Evaluación de bancos naturales de invertebrados marinos comerciales, Región La Libertad-Perú, 2011

La evaluación de los bancos naturales, se realizó entre 07°10’27”S, 79°41’18”W (Punta Chérrepe) y 08°45’44,9”S, 78°47’42,2”W (Isla Chao), del 13 al 24 de diciembre 2011. Se evaluó ocho especies de invertebrados de importancia comercial en 15 bancos naturales. Las especies fueron: Platyxanthus orbignyi cangrejo violáceo, Stramonita chocolata caracol negro, Octopus mimus pulpo, Argopecten purpuratus concha de abanico, Semele sp. almeja, Emerita analoga muy muy, Pattalus molli pepino de mar, Donax sp. palabritas.

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

The effectiveness of the European Central Bank’s Asset Purchase Programme. Bruegel Policy Contribution issue 2016 10 June 2016

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest of these includes a programme to purchase corporate bonds, which started on 8 June 2016.

Principles of banks and banking of money, as coin and paper : with the consequences of any excessive issue on the national currency, course of exchange, price of provisions, commodities, and fixed incomes ... /

Goldsmiths' Lib. cat.

The taxation of multinational banks : alternative apportionment through a unitary taxation regime aligning with economic reality

The taxation of multinational banks currently is governed by the general principles of international tax. However, it is arguable that there are characteristics exclusive to multinational banks that may warrant the consideration of a separate taxing regime. This article argues that because of the unique nature of multinational banks, the traditional international tax rules governing jurisdiction to tax and allocation of income do not produce a result which is optimal, as it does not reflect economic reality. That is, the current system does not produce a result that accurately reflects the economic source of the income or the location of the economic activity. The suggested alternative is unitary taxation using global formulary apportionment. Formulary apportionment is considered as an alternative that reflects economic reality by recognising the unique nature of multinational banks and allocating the income to the location of the economic activity. The unique nature of multinational banking is recognised in the fact that formulary apportionment does not attempt to undertake a transactional division of a highly integrated multinational entity. Rather, it allocates income to the jurisdictions based on an economically justifiable formula. Starting from this recognition, the purpose of this article is to demonstrate that formulary apportionment is a theoretically superior (or optimal) model for the taxation of multinational banks. An optimal regime, for the purposes of this article, is considered to be one that distributes the taxing rights in an equitable manner between the relevant jurisdictions, while, simultaneously allowing decisions of the international banks to be tax neutral. In this sense, neutrality is viewed as an economic concept and equity is regarded as a legal concept. A neutral tax system is one in which tax rules do not affect economic choices about commercial activities. Neutrality will ideally be across jurisdictions as well as across traditional and non-traditional industries. The primary focus of this article is jurisdictional neutrality. A system that distributes taxing rights in an equitable manner between the relevant jurisdictions ensures that each country receives its fair share of tax revenue. Given the increase in multinational banking, jurisdictions should be concerned that they are receiving their fair share. Inter-nation equity is concerned with re-determining the proper division of the tax base among countries. Richard and Peggy Musgrave argue that sharing of the tax base by countries of source should be seen as a matter of inter-nation equity requiring international cooperation. The rights of the jurisdiction of residency will also be at issue. To this extent, while it is agreed that inter-nation equity is an essential attribute to an international tax regime, there is no universal agreement as to how to achieve it. The current system attempts to achieve such equity through a combined residency and source regime, with the transfer pricing rules used to apportion income between the relevant jurisdictions. However, this article suggests, that as an alternative to the current regime, equity would be achieved through formulary apportionment. Opposition to formulary apportionment is generally based on the argument that it is not a theoretically superior (or optimal) model because of the implementation difficulties. Yet these are two separate issues. As such, this article is divided into two core parts. The first part examines the theoretical soundness of the formulary apportionment model concluding that it is theoretically superior to the arm’s length pricing requirement of the traditional transfer pricing regime. The second part examines the practical implications of accepting formulary apportionment as an optimal model with a view to disclosing the issues that arise when a formulary apportionment regime is adopted. Prior to an analysis of the theoretical and practical application of formulary apportionment to multinational banks, the unique nature of these banks is considered. The article concludes that, while there are significant implementation, compliance, and enforcement issues to overcome, the unitary taxation model may be theoretically superior to the current arm’s length model which applies to multinational banks. This conclusion is based on the unitary taxation model providing greater alignment with the unique features of these banks.

Relationship between CEO salaries and performance of banks in Australia and Germany

Purpose: The purpose of this paper was to examine the relationship between CEO salaries and firm performance in the banking sector. Design/methodology/approach: The data relating to a six year period (2007 - 2012) was gathered from databases and the websites of the major banks in Australia and Germany. The data was subjected to Regression and Pearson Correlation Analysis to test if there was a positive correlation between total salary including incentive bonuses against the variables indicating the performance of the firm. Findings: The tests indicate a weak relationship between the CEO salary package and the key indicators of a firm's performance in Australian banks but a strong relationship in the German banks. Research limitations/implications: This study was limited in that it only covers the major banks in Australia and Germany and may therefore not be relevant to different countries with different economic climates. Practical implications: This study provides additional evidence to support the continued debate regarding the need to have greater accountability for CEO salary packages linked to actual performance measures of firms. Originality/value: This paper adds to the literature in so far as it compares two different Countries of the banking sector in a global market

Flower Garden Banks National Marine Sanctuary: A rapid assessment of coral, fish, and algae using the AGRRA Protocol

The Flower Garden Banks are topographic features on the edge of the continental shelf in the northwest Gulf of Mexico. These banks are approximately 175 km southeast of Galveston, Texas at 28° north latitude and support the northernmost coral reefs on the North American continental shelf. The East and West Flower Garden Banks (EFG and WFG) and Stetson Bank, a smaller sandstone bank approximately 110 km offshore, are managed and protected as the Flower Garden Banks National Marine Sanctuary (FGBNMS). As part of a region-wide initiative to assess coral reef condition, the benthic and fish communities of the EFG and WFG were assessed using the Atlantic and Gulf Rapid Reef Assessment (AGRRA) protocol. The AGRRA survey was conducted during a week-long cruise in August 1999 that was jointly sponsored by the FGBNMS and the Reef Environmental Education Foundation (REEF). A total of 25 coral transects, 132 algal quadrats, 24 fish transects, and 26 Roving Diver (REEF) surveys were conducted. These surveys revealed reefs with high coral cover, dominated by large, healthy corals, little macroalgae, and healthy fish populations. The percent live coral cover was 53.9 and 48.8 at the WFG and EFG, respectively, and the average colony diameter was 93 and 81 cm. Fish diversity was lower than most Caribbean reefs, but large abundances and size of many species reflected the low fishing pressure on the banks. The benthic and fish assemblages at the EFG and WFG were similar. Due to its near pristine conditions, the FGB data will prove to be a valuable component in the AGRRA database and its resulting scale of reef condition for the region. (PDF contains 22 pages.)

Crab fisheries in Cambodia and the development of crab banks

The crab (swimming crab; Portunus pelagicus) fishery in coastal Cambodia appears to have declined in recent years due to over-fishing and a growth in the number of fishermen, but remains an important source of income for households along the coast. Several initiatives have started since 2007, with support from NGOs, international organizations and the Fisheries Administration (FiA), to test stock enhancement techniques through the release of crab larvae. The so-called “crab bank” initiative involves keeping harvested gravid crabs alive in cages for a few days until they spawn, instead of immediately selling them for consumption or processing. In Cambodia, this initiative has developed within the framework of Community Fisheries (CFis) and thus implies a communitybased approach. The FiA has promoted the continuation of such initiatives; however, the nature of crab fisheries and the results from crab bank initiatives have not been documented in detail. The scope of this study was to understand the diversity of approaches to crab bank development in Cambodia, as well as their operational status and the challenges faced at differen

Biogeographic characterization of fish communities and associated benthic habitats within the Flower Garden Banks National Marine Sanctuary: sampling design and implementation of scuba surveys on the coral caps

The Flower Garden Banks National Marine Sanctuary (FGBNMS) is located in the northwestern Gulf of Mexico approximately 180 km south of Galveston, Texas. The sanctuary’s distance from shore combined with its depth (the coral caps reach to within approximately 17 m of the surface) result in limited exposure of this coral reef ecosystem to natural and human-induced impacts compared to other coral reefs of the western Atlantic. In spite of this, the sanctuary still confronts serious impacts including hurricanes events, recent outbreaks of coral disease, an increase in the frequency of coral bleaching and the massive Diadema antillarum die-off during the mid-1980s. Anthropogenic impacts include large vessel anchoring, commercial and recreational fishing, recreational scuba diving, and oil and gas related activities. The FGBNMS was designated in 1992 to help protect against some of these impacts. Basic monitoring and research efforts have been conducted on the banks since the 1970s. Early on, these efforts focused primarily on describing the benthic communities (corals, sponges) and providing qualitative characterizations of the fish community. Subsequently, more quantitative work has been conducted; however, it has been limited in spatial scope. To complement these efforts, the current study addresses the following two goals put forth by sanctuary management: 1) to develop a sampling design for monitoring benthic fish communities across the coral caps; and 2) to obtain a spatial and quantitative characterization of those communities and their associated habitats.

Evolution of Organisational Structure and Capabilities in Internationalising Banks: The CEE Operations of UniCredit's Vienna Office

Cross-border integration is the central management issue for banks that expand internationally, and this is especially true in Central and Eastern Europe, where the pace of internationalisation through mergers and acquisitions has been rapid. A critical challenge in cross-border integration is aligning a multinational company's formal organizational structure with the distribution of capabilities across its subsidiary units, and this issue is explored by tracking the co-evolution of organizational structure and capabilities during the internationalisation of a large banking network into this region. Our focus is the Vienna head office of Bank Austria Creditanstalt, which was acquired first by HypoVereinsbank (Germany) and then UniCredit (Italy). Despite its formal role being downgraded during these changes, the unit continued to develop its distinctive capabilities. The key insight our article offers is that managing cross-border integration is not simply about recognizing the value of the distinctive capabilities of individual units and designing formal structures that successfully align with them. It is also about understanding the need for dynamic interaction between formal corporate structure and individual units' desires to retain power and influence, which have significant implications for the development of their organizational capabilities.

Role Of Commercial Banks In The Financial Inclusion Programme

Commercial banks play a vital role in the economic development of a country like India. Indian economy in general and banking services in particular have made rapid strides in the recent past. However, a sizeable section of the population, particularly the vulnerable groups, such as weaker sections and low income groups, continue to remain excluded from even the most basic opportunities and services provided by the financial sector. To address the issue of such financial exclusion in a holistic manner, it is essential to ensure that a range of financial services is available to every individual

Multi-temporal mapping of seagrass cover, species and biomass of the Eastern Banks, Moreton Bay, Australia, with links to shapefiles

The spatial and temporal dynamics of seagrasses have been studied from the leaf to patch (100 m**2) scales. However, landscape scale (> 100 km**2) seagrass population dynamics are unresolved in seagrass ecology. Previous remote sensing approaches have lacked the temporal or spatial resolution, or ecologically appropriate mapping, to fully address this issue. This paper presents a robust, semi-automated object-based image analysis approach for mapping dominant seagrass species, percentage cover and above ground biomass using a time series of field data and coincident high spatial resolution satellite imagery. The study area was a 142 km**2 shallow, clear water seagrass habitat (the Eastern Banks, Moreton Bay, Australia). Nine data sets acquired between 2004 and 2013 were used to create seagrass species and percentage cover maps through the integration of seagrass photo transect field data, and atmospherically and geometrically corrected high spatial resolution satellite image data (WorldView-2, IKONOS and Quickbird-2) using an object based image analysis approach. Biomass maps were derived using empirical models trained with in-situ above ground biomass data per seagrass species. Maps and summary plots identified inter- and intra-annual variation of seagrass species composition, percentage cover level and above ground biomass. The methods provide a rigorous approach for field and image data collection and pre-processing, a semi-automated approach to extract seagrass species and cover maps and assess accuracy, and the subsequent empirical modelling of seagrass biomass. The resultant maps provide a fundamental data set for understanding landscape scale seagrass dynamics in a shallow water environment. Our findings provide proof of concept for the use of time-series analysis of remotely sensed seagrass products for use in seagrass ecology and management.

The financial stability risks of ultra-loose monetary policy. Bruegel Policy Contribution Issue 2015/03

Ultra-loose monetary policies, such as very low or even negative interest rates, large-scale asset purchases, long-maturity lending to banks and forward guidance in central bank communication, aim to increase inflation and output, to the benefit of financial stability. But at the same time, these measures pose various risks and might create challenges for financial institutions. • By assessing the theoretical literature and developments in the United States, United Kingdom and Japan, where very expansionary monetary policies were adopted during the past six years, and by examining the euro-area situation, we conclude that the risks to financial stability of ultra-loose monetary policy in the euro area could be low. However, vigilance is needed. • While monetary policy should focus on its primary mandate of area-wide price stability, other policies should be deployed whenever the financial cycle deviates from the economic cycle or when heterogeneous financial developments in the euro area require financial tightening in some but not all countries. These policies include micro-prudential supervision, macro-prudential oversight, fiscal policy and regulation of sectors that pose risks to financial stability, such as construction.

The European Central Bank’s quantitative easing programme: limits and risks. Bruegel Policy Contribution Issue 2016/04, February 2016

The European Central Bank (ECB) has made a number of significant changes to the original guidelines of its quantitative easing (QE) programme since the programme started in January 2015. These changes are welcome because the original guidelines would have rapidly constrained the programme’s implementation. The changes announced expand the universe of purchasable assets and give some flexibility to the ECB in the execution of its programme. However, this might not be enough to sustain QE throughout 2017, or if the ECB wishes to increase the monthly amount of purchases in order to provide the necessary monetary stimulus to the euro area to bring inflation back to 2 percent. To increase the programme’s flexibility, the ECB could further alter the composition of its purchases. The extension of the QE programme also raises some legitimate questions about its potential adverse consequences. However, the benefits of this policy still outweigh its possible negative implications for financial stability or for inequality. The fear that the ECB’s credibility will be undermined because of its QE programme also seems to be largely unfounded. On the contrary, the primary risk to the ECB’s credibility is the risk of not reaching its 2 percent inflation target, which could lead to expectations becoming disanchored.

Instructions and suggestions of the Comptroller of the Currency in regard to the organization and management of national banks.

Title varies slightly.