Women, Debt & Health; a Joint report of The Women’s Health Council and MABS

Women, Debt & Health; a Joint report of The Women’s Health Council and MABS The main aims of the â?~Women, Debt and Healthâ?T project were to:- explore whether women attending the MABS service commonly discuss health during their money advice and budgeting consultations;- investigate whether women attending MABS identifi ed links between their debt or financial difficulties and their health; and- document the types of health issues experienced by MABS clients.- A secondary aim of the research was to explore the need for, and nature of, further research in this area. Click here to download PDF 1.1mb

Rahoitusvälineiden markkinat -direktiivin (MiFID) vaikutukset sijoituspalvelun tarjoajan velvollisuuksiin ja sijoittajansuojaan

Tutkielmassa selvitetään rahoitusvälineiden markkinat -direktiivin vaikutuksia sijoituspalvelun tarjoajan velvollisuuksiin ja sijoittajansuojaan oikeusdogmaattisen metodin avulla. Tutkielmassa pyritään vastaamaan seuraaviin kysymyksiin: 1) Millainen merkitys MIFID-direktiivillä on Euroopan unionin rahoitusmarkkinoiden integraatiolle? 2) Mitä velvollisuuksia sijoituspalvelun tarjoajalla on MiFID-direktiivin implementoinnin jälkeen? 3) Millainen sijoittajansuoja on MiFID-direktiivin seurauksena? 4) Mitä mahdollisia puutteita sijoittajansuojassa on, ja miten säädäntöä tulisi kehittää? MiFID-direktiivi edistää merkittävästi EU:n rahoitusmarkkinoiden integrointia. MiFID helpottaa pääomien ja sijoituspalvelujen liikkuvuutta jäsenvaltioiden rajojen yli. Sijoituspalvelun tarjoajan menettelytapavelvollisuudet ovat lisääntyneet, minkä johdosta sijoittajansuoja on parantunut. Etenkin direktiivin selonotto- ja tiedonantovelvollisuus aiheuttavat transaktiokustannuksia, mutta vähentävät toisaalta palvelun tarjoajan ja asiakkaan välistä neoklassista oikeustaloustieteellistä informaation epäsymmetriaa. Selonottovelvollisuuden sääntelyä EU:ssa kehitettäessä tulee kansallisia menettelytapoja yhdenmukaistaa. Kun palvelun tarjoajat täyttävät tiedonantovelvollisuuttaan, ei-ammattimaiset asiakkaat saattavat joutua informaatiotulvaan, josta jotkut eivät kykene erottamaan merkityksellisiä tietoja. Menettelytapojen nykyinen paras toteutus -velvollisuus on tulkinnanvarainen. Sijoitusneuvontaa koskee päämies–agentti-teorian mukainen valvontaongelma, minkä takia palvelun tarjoajan ja sijoittajan intressit tulisi säädännön avulla saada nykyistä yhteneväisemmiksi. MiFIDin säädökset eivät välttämättä johda ei-ammattimaisten asiakkaiden saaman informaation optimaaliseen allokointiin eivätkä informaatiokustannusten tehokkaaseen kohdistumiseen. Monimutkaisten rahoitusinstrumenttien käsitettä tulisi tarkentaa ja kyseisiä tuotteita tarjota ainoastaan ammattimaisille asiakkaille ja hyväksyttäville vastapuolille. Sijoittajansuojaa lisäisi heterogeenisen ei-ammattimaisten asiakkaiden ryhmän jako informaatiotarpeeseen perustuviin alaryhmiin, jotta eri asiakasryhmille voitaisiin tarjota heidän tarvitsemansa palvelu nykyistäkin kohdentuvammin. Tulisi selvittää, pitäisikö varoitus pääoman menettämisestä merkitä niihin sijoitustuotteisiin, joita riski koskee. Yhteinen eurooppalainen valvontaorganisaatio ilmeisesti voimistaisi rahoitusmarkkinoiden transparenssia, toimivuutta ja sijoittajansuojaa.

Credibility on the Web

"La nature flexible et interactive d’Internet implique que de plus en plus de consommateurs l’utilisent en tant qu’outil d’information sur tous les sujets imaginables, qu’il s’agisse de trouver la meilleurs aubaine sur un billet d’avion, ou de se renseigner sur certains problèmes liés à leur santé. Cependant, une grande quantité de l’information disponible en ligne n’est pas impartiale. Certains sites web ne présentent qu’une vision des choses ou font la promotion des produits d’une seule entreprise. Les consommateurs sont plus habitués à évaluer le poid à attribuer à certains conseils ou autres formes d’informations dans un contexte différent. Une telle évaluation de la crédibilité d’une information devient plus difficile dans le monde virtuel où les indices du monde réel, de l’écrit ou de l’interaction face-à-face sont absents. Consumers International a développé une définition de la notion de « crédibilité de l’information retrouvée en ligne » et a établi une liste de critères pouvant l’évaluer. Entre les mois d’avril et juillet 2002, une équipe représentant 13 pays a visité 460 sites web destinés à fournir de l’information sur la santé, sur des produits financiers et sur les prix de voyages et de différents biens de consommation en utilisant ces critères. L’appréciation de ces données nous démontre que les consommateurs doivent faire preuve de prudence lorsqu’ils utilisent Internet comme source d’information. Afin de faire des choix éclairés sur la valeur à donner à une information retrouvée en ligne, les consommateurs doivent connaître ce qui suit : L’identité du propriétaire d’un site web, ses partenaires et publicitaires; La qualité de l’information fournie, incluant son actualité et sa clarté, l’identité des sources citées et l’autorité des individus donnant leur opinion; Si le contenu du site est contrôlé par des intérêts commerciaux, ou, s’il offre des liens, la nature de la relation avec le site visé; et Si on lui demandera de fournir des données personnelles, l’usage réservé à ces données et les mesures employées pour protéger ces données. Cette étude démontre que plusieurs sites ne fournissent pas suffisamment de détails dans ces domaines, ce qui risque d’exposer le consommateur à des informations inexactes, incomplètes ou même délibérément fausses. Les discours exagérés ou vagues de certains sites concernant leurs services ne fait qu’ajouter à la confusion. Ceci peut résulter en une perte de temps ou d’argent pour le consommateur, mais pour certaines catégories d’informations, comme les conseils visant la santé, le fait de se fier à de mauvais conseils peut avoir des conséquences beaucoup plus graves. Cette étude vise à aviser les consommateurs de toujours vérifier le contexte des sites avant de se fier aux informations qui s’y retrouvent. Elle demande aux entreprises d’adopter de meilleures pratiques commerciales et de fournir une information plus transparente afin d’accroître la confiance des consommateurs. Elle demande finalement aux gouvernements de contribuer à ce mouvement en assurant le respect des lois relatives à la consommation et des standards existants tant dans le monde réel que dans le monde virtuel."

Informal finance and rural finance policy in India: historical and contemporary perspectives

From the 1950s up to the early 1990s the All-India data show an ever-declining share of informal credit in the total outstanding debt of rural households. Contemporaneous micro-level studies, using more qualitative research methodologies, provide evidence that questions the strength of this trend, and more recent All-India credit surveys show, first, a levelling, and then a rise, in the share of rural informal credit in 1990/91 and 2000/01, respectively. By reference to findings of a study of village moneylenders in Rajasthan, the paper notes lessons to be drawn. First, informal financial agents have not disappeared from the rural financial landscape in India. Second, formal-sector financial institutions can learn much about rural financial service needs from the financial products and processes of their informal counterparts. Third, a national survey of informal agents, similar to that of the 1921 Census survey of indigenous bankers and moneylenders, would provide valuable pointers towards policy options for the sector. A recent Reserve Bank of India Report on Moneylender Legislation not only explores incentive mechanisms to better ensure fair practice, but also proposes provision for a new category of loan providers that would explicitly link the rural informal and formal financial sectors.

Modelling the likely impact of healthy eating guidelines on agricultural production and land use in England and Wales

Quadratic programming techniques were applied to household food consumption data in England and Wales to estimate likely changes in diet under healthy eating guidelines, and the consequences this would have on agriculture and land use in England and Wales. The first step entailed imposing nutrient restrictions on food consumption following dietary recommendations suggested by the UK Department of Health. The resulting diet was used, in a second step as a proxy for demand in agricultural commodities, to test the impact of such a scenario on food production and land use in England and Wales and the impacts of this on agricultural landscapes. Results of the diet optimisation indicated a large drop in consumption of foods rich in saturated fats and sugar, essentially cheese and sugar-based products, along with lesser cuts of fat and meat products. Conversely, consumption of fruit and vegetables, cereals, and flour would increase to meet dietary fibre recommendations. Such a shift in demand would dramatically affect production patterns: the financial net margin of England and Wales agriculture would rise, due to increased production of high market value and high economic margin crops. Some regions would, however, be negatively affected, mostly those dependent on beef cattle and sheep production that could not benefit from an increased demand for cereals and horticultural crops. The effects of these changes would also be felt in upstream industries, such as animal feed suppliers. While arable dominated landscapes would be little affected, pastoral landscapes would suffer through loss of grazing management and, possibly, land abandonment, especially in upland areas.

Milk, dairy products and consumer health: a short review

There appears to be a large mis-match between (1) the advice given on milk/dairy foods by various authorities, (2) public perceptions of harm from the consumption of milk and dairy products and, (3) the evidence from long-term prospective cohort studies. These studies provide convincing evidence that increased consumption of milk can lead to reductions in the risk of vascular disease and possibly some cancers and provide an overall survival advantage. The volume of evidence available for milk products such as cheese and butter is however surprisingly limited and too small to come to any clear conclusions as to their effects on health.

Reaching the underbanked and unbanked in subsistence markets at the nexus of the formal and informal economy

It is estimated that globally over 2 billion people do not have a bank account, with many more in the developed and developing worlds ‘under-banked’, meaning they have limited access to financial services. Reaching the unbanked and underbanked with appropriate financial services is widely recognised as critical for future global economic growth and prosperity. Drawing upon multidimensional understandings of poverty, and framed by literature on poverty pools, traps and cycles, this paper explores the use of financial products and services in the developing world and critically reflects on their potential role in poverty alleviation and wider sustainable development. Discussions are illustrated with reference to qualitative empirical research undertaken in East and Southern Africa, and a sense-making of the lived financial experiences of low income individuals, households and communities.

The use and impacts of bank support on UK small and medium-sized enterprises

This article examines an under-investigated area in relationship banking, i.e. the use of bank advice and support and its impacts on the financial conditions of small and medium-sized enterprises (SMEs). The findings indicate that the characteristics of businesses and entrepreneurs, among other factors, have determinant effects on the use of bank support by SMEs when they make financial decisions. SMEs can alleviate the severity of their financial problems significantly by using bank support more fully, through developing long-term relationships with banks as primary network partners. The article further recognises the value of advice from banks as a substitute for entrepreneurial human capital, especially when bankers use private information to determine the nature and level of financial and non-financial assistance that they are prepared to supply to their clients.

A comparative study of the credit card market dynamics in Mexico and Brazil

This research analyzes and compares the attractiveness of the Brazilian and Mexican credit card markets from a financial firm’s perspective. The market dynamics in Latin America’s two economic powerhouses are fleshed out with qualitative and quantitative data, using a strategic framework to structure the analysis. Since its adoption by both countries in 1956, credit card usage has experienced many years of double digit growth. However, penetration levels remain low compared with most developed countries. Brazil has a more developed credit card infrastructure, with more potential profit, and issuers might face fewer competitive challenges.  Alternatively, Mexico, is witnessing a more favorable economy, a friendlier business and regulatory environment, combined with fewer financial products that compete with the credit card. Therefore, this paper concludes that Brazil and Mexico both offer market opportunities for credit card companies that can navigate the different technological, demographic, macroeconomic, and regulatory shifts in each country.

The contribution of biofuels to the sustainability of development in Latin America and the Caribbean

Includes bibliography

Capital movements and external financing

Includes bibliography

Renewable energy sources in Latin America and the Caribbean: situation and policy proposals

Includes bibliography

Price risk management in the copper market using commodity derivatives and options strategies

Metals price risk management is a key issue related to financial risk in metal markets because of uncertainty of commodity price fluctuation, exchange rate, interest rate changes and huge price risk either to metals’ producers or consumers. Thus, it has been taken into account by all participants in metal markets including metals’ producers, consumers, merchants, banks, investment funds, speculators, traders and so on. Managing price risk provides stable income for both metals’ producers and consumers, so it increases the chance that a firm will invest in attractive projects. The purpose of this research is to evaluate risk management strategies in the copper market. The main tools and strategies of price risk management are hedging and other derivatives such as futures contracts, swaps and options contracts. Hedging is a transaction designed to reduce or eliminate price risk. Derivatives are financial instruments, whose returns are derived from other financial instruments and they are commonly used for managing financial risks. Although derivatives have been around in some form for centuries, their growth has accelerated rapidly during the last 20 years. Nowadays, they are widely used by financial institutions, corporations, professional investors, and individuals. This project is focused on the over-the-counter (OTC) market and its products such as exotic options, particularly Asian options. The first part of the project is a description of basic derivatives and risk management strategies. In addition, this part discusses basic concepts of spot and futures (forward) markets, benefits and costs of risk management and risks and rewards of positions in the derivative markets. The second part considers valuations of commodity derivatives. In this part, the options pricing model DerivaGem is applied to Asian call and put options on London Metal Exchange (LME) copper because it is important to understand how Asian options are valued and to compare theoretical values of the options with their market observed values. Predicting future trends of copper prices is important and would be essential to manage market price risk successfully. Therefore, the third part is a discussion about econometric commodity models. Based on this literature review, the fourth part of the project reports the construction and testing of an econometric model designed to forecast the monthly average price of copper on the LME. More specifically, this part aims at showing how LME copper prices can be explained by means of a simultaneous equation structural model (two-stage least squares regression) connecting supply and demand variables. A simultaneous econometric model for the copper industry is built: {█(Q_t^D=e^((-5.0485))∙P_((t-1))^((-0.1868) )∙〖GDP〗_t^((1.7151) )∙e^((0.0158)∙〖IP〗_t ) @Q_t^S=e^((-3.0785))∙P_((t-1))^((0.5960))∙T_t^((0.1408))∙P_(OIL(t))^((-0.1559))∙〖USDI〗_t^((1.2432))∙〖LIBOR〗_((t-6))^((-0.0561))@Q_t^D=Q_t^S )┤ P_((t-1))^CU=e^((-2.5165))∙〖GDP〗_t^((2.1910))∙e^((0.0202)∙〖IP〗_t )∙T_t^((-0.1799))∙P_(OIL(t))^((0.1991))∙〖USDI〗_t^((-1.5881))∙〖LIBOR〗_((t-6))^((0.0717) Where, Q_t^D and Q_t^Sare world demand for and supply of copper at time t respectively. P(t-1) is the lagged price of copper, which is the focus of the analysis in this part. GDPt is world gross domestic product at time t, which represents aggregate economic activity. In addition, industrial production should be considered here, so the global industrial production growth that is noted as IPt is included in the model. Tt is the time variable, which is a useful proxy for technological change. A proxy variable for the cost of energy in producing copper is the price of oil at time t, which is noted as POIL(t ) . USDIt is the U.S. dollar index variable at time t, which is an important variable for explaining the copper supply and copper prices. At last, LIBOR(t-6) is the 6-month lagged 1-year London Inter bank offering rate of interest. Although, the model can be applicable for different base metals' industries, the omitted exogenous variables such as the price of substitute or a combined variable related to the price of substitutes have not been considered in this study. Based on this econometric model and using a Monte-Carlo simulation analysis, the probabilities that the monthly average copper prices in 2006 and 2007 will be greater than specific strike price of an option are defined. The final part evaluates risk management strategies including options strategies, metal swaps and simple options in relation to the simulation results. The basic options strategies such as bull spreads, bear spreads and butterfly spreads, which are created by using both call and put options in 2006 and 2007 are evaluated. Consequently, each risk management strategy in 2006 and 2007 is analyzed based on the day of data and the price prediction model. As a result, applications stemming from this project include valuing Asian options, developing a copper price prediction model, forecasting and planning, and decision making for price risk management in the copper market.

Decentralized or centralized production : impacts to the environment, industry, and the economy

Since product take-back is mandated in Europe, and has effects for producers worldwide including the U.S., designing efficient forward and reverse supply chain networks is becoming essential for business viability. Centralizing production facilities may reduce costs but perhaps not environmental impacts. Decentralizing a supply chain may reduce transportation environmental impacts but increase capital costs. Facility location strategies of centralization or decentralization are tested for companies with supply chains that both take back and manufacture products. Decentralized and centralized production systems have different effects on the environment, industry and the economy. Decentralized production systems cluster suppliers within the geographical market region that the system serves. Centralized production systems have many suppliers spread out that meet all market demand. The point of this research is to help further the understanding of company decision-makers about impacts to the environment and costs when choosing a decentralized or centralized supply chain organizational strategy. This research explores; what degree of centralization for a supply chain makes the most financial and environmental sense for siting facilities; and which factories are in the best location to handle the financial and environmental impacts of particular processing steps needed for product manufacture. This research considered two examples of facility location for supply chains when products are taken back; the theoretical case involved shoe resoling and a real world case study considered the location of operations for a company that reclaims multiple products for use as material inputs. For the theoretical example a centralized strategy to facility location was optimal: whereas for the case study a decentralized strategy to facility location was best. In conclusion, it is not possible to say that a centralized or decentralized strategy to facility location is in general best for a company that takes back products. Each company’s specific concerns, needs, and supply chain details will determine which degree of centralization creates the optimal strategy for siting their facilities.

Hesiod And The Didactic Double

Un rasgo inusual de la estrategia didáctica de Hesíodo en Trabajos y Días es la inclusión de su hermano Perses, como destinatario. Si existe o no una base histórica para la disputa financiera entre hermanos, tal como aparece representada en el poema, resulta menos interesante que la posición que tal situación (posiblemente ficcional) transmite. Por la figura del consejero, Hesíodo sostiene, naturalmente, una actitud diferente hacia un hermano, que la que quisiera si su aconsejado fuera un hijo, un futuro rey, o un estudiante -roles que son más típicos en las tradiciones didácticas de la literatura universal. Este artículo explora las tensiones, resonancias míticas y ambigüedades inherentes a la elección de la figura del hermano como recipiendario del consejo y concluye que esta particular configuración didáctica provee una más abierta-conclusiva y aceptable entrada a través de la cual cualquier audiencia puede interactuar con la tradición de sabiduría atesorada en el verso hesiódico.