Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Systematically Identifying Relevant Research : Case Study on Child Protection Social workers' Resilience

Context: The development of a consolidated knowledge base for social work requires rigorous approaches to identifying relevant research. Method: The quality of 10 databases and a web search engine were appraised by systematically searching for research articles on resilience and burnout in child protection social workers. Results: Applied Social Sciences Index and Abstracts, Social Services Abstracts and Social Sciences Citation Index (SSCI) had greatest sensitivity, each retrieving more than double than any other database. PsycINFO and Cumulative Index to Nursing and Allied Health (CINAHL) had highest precision. Google Scholar had modest sensitivity and good precision in relation to the first 100 items. SSCI, Google Scholar, Medline, and CINAHL retrieved the highest number of hits not retrieved by any other database. Conclusion: A range of databases is required for even modestly comprehensive searching. Advanced database searching methods are being developed but the profession requires greater standardization of terminology to assist in information retrieval.

Credit cycle identification: A Markov-switching application

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Justice and Home Affairs databases and a Smart Borders System at EU external borders. An evaluation of current and forthcoming proposals. CEPS Paper in Liberty and Security No. 52/December 2012

This study examines current and forthcoming measures related to the exchange of data and information in EU Justice and Home Affairs policies, with a focus on the ‘smart borders’ initiative. It argues that there is no reversibility in the growing reliance on such schemes and asks whether current and forthcoming proposals are necessary and original. It outlines the main challenges raised by the proposals, including issues related to the right to data protection, but also to privacy and non-discrimination.

Contractual restrictions on lawful use of information: sole-source databases protected by the back door?

This article is concerned with the risks associated with the monopolisation of information that is available from a single source only. Although there is a longstanding consensus that sole-source databases should not receive protection under the EU Database Directive, and there are legislative provisions to ensure that lawful users have access to a database’s contents, Ryanair v PR Aviation challenges this assumption by affirming that the use of non-protected databases can be restricted by contract. Owners of non-protected databases can contractually exclude lawful users from taking the benefit of statutorily permitted uses, because such databases are not covered from the legislation that declares this kind of contract null and void. We argue that this judgment is not consistent with the legislative history and can have a profound impact on the functioning of the digital single market, where new information services, such as meta-search engines or price-comparison websites, base their operation on the systematic extraction and re-utilisation of materials available from online sources. This is an issue that the Commission should address in a forthcoming evaluation of the Database Directive.

Monopoly power, trade protection and growth: cross industry evidence

This paper investigates the impact of monopoly power on trade policy. Annual panel-databases of Brazilian industries for the years 1988 through 1994 were used. The regressions reported here are robust to openness indicator, concentration index, control variables and sample size, and suggest that industries with higher monopoly power are more protected than competitive sectors. In the period of study the country experienced a major trade liberalization, but the results in the paper show that the reduction in protection was smaller in sectors with higher monopoly power. We thus have evidence favoring recent growth literature which stresses that interest groups with control over creasing productivity. The results here confirm the first part of this argument and show that organized groups in fact are able to obtain policy advantages that reduce competition.

The new Brazilian bankruptcy law and its impacts on the credit market

No início de 2005, uma nova Lei de Falências foi aprovada pelo Congresso Nacional, entrando em meados de junho do mesmo ano. A nova legislação ampliou o grau de proteção ao credor em muitos aspectos. Este artigo busca investigar algumas das consequências empíricas dessa nova lei sobre o mercado de crédito, utilizado dados de firmas argentinas, brasileiras, chilenas e mexicanas para estimar dois modelos para dados em painel: o primeiro com tendências específicas para cada firma e o outro com tendência macro comum às firmas de um mesmo país. A estimação dos dois modelos produziu resultados similares. Foram encontrados impactos significativos sobre a oferta de crédito, o custo da dívida e a oferta de crédito segurado, não-segurado e de longo prazo. Não foram encontrados impactos sobre o total de dívida de curto prazo.

Monopoly power and trade protection: cross- industry evidence

This paper investigates the impact of industry concentration on trade policy. Annual panel-databases of Brazilian industries for the years 1988 through 1994 were used. The regressions reported here are robust to openness indicator. concentration index, control variables and sample size, and suggest that the higher the concentration of a given industry the higher its leveI of trade protection. In the period of study the country experienced a major trade liberalization, but the results in the paper show that the reduction in protection was smaller in more concentrated sectors. Assuming that concentration is ;1 gCl()d proX\' for mOllopoh' po\\'er as it reduces the free-rider problem in coordinating a lobby the results in this paper indicates that interest groups with control over specific markets in fact are able to obtain policy advantages that reduce (international) competition.

Creditor's protection and bank loans: lack of competition hamprers bankruptcy reform's effects

This dissertation investigates how credit institutions’ market power limits the effects of creditor protection rules on the interest rate and the spread of bank loans. We use the Brazilian Bankruptcy Reform of June/2005 (BBR) as a legal event affecting the institutional environment of the Brazilian credit market. The law augments creditor protection and aims to improve the access of firms to the credit market and to reduce the cost of borrowing. Either access to credit or the credit cost are also determined by bank industry competition and the market power of suppliers of credit. We derive a simple economic model to study the effect of market power interacting with cost of lending. Using an accounting and operations dataset from July/2004 to December/2007 provided by the Brazilian Central Bank, we estimate that the lack of competition in the bank lending industry hinders the potential reducing effect of the BBR on the interest rate of corporate loans by approximately 30% and on the spread by approximately 23%. We also find no statistical evidence that the BBR affected the concentration level of the Brazilian credit market. We present a brief report on bankruptcy reforms around the world, the changes in the Brazilian legislation and on some recent related articles in our introductory chapter. The second chapter presents the economic model and the testable hypothesis on how the lack of competition in the lending market limits the effects of improved creditor protection. In this chapter, we introduce our empirical strategy using a differences-in-differences model and we estimate the limiting effect of market power on the BBR’s potential to reduce interest rates and on the spread of bank loans. We use the BBR as an exogenous event that affects collateralized corporate loans (treatment group) but that does not affect clean consumer loans (control group) to identify these effects, using different concentration measures. In Chapter 3, we propose a two-stage empirical strategy to handle the H–Statistics proposed by Panzar and Rosse as a measure of market competition. We estimate the limiting effects of the lack of competition in replacing the concentration statistics by the H–Statistics. Chapter 4 presents a structural break test of the concentration index and checks if the BBR affects the dynamic evolution of the concentration index.

Coastal Survey Maps: From Historical Documents to Digital Databases

This paper describes the spatial data handling procedures used to create a vector database of the Connecticut shoreline from Coastal Survey Maps. The appendix contains detailed information on how the procedures were implemented using Geographic Transformer Software 5 and ArcGIS 8.3. The project was a joint project of the Connecticut Department of Environmental Protection and the University of Connecticut Center for Geographic Information and Analysis.

Towards Better Use of Credit Reporting in Europe. CEPS-ECRI Task Force Report, September 2013

This report discusses how the current EU credit reporting systems meet the demands of the different stakeholders in the credit granting and management process, and what is needed to improve these systems. As credit reporting is a tool for responsible lending and for ensuring financial inclusion of consumers, it argues that the needs of EU credit markets and consumers should be the basis for assessing the current regulation and its functionality. How a creditor assesses the risk and the creditworthiness of a customer is at the core of successful and safe crediting. Facilitating this assessment process, within the boundaries of data protection laws, is a key building block for making well-informed credit decisions.

Collateral and Credit Rationing. The role of collateral in explaining and remediating the limited flow of credit to households and SMEs. ECRI Policy Brief No. 7, February 2014

European-wide data concerning both companies and households indicate that the credit rationing phenomenon, which has been predicted by theory, does in fact occur to a significant degree in the European credit market. Among SMEs, micro companies are most vulnerable and the current economic crisis has only made these concerns more pressing. Top-down use of the monetary transmission mechanism alone is insufficient to counter the problem. The other solution consists of a bottom-up, microeconomic stimulation of lending transactions, by focusing on collateral and guarantees. The data confirm the high importance that lenders – especially individual households and micro companies – attach to collateral and guarantees when making their lending decisions. As a consequence, we would argue that those parts of the law governing security interests and guarantees should be one of the primary targets for government policy aimed at improving credit flows, especially in avoiding a conflict between consumer protection measures and laws on surety and guarantees. This policy brief firstly aims to give an overview of the problem of credit rationing and to show that low-income households and SMEs are most concerned by the phenomenon. Focusing solely on loans as a way of financing and on the issues related to access to finance by micro and small companies as well households, it then sketches possible solutions focused on guarantees. This paper brings together data from the Eurosystem Household Finance and Consumption survey (HFCS), Eurostat, and both the latest wave of the extended biennial EC/ECB Survey on the access to finance of SMEs (EC/ECB SAFE 2013) and the latest wave of the smaller semi-annual ECB SAFE Survey, covering the period between October 2012 and March 2013.

Credit practices : final report to the Federal Trade Commission and proposed trade regulation rule (16 CFR part 444) /

"Staff report and recommendation on proposed trade regulation rule. 16 CFR part 444, public record 215-42."

Profiteering in a non-profit industry : abusive practices in credit counseling : hearing before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, United States Senate, One Hundred Eighth Congress, second session, March 24, 2004.

Shipping list no.: 2005-0006-P.

Do you speak "credit"? : when you sign a loan contract you may be agreeing to some strange things.

Mode of access: Internet.