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Objetivos: Este estudo objetiva mensurar o poder de atratividade de um grupo de países sobre os estudantes internacionais e identificar os principais determinantes da atratividade de um grupo de países para os estudantes internacionais. Metodologia: A partir dos dados de países do G20, Europa e Ásia, disponibilizados pela Organização das Nações Unidas para a Educação, a Ciência e a Cultura (UNESCO), entre os anos de 2009 e 2018, foi estimada uma equação de gravidade, por meio da técnica Poisson Pseudo-Maximum Likelihood (PPML). Resultados: Os resultados do trabalho indicaram que: i) países com alto Índice de Desenvolvimento Humano (IDH), com políticas de atração e anglófonos são os principais destinos de imigrantes-estudantes; ii) países com sistema de educação superior inclusivo, com uma política de atração ou com relações colônias e idiomas semelhantes são centros regionais de atração de estudantes internacionais e iii) inclusão socioeducacional, existência de política de atração e reputação do sistema nacional de educação superior são os componentes fundamentais da força de atração de estudantes exercidas pelos países. A análise de uma equação de gravidade, estimada pela técnica PPML, permite identificar os principais componentes das forças de atração de estudantes internacionais para os sistemas nacionais de educação superior. Conclusão: Além disso, a análise auxilia pesquisadores e gestores, que passam a contar com novas informações sobre internacionalização do ensino superior, na tomada de decisão sobre o tema.

The rapid pace of technological development poses significant challenges for regulatory and supervisory authorities worldwide. While digital financial innovation provides opportunities, it also entails considerable risks. To address these challenges, Spanish Law 7/2020 of 13 November 2020 on the digital transformation of the financial system establishes measures to promote financial innovation while ensuring the protection of financial services users, financial stability, market integrity and the prevention of money laundering and terrorist financing. The most notable measure is the establishment of a sandbox or controlled testing environment, as a tool to enhance the work of legislators and supervisors, while promoting the innovative ecosystem. This paper describes the operation, phases and eligibility criteria of the Spanish regulatory sandbox. Next, it analyses the impact of participating in the controlled testing environment on the promoters whose projects have been monitored by the Banco de España, their experiences, how their projects have evolved, and presents their suggestions for improving the instrument. Finally, it describes alternative direct communication channels for interacting with supervisory authorities., La rápida evolución tecnológica plantea importantes desafíos para las autoridades reguladoras y supervisoras a escala mundial. Aunque las innovaciones financieras digitales ofrecen oportunidades, también conllevan riesgos significativos. Para afrontar estos retos, la Ley 7/2020, de 13 de noviembre, para la transformación digital del sistema financiero, establece una serie de medidas para fomentar la innovación financiera, garantizando la protección de los usuarios de servicios financieros, la estabilidad financiera, la integridad de los mercados y la prevención del blanqueo de capitales y la financiación del terrorismo. La medida más destacada es la creación de un sandbox o espacio controlado de pruebas, que sirve como un instrumento para mejorar la labor de legisladores y supervisores, al tiempo que impulsa el ecosistema innovador. Este documento describe el funcionamiento, las fases y los requisitos de acceso del sandbox regulatorio español. A continuación, se analiza el impacto que ha tenido en los promotores cuyos proyectos han sido monitorizados por el Banco de España, su participación en el espacio controlado de pruebas, cuál ha sido su experiencia, la evolución de sus proyectos y se presentan sus sugerencias para mejorar el instrumento. Por último, se describen otros cauces específicos de comunicación directa para interactuar con las autoridades supervisoras.

Marine ecosystems contain an immense diversity of phages, many of which infect cyanobacteria (cyanophage) that are largely responsible for primary productivity. To characterize the genetic diversity and biogeographic distribution of the marine T4-like cyanophage community in the northern South China Sea, the T4-like cyanophage portal protein gene (g20) was amplified. Phylogenetic analysis revealed that marine T4-like cyanophages were highly diverse, with g20 operational taxonomic units being affiliated with five defined clades (Clusters I-V). Cluster II had a wide geographic distribution, Cluster IV was the most abundant in the open sea, and Cluster I was dominant in coastal shelf environments. Our results showed T4-like cyanophages (based on g20) community was generally shaped via heterogeneous selection. Highly variable environmental factors (such as salinity and temperature) can heterogeneously select different cyanophage communities. Nevertheless, the dominant drivers of the T4-like cyanophage community based on the g20 and g23 (T4-like phage major capsid protein gene) were different, probably due to different coverages by the primer sets. Furthermore, the community assembly processes of T4-like cyanophages were affected by host traits (abundance and distribution), viral traits (latent period, burst size, and host range), and environmental properties (temperature and salinity).

In this thesis, I study how crises impact diplomatic norms and practices. Diplomacy plays a fundamental role in enabling peaceful and constructive relations between states. When successful, it can provide global common goods, ranging from international security, trading rules, to peaceful enforcement of international agreements, as well as resolving collective action problems such as climate change mitigation. Despite this crucial role, we still know relatively little about diplomatic norms and practices, the unwritten rules that structure interactions between diplomats. In particular, we have an insufficient understanding of how and when these norms and practices change. The institution of diplomacy is often described as a conservative one – it upholds a system of conventions that ensure the stability and predictability of relations between states. However, in light of recent political developments that pose challenges to cooperation within the framework of international institutions, it is essential to comprehend the effects of crises on diplomatic practice. Three independent empirical studies are conducted to analyze diplomatic practices in the context of heightened levels of international contestation and crisis. Two of these studies focus on the way in which diplomats responsible for negotiating EU foreign policy cope with increasing contestation between member states. This internal crisis necessitates the development and implementation of practices that ensure that the EU continues to produce common positions and policies. The third study analyzes the way in which the states and state leaders of the G20 dealt with the uncertainty that arose following the transition to virtual summitry during the COVID-19 crisis. The study finds that the transition to virtual summitry created opportunities for signaling status in new ways. Finally, a fourth essay focuses on how practices should be conceptualized and studied. This essay emphasizes the need to understand two dime

In this thesis, I study how crises impact diplomatic norms and practices. Diplomacy plays a fundamental role in enabling peaceful and constructive relations between states. When successful, it can provide global common goods, ranging from international security, trading rules, to peaceful enforcement of international agreements, as well as resolving collective action problems such as climate change mitigation. Despite this crucial role, we still know relatively little about diplomatic norms and practices, the unwritten rules that structure interactions between diplomats. In particular, we have an insufficient understanding of how and when these norms and practices change. The institution of diplomacy is often described as a conservative one – it upholds a system of conventions that ensure the stability and predictability of relations between states. However, in light of recent political developments that pose challenges to cooperation within the framework of international institutions, it is essential to comprehend the effects of crises on diplomatic practice. Three independent empirical studies are conducted to analyze diplomatic practices in the context of heightened levels of international contestation and crisis. Two of these studies focus on the way in which diplomats responsible for negotiating EU foreign policy cope with increasing contestation between member states. This internal crisis necessitates the development and implementation of practices that ensure that the EU continues to produce common positions and policies. The third study analyzes the way in which the states and state leaders of the G20 dealt with the uncertainty that arose following the transition to virtual summitry during the COVID-19 crisis. The study finds that the transition to virtual summitry created opportunities for signaling status in new ways. Finally, a fourth essay focuses on how practices should be conceptualized and studied. This essay emphasizes the need to understand two dime

El objetivo principal de esta investigación es proponer una nueva metodología para la clasificación de las Sociedades Cooperativas de Ahorro y Préstamo (SOCAPS) de México que refleje de manera más eficiente su situación financiera, con la finalidad de que los ahorradores y el organismo supervisor del sector cuenten con información más confiable acerca de su solidez, y, de esta manera, el ahorro de los usuarios de estas entidades se encuentre más protegido. Para ello, se adaptó el F-score de Piotroski (2000) al contexto de las SOCAPS de México, con lo que se evalúan tres áreas de las SOCAPS por medio de ocho indicadores, los cuales, permiten obtener una calificación que refleja la fortaleza financiera de estas instituciones; y, con base en esas calificaciones, segmentarlas de acuerdo con su solidez financiera. Esta metodología se utilizó para analizar y clasificar a 156 SOCAPS de México, y comparar el puntaje de las que mantuvieron sus operaciones durante el periodo de análisis, con el de las que cerraron sus operaciones. De esta forma, se comprobó que las SOCAPS con mayor temporalidad tienen en promedio una calificación mayor que el grupo de SOCAPS que dejó de operar, con lo que puede concluirse que la metodología propuesta es eficaz como criterio de clasificación que sirva para emitir alertas de riesgo, medidas prudenciales e informar a los usuarios sobre la solidez de la institución en la que deposita su patrimonio., The main objective of this research is to propose a new methodology for the classification of the Cooperative Savings and Loan Societies (SOCAPS) of Mexico that more efficiently reflects their financial situation, in order that savers and the sector's supervisory body have more reliable information about their soundness, and, in this way, the savings of the users of these entities is more protected. To do this, Piotroski (2000) F-score was adapted to the context of the SOCAPS in Mexico, thus evaluating three areas of the SOCAPS through eight indicators, which allow obtaining a rating that reflects the financial strength of these institutions; and, based on those ratings, segment them according to their financial strength. This methodology was used to analyze and classify 156 SOCAPS from Mexico, and compare the score of those that maintained their operations during the analysis period, with those that closed their operations. In this way, it was found that the SOCAPS with longer periods of time have on average a higher rating than the SOCAPS group that stopped operating, with which it can be concluded that the proposed methodology is effective as a classification criterion that serves to issue risk alerts, prudential measures and inform users about the soundness of the institution in which they deposit their assets., Escuela de Estudios Cooperativos, Fac. de Ciencias Económicas y Empresariales, TRUE, pub

Purpose: The aim of the study is to identify by exploring why digital financial inclusion has become more difficult recently. To find out what challenges faced by people where issues of financially excluded, deep-rooted problems have arisen in the path of inclusive economic development. Theoretical Framework: The financial success of the digital age is inspiring people. The digital revolution unfolds more opportunities for stakeholders to increase the inclusivity in finance of all eligible individuals with the help of technology. Design/Methodology/Approach: Any technological advancement will inevitably have both beneficial and bad effects. It is apt to focus on minimising any potential drawbacks. A wide range of assessments of the concept of digital financial inclusion, a literature review culminates as the foundation for the research design and subsequently highlights some pertinent issues. Findings: The study observed that the development of digital technology has made it a potent weapon for financial inclusion. The study points out ample space for adopting and adapting some uniqueness and good practices in the context of the place. Initiatives like Governmental person-to-person payments, domestic remittances, etc have a special significance for the financial inclusion of disadvantaged populations. Practical & Social implications: Create a digital platform to increase gender equality, minimize poverty, and enhance educational access. Greater disclosure of information and call for ingenious financial product designs. Originality/Value: Revisiting and restructuring frameworks for banking and financial institutions. Key players need to come together and collaborate in the process of a comprehensive reformative path.

In this book, profesor Tooze unravels, through a vibrant narrative of th events, the convulsive events associated to the global financial crisis, which began in 2008 in the U.S. and collapsed international finances worldwide for almost a decade. Entering into the always opaque environments of international finance, he sheds light on the mechanisms and risks of an international financial system that is tightly connected between the various institutions and countries on all continents. His analysis of the causes and Governments’ economic choices is rigorous and accurate. At the same time, it provides a number of considerations to the decisions taken with a clear impact on global citizens, the real protagonist of this whole situation., En esta obra el profesor Tooze desbroza, mediante un vibrante relato de los hechos, los convulsos acontecimientos de la crisis financiera global, que comenzó en 2008 en EE. UU. y colapsó durante casi una década las finanzas internacionales del mundo entero. Adentrándose en los siempre opacos entornos de las finanzas internacionales arroja luz sobre los mecanismos y los riesgos de un sistema financiero internacional nítidamente conectado entre las diversas instituciones y países de todos los continentes. Su análisis de las causas y opciones económicas adoptadas desde los gobiernos es rigurosa y certera. Al tiempo, diversas consideraciones a las decisiones tomadas con un claro impacto en la ciudadanía global, auténtica protagonista de toda esta situación.

In this thesis, I study how crises impact diplomatic norms and practices. Diplomacy plays a fundamental role in enabling peaceful and constructive relations between states. When successful, it can provide global common goods, ranging from international security, trading rules, to peaceful enforcement of international agreements, as well as resolving collective action problems such as climate change mitigation. Despite this crucial role, we still know relatively little about diplomatic norms and practices, the unwritten rules that structure interactions between diplomats. In particular, we have an insufficient understanding of how and when these norms and practices change. The institution of diplomacy is often described as a conservative one – it upholds a system of conventions that ensure the stability and predictability of relations between states. However, in light of recent political developments that pose challenges to cooperation within the framework of international institutions, it is essential to comprehend the effects of crises on diplomatic practice. Three independent empirical studies are conducted to analyze diplomatic practices in the context of heightened levels of international contestation and crisis. Two of these studies focus on the way in which diplomats responsible for negotiating EU foreign policy cope with increasing contestation between member states. This internal crisis necessitates the development and implementation of practices that ensure that the EU continues to produce common positions and policies. The third study analyzes the way in which the states and state leaders of the G20 dealt with the uncertainty that arose following the transition to virtual summitry during the COVID-19 crisis. The study finds that the transition to virtual summitry created opportunities for signaling status in new ways. Finally, a fourth essay focuses on how practices should be conceptualized and studied. This essay emphasizes the need to understand two dime

In this thesis, I study how crises impact diplomatic norms and practices. Diplomacy plays a fundamental role in enabling peaceful and constructive relations between states. When successful, it can provide global common goods, ranging from international security, trading rules, to peaceful enforcement of international agreements, as well as resolving collective action problems such as climate change mitigation. Despite this crucial role, we still know relatively little about diplomatic norms and practices, the unwritten rules that structure interactions between diplomats. In particular, we have an insufficient understanding of how and when these norms and practices change. The institution of diplomacy is often described as a conservative one – it upholds a system of conventions that ensure the stability and predictability of relations between states. However, in light of recent political developments that pose challenges to cooperation within the framework of international institutions, it is essential to comprehend the effects of crises on diplomatic practice. Three independent empirical studies are conducted to analyze diplomatic practices in the context of heightened levels of international contestation and crisis. Two of these studies focus on the way in which diplomats responsible for negotiating EU foreign policy cope with increasing contestation between member states. This internal crisis necessitates the development and implementation of practices that ensure that the EU continues to produce common positions and policies. The third study analyzes the way in which the states and state leaders of the G20 dealt with the uncertainty that arose following the transition to virtual summitry during the COVID-19 crisis. The study finds that the transition to virtual summitry created opportunities for signaling status in new ways. Finally, a fourth essay focuses on how practices should be conceptualized and studied. This essay emphasizes the need to understand two dime

The issues concerning environmental damage, poverty, and unequal income distribution have taken center stage in contemporary policies aimed at sustainable development. Amidst various policy measures, trade policies continue to hold a prominent position due to their direct and indirect connections with sustainable development. It is widely believed that trade openness can incentivize both production and consumption. However, the rapid economic integration resulting from trade openness can also have adverse effects on society, employment, and the environment. Therefore, the primary objective of this study is to examine the impact of trade openness and other relevant factors on sustainable development in the G20 countries. This research adopts a quantitative approach, utilizing secondary data. Data analysis is conducted using a Heterogeneous Dynamic Panel econometric method, covering the period from 1990 to 2019. The findings of this study reveal that in the short term, sustainable development in the G20 countries is positively and significantly influenced by capital formation and environmental quality. Conversely, in the long run, sustainable development is positively and significantly affected by trade openness. Consequently, the recommendation stemming from this research for G20 countries is to further develop trade policies that prioritize and support sustainable development goals.

Rationale This article offers a general description of the road towards an economy with zero net emissions (net zero), stressing the importance of this process in portfolio management. To this end, it reviews several of the initiatives currently under way, and details the aspects needed to prepare a transition plan and how key metrics in this context are constructed. Takeaways •The transition towards climate neutrality or net-zero goals affects every sector of the economy, including, on the finance side, investment and asset management. Collectively, individual goals will enable the ultimate global goal to be met. This will call for detailed planning, as well as the implementation of strategies integrating climate and environmental risk management. •The process of setting goals and designing transition plans is currently at the stage of development and adoption by the investment and portfolio management sector, as well as by financial institutions and other firms. •The availability of reliable, comparable data is one of the main challenges in this area. This is the key ingredient for defining and setting goals, and also for designing forward-looking metrics to track the progress made in achieving them.

Motivación Este artículo ofrece una descripción general del camino hacia una economía con emisiones netas nulas (cero neto o net-zero), y enfatiza la importancia de este proceso en la gestión de carteras. Para ello, se hace una recopilación de varias de las iniciativas actualmente en marcha, y se detallan los elementos necesarios para elaborar un plan de transición y el modo de construir métricas relevantes en este contexto. Ideas principales • La transición hacia la consecución de los objetivos de neutralidad climática o cero neto afecta a todos los sectores de la economía, incluyendo a nivel financiero la inversión y la gestión de activos. La suma de los objetivos individuales permitirá alcanzar la meta final establecida a nivel global. Para ello es necesario llevar a cabo una planificación detallada, así como establecer estrategias donde se integre la gestión de riesgos climáticos y medioambientales. • El proceso de establecimiento de objetivos y el diseño de planes de transición se encuentran en su fase de desarrollo y adopción por parte del sector de inversión y de gestión de carteras, así como por parte de entidades financieras y el resto de las empresas. • Uno de los principales retos en este ámbito es la disponibilidad de datos fiables y comparables. Es el ingrediente fundamental para definir y establecer objetivos, así como para elaborar métricas de carácter prospectivo que permitan realizar un seguimiento de la consecución de dichos objetivos.

In this book, profesor Tooze unravels, through a vibrant narrative of th events, the convulsive events associated to the global financial crisis, which began in 2008 in the U.S. and collapsed international finances worldwide for almost a decade. Entering into the always opaque environments of international finance, he sheds light on the mechanisms and risks of an international financial system that is tightly connected between the various institutions and countries on all continents. His analysis of the causes and Governments’ economic choices is rigorous and accurate. At the same time, it provides a number of considerations to the decisions taken with a clear impact on global citizens, the real protagonist of this whole situation., En esta obra el profesor Tooze desbroza, mediante un vibrante relato de los hechos, los convulsos acontecimientos de la crisis financiera global, que comenzó en 2008 en EE. UU. y colapsó durante casi una década las finanzas internacionales del mundo entero. Adentrándose en los siempre opacos entornos de las finanzas internacionales arroja luz sobre los mecanismos y los riesgos de un sistema financiero internacional nítidamente conectado entre las diversas instituciones y países de todos los continentes. Su análisis de las causas y opciones económicas adoptadas desde los gobiernos es rigurosa y certera. Al tiempo, diversas consideraciones a las decisiones tomadas con un claro impacto en la ciudadanía global, auténtica protagonista de toda esta situación.

Because of the reproach of global society for the increase in tax rates on consumption and savings, as a result of the decrease in tax revenues in most countries of the world as a result of the recent business models and their value chains of global companies, through which most of the wealth is generated, different members of the international community call on governments and international organizations to design rules that regulate the taxation of commercia and financial transactions developed in the global economic scenario. Hence, under a mandate from the G20 countries, the Organisation for Economic Co-operation and Development (hereinafter OECD) designs and approves the measures of the "Action Plan on Base Erosion and Profit Shifting" (hereinafter OECD/G20 Action Plan or beps project),in which a new era in international taxation is conceived, characterized by promoting tax compliance, the limit of contrived tax planning strategies to reduce the payment of taxes on corporate income, and the establishment of universal fiscal language. Meanwhile, it is right to predict the birth of the legal order of international taxation built by means of provisions developed within supranational bodies, known in the academic field as soft law, by virtue of being adopted by a significant number of national legislations., Devido à reprovação da sociedade mundial pelo aumento das alíquotassobre o consumo e a poupança, em decorrência da diminuição dasreceitas tributárias na maioria dos países do mundo em decorrência dosrecentes modelos de negócios e suas cadeias de valor, por meio do qualé gerada a maior parte da riqueza, diferentes membros da comunidadeinternacional exigem de governos e organismos internacionais o desenhode normas que regulem a tributação das transações comercial-financeirasdesenvolvidas no cenário econômico global. Assim, por mandato dos paísesdo G20, a Organização para a Cooperação e Desenvolvimento Econômico(ocde) concebe e aprova as medidas do Plano de ação contra a erosão dabase tributável e a transferência de benefícios (Plano de Ação do ocde/G20ou Projeto beps), em que se concebe uma nova era na tributação internacional,caracterizada pela promoção do cumprimento tributário, o limite dasestratégias artificiais de planejamento tributário para reduzir o pagamentode impostos sobre a renda das pessoas jurídicas e o estabelecimento dalinguagem fiscal universal. Dessa forma, é justo prever o nascimento doordenamento jurídico da tributação internacional construído por meio dedispositivos criados no seio de organizações supranacionais, conhecidosno meio acadêmico como soft law, em virtude de serem adotados por umnúmero significativo de legislações nacionais., En razón del reproche de la sociedad mundial por el aumento en las tasas impositivas al consumo y al ahorro, en consecuencia de la disminución en los ingresos fiscales en la mayoría de los países del orbe como resultado de los recientes modelos de negocios y sus cadenas de valor de las empresas globales, a través de los cuales se genera la mayor parte de la riqueza, distintos miembros de la comunidad internacional reclaman a los gobiernos y organismos internacionales el diseño de normas que regulen la fiscalidad de las transacciones comerciales-financieras desarrolladas en el escenario económico global. De ahí que, mediante mandato de los países del G20[1], en la Organización para la Cooperación y el Desarrollo Económicos​ (en adelante OCDE) se diseñan y se aprueban las medidas del “Plan de acción contra la erosión de la base imponible y el traslado de beneficios” (en adelante Plan de Acción OCDE/G20 o proyecto beps), en las que se concibe una nueva era en la tributación internacional, caracterizada por impulsar el cumplimiento tributario, el límite de las estrategias artificiosas de planeación fiscal para disminuir el pago de impuestos a la renta societaria, y el establecimiento del lenguaje fiscal universal. En tanto, es justo que se vaticine el nacimiento del orden jurídico de tributación internacional construido mediante disposiciones gestadas en el seno de organismos supranacionales, conocidas en el ámbito académico como soft law, en virtud de ser adoptadas por un número importante de legislaciones nacionales. [1] El grupo denominado como G20 se integra por Alemania, Arabia Saudita, Argentina, Australia, Brasil, Canadá, China, Estados Unidos, Francia, India, Indonesia, Italia, Japón, México, Reino Unido, República de Corea, Rusia, Sudáfrica, Turquía, y los países de la Unión Europea.

The G20 New Delhi Leaders' Declaration stands as a pivotal document, unanimously embraced by the leaders of the G20 member countries during the 2023 G20 summit held in New Delhi, India. It serves as a comprehensive roadmap that delineates the G20's priorities for the impending year. Moreover, it reinforces the unwavering dedication of the G20 nations to collaborate earnestly, pooling their collective wisdom and resources to confront the multifaceted challenges that have gripped the world. In the face of unprecedented global complexities, the G20 leaders recognized the imperative of a united front. Their commitment, as articulated in the declaration, resonates not as an isolated proclamation but as a resolute call to action. It is a pledge to forge ahead with collective determination, working harmoniously to overcome the daunting issues that loom over the global community. As we delve deeper into the details of this declaration, we have endeavored to provide a summary of its key highlights and significant provisions. Our goal is to provide a clear comprehension of the fundamental elements and aims outlined in the document.

This article’s main purpose is to empirically analyze the importance of digitalization in the agenda of the Group of Twenty (G20). The starting point is observation based on quantitative and qualitative analysis of documents and interviews with experts, according to which this issue – initially bound to the economic domain and treated marginally by the G20 – gained importance during the presidency of the Group held by China (2016) and Germany (2017). By breaking off from tutelage of economics between 2016 and 2019, digitalization became a priority in the interstate deliberation space and basis for the vision of “interconnected world” promoted by the G20, based on adopting a broad approach to transformations in cyberspace and allowing for linking of economic and financial issues with development policy, security, and protection of civil rights., Głównym celem niniejszego artykułu jest empiryczna analiza znaczenia problematyki cyfryzacji w agendzie Grupy Dwudziestu (G20). Punktem wyjścia jest oparta na ilościowej i jakościowej analizie treści dokumentów i rozmowach z ekspertami obserwacja, zgodnie z którą problematyka ta – początkowo towarzysząca zagadnieniom gospodarczym i traktowana marginalnie przez G20 – zyskała na znaczeniu podczas prezydencji w Grupie sprawowanej przez Chiny (2016) i Niemcy (2017). Emancypując się spod kurateli ekonomii cyfryzacja stała się w latach 2016–2019 priorytetem w międzypaństwowej przestrzeni deliberacyjnej i podstawą promowanej przez G20 wizji „świata połączonego”, opartego na przyjęciu szerokiego podejścia do przeobrażeń w cyberprzestrzeni i pozwalającego na powiązanie zagadnień ekonomicznych i finansowych z polityką rozwojową, bezpieczeństwem oraz ochroną praw obywatelskich.

In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001-2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gender-diverse REIT leadership. We document that REITs with a woman CEO, in combination with more women on the board, display less active trading and a longer hold period for assets. In addition, REITs with more gender-diverse leadership are more geographically focused, which for REITs is considered a lower risk investment strategy. Finally, REITs with more gender-diverse leadership are more actively investing in environmentally sustainable real estate. We conclude that gender diversity in real estate firms carries real-life implications for U.S. cities, given their key role as developers, owners, and operators of the built world.

The number and coverage of climate change mitigation policies have increased in the past twenty years, but important policy adoption gaps remain. To analyse sectoral climate policy in the G20 over time (2000–2019), we compiled a dataset of climate change mitigation-relevant policies and identified 50 key policy options that constitute a comprehensive sectoral climate policy package. Approximately half of these policy options are not widely adopted. Adoption is particularly low for policies that aim to: phase out coal and oil and mandate energy reductions in electricity and heat supply; reduce industrial process emissions and incentivise fuel switch in industry; design urban planning strategies for retrofits; and support the use of renewable energy for cooking and heating/cooling purposes in buildings. Policies to remove fossil fuel subsidies and support carbon dioxide removal also need substantial improvement. However, many policy adoption gaps exist as the coverage of at least one policy option could be improved in each sector. Policy adoption gaps leave at least one-tenth of the G20’s emissions completely uncovered. Filling these gaps is fundamental to realize the full mitigation potential of existing policy options and to advance the transition towards global net zero greenhouse gas emissions. Key policy insights: Mitigation-related policy options can be presented as a matrix by sector to shed light on what constitutes a comprehensive climate policy package; looking across sectoral climate policies helps to unpack and clarify the status of adoption. Policy adoption gaps exist in all sectors. Increasing the sectoral coverage of climate policies will help to ensure that all relevant sectoral emissions and mitigation areas are considered in national mitigation efforts. Even if an increase in policy coverage alone does not ensure emission reductions, the absence of policy coverage indicates that emissions can still be further reduced and that a portion of global e

Several years have passed since fintech first attracted attention in Japan. Although various new fintech services have emerged due to deregulation and policies to promote fintech's development and adoption, the overall composition and functioning of Japan's financial industry has not changed significantly despite fintech advances in other economies. The industry in Japan continues to be dominated by face-to-face interactions and has experienced little digitization. In Japan, sophisticated financial services were available before the widespread use of the internet, and most people have resisted conducting financial transactions using their smartphones. In addition, there has been almost no progress in digitizing accounting work in corporations. However, this stagnation in digitization on the demand side of financial services is changing for several reasons. Digitization in the government sector and the introduction of a new invoice system in 2023 will provide an opportunity for change. This time, Japan's financial services should undergo a significant digital transformation.

PurposeThe focus of SPINE20 is to develop evidence-based policy recommendations for the G20 countries to work with governments to reduce the burden of spine disease, and disability.MethodsOn September 17-18, 2021, SPINE20 held its annual meeting in Rome, Italy. Prior to the meeting, the SPINE20 created six proposed recommendations. These recommendations were uploaded to the SPINE20 website 10 days before the meeting and opened to the public for comments. The recommendations were discussed at the meeting allowing the participants to object and provide comments.ResultsIn total, 27 societies endorsed the following recommendations. SPINE20 calls upon the G20 countries: (1) to expand telehealth for the access to spine care, especially in light of the current situation with COVID-19. (2) To adopt value-based interprofessional spine care as an approach to improve patient outcomes and reduce disability. (3) To facilitate access and invest in the development of a competent rehabilitation workforce to reduce the burden of disability related to spine disorders. (4) To adopt a strategy to promote daily physical activity and exercises among the elderly population to maintain an active and independent life with a healthy spine, particularly after COVID-19 pandemic. (5) To engage in capacity building with emerging countries and underserved communities for the benefit of spine patients. (6) To promote strategies to transfer evidence-based advances into patient benefit through effective implementation processes.ConclusionsSPINE20's initiatives will make governments and decision makers aware of efforts to reduce needless suffering from disabling spine pain through education that can be instituted across the globe.

Syfte: Det har riktats stor uppmärksamhet mot företagens sociala ansvar under senaste decennierna och CSR har därmed blivit en alltmer viktig fråga för företag och dess intressenter. Huruvida högre CSR bidrar till högre aktievärde har varit ett omstritt ämne inom tidigare studier. Covid-19-pandemin anses ha varit en kris som har kastat nytt sken på denna fråga. Många forskare ser därför ett behov av att undersöka om CSR har kunnat göra aktier immuna under börskraschen följt av Covid-19 samt om CSR bidrar till mer motståndskraftiga aktier under kriser. Det finns dock motstridiga resultat inom tidigare studier huruvida det finns ett samband mellan CSR och aktieprestation. Syftet och huvudfrågan i studien är därför att undersöka detta samband hos börsnoterade bolag inom transport- och logistiksektorn. Mer specifikt i G20-länder under börskraschen till följd av Covid-19-pandemin. Metod: Studien utgår från en positivistisk forskningsfilosofi och antar en hypotetisk-deduktiv ansats. En kvantitativ forskningsstrategi och en tvärsnittsdesign har antagits för att genomföra studien med data över 371 publika bolag inom transport- och logistiksektorn i G20-länder. Studiens data är sekundärdata inhämtad från databasen Thomson Reuters Eikon. Data har analyserats i statistikprogrammet SPSS. Resultat och slutsats: Utifrån studiens resultat finner vi inget stöd till våra hypoteser gällande ett positivt samband mellan CSR, dess separata dimensioner och aktieprestation. Det finns inget som tyder på att aktiernas prestation har påverkats av företags ESG-satsningar. Detta resultat är i linje med aktieägarteorin som syftar till att företag endast bör ha aktieägarnas vinstmaximering som sin huvuduppgift. Studien använder ESG-betyg som ett kvantitativt mått på CSR, men de problem som finns med ESG och som har diskuterats i stor omfattning kan ha påverkat studiens resultat. Examensarbetets bidrag: Studien bidrar till att fylla ett forskningsgap gällande sambandet mellan CSR och aktieprestat, Aim: Great attention has been paid to Corporate Social Responsibility in recent decades and CSR has thus become an increasingly important issue for companies and their stakeholders. Whether higher CSR contributes to higher stock value has been a controversial topic in previous studies. The Covid-19 pandemic is considered to have been a crisis that has shed new light on this issue. Many researchers therefore see a need to investigate whether CSR has been able to make stocks immune during the stock market crash followed by Covid-19 and whether CSR contributes to stock resilience during crises. However, there are conflicting results in previous studies as to whether there is a relationship between CSR and stock performance. The purpose and main question in this study is therefore to investigate this relationship in public companies in the transportation- and logistics sector. More specifically in G20 countries during the stock market crash due to the Covid-19 pandemic. Method: The study is based on a positivistic research philosophy and adopts a hypothetical-deductive approach. A quantitative research strategy and a cross-sectional design have been adopted to conduct the study with data on 371 public companies in the transportation- and logistics sector in G20 countries. The data is secondary and obtained from the Thomson Reuters Eikon database. The data have been analyzed in the statistical program SPSS. Result and conclusions: Based on the result of the study, we find no support for our hypotheses regarding a positive relationship between CSR, its separate dimensions and stock performance. There is no indication that the stock performance has been affected by companies’ ESG investments. This result is in line with the shareholder theory, which aims that companies should only have the shareholders’ profit maximization as their main task. The study uses ESG scores as a quantitative measure of CSR, but the problems that exist with ESG and have been discussed to a large

Este documento realiza una propuesta de estimación de la huella de carbono en la financiación a empresas por parte de las entidades de crédito españolas. El creciente interés de nuestras sociedades por cuestiones medioambientales exige abordar un análisis de la actuación de las entidades financieras en su labor para facilitar la lucha contra el cambio climático y la transición ecológica. En este ámbito, es indispensable disponer de información medioambiental de calidad y establecer metodologías robustas que permitan la evaluación de las exposiciones climáticas del sector financiero. Este trabajo pretende realizar una aportación a este debate, ofreciendo una estadística de carácter experimental para la medición del grado de exposición del sector bancario en España a los riesgos de transición hacia un modelo económico más sostenible. Los resultados obtenidos muestran que la huella de carbono de los préstamos de las entidades de crédito españolas se habría reducido de forma significativa en el período más reciente. Este descenso resulta compatible con la reducción en la intensidad de las emisiones contaminantes que ha tenido lugar en el conjunto de la economía española durante los últimos años, pero también con una ligera recomposición de la cartera de préstamos hacia las ramas de actividad menos contaminantes., This paper proposes an indicator to estimate the carbon footprint of the business lending of Spanish credit institutions. The growing interest in our societies in environmental issues means that the action taken by financial institutions to support the fight against climate change and the green transition needs to be analysed. In this respect, it is essential to have quality environmental information available and to establish robust methodologies to assess the climate exposure of the financial sector. This paper seeks to contribute to this debate, offering an experimental statistic to measure the degree of exposure of the banking sector in Spain to the risks involved in the transition to a more sustainable economic model. The results obtained show that the carbon footprint of the loans of Spanish credit institutions seems to have been significantly reduced recently. This decline is compatible with the overall reduction in the intensity of pollutant emissions that has taken place in the Spanish economy in recent years, but also with a slight shift in the composition of the loan portfolio towards less polluting activities.

PurposeThe focus of SPINE20 is to develop evidence-based policy recommendations for the G20 countries to work with governments to reduce the burden of spine disease, and disability.MethodsOn September 17-18, 2021, SPINE20 held its annual meeting in Rome, Italy. Prior to the meeting, the SPINE20 created six proposed recommendations. These recommendations were uploaded to the SPINE20 website 10 days before the meeting and opened to the public for comments. The recommendations were discussed at the meeting allowing the participants to object and provide comments.ResultsIn total, 27 societies endorsed the following recommendations. SPINE20 calls upon the G20 countries: (1) to expand telehealth for the access to spine care, especially in light of the current situation with COVID-19. (2) To adopt value-based interprofessional spine care as an approach to improve patient outcomes and reduce disability. (3) To facilitate access and invest in the development of a competent rehabilitation workforce to reduce the burden of disability related to spine disorders. (4) To adopt a strategy to promote daily physical activity and exercises among the elderly population to maintain an active and independent life with a healthy spine, particularly after COVID-19 pandemic. (5) To engage in capacity building with emerging countries and underserved communities for the benefit of spine patients. (6) To promote strategies to transfer evidence-based advances into patient benefit through effective implementation processes.ConclusionsSPINE20's initiatives will make governments and decision makers aware of efforts to reduce needless suffering from disabling spine pain through education that can be instituted across the globe.

Este trabajo analiza la capacidad de uso de los colchones de capital voluntarios y regulatorios por parte de las entidades bancarias, aprovechando la experiencia de la pandemia de COVID-19. En primer lugar, se encuentra que la usabilidad de los colchones macroprudenciales está muy poco limitada en España por otros requerimientos sobre las entidades. Adicionalmente, se encuentra que los colchones existentes sobre los requerimientos de capital al comienzo de la pandemia han tenido efectos significativos en los mercados financieros, lo que ha afectado a la evolución de las cotizaciones bancarias europeas, así como a las tenencias de acciones bancarias por parte de los fondos de inversión. Por último, no se observa un efecto agregado significativo del nivel disponible de colchones de capital sobre los requerimientos de capital en la provisión de financiación a las empresas no financieras en España. Sin embargo, sí se identifican efectos negativos en la oferta de crédito de los bancos con menores colchones voluntarios a las empresas con las que tenían relaciones más recientes. Asimismo, cuando el análisis se realiza exclusivamente sobre las operaciones crediticias sin garantía pública, sí se observa que las entidades con menor margen de capital por encima de los requerimientos redujeron más el crédito., This paper analyses the ability of banks to use voluntary and regulatory capital buffers, taking advantage of the experience of the COVID-19 pandemic. In the first place, we find that the usability of macroprudential buffers is not hampered in Spain by other parallel banks’ requirements. Additionally, we find that the existing voluntary buffers over capital requirements at the beginning of the pandemic have had significant effects on the financial markets, affecting the evolution of European bank stock prices, as well as the holdings of bank shares by investment funds. Lastly, we find no significant aggregate effect of voluntary capital buffers on the provision of financing to non-financial companies in Spain. However, we do identify negative effects in the supply of credit from banks with lower voluntary buffers to companies with which they had more recent relationships. Likewise, if the analysis is carried out exclusively on credit operations without public guarantees, we observe that those banks with lower voluntary capital buffers reduced credit more.

Syfte: Det har riktats stor uppmärksamhet mot företagens sociala ansvar under senaste decennierna och CSR har därmed blivit en alltmer viktig fråga för företag och dess intressenter. Huruvida högre CSR bidrar till högre aktievärde har varit ett omstritt ämne inom tidigare studier. Covid-19-pandemin anses ha varit en kris som har kastat nytt sken på denna fråga. Många forskare ser därför ett behov av att undersöka om CSR har kunnat göra aktier immuna under börskraschen följt av Covid-19 samt om CSR bidrar till mer motståndskraftiga aktier under kriser. Det finns dock motstridiga resultat inom tidigare studier huruvida det finns ett samband mellan CSR och aktieprestation. Syftet och huvudfrågan i studien är därför att undersöka detta samband hos börsnoterade bolag inom transport- och logistiksektorn. Mer specifikt i G20-länder under börskraschen till följd av Covid-19-pandemin. Metod: Studien utgår från en positivistisk forskningsfilosofi och antar en hypotetisk-deduktiv ansats. En kvantitativ forskningsstrategi och en tvärsnittsdesign har antagits för att genomföra studien med data över 371 publika bolag inom transport- och logistiksektorn i G20-länder. Studiens data är sekundärdata inhämtad från databasen Thomson Reuters Eikon. Data har analyserats i statistikprogrammet SPSS. Resultat och slutsats: Utifrån studiens resultat finner vi inget stöd till våra hypoteser gällande ett positivt samband mellan CSR, dess separata dimensioner och aktieprestation. Det finns inget som tyder på att aktiernas prestation har påverkats av företags ESG-satsningar. Detta resultat är i linje med aktieägarteorin som syftar till att företag endast bör ha aktieägarnas vinstmaximering som sin huvuduppgift. Studien använder ESG-betyg som ett kvantitativt mått på CSR, men de problem som finns med ESG och som har diskuterats i stor omfattning kan ha påverkat studiens resultat. Examensarbetets bidrag: Studien bidrar till att fylla ett forskningsgap gällande sambandet mellan CSR och aktieprestat, Aim: Great attention has been paid to Corporate Social Responsibility in recent decades and CSR has thus become an increasingly important issue for companies and their stakeholders. Whether higher CSR contributes to higher stock value has been a controversial topic in previous studies. The Covid-19 pandemic is considered to have been a crisis that has shed new light on this issue. Many researchers therefore see a need to investigate whether CSR has been able to make stocks immune during the stock market crash followed by Covid-19 and whether CSR contributes to stock resilience during crises. However, there are conflicting results in previous studies as to whether there is a relationship between CSR and stock performance. The purpose and main question in this study is therefore to investigate this relationship in public companies in the transportation- and logistics sector. More specifically in G20 countries during the stock market crash due to the Covid-19 pandemic. Method: The study is based on a positivistic research philosophy and adopts a hypothetical-deductive approach. A quantitative research strategy and a cross-sectional design have been adopted to conduct the study with data on 371 public companies in the transportation- and logistics sector in G20 countries. The data is secondary and obtained from the Thomson Reuters Eikon database. The data have been analyzed in the statistical program SPSS. Result and conclusions: Based on the result of the study, we find no support for our hypotheses regarding a positive relationship between CSR, its separate dimensions and stock performance. There is no indication that the stock performance has been affected by companies’ ESG investments. This result is in line with the shareholder theory, which aims that companies should only have the shareholders’ profit maximization as their main task. The study uses ESG scores as a quantitative measure of CSR, but the problems that exist with ESG and have been discussed to a large

En este documento se analizan las principales tendencias de la actividad emisora de títulos en los mercados internacionales por parte del sector privado durante 2021, un año en el que, pese a observarse una evolución positiva que superó los volúmenes previos a 2020, no se han alcanzado las cifras récord registradas en ese año. Así, el volumen total emitido de títulos de renta fija se redujo debido al descenso en las emisiones del sector de sociedades no financieras, lo que pudo estar condicionado por la gran cantidad de fondos ya captados durante 2020, por las menores necesidades de financiación por motivos precautorios ante la mejora de la situación sanitaria y por el incremento en los costes de financiación. Sin embargo, las emisiones de bonos del sector bancario y las de otras instituciones financieras registraron aumentos, que se concentraron en Estados Unidos, debido a las expectativas de un posible endurecimiento de la política monetaria en esa área y a factores regulatorios. Las emisiones del segmento de bonos de alto rendimiento también se incrementaron, beneficiadas por la menor aversión al riesgo. Por regiones, el descenso más pronunciado se produjo en Estados Unidos, seguidos del Reino Unido y del área del euro. Por el contrario, las emisiones en los mercados de acciones registraron un fuerte dinamismo y superaron los volúmenes emitidos en 2020., This paper analyses the main trends in the private sector’s issuance activity in international capital markets during 2021, a year in which, despite positive developments that resulted in volumes above pre-2020 levels, the record 2020 figures were not achieved. Thus, the total issuance volume of debt securities declined due to lower issuance in the non-financial corporate sector, which may have been driven by the large amount of funds raised during 2020, lower funding needs for precautionary reasons in view of the improved health situation and higher funding costs. However, bond issuance by the banking sector and other financial institutions increased; this growth was concentrated in the United States, on expectations of monetary policy tightening in that area and regulatory factors. High-yield bond issuance also increased, benefiting from lower risk aversion. By region, the sharpest declines were in the United States, followed by the United Kingdom and the euro area. Conversely, issuance in the equity markets was strong and surpassed the 2020 figures.

Purpose Access to financing has long been identified as a stumbling block for the economic endeavors of immigrant entrepreneurs (IEs) in host countries. Yet, little is known about the internal enablers for the IEs success to overcome their financing barriers in host countries. Accordingly, the purpose of this paper is to introduce the theoretical concept of the financial ambidexterity of IEs as a potential behavioral ability some IEs develop over time to access financing in both host and coethnic contexts. Design/methodology/approach The paper uses sociopsychological lenses to introduce and discuss the term "financial ambidexterity of IEs" by synthesizing empirical evidence drawn from the different literature on immigrant entrepreneurship, biculturalism, financial literacy and cultural intelligence. This discussion is carefully embedded within the framework of the immigrant entrepreneurship literature. Findings The study proposes and discusses the role of bicultural identity integration, cultural intelligence and financial literacy in enabling the "financial ambidexterity of IEs." It further defines the "financial ambidexterity of IEs" as their ability to explore and exploit financing opportunities, either simultaneously across the contexts within which they are embedded, e.g. coethnic and mainstream, or alternately in one context when barriers occur in the other. Originality/value The paper mainly contributes to the literature on immigrant entrepreneurship by suggesting an explanation for how IEs overcome financing barriers in their host countries, and why some IEs are more successful in that than other peers. Moreover, the paper attempts to advance the understanding of immigrants' entrepreneurial endeavors using a sociopsychological lens that considers cultural, cognitive and knowledge-related factors.

This paper analyses the main trends in the private sector’s issuance activity in international capital markets during 2021, a year in which, despite positive developments that resulted in volumes above pre-2020 levels, the record 2020 figures were not achieved. Thus, the total issuance volume of debt securities declined due to lower issuance in the non-financial corporate sector, which may have been driven by the large amount of funds raised during 2020, lower funding needs for precautionary reasons in view of the improved health situation and higher funding costs. However, bond issuance by the banking sector and other financial institutions increased; this growth was concentrated in the United States, on expectations of monetary policy tightening in that area and regulatory factors. High-yield bond issuance also increased, benefiting from lower risk aversion. By region, the sharpest declines were in the United States, followed by the United Kingdom and the euro area. Conversely, issuance in the equity markets was strong and surpassed the 2020 figures., En este documento se analizan las principales tendencias de la actividad emisora de títulos en los mercados internacionales por parte del sector privado durante 2021, un año en el que, pese a observarse una evolución positiva que superó los volúmenes previos a 2020, no se han alcanzado las cifras récord registradas en ese año. Así, el volumen total emitido de títulos de renta fija se redujo debido al descenso en las emisiones del sector de sociedades no financieras, lo que pudo estar condicionado por la gran cantidad de fondos ya captados durante 2020, por las menores necesidades de financiación por motivos precautorios ante la mejora de la situación sanitaria y por el incremento en los costes de financiación. Sin embargo, las emisiones de bonos del sector bancario y las de otras instituciones financieras registraron aumentos, que se concentraron en Estados Unidos, debido a las expectativas de un posible endurecimiento de la política monetaria en esa área y a factores regulatorios. Las emisiones del segmento de bonos de alto rendimiento también se incrementaron, beneficiadas por la menor aversión al riesgo. Por regiones, el descenso más pronunciado se produjo en Estados Unidos, seguidos del Reino Unido y del área del euro. Por el contrario, las emisiones en los mercados de acciones registraron un fuerte dinamismo y superaron los volúmenes emitidos en 2020.

This paper analyses the ability of banks to use voluntary and regulatory capital buffers, taking advantage of the experience of the COVID-19 pandemic. In the first place, we find that the usability of macroprudential buffers is not hampered in Spain by other parallel banks’ requirements. Additionally, we find that the existing voluntary buffers over capital requirements at the beginning of the pandemic have had significant effects on the financial markets, affecting the evolution of European bank stock prices, as well as the holdings of bank shares by investment funds. Lastly, we find no significant aggregate effect of voluntary capital buffers on the provision of financing to non-financial companies in Spain. However, we do identify negative effects in the supply of credit from banks with lower voluntary buffers to companies with which they had more recent relationships. Likewise, if the analysis is carried out exclusively on credit operations without public guarantees, we observe that those banks with lower voluntary capital buffers reduced credit more., Este trabajo analiza la capacidad de uso de los colchones de capital voluntarios y regulatorios por parte de las entidades bancarias, aprovechando la experiencia de la pandemia de COVID-19. En primer lugar, se encuentra que la usabilidad de los colchones macroprudenciales está muy poco limitada en España por otros requerimientos sobre las entidades. Adicionalmente, se encuentra que los colchones existentes sobre los requerimientos de capital al comienzo de la pandemia han tenido efectos significativos en los mercados financieros, lo que ha afectado a la evolución de las cotizaciones bancarias europeas, así como a las tenencias de acciones bancarias por parte de los fondos de inversión. Por último, no se observa un efecto agregado significativo del nivel disponible de colchones de capital sobre los requerimientos de capital en la provisión de financiación a las empresas no financieras en España. Sin embargo, sí se identifican efectos negativos en la oferta de crédito de los bancos con menores colchones voluntarios a las empresas con las que tenían relaciones más recientes. Asimismo, cuando el análisis se realiza exclusivamente sobre las operaciones crediticias sin garantía pública, sí se observa que las entidades con menor margen de capital por encima de los requerimientos redujeron más el crédito.

Este documento realiza una propuesta de estimación de la huella de carbono en la financiación a empresas por parte de las entidades de crédito españolas. El creciente interés de nuestras sociedades por cuestiones medioambientales exige abordar un análisis de la actuación de las entidades financieras en su labor para facilitar la lucha contra el cambio climático y la transición ecológica. En este ámbito, es indispensable disponer de información medioambiental de calidad y establecer metodologías robustas que permitan la evaluación de las exposiciones climáticas del sector financiero. Este trabajo pretende realizar una aportación a este debate, ofreciendo una estadística de carácter experimental para la medición del grado de exposición del sector bancario en España a los riesgos de transición hacia un modelo económico más sostenible. Los resultados obtenidos muestran que la huella de carbono de los préstamos de las entidades de crédito españolas se habría reducido de forma significativa en el período más reciente. Este descenso resulta compatible con la reducción en la intensidad de las emisiones contaminantes que ha tenido lugar en el conjunto de la economía española durante los últimos años, pero también con una ligera recomposición de la cartera de préstamos hacia las ramas de actividad menos contaminantes., This paper proposes an indicator to estimate the carbon footprint of the business lending of Spanish credit institutions. The growing interest in our societies in environmental issues means that the action taken by financial institutions to support the fight against climate change and the green transition needs to be analysed. In this respect, it is essential to have quality environmental information available and to establish robust methodologies to assess the climate exposure of the financial sector. This paper seeks to contribute to this debate, offering an experimental statistic to measure the degree of exposure of the banking sector in Spain to the risks involved in the transition to a more sustainable economic model. The results obtained show that the carbon footprint of the loans of Spanish credit institutions seems to have been significantly reduced recently. This decline is compatible with the overall reduction in the intensity of pollutant emissions that has taken place in the Spanish economy in recent years, but also with a slight shift in the composition of the loan portfolio towards less polluting activities.

Recientes avances tecnológicos, como el almacenamiento masivo de datos y la computación en la nube, están dando lugar a un mayor uso de la inteligencia artificial en la economía y las finanzas, y modificando aspectos fundamentales tanto para entidades como para supervisores. En este documento revisamos las principales tendencias de esta transformación, especialmente el uso de algoritmos de aprendizaje automático para la predicción en entornos de incertidumbre, y detallamos algunos de los casos de uso más relevantes en la actualidad, como son la calificación crediticia, el control del fraude y la predicción macroeconómica. Para ello se utilizan en gran medida las discusiones que tuvieron lugar durante el 1.er Seminario de Inteligencia Artificial aplicada a los Servicios Financieros, organizado por el Banco de España el 17 de junio de 2022. Concluimos con una reflexión sobre la convivencia de esta tecnología con los modelos econométricos tradicionales y la necesidad de gestionar nuevos factores de riesgo asociados a su uso, como la interpretabilidad de los resultados., Recent technological advances, such as big data and cloud computing, are leading to greater use of artificial intelligence in economics and finance, and transforming fundamental aspects of both financial institutions and supervisors. In this paper we review the main features of this transformation, especially the use of machine learning algorithms for forecasting, and we detail some of the most relevant uses of artificial intelligence today, such as for credit scoring, fraud control and macroeconomic forecasting. To this end, we make significant use of the debates that took place during the 1st conference on Artificial Intelligence applied to Financial Services, organised by the Banco de España on 17 June 2022. We conclude with a reflection on the coexistence of this technology with traditional econometric models, and the need to manage new risk factors associated with its use, such as the interpretability of the results.

This policy brief warns about the risks of discontinuing the policy responses to the COVID-19 crisis by pursuing exit strategies too early and/or too sharply. It outlines a comprehensive strategy for limiting such risks globally and offers an in-depth discussion of the European situation. Due to fiscal rules written in a pre- COVID-19 era and excessive emphasis on controlling public debt ratios, the Euro Area could be left with long-lasting scars, so its situation requires special treatment. Therefore, we articulate some policy proposals designed to preserve and strengthen the recovery in the EMU.

The number and coverage of climate change mitigation policies have increased in the past twenty years, but important policy adoption gaps remain. To analyse sectoral climate policy in the G20 over time (2000–2019), we compiled a dataset of climate change mitigation-relevant policies and identified 50 key policy options that constitute a comprehensive sectoral climate policy package. Approximately half of these policy options are not widely adopted. Adoption is particularly low for policies that aim to: phase out coal and oil and mandate energy reductions in electricity and heat supply; reduce industrial process emissions and incentivise fuel switch in industry; design urban planning strategies for retrofits; and support the use of renewable energy for cooking and heating/cooling purposes in buildings. Policies to remove fossil fuel subsidies and support carbon dioxide removal also need substantial improvement. However, many policy adoption gaps exist as the coverage of at least one policy option could be improved in each sector. Policy adoption gaps leave at least one-tenth of the G20’s emissions completely uncovered. Filling these gaps is fundamental to realize the full mitigation potential of existing policy options and to advance the transition towards global net zero greenhouse gas emissions. Key policy insights: Mitigation-related policy options can be presented as a matrix by sector to shed light on what constitutes a comprehensive climate policy package; looking across sectoral climate policies helps to unpack and clarify the status of adoption. Policy adoption gaps exist in all sectors. Increasing the sectoral coverage of climate policies will help to ensure that all relevant sectoral emissions and mitigation areas are considered in national mitigation efforts. Even if an increase in policy coverage alone does not ensure emission reductions, the absence of policy coverage indicates that emissions can still be further reduced and that a portion of global emis

The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the rule for monetary policy. Today, inflation targeting is considered the best-practice approach to monetary policy across the world. It has contributed to stable and low consumer price inflation since the 1990s in many countries. However, inflation targeting has recently been the subject of several objections. Most prominently, the focus on consumer price stability has fostered financial instability, as reflected in the global financial crisis of 2008-09. In addition, the sharp rise in asset prices has led to growing wealth inequality.Why have these problems emerged? This paper provides an answer by comparing Wicksell’s theory of price level determination in a pure credit economy, the “cumulative process”, to the neo-Wicksellian world of today, characterized by inconvertible fiat money, floating exchange rates, advanced financial systems, unregulated interest rates and well-developed asset markets. In this way, it becomes apparent that the neglect of asset markets and asset prices is the source of the flaws of the present Wicksellian regime of unlimited finance. The shortcomings of the neo-Wicksellian approach can be remedied while remaining within a Wicksellian framework. The key is to combine the nominal anchor of price stability with a reformed financial system that maintains credit stability. The paper uses empirical evidence from Sweden and the United States.

Geo-economic tensions, notably associated with the rise of China, and global collective action problems – climate change; the COVID-19 pandemic – call for international cooperation to revise and develop rules to guide both the use of domestic subsidies and responses by governments to cross-border competition spillover effects. Current WTO rules dividing all subsidies into prohibited or actionable categories are no longer fit for purpose. Piecemeal efforts in preferential trade agreements configurations offer a basis on which to build but are too narrow in scope. Addressing spillover effects of subsidies could start with G20 countries launching a work program to mobilize an epistemic community concerned with subsidy policies, tasked with building a more solid evidence base on the magnitude, purpose and effects of subsidy policies. The aim of such an effort should be to extend trilateral deliberations on industrial subsidies held by the EU, Japan and US in 2018-2019 into a negotiation with China and a broader group of WTO members to establish a plurilateral agreement on new rules of the game.

This paper analyses the three stock market crashes in Australia which have occurred since the All Ordinaries Index was established in 1980. The index behaves in an approximately exponential manner leading up to each market crash and this behaviour can be interpreted as a sign of a looming market crash.

A year after the first known case of COVID-19 was reported, India had the second-highest incidence of cases and accounted for about 13% of the global total. This article traces India’s local and foreign policy responses to the global pandemic. The article advances two arguments. First, while the government was swift and decisive in its response, the pandemic exposed weakness in policy coordination and inadequacies in India’s social protection system. Second, while the pandemic spread rapidly across the country, the government exploited diplomatic opportunities to demonstrate leadership both within South Asia and globally.

El cambio climático y la transición a una economía baja en carbono implican al sistema financiero mediante dos vías. Primero, por su papel de canalizador de la financiación necesaria para realizar las cuantiosas inversiones que requiere el cumplimiento del Acuerdo de París. En los últimos años se han producido avances —aún insuficientes— en el desarrollo de nuevos productos, siendo los bonos verdes el instrumento de financiación verde más avanzado. Segundo, por los riesgos financieros que el cambio climático y la transición hacia una economía de bajo carbono implican, los cuales afectan al balance de las entidades financieras y tienen, además, una naturaleza sistémica. Esto significa que las instituciones financieras han de evaluar estos riesgos y su exposición a ambos, aunque no es una tarea fácil. Todavía hay obstáculos y retos que superar, como la falta de una taxonomía completa que comprenda lo que es «verde» y lo que no lo es, la falta de información y de conocimiento de las metodologías apropiadas, y el largo e incierto horizonte temporal de estos riesgos, que exige el desarrollo de nuevas competencias y la integración de estos riesgos en el conjunto de la organización, así como la adopción de un enfoque prospectivo. Por último, las responsabilidades de los bancos centrales en materia de supervisión bancaria, estabilidad financiera, gestión de activos y política monetaria también hacen necesario analizar las posibles implicaciones sistémicas que pueden tener para la economía y el sistema financiero en su conjunto, con el fin de incorporar las cuestiones relativas al cambio climático en sus prácticas de supervisión y macroprudenciales, en la gestión de sus propias carteras y, dentro de sus mandatos, en su marco de política monetaria. Los avances realizados en los últimos años por los mercados financieros, las instituciones financieras y los bancos centrales han sido significativos, aunque todavía queda camino por recorrer., Climate change and the transition to a low-carbon economy involve the financial system in two ways. First, because it channels the funds needed to make the large investments to comply with the Paris Agreement. Recent years have seen headway, albeit insufficient, in the development of new products, of which green bonds are the most advanced green financing instrument. Second, because of the financial risks associated with climate change and the transition to a low-carbon economy, which affect financial institutions’ balance sheets and are, moreover, systemic. This means that financial institutions have to assess these risks and their exposure to both of them, although it is not an easy task. There are still obstacles and challenges to overcome, such as the lack of a complete taxonomy that comprises what is “green” and what is not green, the lack of information on and knowledge of appropriate methodologies, and the long and uncertain time horizon of these risks, which calls for rolling out new skills and integrating these risks in the whole of the organisation, as well as taking a forward-looking approach. Lastly, central banks’ responsibilities regarding bank supervision, financial stability, asset management and monetary policy also make it necessary for them to analyse the potential systemic implications they may have for the economy and the financial system as a whole in order to incorporate climate-change issues into their supervisory and macro-prudential practices, into the portfolio management of their own portfolios, and, within their mandates, in their monetary policy framework. The progress made in recent years by financial markets, financial institutions and central banks has been significant although there is still a way to go.

The aim of this paper is to analyze the G20 and Women20’ progress in promoting gender equality, especially regarding the economic gender gap between men and women in their respective agendas and in their policy recommendations, by analyzing the G20’ Leaders Declarations and W20 Communiques, from 2015 until 2019. We’ve mobilized a qualitative methodology with primary and secondary sources and documentary analysis. The G20 is considered an informal cooperation forum and the W20 is one of its engagement groups. The W20 and G20 incorporate gender issues in their agendas, recommendations and declarations. The progress around the global governance on gender policy is still scarce, but promising by determining clear goals and recommendations regarding the eradication of the gender gap and in broadening the purposeful agenda of gender equality in informal multilateral cooperation, El objetivo de este artículo es analizar los avances del G20 y del Women20 para la promoción de la igualdad de género y la erradicación de la brecha económica entre hombres y mujeres, en sus respectivas agendas y recomendaciones políticas. Para ello, se analizan los documentos resultantes de las Cumbres de Líderes del G20 que tratan temas de género y los comunicados surgidos del W20 desde 2015 hasta 2019. Se utiliza una metodología cualitativa con fuentes primarias y secundarias, utilizando como técnica de recolección de datos el análisis documental de los documentos oficiales del G20 (Declaraciones de Líderes) y del W20 (Comunicados). Se considera al G20 como un espacio de cooperación informal y se caracteriza al W20 como un grupo de afinidad del mismo. Se observa que el W20 y el G20 han logrado incorporar correctamente la cuestión de género en sus agendas, recomendaciones y declaraciones. Los avances de estas incorporaciones respecto de la gobernanza global de género han sido escasos, pero prometedores ya que permiten identificar metas claras y recomendaciones explícitas para erradicar la brecha económica de género, ampliando la agenda propositiva de igualdad de género en el área de la cooperación multilateral informal

This paper analyses the three stock market crashes in Australia which have occurred since the All Ordinaries Index was established in 1980. The index behaves in an approximately exponential manner leading up to each market crash and this behaviour can be interpreted as a sign of a looming market crash.

Artículo de revista, To contribute to the fight against climate change and achieve a carbon-neutral economy, a large volume of funds must be mobilised to finance the necessary investment. The international financial system will play a key role in this process to channel the financing, but considerable changes will be needed to develop sustainable financing that is sufficiently standardised and transparent to ensure the efficient allocation of funds to activities identified as sustainable. Since the Paris Agreement and the 2030 Agenda were signed in 2015, work has been undertaken in this respect in various spheres, by the G20, the United Nations, the European Commission and central banks, and also in the financial sector. This article describes the main – public and private – institutional initiatives under way at the global and the European level to achieve the transition needed to address climate change.

Artículo de revista, Para contribuir a la lucha contra el cambio climático y transformar la economía en una neutra en carbono, se requiere la movilización de un elevado volumen de recursos que financie las inversiones necesarias. En este proceso, el sistema financiero internacional desempeñará un papel muy relevante como canalizador de recursos, pero va a requerir cambios considerables para el desarrollo de una financiación sostenible que cuente con la estandarización y la transparencia que permitan una asignación eficiente de los recursos hacia aquellas actividades identificadas como sostenibles. Desde la firma del Acuerdo de París y de la Agenda 2030, en 2015, se ha venido trabajando en este sentido desde diferentes ámbitos, tanto por el G-20, las Naciones Unidas, la Comisión Europea y los bancos centrales como por el sector financiero. En el presente artículo se recogen las principales iniciativas institucionales que se están desarrollando a nivel global y europeo, en las que participan instituciones públicas y privadas, a fin de movilizar financiación para conseguir una transición que permita hacer frente al cambio climático.

Artículo de revista, The consequences of climate change affect both the financial system and the economy as a whole. Understanding the attendant risks and meeting the goals of the Paris Agreement, so as to restrict the rise in global temperature and mobilise the resources needed to achieve a carbon-neutral economy, is a global challenge for the political and economic authorities. International cooperation is also a must. Central banks are not impervious to these movements and are including on their agendas climate and sustainability-related aspects in various areas, both in the management of own portfolios and in supervision and financial stability. And it is also being discussed how to include these aspects in monetary policy frameworks. While the central role in this arena is, given their nature, for governments, central banks may have an important role as catalysts, leading by example to contribute to achieving the goals of the Paris Agreement. In Europe, the European Central Bank (ECB) and the National Central Banks (NCBs), including the Banco de España, are working to incorporate these matters into their own business areas.

Artículo de revista, Las consecuencias del cambio climático afectan tanto al sistema financiero como a la economía en su conjunto. Entender los riesgos asociados y cumplir con los objetivos del Acuerdo de París, de forma que se limite el aumento de la temperatura global y se movilicen los recursos necesarios para alcanzar una economía neutra en carbono, es un reto global para las autoridades políticas y económicas. La cooperación internacional es asimismo obligada. Los bancos centrales no son ajenos a estos movimientos y están incorporando en sus agendas de trabajo los aspectos climáticos y de sostenibilidad en diferentes áreas, tanto en la gestión de carteras propias como en la supervisión y la estabilidad financiera; asimismo, se está discutiendo cómo incorporarlos en los marcos de política monetaria. Aunque, por su naturaleza, el papel central en este ámbito corresponde a los Gobiernos, los bancos centrales pueden desempeñar un importante papel como catalizadores y liderar con el ejemplo para contribuir a alcanzar los objetivos del Acuerdo de París. En Europa, el Banco Central Europeo y el resto de los bancos centrales nacionales, incluido el Banco de España, están trabajando para incorporar estas cuestiones en sus propias áreas de actuación.

The study focuses on the role of regional immigration and immigration diversity in influencing entrepreneurs’ ability to crowdfund their projects by leveraging the local crowd. Relying on an empirical analysis of 3250 individual investments via three Swiss reward-based crowdfunding platforms, it is found that higher immigration and immigration diversity levels in the region of the project proponent increase his/her ability to fulfil the funding needs by leveraging local backers (as opposed to backers from different regions). Immigration and immigration diversity constitute a cultural milieu that helps the financing of innovation and the development of the local entrepreneurial economy.

The 2030 Agenda with its Sustainable Development Goals (SDGs) and the Paris Agreement on climate change were adopted in 2015. Although independently defined, the two agreements are strongly interlinked. We developed a framework that scores the impacts of climate-change actions on all SDG targets based on directionality (i.e., trade-offs or co-benefits) and likelihood of occurrence (i.e., ubiquitous or context-dependent), and categorizes them by dependence on four key context dimensions—geographical, governance, time horizon and limited natural resources. Through an extensive literature review, we found that climate-change mitigation measures directly affect most SDGs and their targets, mostly through co-benefits. Improving energy efficiency, reducing energy-services demand and switching to renewables provide the most co-benefits. In contrast, carbon capture and storage and nuclear energy likely lead to multiple trade-offs. We show how understanding the relevant context dimensions facilitates policy design and policy mixes that enhance co-benefits and minimize trade-offs. Finally, by assessing the prevalence of climate-change mitigation measures in G20 countries, we found that measures with more co-benefits are more frequently adopted. Our study advances the knowledge of climate–SDG interactions, contributing to climate and sustainable development governance research, and facilitating policy design for a joint implementation of the Paris Agreement and the 2030 Agenda.

This paper analyses the three stock market crashes in Australia which have occurred since the All Ordinaries Index was established in 1980. The index behaves in an approximately exponential manner leading up to each market crash and this behaviour can be interpreted as a sign of a looming market crash.

Non-PR, IFPRI5; 1 Fostering Climate-Resilient and Sustainable Food Supply; CRP2, MTID; PIM, CGIAR Research Program on Policies, Institutions, and Markets (PIM), Agricultural production is both strongly affected by climate change and a major contributor to climate change, with agriculture and land use change accounting for about one fifth of total global greenhouse gas emissions more than for transport or industrial uses. Agricultural production benefits from substantial government support, costing at least US$640 billion per year worldwide. Past and current support have an impact on greenhouse gas emissions by influencing the composition and location of output, and production practices. This brief summarises evidence indicating that simple elimination of all existing support measures would do little to reduce global emissions from agriculture, while they could be cut by as much as 40 per cent with “smart repurposing” that would shift resources towards R&D and incentives for the widespread adoption of productivity-enhancing and climate-resilient production practices. Such policy reform, if concerted globally, will also provide winwin solutions for reducing poverty (SDG1), improve food security and reduce the cost of a healthy diet (SDG2), while improving global welfare, reducing global inequalities and improving biodiversity (SDGs 8, 10 and 15). The brief recommends that the G20: (i) support the international AgIncentives Consortium to serve as an enhanced platform to monitor the environmental, as well as the economic and social impacts of agricultural support measures; (ii) prepare a guidance note for the international coordination of smart repurposing of agricultural support measures to align these with common objectives of sustainability and efficiency of food systems, poverty reduction, food security and affordability of healthy diets for all; and (iii) organise joint sessions of Agriculture, Finance and Development Track Ministers to engage in policy dialogue leading to concerted action for the repurposing of agricultural support measures.

Non-PR, IFPRI5; 3 Building Inclusive and Efficient Markets, Trade Systems, and Food Industry; 5 Strengthening Institutions and Governance; G Cross-cutting gender theme; DCA; ROAD Wif2, EPTD, Women migrant workers make significant contributions to the global economy, but face risks of being subject to forced labour and trafficking, heightened by COVID-19. As women migrate from low-income to G20 countries to undertake key service functions, the G20 should uphold women’s human rights and fair work conditions. G20 countries can support migrant women workers through technical and information exchange, giving voice, and partnership with source countries to certify migration agents, provide social assistance and establish reintegration programmes. G20 can also support migrants in their own countries by providing standard employment contracts, securing access to health services and ensuring accessible redress mechanisms.