Pension funds, the financing of transition costs and financial markets development: lessons from the Chilean privatization reform

Includes bibliography

Road maintenance, funds and fund management

This edition of the Bulletin deals with road maintenance, funds and fund management. Among other things, it emphasizes, the need to manage road funds in accordance with clear performance rules which seek to minimize maintenance costs and ensure that the road network is maintained in an appropriate condition.

AN ANALYSIS OF SMALL BUSINESS LOAN GUARANTEE FUNDS

Small businesses are considered important engines for job growth and economic development by policy makers worldwide. One of the most commonly cited constraints of small businesses is a lack of access to capital. To address this constraint, small business loan guarantee programs have been established in over 100 countries. There are a variety of types of guarantee funds, with the most significant differences being which borrowers are eligible for guarantees, and how borrowers are approved for guarantees. There is currently no clear delineation between types of programs and the economic conditions they operate in, though some trends are becoming apparent. However, these trends may not be leading to the best economic outcomes possible. By better matching the structure of the guarantee fund to the economic conditions it operates in, the program’s success in meeting economic development goals may be greatly improved. Many programs in developing countries may not be taking advantage of bank expertise and may be limiting the scope of their effectiveness. At the same time, programs in developed countries may be wasting resources by scattering their efforts too thinly and subsidizing less competitive firms to the detriment of local economic development.

Predicting State Allocation of Funds: The Case of John Rowland and his Hometown of Waterbury, Connecticut.

This study attempts to analyze the underlying factors and motives influencing the allocation of discretionary state expenditures. The fact that some cities receive more money than other cities begs the question of what accounts for this variation. After framing the provision of state money within the theoretical framework of political patronage, a case study of Governor Rowland’s tenure in office and the accompanying expenditures to Connecticut’s 17 largest cities from 1995 to 2004 was conducted to evaluate whether a disproportionate amount of money was given to Rowland’s hometown of Waterbury, Connecticut. Besides employing a statistical analysis that determined that cities with similar characteristics received different amounts of money, interviewing was conducted to identify reasons for such variation. The results indicate that Waterbury received a greater amount of money than was predicted based on the city’s economic and demographic characteristics, and that non-objective and biased factors such as favoritism, the need to reward political support, or the desire to increase political loyalty sometimes take precedence over more objective factors.

The outburst decay of the low magnetic field magnetar SGR 0418+5729

We report on the long-term X-ray monitoring of the outburst decay of the low magnetic field magnetar SGR 0418+5729 using all the available X-ray data obtained with RXTE, Swift, Chandra, and XMM-Newton observations from the discovery of the source in 2009 June up to 2012 August. The timing analysis allowed us to obtain the first measurement of the period derivative of SGR 0418+5729: ˙ P = 4(1) × 10−15 s s−1, significant at a ∼3.5σ confidence level. This leads to a surface dipolar magnetic field of Bdip 6 × 1012 G. This measurement confirms SGR 0418+5729 as the lowest magnetic field magnetar. Following the flux and spectral evolution from the beginning of the outburst up to ∼1200 days, we observe a gradual cooling of the tiny hot spot responsible for the X-ray emission, from a temperature of ∼0.9 to 0.3 keV. Simultaneously, the X-ray flux decreased by about three orders of magnitude: from about 1.4 × 10−11 to 1.2 × 10−14 erg s−1 cm−2. Deep radio, millimeter, optical, and gamma-ray observations did not detect the source counterpart, implying stringent limits on its multi-band emission, as well as constraints on the presence of a fossil disk. By modeling the magneto-thermal secular evolution of SGR 0418+5729, we infer a realistic age of ∼550 kyr, and a dipolar magnetic field at birth of ∼1014 G. The outburst characteristics suggest the presence of a thin twisted bundle with a small heated spot at its base. The bundle untwisted in the first few months following the outburst, while the hot spot decreases in temperature and size. We estimate the outburst rate of low magnetic field magnetars to be about one per year per galaxy, and we briefly discuss the consequences of such a result in several other astrophysical contexts.

No. 2 College Funds, 1799

One folio-sized leaf containing a handwritten accounting statement of the appropriated and unappropriated income from the Charles River and West Boston bridges and real estate of the College.

[Subscription of funds for John Konkapot,

This folder contains a handwritten contemporary copy of a subscription paper.