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Using a unique proprietary data set of primary insurers and reinsurers, we analyse the structure of the reinsurance market. The data, which spans six years, contains the quotes for different reinsurance layers, for different clients, for different treaties and for different lines of business. This is the first study that documents the actual structure of the global reinsurance market using actual quotes, not just the winning quote, for a large number of layers and a large number of reinsurance treaties.

This report summarizes the results of a recent review of the emerging experience with the design and implementation of policy instruments to promote the development of renewable energy (RE) in a sample of six representative developing countries and transition economies ('developing countries') (World Bank 2010). The review focused mainly on price- and quantity-setting policies, but it also covered fiscal and financial incentives, as well as relevant market facilitation measures. The lessons learned were taken from the rapidly growing literature and reports that analyze and discuss RE policy instruments in the context of different types of power market structures. The analysis considered all types of grid-connected RE options except large hydropower: wind (on-shore and off-shore), solar (photovoltaic and concentrated solar power), small hydropower (SHP) (with capacities below 30 megawatts), biomass, bioelectricity (cogeneration), landfill gas, and geothermal. The six countries selected for the review included Brazil, India, Indonesia, Nicaragua, Sri Lanka, and Turkey.

Systemic risk remains a major concern to policymakers since widespread defaults in the corporate and financial sectors could pose substantial costs to society. Forward-looking measures and/or indicators of systemic default risk are thus needed to identify potential buildups of vulnerability in advance. In this paper, we explain how to construct idiosyncratic and systemic default risk indicators using the information embedded in single-tranche standardized collateralized debt obligations (STCDOs) referencing credit derivatives indices. As an illustration, both risk indicators are constructed for the European corporate sector using midprice quotes for STCDOs referencing the iTraxx Europe index.

A crucial analysis of Mongolia's economic crisis and path to recovery. This World Bank study offers a deep dive into Mongolia's economic landscape between 2008 and 2010, a period marked by a severe downturn triggered by collapsing copper prices and dwindling external demand. Discover the structural weaknesses and policy missteps that amplified the crisis, and the government's response. Mongolia Economic Retrospective: 2008-2010 reveals: * How expansive fiscal and monetary policies, coupled with a pegged currency, led to macroeconomic instability. * The impact of the mining sector, including the risks of \"Dutch disease.\" * The importance of fiscal stability and banking sector reform for sustainable growth. For policymakers, economists, and anyone interested in economic development, this retrospective provides valuable lessons for managing commodity-dependent economies and navigating future challenges.

The main objective of this paper is to quantify the relationship between the global economic environment and the number of Stand-By Arrangements (SBAs). The results suggest that oil prices, world interest rates, and the global business cycle are the most influential indicators that affect the number of SBAs being requested. In addition, the empirical model seems to have reasonable accuracy when predicting SBAs. Furthermore, when oil prices, interest rates, and the global business cycle are adversely shocked by one standard deviation, the conditional probability of a SBA nearly doubles, implying an increase from about six to 12 SBAs. More critically, the model suggests that even a steady deterioration of the global economic climate would imply increasingly harsher conditions for developing and emerging market countries which may in turn significantly increase the demand for IMF resources.

This paper estimates factors affecting demand for Fund financing by Low-Income Countries (LICs) in response to policy and exogenous shocks. Various economic variables including reserve coverage, current account balance to GDP, real GDP growth, macroeconomic stability, and terms of trade shocks are found to be significant determinants of Fund financing. Moreover, global conditions, including changes in real oil and non-oil commodity prices and world trade, are also significant. Therefore, the demand for Fund financing by LICs is likely to be cyclical in response to common shocks with its intensity depending on the severity and persistence of adverse shocks.

This paper finds that systematic default risk, or the event of widespread defaults in the corporate sector, is an important determinant of equity returns. Moreover, the market price of systematic default risk is one order of magnitude higher than the market price of other risk factors. In contrast to studies by Fama and French (1993, 1996 ) and Vassalou and Xing (2004), this paper uses a market-based measure of systematic default risk. The measure is constructed using price information from credit derivatives prices, namely the spreads of standardized single-tranche collateralized debt obligations on credit derivatives indices.

'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.

Suffering defeat consecutively for three years is usually a sign to give up, but [Micah Tranch] did not relent. Instead, last spring he ran yet again, this time for ASB president. Running against experienced ASB officers worried Tranch a bit, but he was confident with his speech and ability. And through all that, victory became his. As with most ASB presidents, Tranch contributes to the planning of homecoming, tolo, prom and fundraisers, as well as activities more specific to Riverside's students. One of these is discipleship, a program in which high school students spiritually mentor junior high students. Tranch is also active in the high school Spiritual Emphasis Retreat, a three-day retreat for Riverside's students that is held at Young Life's Washington Family Ranch in the high desert of Central Oregon.