The Development of the Offshore Reinsurance Market in Singapore and Its Experiences for India

In March 2017, China Insurance Regulatory Commission issued Notice on Matters Related to the Provision of Guarantee Measures for Offshore Reinsurers, and announced the formal establishment of a deposit system for Offshore reinsurers.This measure improves China’s reinsurance regulatory system. It can not only prevent the cross-border transfer of foreign financial risks through reinsurance exchanges but also promote the smooth and healthy development of Chinese reinsurance market. The establishment of Offshore reinsurance margin system provides institutional guarantee for the construction of international Offshore reinsurance in China. India, as a major shipping country in the world, has superior geographical location and mature shipping business. The establishment of international reinsurance center plays an important role in promoting the development of India’s insurance market and shipping market. Offshore reinsurance business accounts for greater proportion in business structure of the international reinsurance center. The establishment and development of Offshore reinsurance center in India need to compete with many mature Offshore reinsurance companies in the world. Singapore is not only Asia’s largest international financial center but also one of Asia’s largest international reinsurance centers. Its Offshore reinsurance market is more mature. In the past 10 years, it has maintained a steady growth trend, which can provide a reference for the development of Offshore reinsurance business in India. This paper begins with the development conditions and market data of Singapore Offshore reinsurance market, analyzes the development of Singapore’s Offshore reinsurance market and the development of the domestic insurance industry in India, combines with the analysis of the advantages and disadvantages of Mumbai, Kandla Port and other places, and puts forward suggestions for the development of Offshore reinsurance business in India

Institutional Framework and Regulatory Challenges in the Development of the Sharia Financial Sector in Indonesia: A Political Economy Perspective

This study aims to examine the institutional framework and regulatory challenges in the development of the Sharia financial sector in Indonesia.The main objectives of this research are to analyze the role of government institutions and regulatory bodies, as well as to identify regulatory barriers, in order to strengthen the institutional framework and support the growth of the Sharia financial sector in Indonesia.This study utilizes qualitative research to analyze the institutional framework and regulatory challenges in Indonesia's Sharia financial sector from a political economy perspective. Data will be gathered from policy documents, legal regulations, government reports, academic publications, case studies, and expert interviews. The analysis will involve content analysis for policy documents and regulations, interview analysis, and descriptive analysis of statistical data on the sector's growth.Overall, the results of the analysis show that through this active participation, the Indonesian government hopes to strengthen Indonesia's image as the global financial center of Shariah and the country's economic position at the international level. Thus, the role of the Indonesian government in the Sharia financial sector is expected to continue to grow, provide greater benefits to Indonesians, and strengthen Indonesia's position at the international level. Increased intensive collaboration between governments, practitioners, and colleges in the form of development programs to produce competent human resources (HRM) finance. Providing stronger policy incentives and support The government needs to provide stronger incentives and policy support to develop Sharia finance in Indonesia. Encourage the development of innovative Sharia financial products

Impact of Excess Auditor Remuneration on the Cost of Equity Capital around the World

This study examines the relation between excess auditor remuneration and the implied required rate of return (IRR hereafter) on equity capital in global markets. We conjecture that when auditor remuneration is excessively large, investors may perceive the auditor to be economically bonded to the client, leading to a lack of independence. This perceived lack of independence increases the information risk associated with the credibility of financial statements, thereby increasing IRR. Consistent with this notion, we find that IRR is increasing in excess auditor remuneration, but only in countries with stronger investor protection. Finding evidence of a relation only in stronger investor protection countries is consistent with the more prominent role of audited financial statements for investors' decisions in these countries. In settings in which investors are less likely to rely on audited financial statements and instead rely on alternative sources of information (i.e., in countries with weaker investor protection), the impact of client-auditor bonding should have less of an effect on investors' decisions.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Higher education reform: getting the incentives right

This study is a joint effort by the Netherlands Bureau for Economic Policy Analysis (CPB) and the Center for Higher Education Policy Studies. It analyses a number of `best practices¿ where the design of financial incentives working on the system level of higher education is concerned. In Chapter 1, an overview of some of the characteristics of the Dutch higher education sector is presented. Chapter 2 is a refresher on the economics of higher education. Chapter 3 is about the Australian Higher Education Contribution Scheme (HECS). Chapter 4 is about tuition fees and admission policies in US universities. Chapter 5 looks at the funding of Danish universities through the so-called taximeter-model, that links funding to student performance. Chapter 6 deals with research funding in the UK university system, where research assessments exercises underlie the funding decisions. In Chapter 7 we study the impact of university-industry ties on academic research by examining the US policies on increasing knowledge transfer between universities and the private sector. Finally, Chapter 8 presents food for thought for Dutch policymakers: what lessons can be learned from our international comparison

Sub-Saharan Africa at a crossroads: a quantitative analysis of regional development

This repository item contains a single issue of The Pardee Papers, a series papers that began publishing in 2008 by the Boston University Frederick S. Pardee Center for the Study of the Longer-Range Future. The Pardee Papers series features working papers by Pardee Center Fellows and other invited authors. Papers in this series explore current and future challenges by anticipating the pathways to human progress, human development, and human well-being. This series includes papers on a wide range of topics, with a special emphasis on interdisciplinary perspectives and a development orientation.Sub-Saharan Africa is at a crossroads of development. Despite a quarter of a century of economic reforms propagated by national policies and international financial agencies and institutions, sub-Saharan Africa is still lagging in development. In this paper, the authors adopt two techniques using both qualitative (e.g. governance) and quantitative factors (e.g., GDP) to examine regional patterns of development in sub-Saharan Africa. More specifically, they examine and analyze similarities and differences among the countries in this region using a multivariate statistical technique, Principal Component Analysis (PCA), and a unsupervised neural network called Kohonen’s Self-Organizing Map (SOM) to cluster levels of development. PCA serves as a tool for determining regional patterns while SOM is more useful for determining continental patterns in development. Both PCA and SOM results show a “developed” cluster in Southern Africa (South Africa, Namibia, Botswana, and Gabon). SOM exhibits a cluster of least developed countries in southern Western Africa and western Central Africa. The results demonstrate that the applied techniques are highly effective to compress multidimensional qualitative and quantitative data sets to extract relevant information about development from a policy perspective. Our analysis indicates the significance of governance variables in some clusters while a combination of variables explains other regional clusters. Zachary Tyler works for a consulting firm in Massachusetts that conducts program evaluations for energy efficiency programs, and he continues to work on statistical and geospatial analyses of human development issues. In 2010, he will receive a master’s degree in energy and environmental analysis from Boston University. Sucharita Gopal is Professor and Director of Graduate Studies in the Department of Geography and Environment and a member of the Cognitive & Neural Systems (CNS) Technology Lab at Boston University. She teaches and conducts research in geographical information systems (GIS), spatial analysis and modeling, and remote sensing for environmental and public health applications. Her recent research includes the development of a marin integrated decision analysis system (MIDAS) for Belize, Panama, and Massachusetts, and a post-disaster geospatial risk model for Haiti. This paper is part of the Africa 2060 Project, a Pardee Center program of research, publications, and symposia exploring African futures in various aspects related to development on continental and regional scales. For more information, visit www-staging.bu.edu/pardee/research/

Bosnia and Herzegovina - Meeting Copenhagen economic criteria for accession to the EU

Delegation of the European Commission based in Sarajevo, Bosnia and Herzegovina (BH) granted the consortium represented by ECORYS a contract for EU support to the Economic Policy Research Unit, a subdivision of the Economic Policy Planning Unit of the Council of Ministers of Bosnia and Herzegovina. As part of this project activities a subproject was designed trying to assess the position of BH against the benchmarks of the Copenhagen economic criteria and to identify policy measures for meeting the criteria. The issues of particular relevance to the project included: presentation of the Copenhagen economic criteria, analysis of the existing situation in the country, strategic and policy documents addressing the subject, identification of gaps to be filled in order to achieve the benchmark, and policy recommendations. In July, 2006 ECORYS appointed the Center for Social and Economic Research (CASE), an international, non-profit research and advisory institution, to research on the subject. The research project team comprised experts: Messrs. Rafa³ Antczak (team leader), Wojciech Paczyñski, and Ranko Markuš, Mmes. Ma³gorzata Antczak and Karina Kostrzewa, assisted by Mr. Erol Mujanovic. The report was based on available national account and microeconomic data, strategic and policy documents of the BH governmental bodies, relevant reports by international organisations, EU institutions, academic and research centres and opinions of key stakeholders. The analytical research on the economic developments in BH by international financial institutions, especially the IMF and World Bank, as well as domestic bodies, especially the Economic Policy Research Unit, was extensively exploited in the research. However, the primary focus of the research was on structural and institutional aspects facilitating or impeding functioning of a market economy in the BH and country's capacity to cope with competitive pressure and market forces within the EU. Therefore, the report focuses on background analysis of economic factors influencing the functioning of market economy and the capacity to withstand the competition in the EU market. The research consists of four main parts. In Part 1, the Copenhagen economic criteria are presented in a comparative perspective of the recent experiences of the new member states and acceding countries to allow diagnosing of the most important gaps to be filled by BH. Part 2 analyses macroeconomic developments in BH, presenting them in a comparative perspective relative to EU candidate countries. The special focus is on two fields where BH faces particularly difficult challenges: labour market and foreign trade. Also, the three scenarios of BH catching-up with the EU are presented. Privatisation process which is one of the most important institutional and structural features of every transition economy and especially relevant from the perspective of meeting the Copenhagen criteria is analysed in Part 3. Part 4 comprises analysis of microeconomic developments in BH with the elements of the financial analysis of enterprises, both state and private. The financial analysis of enterprises concentrates on current situation and identification of trends in microeconomic developments to identify comparative advantages, assess productivity, and to position the BH enterprise sector towards the potential competition on the EU markets. Finally, Part 5 includes policy recommendations for decision makers both from the BH government and the EC. The research is supplemented by the Annexes providing background pieces of information on the analysed topics. The project team established contacts with representatives of international organizations, the BH governmental bodies, and research community in BH to collect pieces of information and consult on research topics. However, the authors of the researchers bear the sole responsibility for the pieces of information and opinions presented in the report.Bosnia and Herzegovina, Copenhagen criteria, EU accession, European integration, competitiveness

Implications for Macroeconomic Policies in Emerging Economies

We translate the structuralist center-periphery approach to international currency relations and analyze the implications for macroeconomic policies of emerging market countries. While the Post Keynesian literature offers a rather clear concept for growthoriented policies, it is necessary to adapt them for peripheral emerging economies. We base our analysis of an appropriate Keynesian policy mix for these countries on the concept of currency hierarchy, where the currencies of peripheral emerging economies have a lower liquidity premium than the currencies of advanced economies. Under these conditions, we argue that domestic economic policy coordination should lay a major focus on a low policy rate and, especially, a competitive exchange rate for obtaining, at least, a balanced current account, in order to prevent boom-bust-cycles in capital flows with subsequent financial crises and their damaging effects on employment and growth. We conclude that it is a rather ambitious and long term goal to climb up the currency hierarchy, especially under the current conditions of financial globalization

Effects of Child and Maternal Histo-Blood Group Antigen Status on Symptomatic and Asymptomatic Enteric Infections in Early Childhood

Funding Information: Financial support. This work was funded by the Etiology, Risk Factors, and Interactions of Enteric Infections and Malnutrition and the Consequences for Child Health and Development Project (MAL-ED) is carried out as a collaborative project funded by the Bill & Melinda Gates Foundation (BMGF) (BMGF-47075), the Foundation for the National Institutes of Health, and the National Institutes of Health, Fogarty International Center, whereas additional support was obtained from BMGF for the examination of host innate factors on enteric disease risk and enteropathy (Grants OPP1066146 and OPP1152146; to M. N. K.). Additional funding was obtained from teh Sherrilyn and Ken Fisher Center for Environmental Infectious Diseases, Johns Hopkins School of Medicine (to M. N. K) and the National Center for Research Resources and the National Center for Advancing Translational Sciences, National Institues of health 1UL1TR001079. Acknowledgments. We thank the participants, their families, and the study community for their dedicated time and effort to better the understanding the transmission and more enduring impact of enteric infections in early childhood. We also thank the following: Jan Vinje (Centers for Disease Control and Prevention) for critical input and manuscript review; Dr. Leah Jager for consultation regarding the statistical analysis; Dr. Ben Jann (University of Bern, Switzerland) for guidance in generating the figures; Christine Szymanski for insight and encouragement, particularly regarding Campylobacter infection and disease patency; Chris Damman and Anita Zaidi for input on early iterations of the analysis; and Dick Guerrant for final reflections.Peer reviewe

Disclosure and Cross-listing: Evidence from Asia-Pacific Firms

Purpose – The purpose of this paper is to examine whether both country disclosure environment and firm-level disclosures are associated with cross-listing in the USA or London or otherwise. Design/methodology/approach – The authors test the association using a sample of Asia-Pacific firms covered in the Standard and Poor\u27s, 2001/2002 disclosure survey, capturing the country-level disclosure using the Center for International Financial Analysis and Research (CIFAR) score. The firm-level disclosure is measured using the S&P disclosure score. The authors conduct a logistic regression analysis and a two-stage least squares analysis to examine whether the outcome, cross-listing or not, is associated with the country disclosure environment and firm-level disclosures. Findings – The authors find that Asia-Pacific firms from weak disclosure environments and having higher firm-level disclosure scores are more likely to seek listing in the USA. Further, the paper provides initial evidence that these Asia-Pacific firms are as likely to seek listing in London as in the USA. No significant difference was found in S&P scores between US and London cross-listings after controlling for the effects of other variables. This suggests that firms that cross-list in London present similar disclosure levels to firms that cross-list in the USA. Originality/value – The paper\u27s findings contribute to the cross-listing literature on disclosure by showing that the interaction between firm-level disclosure and country-level disclosure has an impact on whether a firm cross-lists in the USA/London or not. The authors\u27 comparison of US cross-listings versus London cross-listings provides the first evidence that disclosures of US and London cross-listings are not significantly different