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The issue of credit enhancement in supply chain financing for small and micro-logistics enterprises (SMLEs), as well as the factors that affect the decision-making of participants in supply chain financing transaction credit enhancement, is analyzed in this study. First, an evolutionary game model between financial institutions (FIs) and SMLEs was built. In contrast to bank loans, a novel mechanism for achieving credit enhancement based on transaction data in the transportation supply chain was established through a strict environment and an increase in default penalties to compel SMLEs to uphold their obligations. Furthermore, the stability analysis shows that the stable state convergence of the evolutionary game between FIs and SMLEs evolves to the stage where FIs offer loans to SMLEs. Finally, according to the simulation analysis on the real data collected from CHZL logistics park survey data, this work demonstrates that the fluctuation ranges of the strategy evolution process for the FIs and SMLEs are positively correlated with the intensity of the stochastic perturbation.

In the process of policy financing guaranteeing help to SMEs to make innovations in green technologies, multiple parties continue to play strategic games for their interests. Evolutionary game theory is a practical tool for analyzing multi-agent strategies, which can help us to explore how policy financing guarantees help to SMEs to achieve effective credit enhancement. This paper constructs a four-party evolutionary game model among SMEs, banks, guarantee agencies, and the government, and obtains four evolutionary stable strategies by analyzing various players’ replicator dynamics. In addition, we carry out numerical simulations on the key parameters affecting the stability of the game system. The findings suggest that keeping the fixed risk-ratio between guarantee agencies and banks constant reduces the government’s financial burden and strengthens the re-guarantee system’s construction at the initial stage of SME financing, which can indirectly increase the enthusiasm for cooperation between banks and guarantee agencies. The interest subsidy policy is more effective in promoting SMEs’ compliance and bank–guarantee cooperation in the short term. Meanwhile, the government should increase the supervision of defaulting SMEs and cooperate with financial institutions to improve the credit system for SMEs.

Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?

Step-in clauses are a fundamental mechanism in international project financing, empowering lenders to assume operational control of a company when adverse circumstances arise that jeopardize both the successful completion of the project and the recovery of the capital granted. The analysis highlights the importance of carefully selecting appropriate contractual clauses, guarantees, and legal protection mechanisms to ensure the effective financing of infrastructure projects. A solid and well-articulated contractual structure not only facilitates the optimal development of the project but also guarantees the continuous and efficient provision of essential public services. However, challenges arise due to bureaucratic requirements that limit financiers’ ability to replace contractors in the event of default. The need for the contracting entity to pre-approve new contractors can hinder the timely completion of the project. The paper argues that allowing financiers greater discretion in selecting replacement contractors could improve project outcomes and address problems more effectively. Las cláusulas de toma de posesión (step in) constituyen un mecanismo fundamental en el financiamiento internacional de proyectos, lo cual faculta a los financiadores para asumir el control operativo de una empresa cuando surgen circunstancias adversas que comprometen tanto la recuperación del capital otorgado como la culminación exitosa del proyecto. El análisis subraya la relevancia de una selección meticulosa de las cláusulas contractuales, garantías y mecanismos de protección jurídica apropiados para asegurar el financiamiento efectivo de proyectos de infraestructura. Una estructura contractual sólida y bien articulada no solo facilita el desarrollo óptimo del proyecto, sino que también garantiza la prestación continua y eficiente de servicios públicos esenciales. Sin embargo, surgen desafíos debido a los requisitos burocráticos que limitan la capacidad de los financistas para reemplazar a los contratistas en caso de incumplimiento. La necesidad de que la entidad contratante apruebe previamente a los nuevos contratistas puede dificultar la finalización puntual del proyecto. En el documento se sostiene que permitir a los financistas una mayor discreción a la hora de seleccionar a los contratistas sustitutos podría mejorar los resultados del proyecto y abordar los problemas de manera más eficaz.

'Structured Finance in Latin America' explores how structured finance mechanisms can channel pension savings to support projects in underserved sectors, deepen capital markets, and contribute to investment and economic growth.

This paper investigates trends in the study of Modern languages or second foreign languages (SFLs) in Swedish lower secondary school between 2000 and 2018. Over the last decades, SFLs, i.e. French, German and Spanish, have been the target of several policy measures as a response to a declining interest. However, few reports on their impact have been published. We report the proportion of pupils studying an SFL at the national level and across demographic municipality groups and analyse a possible impact of one policy measure, grade point average enhancement credits (GPAEC, meritpoäng) for SFLs. We found an increase in the proportion of pupils studying an SFL, but mainly in urban areas. Moreover, we found important differences between SFLs. Spanish is the most widely studied SFL in all municipality groups. French is most popular in urban areas while German is more chosen in rural areas. If the increase of the number of pupils studying and SFL can be ascribed to GPAEC remains still to be seen, but if so, the GPAEC mainly had an impact on highly urban areas where the proportion of pupils studying an SFL was the highest already before introducing this policy measure.

Purpose The business model of monoline insurers is to guarantee payments of debt issues in case of defaults by the issuer. Although sparse attention is given to monolines in literature, they play an important role in enabling municipalities and firms in refinancing. This study aims to conduct a systematic review of 181 articles from 1990 to 2020 from 23,130 records and a case study on the key monoline insurers. Key failure, success factors and demand for future monoline insurance are identified. Finally, the study explores monolines’ potential during COVID-19 and develops a framework for monoline governance and regulation. Design/methodology/approach The study follows Briner and Denyer and Moher et al. to implement the systematic review. The methodology involves ascertaining the motivation behind the review, and formulating research questions; aggregating relevant prior literature from scientific databases, conducting quality assessment and synthesising the data; and conducting extensive analysis for framework development. Case study methodology foundation phase focuses on understanding the research philosophy. The second phase involves documenting the procedures involved. The final phase involves collecting the relevant quantitative and qualitative material. In addition, collecting empirical data from numerous sources allows triangulation. Findings The review results of 181 articles from 1990 to 2020 show that peak article counts occur in 2010 and 2013 (nine academic studies) and in 2008 and 2010 (six industry studies). Over- and under-explored domains happen to be bond pricing (86 academic studies) and bond markets (36 industry studies) and corporate bonds (19 academic studies), respectively. The study highlights failure factors such as adverse selection, premiums mispricings, inadequate capital and regulation, untimely downgrades and governance issues; and identifies success factors such as conservative underwriting, early financing, competitor business acquisitions and obtaining put-back claims. Potential during COVID-19 is discussed and a monoline governance framework is developed. Research limitations/implications Search and selection criteria distortions may lead to sample selection bias in systematic reviews. Issue is addressed by using different permutations of the search key words to refine the search criteria. Reference list of collected final sample of articles are perused to identify additional articles. It is difficult to obtain verifiable empirical data on the bond/monoline insurers or their insured products, especially for the structured finance sector. Most of the information available on data stream and firm’s quarterly financial reports for publicly traded monoline/bond insurers and credit rating reports are included to overcome this issue. Practical implications Demand for bond/monoline insurance still persists even in the USA. Although borrowing costs are low, obtaining bank loans would be challenging for municipalities and corporates with increased risks. Especially, given worldwide government stimulus on wages, most municipalities would possess reduced budgets for public finance. Monoline insurance can play a key role in financing such projects. Thus, it is important to understand their unique traditional and transformed business model and applicability during and post-COVID-19. Given the near extinction of bond/monoline insurers during the 2008 global financial crisis (GFC), an adequate framework for bond/monoline insurers as developed in this study is key for future business continuity. Social implications There is significant interest, especially, from the industry on monolines as identified in our systematic review. Monoline insurance has major effects on taxpayers, government policies and bond investors. They aid in financing public finance projects that have significant societal impact. This study contributes by filling existing gaps in the literature, especially, from a behavioural, ethical and social perspective of the monolines, regulators, other stakeholders and new entrants to the industry during COVID-19. This study links prior finance theories to the impact of bond/monoline insurer’s during the 2008 GFC and their stakeholders involved that has societal implications. Originality/value This study can be differentiated from prior research on monoline insurers as follows: The study identifies, gaps, similarities, trends between prior academic and industry literature and develop a bond/monoline governance framework; identifies key failure and success factors during the 2008 GFC crisis to develop the governance framework and identify monolines’ potential during COVID-19; as opposed to most prior literature that only focus on one (Drake and Neal, 2011 analyse MBIA) or two key bond/monoline insurers, this study focuses on five key bond/monoline insurers in detail and all other key insurers as well in the empirical analysis section.

We address the moral hazard problem of securitization using a principal-agent model where the investor is the principal and the lender is the agent. Our model considers structured asset-backed securitization with a credit enhancement (tranching) procedure. We assume that the originator can affect the default probability and the conditional loss distribution. We show that the optimal form of retention must be proportional to the pool default loss even in the absence of systemic risk when the originator can affect the conditional loss given default rate, yet the current regulations propose a constant retention rate.

In order to change our corporate credit defect engineering supervision status, this paper uses Porter’s five forces model to analyze our engineering supervision enterprises, and the credit system construction. Our thesis project supervision companies can change the status of lack of credit by starting professional liability insurance, and other methods.