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Trade finance has long been an important component of international financial flows. Firms in emerging market economies, in particular, rely heavily on bank-financed trade credits to support their export and import activities. This book examines why and how much trade finance flows decline during financial crises, with case studies of several Asian and Latin American countries. The authors draw from the analysis to present options for mitigating trade finance declines in the event of future crises.
Based on a simple model, the paper provides an explanation for illegal oil trade between Nigeria and its neighboring countries. The analysis focuses on the linkages between the level of smuggling and changes in the Government’s fiscal, monetary, and domestic pricing policies. It is shown that smuggling has implications for inflation and currency depreciation. A vicious circle emerges when financial policies are expansionary and policy makers attempt to hold the domestic sale price of oil constant. Macroeconomic indicators of Nigeria over the period 1986-1993 appear to support the predictions of the model. Policy implications of the analysis are also noted.
This paper anlayzes the Georgian hyperinflation of 1993-94, which featured endogenous fiscal expenditures and the money supply, depreciation, and currency substitution. Hyperinflation was stopped by removing generalized consumer subsidies and tightening of monetary policy, and not by a sudden rush of credibility or imposition of an exchange rate anchor. A de facto exchange rate anchor served ex post as a vehicle for building credibility, which ensured a dramatic reversal of currency substitution when the currency reform was implemented. The paper also discusses the relatively rapid output recovery in Georgia.
This paper assesses the issues of government involvement in international trade finance stemming from the recent changes in global financial markets. This study is based on discussions with representatives of export credit agencies during the period from October 2003 to May 2004. A survey of 27 agencies provided valuable insights. Financial flows facilitated by official export credit agencies are large in comparison with official development assistance and gross lending by international financial institutions to developing countries. However, the importance of officially supported trade finance has been declining relative to the rapid expansion of world trade and total capital flows to developing countries. The study highlights the key challenges facing official export credit agencies, including complementing the private sector, facilitating financing to low-income countries while helping maintain these countries’ debt sustainability, and playing a positive role in the area of trade finance in international efforts to address emerging market financial crises.
Placed in the context of the upcoming referendum, this second edition brings up to date a thorough review of all economic aspects of the UK's membership of the EU. It notes the intention of the EU to move to 'ever closer union' and the nature of the regulatory and general economic philosophy of its dominant members, whose position is enforced by qualified majority voting. The book highlights the UK’s dilemma that, while extending free markets to its local region is attractive, this European philosophy and closer union are substantially at odds with the UK's traditions of free markets and freedom under the common law. This comprehensive examination of the economic costs and benefits of memb...
This publication contains a complete and official listing of the foreign consular offices in the United States, and recognized consular officers. Compiled by the U.S. Department of State, with the full cooperation of the foreign missions in Washington, it is offered as a convenience to organizations and persons who must deal with consular government agencies, state tax officials, international trade organizations, chambers of commerce, and judicial authorities who have a continuing need for handy access to this type of information. Note: Changes occur daily. Status of persons listed in this publication should be verified with the Office of Protocol. From: http: //www.state.gov/s/cpr/rls/fco/.
Machine audition is the study of algorithms and systems for the automatic analysis and understanding of sound by machine. It has recently attracted increasing interest within several research communities, such as signal processing, machine learning, auditory modeling, perception and cognition, psychology, pattern recognition, and artificial intelligence. However, the developments made so far are fragmented within these disciplines, lacking connections and incurring potentially overlapping research activities in this subject area. Machine Audition: Principles, Algorithms and Systems contains advances in algorithmic developments, theoretical frameworks, and experimental research findings. This book is useful for professionals who want an improved understanding about how to design algorithms for performing automatic analysis of audio signals, construct a computing system for understanding sound, and learn how to build advanced human-computer interactive systems.
This book highlights the novel research in quantum memory networking, especially quantum memories based on cold atomic ensembles. After discussing the frontiers of quantum networking research and building a DLCZ-type quantum memory with cold atomic ensemble, the author develops the ring cavity enhanced quantum memory and demonstrates a filter-free quantum memory, which significantly improves the photon-atom entanglement. The author then realizes for the first time the GHZ-type entanglement of three separate quantum memories, a building block of 2D quantum repeaters and quantum networks. The author also combines quantum memories and time-resolved measurements, and reports the first multiple interference of three single photons with different colors. The book is of good reference value for graduate students, researchers, and technical personnel in quantum information sciences.