Financial Engineering Instruments and their Assessment Under EU State Aid Rules. Bruges European Economic Policy (BEEP) Briefing 26/2013

Financial engineering instruments such as guarantees, loans and equity are increasingly used in public funding of enterprises. These instruments have three attractive features: they are repayable, they “leverage” private involvement, and they have a multiplier effect because they generate new income. At the same time, however, they are technically complex and they are subject to state aid rules. Their assessment under EU state aid rules creates two additional problems. First, under certain conditions financial instruments may not contain state aid. This is when public authorities act as “private investors”. This means that state aid cannot be presumed to exist in all financial instruments. It must first be established through market analysis. Second, when state aid is found to be present it is not always possible to quantify it. For this reason the state aid rules that apply to financial instruments differ significantly from other rules. This paper reviews how financial instruments have been assessed by the European Commission and under which conditions the state aid they may contain can be considered to be compatible with the internal market. The paper finds that by and large Member States have succeeded to design measures that have all been approved by the Commission.

Enhancing European Cooperation in Financial Supervision and Crisis Management. ACES Working Papers, August 2009

To overcome the regulatory pitfalls, regulatory capacity and resources in financial markets governance need to be enhanced, not only at national but also at global levels. In order to shed light on policy issues and agendas in international financial policy cooperation, this paper focuses on the case of European financial integration and regulations. The analysis of policy developments at the European level in coordinating differing national interests, supervisory systems, and practices among EU member states highlights fundamental elements of global financial regulatory cooperation.

The Euro blame game and its implications for policy and financial markets. ACES Cases No. 2012.2

The recent financial crisis in some of the eurozone member countries has received a great deal of attention by investors, policy makers and commentators alike. Often these events are interpreted as a failure of the euro and the sustainability of the eurozone is called into question. This paper shows that this analysis and its emphasis are flawed. Fiscal imbalances and financial market imperfections are at the core of the problem, and they need to be addressed directly to prevent future crises.

Greece back on centre stage: the results of a déjà vu summit. EPC Post-Summit Analysis, 23 March 2015

The March 2015 European Council might not enter history books, but the outcome of an informal ‘mini summit’ between seven EU leaders has the potential to prepare the grounds for a breakthrough in the negotiations between Athens and its lenders. In this post-summit analysis, Janis A. Emmanouilidis argues that the search for a compromise promises to be a cumbersome, time-consuming and nerveracking exercise. But a solution now seems possible, proving all those doomsayers who have been predicting a ‘Grexit’ or ‘Graccident’ wrong. On other topics, EU leaders committed their countries to build an Energy Union, although questions remain about whether member states will agree to cede sovereignty on a number of significant points. This analysis looks also at the economic issues dealt with at the Spring Summit, with a focus on the perspectives for the European Semester and the Juncker Investment Plan. It ends with a summary of decisions taken on a number of other topics, including relations with Russia and Ukraine, the upcoming Eastern Partnership summit, developments in Libya and in Tunisia, and the endorsement of the Council’s new Secretary General.

Extending Working Lives: A comparative analysis of how governments influence lifelong learning, CEPS Special Report No. 111, July 2015

This report offers a comparative policy study on adult learning within the scope of complementary research conducted by Beblavý et al. (2013) on how people upgrade their skills during their adult lifetimes. To achieve our objectives, we identified regulatory policies and financial support in 11 countries for two main categories of learning: formal higher education and employer-based training. Drawing upon the results of the country reports carried out by our partners in the MoPAct project, we found that in none of the countries examined is there an ‘older student’ policy. In most cases grants and financial support are awarded only up until a certain age. In all of the countries studied, standard undergraduate and post-graduate studies are available for part-time students. The distribution of full-time students and part-time students in tertiary education varies from one country to another as well as from one age group to another. The participation in full-time tertiary education programmes decreases with the age of students. In Lithuania, Latvia, Poland and the UK, there are no mandatory policies to ensure employer-based training. However, in Belgium, Czech Republic, Denmark, Estonia, Germany, Italy, the Netherlands and Spain, employer-based training is more clearly regulated and the employers might have obligations to provide training for their staff. Taking into consideration Beblavý et al. (2013), we observe that comparative differences across countries can be related to policy differences only in some cases. The policy framework seems to impact more the employer-based training than the educational attainment (upgrade of ISCED level). In Denmark, the Netherlands, Latvia, Lithuania, Czech Republic and Poland, we find a perfect match between policy outcomes and the results of Beblavý et al. (2013) related to employer-based training. This is not the case in the United Kingdom, where the two aspects observed are not correlated.

Enhancing financial stability in developing Asia. Bruegel Working Paper 2015/10, October 2015

This paper outlines guidelines for policymakers pursuing financial stability in developing Asia. It aims at supporting Asian policymakers’ judgment by providing policy views and recommendations that are based on the analysis of the recent sequence of events in the United States and Europe and of earlier crisis episodes, including those in Asia during the 1990s

Analysis of developments in EU capital flows in the global context. Bruegel Final study Bruegel N° 2015.2574, November 2015

Free movement of capital, which is one of the four fundamental economic freedoms of the European Union, can enhance welfare if it leads to better allocation of financial and productive resources. However, it can also be a source of vulnerability, with far-reaching spillovers. Monitoring and assessing capital flows is therefore crucial for policymakers, market participants and analysts.

System Analysis of Innovative Projects in Mechanical Engineering

Modern production and innovation processes in industrial corporations differ by complex nature of modern technologies and organizational solutions. Adequate methodological approaches to their analysis and evaluation of efficiency are required. The present study contains the conceptand the model of operational and innovation program for which formulated theoretical and methodological principles and systematic statement of the general problem of planning, designed to optimize the process of resource usage under different criteria, including: investment, financial, technological, industrial and information capabilities of the corporation.

Using linked data to evaluate medical and financial outcomes of motor vehicle crashes in Connecticut.

Federal Highway Administration, Washington, D.C.

Historic (1971-1975) cost-revenue analysis of the automotive operations of the major U.S. automotive products manufacturers. Final report.

National Highway Traffic Safety Administration, Office of Research and Development, Washington, D.C.

Grants-in-aid and other financial assistance programs administered by the U.S. Department of Health, Education, and Welfare.

Mode of access: Internet.

The Skylounge system; analysis and design. A technical and economic feasibility study.

[1] Skylounge Project final report.--[2] Skylounge legal, technical, and financial supplementary study.

The identification of financial disincentives to educating childrern and youth with moderate to severe and multiple developmental disabilities in their home schools : final report : a summary /

"A summary."

Estimated financial effects of an extension of unemployment compensation to North Dakota State and local government employees.

"An analysis prepared for Martin N. Gronvold, director, North Dakota Unemployment Compensation Division of the North Dakota Workmen's Compensation Bureau."

Analytical analysis of consumption in Brazil

This thesis is an analytical analysis of consumption in Brazil, based on data from the Consumer Expenditure Survey, years 2008 to 2009, collected by the Brazilian Institute of Geography and Statistics. The main aim of the thesis was to identify differences and similarities in consumption among Brazilian households, and estimate the importance of demographic and geographic characteristics. Initially, households belonging to different social classes and geographical regions were compared based on their consumption. For further insights, two cluster analyses were conducted. Firstly, households were grouped according to the absolute values of expenditures. Five clusters were discovered; cluster membership showed larger spending in all of the expense categories for households having higher income, and a substantial association with particular demographic variables, including as region, neighborhood, race and education. Secondly, cluster analysis was performed on proportionate distribution of total spending by every household. Five groups of households were revealed: Basic Consumers, the largest group that spends only on fundamental goods, Limited Spenders, which additionally purchase alcohol, tobacco, literature and telecommunication technologies, Mainstream Buyers, characterized by spending on clothing, personal care, entertainment and transport, Advanced Consumers, which have high relative expenses on financial and legal services, healthcare and education, and Exclusive Spenders, households distinguished by spending on vehicles, real estate and travelling.