Pelham Cares Inc. fonds, 1980-2015

The beginnings of Pelham Cares occurred in 1982 when the Mayor of Pelham, Eric Bergenstein, received a letter from Janet Hassall, a social worker with Niagara Regional Home Care. Hassall requested that a Social Service Committee be established in Pelham to address gaps in community services, a practice that several other communities in the Region had adopted. Such committees were commonly composed of church parishioners, so Bergenstein contacted Canon J. Nowe of the Holy Trinity Anglican Church, who expressed an interest in participating in such a committee. Bergenstein arranged a meeting in June, 1982 at the United Church Hall in Fonthill, for any interested parties to learn more about the existing Social Service Committees in the Region. The meeting was not part of a Town Council project, but rather an initiative undertaken by Mayor Bergenstein in a personal capacity. Subsequent meetings chaired by Eric Bergenstein were held throughout the remainder of that year, during which the name of Pelham Cares was decided, a steering committee established, and services to be offered were determined. These initially included “visits with the lonely, the shut-ins, at home, hospital or on an outing ; run errands for those who are “stuck”; step in, in emergencies, or regularly, to free a parent or spouse who can’t otherwise get a “break”; in emergencies, provide food, clothing, furniture, medicine and other necessities”. The first official meeting of Pelham Cares occurred in January 1983. Currently, the main services offered by Pelham Cares are a food bank; transportation services to medical appointments; and sponsorship programs to allow youth with limited financial means to participate in sports, recreational and educational activities. The organization also provides emergency food, supplies or short term accommodation due to fire or other catastrophic loss, as well as providing referrals to appropriate organizations or agencies. Pelham Cares is dependent on the funding from community partners such as service clubs, citizens, local businesses, financial institutions and churches. These services are provided by volunteers and one part-time employee. A permanent location for Pelham Cares was established in 2014 with the purchase of a property on Highway 20 East in Fonthill, after a 30 years search for a permanent facility.

Barriers Faced By Micro, Small And Medium Enterprises In Raising Finance

Worldwide, Micro, Small and Medium Enterprises (MSMEs) have been accepted as an engine of economic growth and for promoting equitable development. In developing countries including India, Micro, Small and Medium Enterprises sector constitute an important part in its development. In spite of this importance, this sector face number of constraints like absence of adequate and timely supply of bank finance, difficulties in procuring raw materials, marketing and distribution challenges and non availability of suitable technology. Review of literature found that there exists problem in accessing finance from banks and financial institutions and this problem may differ from region to region, between sectors, or between individual enterprises within a sector. This paper tries to identify the various barriers faced by these units in raising finance and also try to identify the various sources of finance other than banks. The study is based upon the primary data collected from the 200 MSMEs owners in Kozhikode District of Kerala. The data has been analysed with the help of percentage. The study attempts to submit some recommendations to enhance the overall credit accessibility to MSMEs sector

Mesura de la qualitat en el sector serveis

El treball desenvolupat en aquesta tesi consisteix en l'adaptació a la llengua catalana d'un model de mesura de la qualitat en el sector serveis, el model servqual, i la seva contrastació a través d'una aplicació empírica al sector de les entitats financeres de les comarques gironines. El primers capítols del treball constitueixen un bloc introductori al tema principal de la tesi, la mesura de la qualitat en el sector serveis, i indiquen la necessitat i la conveniència d'obtenir una mesura fiable de la qualitat per tal d'aconseguir un avantatge competitiu sostenible tant en el mercat nacional com en el mercat internacional actual. El desenvolupament metodològic de la tesi es realitza en dues vessants diferents, per una banda es procedeix a l'adaptació a la llengua catalana de l'instrument de mesura que es vol contrastar, i per l'altra es descriu, es discuteix i s'aplica la metodologia estadística que permet descobrir variables latents, és a dir, constructes no observables directament, a través de l'estudi de la covariació de les variables observables o indicadors adequats. L'objectiu general que es vol aconseguir és l'avaluació de la qualitat percebuda del servei que ofereixen les entitats financeres de la província de Girona. Els objectius específics que es planteja el treball, a part de la obtenció de l'instrument adaptat a la llengua catalana per a la mesura de la qualitat percebuda en el sector de les entitats financeres, són: a) L'estudi de la validesa i de la fiabilitat de l'instrument, així com l'anàlisi de l'estabilitat de les dimensions inherents al model i que porten a la formació del constructe qualitat percebuda. b) L'anàlisi de la relació entre les percepcions i les expectatives com a manera d'avaluar la qualitat percebuda. c) La discriminació deis constructes qualitat, qualitat percebuda i satisfacció i les possibles relacions existents entre ells. d) L'estudi del poder predictiu del constructe qualitat percebuda sobre el comportament futur dels clients. e) L'impacte que tenen les característiques socioeconòmiqes deis clients, així com la distinció entre tipus d'entitat (caixes i bancs), en l'avaluació de la qualitat percebuda. L'elecció del sector empíric d'aplicació del treball no ha estat gratuïta i obeeix a dos motius principals. En primer lloc, i a diferència d'altres treballs empírics d'aplicació de l''escala servqual, no es vol fer l' estudi sobre una mostra de conveniència o sobre una llista de clients d'una determinada entitat sinó que planteja l'estudi sobre una mostra aleatòria geogràfica presa sobre el total poblacional censat a les comarques gironines. L' altra motiu l'imposa la mateixa metodologia al exigir que el client ha d'haver pogut escollir lliurament l'entitat que avalua i per tant que el seu judici sobre l'entitat no ha estat condicionat a priori. La mostra s'ha seleccionat realitzant mostreig aleatori simple proporcional a la mesura de l'hàbitat prèvia estratificació dels municipis segons tinguin mida censal inferior als 2.000 habitants, entre 2.000 i 10.000 habitants, entre 10.000 i 50.000 habitants i superior als 50.000 habitants. El total de la mostra de la primera fase (500 persones), s'ha administrat mitjançant entrevista personal per enquestadors entrenats prèviament. El nivell de resposta útil consta de 430 qüestionaris. La mostra utilitzada en la segona fase consta de 150 persones, seleccionades aleatòriament entre les que havien donar resposta valida en la primera fase i l'administració es va fer per correu. Les anàlisis exploradores realitzades mostren la poca estabilitat de les dimensions del model encara que l'escala de les percepcions recull un percentatge de variabilitat superior a l'escala servqual i proporciona valors superiors per l'alfa de Cronbach. Les anàlisis confirmatòries efectuades per a contrastar l'existència de les cinc dimensions del model (tangible, fiabilitat, interès, seguretat i empatia), com a variables latents associades als seus corresponents models de mesura. ens permeten rebutjar-les globalment encara que observem ajustos menys dolents per al' escala de les percepcions que per a l'escala servqual. L'anàlisi en profunditat del model ens porta a la conclusió que els aspectes més significatius en l'avaluació de qualitat són els corresponents a aspectes de seguretat, fiabilitat i interès i que els percentatges de variabilitat explicada són superiors en tots els casos per a l' escala de les percepcions que per al' escala servqual. Atès que l' anàlisi de la bateria servqual indica que les percepcions dels clients només superen les seves expectatives en tres dels ítems corresponents a la dimensió tangible, que les valoracions de qualitat i de satisfacció global són molt bones i que la comparació de les puntuacions mitjanes a les expectatives amb puntuacions mitjanes d'importància dels diferents aspectes avaluats indiquen criteris semblants, concloem que l'escala de les percepcions té un poder explicatiu superior i que la interpretació de l'escala servqual s'ha de contextualitzar en el sentit que no es poden interpretar de la mateixa manera els gaps amb mateixa puntuació, sinó que la diferencia entre percepcions i expectatives és més important si la puntuació donada a les expectatives és més alta. Les anàlisis efectuades a través de proves Anova i interpretades a través d'anàlisis de classificació múltiple indiquen que els aspectes socioeconòmics que més incideixen en les valoracions de qualitat són els que fan referència a la mida de l'hàbitat i al nivell d'estudis. Veiem el paral·lelisme en l'explicació de les dues escales, percepcions i servqual, però sempre a favor de l'escala de les percepcions pel que fa a significativitat i a percentatge de variabilitat explicada. El model estructural saturat entre els constructes que mesuren de manera global la qualitat, les percepcions de qualitat i la satisfacció global, ens permet rebutjar la hipòtesis que es tracta de mesures de tres constructes iguals i ens permet establir relacions entre ells. El modelat amb equacions estructurals de dos models equivalents excepte pel que fa a la direccionalitat entre qualitat i satisfacció entre les percepcions, la qualitat, la satisfacció i el comportament futur del client, ens porta a ajustos completament equivalents. De la mateixa manera, el planteig de models equivalents per discernir quin dels dos constructes, qualitat o satisfacció, és el que causa un efecte directe sobre el comportament futur del client ens porta també a ajustos equivalents. Les principals conclusions del treball són que les percepcions de qualitat dels clients de les entitats financeres de les comarques gironines són molt bones i que els aspectes més importants per a la valoració de la qualitat són els que fan referència a seguretat, fiabilitat i interès. Els aspectes que fan referència a les dimensions tangibles i d'empatia són molt poc significatius estadísticament. Destaca el fet que l'escala de les percepcions té un poder predictiu més alt a nivell individual que l'escala servqual analitzada i que l'escala de les expectatives permet relativitzar la importància de les conclusions extretes a través de l'escala de les percepcions. S'ha comprovat la validació de criteri de l'instrument a través de la predicció del comportament futur del client en l'ajust estructural realitzat i la fiabilitat de l'instrument s'ha comprovat a través de la prova test-retest efectuada entre les dues fases del treball empíric sobre la mateixa mostra de persones en dos moments de temps. Qualitat i satisfacció són la mesura de dos constructes diferents entre els que no hem pogut decidir el sentit de causalitat. El poder predictiu del constructe qualitat percebuda sobre el comportament futur dels clients es mesura a través d'un efecte indirecte a través de les variables de qualitat i de satisfacció global i és significatiu. Les variables socioeconòmiques són importants per entendre millor el comportament dels diferents sectors de mercat així com dels dos tipus d'entitat avaluades (bancs i caixes). L' escala servqual és un esquelet vàlid per a la mesura de la qualitat dels serveis però cal un treball qualitatiu previ a la seva implantació en un sector concret per recollir una part més gran de la variabilitat de les respostes i la seva força està en la utilització repetida al llarg del temps per captar canvis tant en les expectatives com en les percepcions de qualitat dels clients.

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.

Women's work choices in Kenya: the role of social institutions and household gender attitudes

This study considers the factors that influence women’s work behavior in Kenya. In particular, it examines whether gender attitudes and certain types of social institutions influence the probability of employment or type of employment for women. Using data from the Demographic and Health Survey of 2008–9, we find that religion and ethnicity are significant determinants of women’s employment in Kenya. While personal experience of female genital mutilation is insignificant, spousal age and education differences, as well as marital status (which reflect attitudes both in women’s natal and marital families), are significant determinants of women’s employment choices.

Global economic developments, 1999

Includes bibliography

Masking environmental feedback : Misfits between institutions and ecosystems in Belize and Thailand

The thesis analyses relationships between ecological and social systems in the context of coastal ecosystems. It examines human impacts from resource extraction and addresses management and governance behind resource exploitation. The main premises are that a lack of ecological knowledge leads to poor ecosystem management and that the dichotomy between social and natural systems is an artificial one. The thesis illustrates the importance of basing resource management on the ecological conditions of the resource and its ecosystem. It also demonstrates the necessity of accounting for the human dimension in ecosystem management and the challenges of organising human actions for sustainable use of ecosystem services in the face of economic incentives that push users towards short-term extraction. Many Caribbean coral reefs have undergone a shift from coral to macroalgal domination. An experiment on Glovers Reef Atoll in Belize manually cleared patch reefs in a no-take zone and a fished zone (Papers I and II). The study hypothesised that overfishing has reduced herbivorous fish populations that control macroalgae growth. Overall, management had no significant effect on fish abundance and the impacts of the algal reduction were short-lived. This illustrated that the benefits of setting aside marine reserves in impacted environments should not be taken for granted. Papers III and IV studied the development of the lobster and conch fisheries in Belize, and the shrimp farming industry in Thailand respectively. These studies found that environmental feedback can be masked to give the impression of resource abundance through sequential exploitation. In both cases inadequate property rights contributed to this unsustainable resource use. The final paper (V) compared the responses to changes in the resource by the lobster fisheries in Belize and Maine in terms of institutions, organisations and their role in management. In contrast to Maine’s, the Belize system seems to lack social mechanisms for responding effectively to environmental feedback. The results illustrate the importance of organisational and institutional diversity that incorporate ecological knowledge, respond to ecosystem feedback and provide a social context for learning from and adapting to change.

Law, Informal Institutions and Trust: an Experimental Perspective

This dissertation has studied how legal and non-legal mechanisms affect the levels of trust and trustworthiness in an economy, and whether and when subtle psychological factors are crucial for establishing trust and even for recovering trust from a breach of contract. The first Chapter has addressed the question of whether formal legal enforcement crowds out or crowds in the amount of trust in a society. We find that formal legal mechanisms, especially formal contracts backed by a powerful authority, normally undermine trust except when they are perceived as legitimate, or when there are no strong social norms of fairness (i.e. the population in a society is considerably heterogeneous), or when the environment in which repeated commercial relationships take place becomes highly uncertain. The second Chapter has examined whether the endogenous adoption of a collective punishment institution can help a society coordinate on an efficient outcome, characterized by high levels of trust and trustworthiness. The experimental results show that the endogenous introduction of collective punishment by means of a majority-voting rule does not significantly improve coordination on the efficient equilibrium. Not all subjects seem to be able to anticipate the change in behavior induced by the introduction of the mechanism, and a majority of them vote against it. The third Chapter has explored whether high-trustors adapt their behavior in response to others’ trustworthiness or untrustworthiness more quickly, which in turn supports them to maintain higher default expectations of others’ trustworthiness relative to low-trustors. Our experimental results reveal that high-trustors are better than low-trustors at predicting others’ trustworthiness because they are less susceptible to the anticipated aversive emotions aroused by the potential betrayal and thereby have a higher willingness to acquire the valuable information about their partner’s actions.

Valuation of ecosystem goods and services. Part 2: Implications of unpredictable novel change

This is the second part of a two-part paper which offers a new approach to the valuation of ecosystem goods and services. In the first part a simple pre-industrial model was introduced to show how the interdependencies between the three subsystems, society, economy and nature, influence values, and how values change over time. In this second part the assumption of perfect foresight is dropped. I argue that due to novelty and complexity ex ante unpredictable change occurs within the three subsystems society, economy and nature. Again the simple pre-industrial model, which was introduced in part 1, serves as a simple paradigm to show how unpredictable novel change limits the possibility to derive accurate estimates of values.

Exploring intra-commonwealth goods and services trade

A background paper for the Commonwealth Secretariat by Anirudh Shingal and Mohammad Razzaque: Existing work examining the trade effect of commonwealth membership does not account for sample selection, unobserved heterogeneity and multilateral resistance in estimation, leading to biased estimates. Our analyses improve on all these fronts. Unlike earlier work, we also consider services trade and assemble a much larger sample of trading partners (242 x 242, over 1995-2010). Commonwealth membership is found to increase goods exports by 18.5-33.2% and services exports by 42.8% in our results, ceteris paribus and on average. Our analyses on the determinants of intra-commonwealth trade suggest the positive role of common language (only for goods trade) and colonial relationships as well as the negative impact of geography, thereby confirming that commonwealth member states are not natural trading partners for each other. Finally, being one of Australia, Canada or the UK is associated with 98.2% greater merchandise trade than the commonwealth average; however, a similar effect is not observed for services trade.

Diseño de una Metodología de Política Pública de I+D+i para el Desarrollo de la Capacidad de la Innovación en el Sector PYMIS del estado Bolívar, Venezuela

El estado Bolívar con una superficie de 238.000 Km2 se encuentra ubicado al SE de Venezuela y su capital es Ciudad Bolívar. Ocupa el 26,24% de la superficie del territorio nacional. Ciudad Guayana es la principal región del desarrollo económico del estado siendo sede de las empresas básicas de los sectores siderúrgicos y del aluminio que se encargan de la extracción, procesamiento y transformación del mineral de hierro y de la transformación de la bauxita en aluminio primario. Además, cuenta con un gran potencial hidroeléctrico, garantizando el suministro de energía eléctrica para el funcionamiento de las empresas básicas, para el parque industrial de la región, así como para el desarrollo industrial, económico y social de la nación. Con relación al sector de la industria del mineral de hierro y del aluminio, las empresas destinan más del 60 por ciento de su producción al mercado internacional. A pesar de que el sector de las Pequeñas y Medianas Industrias (PYMIS) del estado Bolívar cuenta con un mercado cercano y seguro, no se le ha propiciado un desarrollo integral en términos de orientar sus esfuerzos en innovar en nuevos productos o mejoras de procesos. Debido a la falta del personal de investigación calificado, la escasa vinculación con centros de investigación, la baja inversión en investigación, desarrollo tecnológico e innovación (I+D+i), la ausencia de la aplicación de una política pública de I+D+i y la desarticulación de los miembros del Sistema Regional de Innovación (SRI), constituyen los principales obstáculos para generar bienes y servicios con un alto valor agregado. Esta situación desequilibra y hace ineficiente el funcionamiento del SRI. La baja capacidad de las PYMIS del estado Bolívar en I+D+i, es una situación que impide generar por si sola nuevos productos o procesos para satisfacer las demandas del mercado regional. Por lo tanto, se requiere de la intervención y participación activa de la institución gubernamental responsable del diseño y aplicación de una política pública de I+D+i para dinamizar la capacidad de innovación en las PYMIS, en su articulación y vinculación con los miembros del SRI. xiii El presente proyecto se planteó como objetivo diseñar una metodología de política pública de I+D+i para liderar, coordinar y direccionar el SRI del estado Bolívar, para el desarrollo de la capacidad de innovación en el sector industrial y específicamente en las PYMIS. La presente tesis representa una investigación no experimental de tipo proyectivo que analiza la situación actual del Sistema Regional de Innovación del estado Bolívar. El análisis de los resultados se ha dividido en tres fases. En la primera se realizan diagnósticos por medio de encuestas de las PYMIS en materia de I+D+i, de los centros y laboratorios de investigación pertenecientes a las universidades de la región en el área de Materiales y de los sectores financieros público y privado. En dichas encuestas se evalúa el nivel de integración con los entes gubernamentales que definen y administran la política pública de I+D+i. En la segunda fase, con el diagnóstico y procesamiento de los resultados de la primera fase, se procede a desarrollar un análisis de las fortalezas, oportunidades, debilidades y amenazas (FODA) del Sistema Regional de Innovación, permitiendo comprender la situación actual de la relación y vinculación de las PYMIS con los centros de investigación, instituciones financieras y entes gubernamentales. Con la problemática detectada, resultó necesario el diseño de estrategias y un modelo de gestión de política pública de I+D+i para la articulación de los miembros del SRI, para el apoyo de las PYMIS. En la tercera fase se diseña la metodología de política pública de I+D+i para fortalecer la innovación en las PYMIS. La metodología se representa a través de un modelo propuesto que se relaciona con las teorías de los procesos de innovación, con los modelos de sistemas de innovación y con las reflexiones y recomendaciones hechas por diferentes investigadores e instituciones de cooperación internacional referentes a la aplicación de políticas públicas de I+D+i para dinamizar la capacidad de innovación en el sector industrial. La metodología diseñada es comparada con diferentes modelos de aplicación de política pública de I+D+i. Cada modelo se representa en una figura y se analiza su xiv situación presente y la función que desempeña el ente gubernamental en la aplicación del enfoque de política pública de I+D+i. El diseño de la metodología de política pública de I+D+i propuesta aportará nuevos conocimientos y podrá ser aplicado para apoyar el progreso de la I+D+i en las PYMIS de la región, como caso de estudio, con el fin de impulsar una economía más competitiva y reducir el grado de dependencia tecnológica. La metodología una vez evaluada podrá ser empleada en el contexto de la gran industria y en otras regiones de Venezuela y además, puede aplicarse en otros países con características similares en su tejido industrial. En la tesis doctoral se concluye que el desarrollo de la capacidad de innovación en las PYMIS depende del diseño y aplicación de la política pública de I+D+i como elemento dinamizador y articulador del SRI del estado Bolívar. xv ABSTRACT The Bolivar state with an area of 238,000 km2 is located in the SE of Venezuela and its capital is Ciudad Bolivar. It occupies a surface which is 26.24% of the national territory. Ciudad Guayana is the main area of the state's economic development and the location of the corporate headquarters of the basic steel and aluminum sectors that are responsible for the extraction, processing and transformation of iron ore and bauxite processing for primary aluminum. It also has a great hydroelectric potential, ensuring the supply of electricity for the operation of enterprises, for the regional industrial park as well as for the industrial, economic and social development of the nation. With regard to the iron ore and aluminum industry, companies allocate more than 60 percent of their production to the international market. Although the sector of Small and Medium Industries (SMIs) of the Bolivar state has a secure market, it has not been led to an integral development in terms of targeting its efforts on innovating new products or improving processes. Due to the lack of qualified research staff, poor links with research centers, low investment in research, technological development and innovation (R & D & I), the absence of the implementation of a public policy for R & D & I and the dismantling of the members of the Regional Innovation System (RIS), are the main obstacles to generate goods and services with high added value. This situation makes the RIS unbalanced and inefficient. The low capacity of Bolivar state’s SMIs in R & D & I, is a situation that cannot generate by itself new products or processes to meet regional market demands. Therefore, it requires the active involvement and participation of the government institution responsible for the design and implementation of R & D & I public policy to boost the innovation capacity in SMIs, through the connection and integration with members of the RIS. This project is intended to design a methodology aimed at public policy for R & D & I to lead, coordinate and direct the RIS of Bolivar state, for the development of innovation capacity in the industrial sector and specifically in the SMIs. xvi This thesis is an experimental investigation of projective type which analyzes the current situation of the Regional Innovation System of the Bolivar state. The analysis of the results is divided into three phases. In the first one, a diagnosis is performed through surveys of SMIs in R & D & I centers and research laboratories belonging to the universities of the region in the area of materials and public and private financial sectors. In such surveys the level of integration with government agencies that define and manage the public policy of R & D & I is assessed. In the second phase, with the diagnosis and processing of the results of the first phase, we proceed to develop an analysis of the strengths, weaknesses, opportunities and threats (SWOT) of the Regional Innovation System, allowing the comprehension of the current status of the relationship of SMIs with research centers, financial institutions and government agencies. With the problems identified it was necessary to design strategies and a model of public policy management of R & D & I for the articulation of the members of the RIS, to support the SMIs. In the third phase a public policy methodology for R & D & I is designed in order to strengthen innovation in SMIs. The methodology is shown through a proposed model that relates to the theories of the innovation process, with models of innovation systems and with the discussions and recommendations made by different researchers and institutions of international cooperation concerning the implementation of policies public for R & D & I to boost innovation capacity in the industrial sector. The methodology designed is compared with different models of public policy implementation for R & D & I. Each model is represented in a figure and its current situation and the role of the government agency in the implementation of the public policy approach to R & D & I is analyzed. The design of the proposed public policy methodology for R & D & I will provide new knowledge and can be applied to support the progress of R & D & I in the region’s SMIs, as a case study, in order to boost a more competitive economy and reduce the degree of technological dependence. After being evaluated the methodology can be used in the context of big industry and in other regions of Venezuela and can also be applied in other countries with similar characteristics in their industrial structure. xvii The thesis concludes that the development of the innovation capacity in SMIs depends on the design and implementation of the public policy for R & D & I as a catalyst and coordination mechanism of the Regional Innovation System of the Bolivar state.

The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.

The G-20, five years on. CEPS Essay No. 9, 3 March 2014

Now is time to take stock of the G-20. Just over five years ago, during the free fall of the global financial crisis, representatives from 20 of the world’s leading economies agreed to gather twice a year in order to develop a more sustainable regulatory framework for financial institutions. In this CEPS Essay, Karel Lannoo highlights many signs of promise, for example, the group has agreed on a new framework for regulatory standards for each country’s most important financial institutions and tasked a Financial Stability Board (FSB) with monitoring adherence to them. At the same time,however, he notes that the G-20 has fallen short of some expectations and continues to show serious flaws.