Evaluation report of the training course on disaster assessment methodology

The Economic Commission for Latin America and the Caribbean (ECLAC) has been a pioneer in the field of disaster assessment and in the development and dissemination of the Disaster Assessment Methodology. The organization’s history in assessing disasters started in 1972 with the earthquake that struck Managua, Nicaragua. Since then, ECLAC has led more than 90 assessments of the social, environmental and economic effects and impacts of disasters in 28 countries in the region. The Sustainable Development and Disaster Unit provides expert assistance in disaster assessment and disaster risk reduction to Caribbean states and to all countries across Latin America. Considering that assessing the effects and impacts of disasters is critical to the Latin American and Caribbean countries, the Unit has started a new cycle of training courses. The training is designed for policymakers and professionals involved directly with disaster risk management and risk reduction. Additionally, and since the methodology is comprehensive in approach, it is also designed for sector specialists, providing a multisectoral overview of the situation after a disaster, as well as an economic estimate of the damages, losses and additional costs. In an attempt to strengthen disaster risk reduction through its financial instruments, the National Bank for Economic and Social Development (BNDES for its acronym in Portuguese) of Brazil requested that ECLAC undertake a four-day training programme on the Disaster Assessment Methodology.

Econometrics of yield spreads in the money market:a note

The literature on bond markets and interest rates has focused largely on the term structure of interest rates, specifically, on the so-called expectations hypothesis. At the same time, little is known about the nature of the spread of the interest rates in the money market beyond the fact that such spreads are generally unstable. However, with the evolution of complex financial instruments, it has become imperative to identify the time series process that can help one accurately forecast such spreads into the future. This article explores the nature of the time series process underlying the spread between three-month and one-year US rates, and concludes that the movements in this spread over time is best captured by a GARCH(1,1) process. It also suggests the use of a relatively long term measure of interest rate volatility as an explanatory variable. This exercise has gained added importance in view of the revelation that GARCH based estimates of option prices consistently outperform the corresponding estimates based on the stylized Black-Scholes algorithm.

Accounting for derivatives:an evaluation of reporting practice by UK banks

In 1998 the Accounting Standards Board (ASB) published FRS 13, ‘Derivatives and other Financial Instruments: Disclosures’. This laid down the requirements for disclosures of an entity’s policies, objectives and strategies in using financial instruments, their impact on its risk, performance and financial condition, and details of how risks are managed. FRS 13 became effective in March 1999, and this paper uses the 1999 annual reports of UK banks to evaluate the usefulness of disclosures from a user’s perspective. Usefulness is measured in terms of the criteria of materiality, relevance, reliability, comparability and understandability as defined in the ASB’s Statement of Principles (ASB, 1999). Our findings suggest that the narrative disclosures are generic in nature, the numerical data incomplete and not always comparable, and that it is difficult for the user to combine both narrative and numerical information in order to assess the banks’ risk profile. Our overall conclusion is therefore that current UK financial reporting practices are of limited help to users wishing to assess the scale of an institution’s financial risk exposure.

Ethical reporting in Islami Bank Bangladesh Limited (1983-2010)

The main aim of this study is to undertake a critical examination of the ethical and developmental performance of an Islamic bank as communicated in its annual reports over a period of 28 years (1983-2010). Islami Bank Bangladesh Limited's (IBBL hereafter) ethical performance and disclosures are further analyzed through interviews conducted with the bank's senior management. The key findings include an overall increase in ethical disclosures during the study period. However, the focus on various stakeholders' needs has varied over time reflecting the evolving nature of the Islamic finance industry over the last three decades. Based on a secular economy, IBBL focused in the first two decades on the "Particular" Shariah compliance disclosure as a way of establishing its reputation and differentiating itself from conventional banks in a dual banking system. Post 2005, the ethical performance and disclosure shifted to more "Universal" disclosures such as sustainability, charity, employees, and community related disclosures signaling responsible conduct and the bank's adoption of a "wider stakeholder approach." However the bank is still failing to provide full disclosure on certain significant categories such as sources and uses of disposable income, thereby contradicting the principles of full and comprehensive disclosure and accountability. In addition, the structure of IBBL's investment portfolio reveals an overreliance on debt-based financial instruments and a shortcoming in fulfilling the developmental and social objectives of Islamic finance. This is evidenced by the "qualified" Shariah Supervisory Board reports that the bank consistently received. This research provides further evidence that Islamic banking and Finance in its current practices reflect the "global" and the "local" influences in an era dominated by global conventional finance. © 2014 Springer Science+Business Media Dordrecht.

Graphical Approach to Teaching Compound Interest in High School Math Classes

Report published in the Proceedings of the National Conference on "Education and Research in the Information Society", Plovdiv, May, 2015

EU-s források a vállalkozások tőkeellátottságának javítására - A JEREMIE Kockázati Tőkeprogram (EU funds to improve the capitalization of the companies – JEREMIE Venture Capital Program)

A hazai kis- és középvállalkozások (kkv-k) tőkeellátottságának javítása meghatározó szerepet játszik fejlődésük előmozdításában. Jelen tanulmány az Új Széchenyi Terv (ÚSZT) keretében a vállalkozások rendelkezésére álló pénzügyi eszközök közül a kockázati tőke működését mutatja be. A fejlődésük növekedési ciklusában járó cégek mellett a korai életszakaszukban járó, innovatív tevékenységet folytató, gyors növekedésre képes, de forráshiányos vállalkozások finanszírozásában nyújthat segítséget Magyarországon a 2010-ben elindult JEREMIE Kockázati Tőkeprogram. Az állami és a privát tulajdonban levő piaci szereplők hazánkban újnak mondható együttműködése révén megvalósuló program a magyar kockázatitőke-piac kínálati oldalának bővítését szolgálja, abban az alsó (döntően az 1-1,5 millió EUR/tranzakció alatti) szegmensben, ahol a tisztán piaci alapon működő befektetők korlátozottabb szerepvállalása figyelhető meg, és így a piacon hiány jelentkezik. Az EU-s támogatások ezen új típusú felhasználási formája színesíti és kibővíti a vállalkozások számára elérhető pénzügyi eszközök körét és volumenét, fokozottabb mértékben érvényesül a piaci szemlélet, hiszen verseny van a forrásokért, és verseny van a források kihelyezését végző pénzügyi közvetítő szervezetek között is, mindezek mellett további magánforrások bevonását biztosítja, ösztönzőleg hat a cégek működésére, és a visszaforgó rendszer biztosítja a fenntarthatóságot, a források későbbi újbóli felhasználását is. _______ To improve the capitalization of the domestic small and medium-sized enterprises (SMEs) has a decisive role in promoting development. This study presents the operation of venture capital from the available business financial instruments of the New Széchenyi Plan. In Hungary the JEREMIE Venture Capital Program, which launched in 2010, can help in financing of the rapidly growth, innovative, early life stage companies besides the development cycle of growth companies. This program with new cooperation between the stateowned and private companies enlarge the supply-side of the Hungarian venture capital market, at that the bottom (mostly in the 1 to 1.5 million EUR / transaction below) segment, where can be observed the limited role of the purely market-based investors, and thus there is a shortage in the market. These new type application form of the EU supports enriches and expands the scope and volume of the available financial instruments for the enterprises, the market orientation prevails more broadly, because there is a competition for resources and there is a competition between the resources allocation financial intermediaries,in addition ensures further private resources.

Exchange rate overvaluation under hyperinflation: The case of Peru

This dissertation examines the behavior of the exchange rate under two different scenarios. The first one is characterized by, relatively, low inflation or a situation where prices adjust sluggishly. The second is a high inflation economy where prices respond very rapidly even to unanticipated shocks. In the first one, following a monetary expansion, the exchange rate overshoots, i.e. the nominal exchange rate depreciates at a faster pace than the price level. Under high levels of inflation, prices change faster than the exchange rate so the exchange rate undershoots its long run equilibrium value.^ The standard work in this area, Dornbusch (1976), explains the overshooting process in the context of perfect capital mobility and sluggish adjustment in the goods market. A monetary expansion will make the exchange rate increase beyond its long run equilibrium value. This dissertation expands on Dornbusch's model and provides an analysis of the exchange rate under conditions of currency substitution and price flexibility, characteristics of the Peruvian economy during the hyper inflation process that took place at the end of the 1980's. The results of the modified Dornbusch model reveal that, given a monetary expansion, the change in the price level will be larger than the change in the exchange rate if prices react more than proportionally to the monetary shock.^ We will expect this over-reaction in circumstances of high inflation when the velocity of money is increasing very rapidly. Increasing velocity of money, gives rise to a higher relative price variability which in turn contributes to the appearance of new financial (and also non-financial) instruments that report a higher return than the exchange rate, causing people to switch their demand for foreign exchange to this new assets. In the context of currency substitution, economic agents hoard and use foreign exchange as a store of value. The big decline in output originated by hyper inflation induces people to sell this hoarded money to finance current expenses, increasing the supply of foreign exchange in the market. Both, the decrease in demand and the increase in supply reduce the price of foreign exchange i.e. the real exchange rate. The findings mentioned above are tested using Peruvian data for the period January 1985-July 1990, the results of the econometric estimation confirm our findings in the theoretical model. ^

Futures Shock: Are Greedy Brokers Ruining The Economy?

[Excerpt] In a recent public relations document, the New York Stock Exchange defines its mission statement as to: “Support the capital-raising and asset management process by providing the highest quality and most cost-effective, self-regulated marketplace for the trading of financial instruments.” The common thread that runs through this and similar statements made by organized financial markets from Frankfurt to Tokyo is that they hold as their primary goals to help companies raise capital and to provide a liquid and efficient aftermarket for those securities.

Electronic Publishing -- a Journal and its Production

The use of the term "Electronic Publishing" transcends any notions of the paperless office and of a purely electronic transfer and dissemination of information over networks. It now encompasses all computer-assisted methods for the production of documents and includes the imaging of a document on paper as one of the options to be provided by an integrated processing scheme. Electronic publishing draws heavily on techniques from computer science and information technology but technical, legal, financial and organisational problems have to be overcome before it can replace traditional publication mechanisms. These problems are illustrated with reference to the publication arrangements for the journal `Electronic Publishing Origination, Dissemination and Design'. The authors of this paper are the co-editors of this journal, which appears in traditional form and relies on a wide variety of support from electronic technologies in the pre-publication phase.

Planeamento Fiscal nas operações relativas a instrumentos financeiros derivados e a sua tributação

Mestrado em Fiscalidade

La evaluación de los fondos estructurales en las regiones objetivo número uno del período 2000-2006 : normativa, metodologías y resultados

La decisión de gastar casi un tercio del presupuesto de la Unión Europea (UE) en su política de cohesión económica, social y territorial implica la necesidad de aplicar sistemas de evaluación óptimos que permitan, entre otras cosas, explicar el porqué del gasto. Los Fondos estructurales y el Fondo de cohesión sirven de instrumentos financieros para el logro de los objetivos de dicha política de la UE. Este trabajo analiza las distintas evaluaciones de los Fondos estructurales realizadas en España para las Regiones objetivo núm. 1 durante el período 2000-2006, atendiendo especialmente a la normativa, a las diferencias entre las metodologías utilizadas y los resultados obtenidos.

Contratos futuros sobre o petróleo: um estudo sobre a assimetria na volatilidade

Mestrado em Contabilidade e Análise Financeira

Provable Security for Cryptocurrencies

The past several years have seen the surprising and rapid rise of Bitcoin and other “cryptocurrencies.” These are decentralized peer-to-peer networks that allow users to transmit money, tocompose financial instruments, and to enforce contracts between mutually distrusting peers, andthat show great promise as a foundation for financial infrastructure that is more robust, efficientand equitable than ours today. However, it is difficult to reason about the security of cryptocurrencies. Bitcoin is a complex system, comprising many intricate and subtly-interacting protocol layers. At each layer it features design innovations that (prior to our work) have not undergone any rigorous analysis. Compounding the challenge, Bitcoin is but one of hundreds of competing cryptocurrencies in an ecosystem that is constantly evolving. The goal of this thesis is to formally reason about the security of cryptocurrencies, reining in their complexity, and providing well-defined and justified statements of their guarantees. We provide a formal specification and construction for each layer of an abstract cryptocurrency protocol, and prove that our constructions satisfy their specifications. The contributions of this thesis are centered around two new abstractions: “scratch-off puzzles,” and the “blockchain functionality” model. Scratch-off puzzles are a generalization of the Bitcoin “mining” algorithm, its most iconic and novel design feature. We show how to provide secure upgrades to a cryptocurrency by instantiating the protocol with alternative puzzle schemes. We construct secure puzzles that address important and well-known challenges facing Bitcoin today, including wasted energy and dangerous coalitions. The blockchain functionality is a general-purpose model of a cryptocurrency rooted in the “Universal Composability” cryptography theory. We use this model to express a wide range of applications, including transparent “smart contracts” (like those featured in Bitcoin and Ethereum), and also privacy-preserving applications like sealed-bid auctions. We also construct a new protocol compiler, called Hawk, which translates user-provided specifications into privacy-preserving protocols based on zero-knowledge proofs.

Análise de selecção de áreas de caça por uma população de francelho (Faco naumanni) na planície de Évora

Em Portugal, apesar de haver registos históricos da reprodução desta espécie um pouco por todo o país, o francelho (Falco naumanni, Fleischer 1818) desapareceu de quase todo o território nacional estando actualmente restrito à região do Alentejo. Em 2005, 80% da população encontrava-se nas ZPE´s de Castro Verde e Vale do Guadiana (62% e 18% da população nacional, respectivamente (Catry et al. 2005). Ao longo dos últimos anos têm vindo a ser desenvolvidos trabalhos de investigação com o objectivo de conhecer as necessidades ecológicas da espécie nas diferentes colónias, de forma a tentar conciliar a prática de uma agricultura economicamente viável com a conservação de uma espécie que está dependente das práticas agrícolas tradicionais. Os conflitos entre conservação e alteração das práticas agrícolas levam a desafios na gestão deste tipo de habitats. A população de francelho da ZPE Évora, após um período de 12 anos de ausência da espécie como reprodutora na região, tem vindo a aumentar em número de casais reprodutores, desde 1995. A distribuição da espécie na ZPE de Évora, a sua evolução e os principais factores que afectam a sua reprodução foram por nós estudados no ano de 2007. Foi ainda analisada a disponibilidade de habitat de caça para o francelho na área que envolve a principal colónia de Évora de modo a poderem ser sugeridas medidas de gestão adequadas à sua conservação. Concluiu-se que a manutenção de áreas de caça e a conservação dos locais de nidificação existentes e a criação de novos locais passa inevitavelmente pela sensibilização e informação dos proprietários sobre as medidas a aplicar. O recurso a instrumentos de financiamento neste sentido será primordial; ABSTRACT: In Portugal, although there are historical records of the reproduction of this species all over the country, the lesser kestrel (Falco naumanni) disappeared from almost all the national territory being currently restricted to the Alentejo region. In 2005, 80% of the population was in Castro Verde and Vale do Guadiana SPA (62% and 18% of the national population, respectively) (Catry et al. 2005). Over the past few years have been developed research in order to meet the ecological needs of the species in the different colonies, trying to reconcile the practice of an economically viable agriculture and the conservation of a species that is dependent on traditional farming practices. The conflicts between conservation and changing farming practices lead to challenges in managing this type of habitat. The lesser kestrel population of the Évora SPA, after a 12 year absence of the species as breeding in the region, has being increasing in the number of breeding pairs, since 1995. The distribution of the species in the SPA of Évora, its evolution and the main factors affecting their reproduction were studied in 2007. It was also analyzed the availability of hunting habitat for the kestrel in the area surrounding the main colony of Évora so that appropriate management measures can be suggested to their conservation. It was concluded that maintaining hunting areas and conservation of existing nesting sites and the creation of new local inevitably passes through the awareness and information of the owners on the measures to be implemented. The use of financial instruments and the in this direction will be paramount.

Relevância dos impostos diferidos : caso das empresas cotadas em Portugal

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais