ADB–OECD Study on Enhancing Financial Accessibility for SMEs: Lessons from Recent Crises

During the era of global financial uncertainty, stable access to appropriate funding sources has been much harder for small and medium-sized enterprises (SMEs). The global financial crisis impacted SMEs and entrepreneurs disproportionately, exacerbating their traditional financing constraints. The financial conditions of many SMEs were weakened by the drop in demand for goods and services and the credit tightening. The sovereign debt crisis that hit several European countries contributed to further deterioration in bank lending activities, which negatively affected private sector development. The global regulatory response to financial crises, such as the Basel Capital Accord, while designed to reduce systemic risks may also constrain bank lending to SMEs. In particular, Basel III requires banks to have tighter risk management as well as greater capital and liquidity. Resulting asset preference and deleveraging of banks, particularly European banks with significant presence in Asia, could limit the availability of funding for SMEs in Asia and the Pacific. Lessons from the recent financial crises have motivated many countries to consider SME access to finance beyond conventional bank credit and to diversify their national financial system. Improving SME access to finance is a policy priority at the country and global level. Poor access to finance is a critical inhibiting factor to the survival and growth potential of SMEs. Financial inclusion is thus key to the development of the SME sector, which is a driver of job creation and social cohesion and takes a pivotal role in scaling up national economies. The Asian Development Bank (ADB) and the Organisation for Economic Co-operation and Development (OECD) have recognized that it is crucial to develop a comprehensive range of policy options on SME finance, including innovative financing models. With this in mind, sharing Asian and OECD experiences on SME financing would result in insightful discussions on improving SME access to finance at a time of global financial uncertainty. Based on intensive discussions in two workshops organized by ADB in Manila on 6–7 March 2013 and by OECD in Paris on 21 October 2013, the two organizations together compiled this study report on enhancing financial accessibility for SMEs, especially focusing on lessons from the past and recent crises in Asia and OECD countries. The report takes a comparative look at ADB and OECD experiences, and aims to identify promising policy solutions for creating an SME base that is resilient to crisis, from a viewpoint of access to finance, and which can help drive growth and development

World Nuclear Industry Status Report 2013

Two years after the Fukushima disaster started unfolding on 11 March 2011, its impact on the global nuclear industry has become increasingly visible. Global electricity generation from nuclear plants dropped by a historic 7 percent in 2012, adding to the record drop of 4 percent in 2011. This World Nuclear Industry Status Report 2013 (WNISR) provides a global overview of the history, the current status and the trends of nuclear power programs worldwide

The political economy of convergence: The case of IFRS for SMEs.

This paper examines the processes used by the International Accounting Standards Board (IASB), in achieving widespread convergence to the International Financial Reporting Standards (IFRS) by developing economies. Global convergence of financial reporting standards is a politically motivated agenda. The movement towards standardisation of financial reporting has been described in various ways including, adoption, application, transitioning, implementation (Brown and Tarca 2012), harmonization (Strouhal 2012) and convergence (Stevenson 2012; Street 2012; Pawsey, Brown and Chatterjee 2013). In this paper the term convergence encapsulates the efforts by developing countries to revise their national standards to be the same as IFRSs. The IFRS for Small and Medium sized Enterprises (IFRS for SMEs) was partly to facilitate developing economies’ commitment to convergence (UNCTAD 2009). Introducing a two-tier system implied by a special IFRS for SMEs is the first synthesis of the international convergence process (Rodrigues and Craig 2007). Given that small and medium sized enterprises (SMEs) are increasingly important in the global economy, it is equally important that there is a clear set of principles underpinning financial reporting for these entities. However, there is limited discussion on the development of the IFRS for SMEs in the academic literature. Only very recently have academics from developing countries engaged in discussions on IFRS for SME adoption (Phang and Mahzan 2013). Therefore, this paper provides an understanding of the activities that led to the promulgation of the standard and the efforts of the World Bank, the United Nations and other international organisations to bring this issue onto IASB’s agenda since early 2000. This paper is timely as the IASB has commenced its comprehensive review of the IFRS for SMEs (IASB 2012)

ERAWATCH Country Reports 2013: Slovak Republic

The Analytical Country Reports analyse and assess in a structured manner the evolution of the national policy research and innovation in the perspective of the wider EU strategy and goals, with a particular focus on the performance of the national research and innovation (R&I) system, their broader policy mix and governance. The 2013 edition of the Country Reports highlight national policy and system developments occurring since late 2012 and assess, through dedicated sections: -National progress in addressing Research and Innovation system challenges; -National progress in addressing the 5 ERA priorities; -The progress at Member State level towards achieving the Innovation Union; -The status and relevant features of Regional and/or National Research and Innovation Strategies on Smart Specialisation (RIS3); -As far relevant, country Specific Research and Innovation (R&I) Recommendations. Detailed annexes in tabular form provide access to country information in a concise and synthetic manner. The reports were originally produced in December 2013, focusing on policy developments occurring over the preceding twelve months.JRC.J.2-Knowledge for Growt

Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges

The Inclusive Growth and Development Report 2017

Around the globe, leaders of governments and other stakeholder institutions enter 2017 facing a set of difficult and increasingly urgent questions:With fiscal space limited, interest rates near zero, and demographic trends unfavorable in many countries, does the world economy face a protracted period of relatively low growth? Will macroeconomics and demography determine the world economy's destiny for the foreseeable future?Can rising in-country inequality be satisfactorily redressed within the prevailing liberal international economic order? Can those who argue that modern capitalist economies face inherent limitations in this regard – that their internal "income distribution system" is broken and likely beyond repair – be proven wrong?As technological disruption accelerates in the Fourth Industrial Revolution, how can societies organize themselves better to respond to the potential employment and other distributional effects? Are expanded transfer payments the only or primary solution, or can market mechanisms be developed to widen social participation in new forms of economic value-creation?These questions beg the more fundamental one of whether a secular correction is required in the existing economic growth model in order to counteract secular stagnation and dispersion (chronic low growth and rising inequality). Does the mental map of how policymakers conceptualize and enable national economic performance need to be redrawn? Is there a structural way, beyond the temporary monetary and fiscal measures of recent years, to cut the Gordian knot of slow growth and rising inequality, to turn the current vicious cycle of stagnation and dispersion into a virtuous one in which greater social inclusion and stronger and more sustainable growth reinforce each other?This is precisely what government, business, and other leaders from every region have been calling for. Over the past several years, a worldwide consensus has emerged on the need for a more inclusive growth and development model; however, this consensus is mainly directional. Inclusive growth remains more a discussion topic than an action agenda. This Report seeks to help countries and the wider international community practice inclusive growth and development by offering a new policy framework and corresponding set of policy and performance indicators for this purpose

International hotel groups and regional development in Central and Eastern Europe

Acknowledgements This paper is based on the author’s PhD thesis which was completed in 2011 at The University of Manchester, UK. The author is grateful to his supervisors Dr Martin Hess (The University of Manchester) and Professor Neil Coe (currently in the National University of Singapore) for supervising the PhD project. The paper was presented at the Annual Meeting of the Association of American Geographers in Los Angeles in April 2013 at the session entitled ‘Evolutionary perspectives on the multinational corporation (MNC)-institutional nexus’. The session was organised by Dr Andrew Wood (University of Kentucky) and Dr Crispian Fuller (University of Aston) and sponsored by Economic Geography Specialty Group.Peer reviewedPostprin

Global Education Digest 2022

This fifth edition of the Global Education Digest provides a reasoned bibliography of academic and research materials relevant to the field of global education, as defined in the Maastricht Global Education Declaration (2002). This multilingual edition covers material that has been published recently in English, Dutch, Finnish, French, German, Italian, Polish, Portuguese, Slovakian, and Spanish. This project has been coordinated by Professor Massimiliano Tarozzi and Dr Carla Inguaggiato (UNESCO Chair in Global Citizenship Education in Higher Education, University of Bologna) and Kester Muller (Development Education Research Centre, IOE, UCL’s Faculty of Education & Society), on behalf of Global Education Network Europe, in the framework of ANGEL activities. ANGEL (Academic Network on Global Education & Learning) is the academic network of global education researchers and academics

Active Citizenship and the Nongovernmental Sector in Slovakia. Trends and Perspectives

This study was written by experts from the Institute for Public Affairs (IVO) and the Center for Philanthropy (CpF). The authors map the key milestones, successes and dilemmas of the nongovernmental sector in Slovakia; summarize information on its influence on society and its democratic transformation; mark past and ongoing points of critical importance; identifies possible trends in the sector's development; and lay out a vision for the future that would allow for greater realization of the potential of active citizenship.The report is also available in Slovak on the following page: https://www.ivo.sk/6797/sk/studie/aktivne-obcianstvo-a-mimovladny-sektor-na-slovensku-trendy-a-perspektivy