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Guarantees are generally used to cover the risk of a contracting party failing to fulfill its agreed obligations (such as non-payment or delivery). Collateral can be used in open account trading as it complements collection efforts and documentary credits. A guarantee is a type of protection that one party imposes on the other party in a transaction in the event that the second party fails to fulfill its obligations according to predetermined specifications. In this case, the first party receives a predetermined amount of ompensation from the guarantor, while the second party is required to return the payment. This paper provides an in- depth analysis of the areas of automating bank guarantees in electronic form and provides a comprehensive analysis of all procedures and processes related to bank guarantees management.. Through this service, suppliers will be able to issue the bank guarantee electronically and conduct all operations related to the management of the bank guarantee without need to visit the bank, which contributes to increasing operational efficiency, eliminating fraud and contributing to digital transformation. This service will also contribute to reducing costs and limiting waste of time and effort. It will also allow the beneficiaries to easily follow up all related operations, including extension, cancellation, liquidation and confiscation of guarantees without the need of human intervention.

The research performed here applies a theoretical model of the presidency by Stephen Skowronek that spans all of American history to the number of executive orders issued per president and the number of these orders argued before the Supreme Court per president. I hypothesized that presidents who have the fewest political resources available to them (disjunctive presidents) would issue the most executive orders, and presidents who transform the face of American government and politics (reconstructionists) would face the most Supreme Court cases dealing with executive orders. I created two datasets for this research and used descriptive statistics to evaluate these hypotheses. In three out of the four time periods examined, disjunctive presidents issued more orders than all other presidents. However, I did not find a correlation between presidential type and how many Supreme Court cases they faced. This research produced accurate data that can be used to study executive orders for years to come and contributed to our understanding of why presidents choose to exercise unilateral actions to accomplish their policy goals rather than negotiate with Congress. As this was written as a partial requirement for a master’s degree and did not require any grants, the public cost of this research was minimal.

Глобальне усвідомлення ризиків зміни клімату привертає увагу суспільства до питань фінансування екологічно чистих проєктів. У цьому контексті «зелені» облігації є новим фінансовим інструментом, який використовується виключно для фінансування екологічно чистих проєктів. Широкий спектр емітентів, від невеликих фірм до міжнародних корпорацій, може скористатися «зеленими» облігаціями для залучення коштів у екологічно чисті проєкти. Останніми роками ринок «зелених» облігацій стрімко розвивається в світі. Фінансування відновлення України після російського вторгнення та євроінтеграції потребує запровадження цього ринку і в Україні. Це дозволить збільшити обсяги фінансування інфраструктурних проєктів в галузі альтернативної енергетики та енергоефективності, скоротити викиди парникових газів і споживання паливно-енергетичних ресурсів, поліпшити інвестиційну привабливість та конкурентоспроможність України. Ринок «зелених» облігацій функціонує під впливом численних факторів, що чинять на нього як прямий, так і опосередкований вплив. У статті досліджується зв’язок між обсягом емісії «зелених» облігацій в світі в 2021 році, коли відбулось скачкоподібне його зростання, та факторами, які характеризують екологічну, соціальну, управлінську та макроекономічну сфери країни. Дослідження проводилося на масиві вхідних даних із соціально-економічних показників 54 країн. Для визначення причинно-наслідкового зв’язку між змінними, а також змінних, які чинять найбільший вплив на обсяг емісії «зелених» облігацій, було застосовано кореляційно-регресійний аналіз. Отримані результати дослідження свідчать, що країни з більшим обсягом емісії «зелених» облігацій характеризується в першу чергу гарними кредитними рейтингами, що підвищує довіру інвесторів, кращим економічним розвитком і великою чисельністю населення. Розуміння соціально-економічних детермінант емісії «зелених» облігацій допоможе учасникам ринку приймати обґрунтовані рішення. Отримані напрацювання можуть застосовуватися в процесі формування та реалізації державної політики України для досягнення Цілей сталого розвитку. Global awareness of the climate change risks draws society’s attention to issues of financing environmentally friendly projects. In this context, green bonds are a new financial instrument used exclusively for financing environmentally friendly projects. A wide range of issuers, from small firms to international corporations, can use green bonds to raise funds for environmentally friendly projects. In recent years, the green bonds market has been developing rapidly in the world. Financing the recovery of Ukraine after the Russian invasion and European integration requires launching this market in Ukraine as well. This will increase the scope of infrastructure projects financing in the field of alternative energy and energy efficiency, reduce greenhouse gas emissions and consumption of fuel and energy resources, and improve Ukraine’s investment attractiveness and competitiveness. The green bond market operates under the influence of numerous factors that have both direct and indirect effects on it. The article examines the relationship between the volume of green bond issuance in the world in 2021, when its jump-like growth took place, and the factors that characterize the environmental, social, governance and macroeconomic spheres of the сountry. The research was conducted on the dataset of socio-economic indicators of 54 countries. Correlation and regression analysis was used to determine the cause-and-effect relationship between variables, as well as the variables that have the greatest impact on the volume of green bond issuance. The obtained results of the study indicate that countries with a higher volume of green bond issuance are primarily characterized by good credit ratings, which increases investor confidence, better economic development and a large population. Understanding the socio-economic determinants of green bond issuance will help market participants make informed decisions. The research results can be applied in the process of forming and implementing the state policy of Ukraine to achieve the Sustainable Development Goals.

Целью данной статьи является выявление ошибок патентного эксперта, благодаря которому, при недостаточном количестве информации (сведений и свойств) о полезной модели и отсутствии проверки условий её патентоспособности, патент на полезную модель аннулируется по причине несоответствия условиям патентоспособности., The purpose of this article is to identify the errors of the patent expert, thanks to which, if there is insufficient information (information and properties) about the utility model and there is no verification of the conditions of its patentability, the patent for the utility model is canceled due to non-compliance with the conditions of patentability., Вестник научной мысли, Выпуск 5 2022, Pages 363-367

In this paper, an analysis of the issuance of bonds in Colombia between 2019 and the first semester of 2021 is developed, in the first instance the issue of the fixed income market is addressed highlighting its main characteristics, in the second place, the entire related topic is developed With the issuance of bonds and the subjects that intervene in the placement process, in third place the types of bonds and the way in which they are negotiated in the national financial market are classified and characterized. In a fourth stage, the data on the issuance of bonds during 2019, 2020 and the first semester of 2021 is addressed, highlighting the main issuing companies during this season, identifying which are the main economic sectors that participate in the issuance of these income securities. fixed. Ultimately, the nation's foreign debt represented inbond issuance and the main foreign debt bondholders are analyzed. Agradecimientos............................................................................................................................................................................................................................................................5 Resumen...................................................................................................................................................................................................................................................................6 Introducción................................................................................................................................................................................................................................................................7 Objetivos........................................................................................................................................................................................................................................................ 9 Objetivo General...................................................................................................................................................................................................................................................... 9 Objetivos Específicos............................................................................................................................................................................................................................................ 9 Capítulo I Características Generales Del Mercado De Renta Fija En Colombia.............................................................................................................10 1.1. Opciones de inversión en Renta Fija en Colombia..............................................................................................................................................................11 1.1.1. Definición del término Bono....................................................................................................................................................................................................................13 1.1.2. Historia de regulación de los bonos en Colombia.................................................................................................................................................................. 16 1.2. Sujetos Que Intervienen En La Emisión De Bonos..................................................................................................................................................................17 1.2.1. El Beneficiario................................................................................................................................................................................................................................................ 17 1.2.2. El Emisor........................................................................................................................................................................................................................................................18 1.2.3. Representante De Los Tenedores ..........................................................................................................................................................................................19 1.2.4. Intermediarios Del Mercado De Valores..........................................................................................................................................................................................19 1.3. Composición De Los Bonos......................................................................................................................................................................................................................20 1.4. Como Se Negocian Los Bonos En Colombia....................................................................................................................................................................20 1.5. Tipos de bonos en Colombia................................................................................................................................................................................... 22 Capítulo II Panorama Del Mercado De Bonos En Colombia Entre 2019-2021....................................................................................25 2.1. Emisiones de bonos en Colombia durante el 2019...................................................................................................................................... 25 2.2. Emisiones De Bonos En Colombia Durante El 2020................................................................................................................................................ 29 2.3. Emisiones de bonos en Colombia durante el 2021......................................................................................................................................32 2.4. Emisión de bonos de deuda externa del sector público en Colombia 2019...............................................................................34 2.4.1 Contratación De Bonos De Deuda Externa En 2019.............................................................................................................................. 36 Conclusiones..........................................................................................................................................................................................................................................................39 Bibliografía.........................................................................................................................................................................................................................................42 En el presente trabajo se desarrolla un análisis de la emisión de bonos en Colombia entre 2019 y primer semestre de 2021, en primera instancia se aborda el tema del mercado de renta fija resaltando sus principales características, en segundo lugar, se desarrolla toda la temática relacionada con la emisión de bonos y los sujetos que intervienen en el proceso de colocación, en tercer lugar se clasifican y se caracterizan los tipos de bonos y la forma como estos se negocian en el mercado financiero nacional. En una cuarta etapa se aborda los datos de la emisión de bonos durante el 2019, 2020 y primer semestre del 2021, resaltando las principales empresas emisoras durante esta temporada, identificando cuales son los principales sectores económicos que participan en la emisión de estos títulos de renta fija. En última instancia se analiza la deuda externa de la nación representada en emisión de bonos y los principales tenedores de bonos de deuda externa. Pregrado Administrador(a) en Finanzas y Negocios Internacionales Monografía

Certificate Authorities (CAs) carry a huge responsibility in today's internet security landscape as they issue certificates that establish secure end-to-end connections. This thesis conducts a policy review and survey of CAs' Certificate Policies and Certificate Practice Statements to find similarities and differences that could lead to possible vulnerabilities. Based on this, the thesis then presents a taxonomy-based analysis as well as comparisons of the top CAs to the Baseline Requirements. The main areas of the policies that were focused on are the issuance, revocation and expiration practices of the top 30 CAs as determined by the use of Tranco's list. We also determine the top CA groups, meaning the CAs whose policies are being used by the most other CAs as well as including a top 100 CAs list. The study suggests that the most popular CAs hold such a position because of two main reasons: they are easy to acquire and/or because they are connected to several other CAs. The results suggest that some of the biggest vulnerabilities in the policies are what the CAs do not mention in any section as it puts the CA at risk for vulnerabilities. The results also suggest that the most dangerous attacks are social engineering attacks, as some of the stipulations for issuance and revocations make it possible to pretend to be the entity of subscribes to the certificate rather than a malicious one.

Las PYMES son una de las principales fuentes de crecimiento de la economía en Colombia, sin embargo, es frecuente encontrar que su periodo de vigencia suele ser inferior a los 3 años. Si bien existen múltiples razones para comprender dicho fenómeno, con base en los estudios que se abordarán en el presente texto, se identifica como principal causa, la falta de recursos o mecanismos de financiación idóneos para este tipo empresarial. Después de abordar algunas de las modalidades de crédito que con frecuencia son consideradas para el desarrollo de los proyectos de las PYMES, se encuentra que existe una importante fuente de financiación no bancaria plenamente regulada en Colombia, que aún no cuenta con suficiente difusión. Ésta se considera como una potencial solución para el acceso a la financiación que éstas requieren. Es el crowdfunding financiero o financiación colaborativa, un mecanismo alternativo de financiación, derivado de la tendencia de las Fintech, fundamentado en las bases del mercado de capitales. Más que un nuevo competidor, el esquema de financiación colaborativa es una solución para un segmento desatendido por el sistema bancario tradicional, al cual se podrá acceder siguiendo la metodología diseñada como resultado del presente trabajo de investigación., SMEs are one of the main sources of Colombian economy growth, however, it is common to find that their term is usually less than 3 years. While there are multiple reasons to understand this phenomenon, based on the studies to be addressed in this text, the lack of adequate resources or financing mechanisms for this type of business is identified as the main cause. After addressing some of the credit modalities that are often considered for the development of SME projects, it is found that, there is an important source of fully regulated non-bank financing in Colombia that is not yet sufficiently widely available. This is seen as a potential solution for access to the funding they require. It is financial crowdfunding or collaborative financing, an alternative financing mechanism derived from the Fintech trend, based on the foundations of the capital market. More than a new competitor, the collaborative financing scheme is a solution for a segment neglected by the traditional banking system, which can be accessed following the methodology designed as a result of this research work.

After a steady improvement in the fiscal position over the past decade, the standoff over clearance revenues has severely constrained the PA budget, leading to a significant expansion in expenditure arrears. Going forward, however, uncertainty about a resolution for the clearance revenue standoff will weigh on the economy. Over the last two decades, the Palestinian economy has been driven by large inflows of transfers as other sources of growth have been long-hindered by the ongoing Israeli restrictions on movement and access. Under a baseline scenario which assumes a continuation of the Israeli restrictions, persistence of the internal divide between the West Bank and Gaza and a decline in aid levels, the Palestinian economy is expected to slip into a recession in 2020 and 2021, even if additional, one-off transfers from clearance revenues are made. As financial buffers are depleted, the reduced revenues will require sizable cuts in public spending, which in turn would translate in reduced consumption and investment. The decline in growth implies a sizable decline in real per capita income and a rise in poverty. The Palestinian financial sector continues to face substantial risks against the backdrop of the fiscal crisis. The negative impact of the deepening fiscal crisis on the quality of loan portfolios across the banking sector has started to materialize as both non-performing loans and classified loans have been on an upward trajectory. With the severe liquidity shortage facing the PA, it has resorted to domestic banks to finance its needs raising the sector’s exposure to the PA for the first time in a number of years. Banks are also rescheduling outstanding loans held by PA employees who are receiving a reduced salary, compounding the destabilizing effect on the sector. However, the fact that the PA is simultaneously building up an asset in the form of tax revenues not received from the GoI ameliorates the situation as the increased exposure may be seen as a temporary trend. Another cause of concern is a possible disruption in Correspondent Banking Relationships (CBRs) between Palestinian banks and their Israeli counterparts due to de-risking by Israeli banks. The immunity and indemnity package given by the GoI to banks with CBRs are set to expire in May 2020 and February 2021, respectively, when a longer term and more sustainable intervention is expected to be in place. While resolving the fiscal crisis is an immediate priority there remains a broader reform agenda to improve the economy and Palestinian living standards.

The measures undertaken by governments of the Arabic Persian Gulf countries for the purposes of accelerating construction in the infrastructure are covered. Such measures include the issuance of sukuk, which investors view with optimism. For instance, «The green energy» is one of such promising islamic undertakings. Institutional investors from the Arabic Persian Gulf countries have the aptitude to comingle with the sukuk issuance, resulting in the improvements of the market situation. The author concludes that Muslim pension and insurance funds have good prospects for becoming part of the sukuk trade. It will consequently improve the liquidity of Islamic banks.

This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.

Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector, in emerging markets and developing economies. Credit growth has been most pronounced, and nearing the pace associated with past credit booms, in commodity exporting countries. In contrast, in commodity importers, credit-to-gross domestic product ratios are elevated but have been stable or shrinking over the past few years. That said, in a few, mostly energy exporting, emerging and developing countries, credit to the private sector is now near levels that have been associated with past episodes of financial stress.

This paper develops a multi-sector, small open economy Dynamic Stochastic General Equilibrium model, which includes the accumulation of human capital, built via public expenditures in education and health. Four possible fiscal rules are examined for total public investment in infrastructure, education, and health in the context of a sustainable resource fund: the spend-as-you-go, bird-in-hand spending; moderate front-loading, and permanent income hypothesis approaches. There are two dimensions to this exercise: the scaling effect, which describes the level of total investment, and the composition effect, which defines the structure of investment between infrastructure, education, and health. The model is applied to Kenya. For impacts on the non-resource economy, efficiency of spending, and sustainability of fiscal outcomes, the analysis finds that, although investment frontloading would bring high growth in the short term, the permanent income hypothesis approach is overall more desirable when fiscal sustainability concerns are taken into consideration. Finally, a balanced composition is the preferred structure of investment, given the permanent income hypothesis allocation of total investment over time.

The Lao economy is estimated to have expanded by around 7 percent in 2015, a slight moderation from 7.5 percent in 2014. Similar to the last decade, the resource sectors (hydropower and extractives) continued to make an important contribution to growth. Power generation got a boost from the commissioning of the first two blocks of the 1,878 MW Hongsa lignite power plant and an additional 250-300 MW of installed capacity in the hydro sector. Furthermore, despite lower global commodity prices, mining output still increased as metal prices remained above the mines’ cost recovery levels. The revised State Budget Law, approved in December 2015, enhances the authority of the National Assembly in budget oversight and Ministry of Finance in budget management. In addition, with regards to anti-money laundering and counter-terrorism financing, the Government strengthened key regulations (including on forfeiture of assets, border declaration, penalties for non-compliant entities) recommended by the Financial Action Task Force (FATF), which helped remove Lao PDR from the FATF’s list of ‘jurisdictions not making sufficient progress’. The outlook will depend on the progress in the implementation of the recommendations and agreed measures. GDP is expected to expand at around 7 percent per annum as a healthy pipeline in the power sector keeps investments strong and increases electricity production and exports by almost 40 percent. Stabilization of growth rates in China and some acceleration in Vietnam and Thailand should increase demand for Lao PDR exports. On the other hand, some gradual fiscal consolidation is expected, largely through broadening the revenue base and efforts to improve efficiency in spending and should help strengthen the outlook for public debt sustainability and lower the risk of debt distress from its current level of moderate, but borderline to high.

This report consists of two parts: Part 1 presents a review of recent economic developments and a macroeconomic outlook. Part 2 focuses in greater depth on a special, selected topic relevant to Malawi's development prospects. This report focuses on agricultural risk management. Malawi is now set to suffer a second year of poor harvests due to the effects of a drought that is sweeping Southern Africa. This drought has had a serious impact both on the economy and on food security, requiring a major humanitarian response. The current situation underscores Malawi's serious need to improve the resilience of the agricultural sector and to develop a better system of risk management. With the country expected to continue to face climate-induced shocks into the future, it is vital that the Government considers how best to mitigate the impact of such shocks. In 2015 Malawi recorded a GDP growth rate of just 2.8 percent, with this low rate the result of both adverse weather conditions and macroeconomic instability. Flooding in southern districts followed by a countrywide drought resulted in a contraction in agricultural production. Maize, the key crop in terms of food security, recorded a 30.2 percent year-on-year drop in production. As a result, an estimated 2.8 million people (17 percent of the population) were unable to meet their 2015/16 food requirements.

During 2015, and in the span of six-months, Nepal was hit by two major shocks. The first one was the April 2015 earthquakes that caused a huge loss of life and assets. The second shock has come in the form of a near complete disruption of external trade following the adoption of the new Constitution. Reflecting both the earthquake and trade related disruptions, inflation spiked to over 12 percent (y/ y) by mid-January rising 5 percentage points in just four months from mid-September 2015. This was the highest inflation level since FY2009, with increases in food and non-food prices contributing equally to the spike. As the trade disruptions ended, inflation has eased to back to single digits.

Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.

South Asia emerged as the fastest growing region in the world in 2015, posting GDP growth of 7 percent. Weak oil and commodity prices, slowing capital flows and shrinking global trade contributed towards a deceleration of growth in most of the world's economies. South Asia - as a net importer of oil - was an anomaly, growing significantly on the back of higher private consumption and public investment. Higher remittances and reserve buffers throughout the region offset the fall in exports caused by the drop in global demand. The region is set to maintain real GDP growth above 7 percent over the next few years. However, the tailwinds are now fading - capital flows have declined and remittances are starting to feel the reality of low oil prices. Pakistan, while not growing as quickly as its neighbors, has continued its steady growth recovery in H1FY16. Strong growth in consumption, rising foreign exchange reserves, fast-growing workers' remittances and a lower import bill compensated for a significant fall in exports. Low oil prices generated a significant boost, driving a 9.1 percent fall in the import bill and reducing inflation significantly, in turn creating scope to reduce the policy rate. Private sector consumption, propelled by higher remittances and a loosened monetary policy, is expected to account for over half of FY16 GDP growth.