† What Is a Barrier to Entry? By R. PRESTON MCAFEE,HUGO M. MIALON, AND MICHAEL A. WILLIAMS* In the Papers and Proceedings of the Forty- ing the concept of barriers to entry. We begin by eighth Meeting of the American Economic As- contrasting the definitions of an entry barrier sociation, Donald H. Wallace (1936 p. 83) proposed in the economics literature. We then proposed a research program that proved vision- introduce a classification system to clear up the ary: “The nature and extent of barriers to free existing confusion, and we employ it to assess entry needs thorough study.” Fifteen years later, the nature of the barriers posed by scale econ- Joe S. Bain published a book that was the first omies and sunk costs. thorough study of entry barriers. In this book, Bain (1956) defined an entry I. History of the Concept barrier as anything that allows incumbents to earn above-normal profits without inducing en- In chronological order, the seven principal try. He believed that economies of scale and definitions of an entry barrier proposed in the capital requirements meet his definition because economics literature are as follows. they seem to be positively correlated with high profits. George J. Stigler (1968) later defined an Definition 1 (Bain, 1956 p. 3): A barrier to entry barrier as a cost advantage of incumbents entry is an advantage of established sellers in an over entrants. With equal access to technology, industry over potential entrant sellers, which is scale economies are not an entry barrier accord- reflected in the extent to which established sell- ing to this definition, and neither are capital ers can persistently raise their prices above requirements, unless incumbents never paid competitive levels without attracting new firms them.