WHAT ARE THE ECONOMIC JUSTIFICATIONS FOR THE EXISTENCE OF EXPORT CREDIT AGENCIES AND HOW CAN THEY FACILITATE CROSS BORDER TRADE TO EMERGING MARKET ECONOMIES?

Export Credit Agencies (ECAs) have played an important role in cushioning the downturn in cross border trade during the currenteconomic and financial crisis. This article discusses the role of ECAs in facilitating cross border trade to emerging markets as wellas the economic rationale for the existence of such agencies. It also demonstrates how selected risk mitigation instruments of ECAs,namely: (i) buyer credit guarantee, (ii) supplier credit guarantees and (iii) export loans have been applied in practice. Finally casesare presented that highlight how companies have used the service of ECAs, for example, to obtain better terms, including longer termloans and/or lower interest rates.KEY WORDS: Cross border trade, emerging markets, financial crisis, export credit agencies (ECAs), commercial and non-commercialrisks, and risk mitigation instruments

FUNDING GEOTHERMAL PROJECTS: THE ROLE OF INTERNATIONAL FINANIAL INSTITUTIONS AND THE ABSENCE OF AN INTERNATIONAL REGIME FOR INVESTMENT

As the global economy grows, so does the demand for energy. Investment in clean energy projects, including geothermal, is increasingly important to help meet these growing energy needs. Clean energy projects are also important for environmental reasons and as part of the battle against climate change. Many clean energy sources in the world are located in developing countries, including emerging market economies. Investors in developing countries are normally faced with higher risks than those investing in high income developed economies. Higher risks in turn reduce capital flows to developing countries. This is particularly true during times of economic and financial crisis. At the same time energy projects tend to be large and capital intensive with long repayment periods. Energy projects also often require partnership between the public and private sectors i.e. public private partnerships (PPPs). Efficient allocation of risks among the different partners in PPPs is important for success, generally results in more profitable projects, and is more likely to benefit all parties involved. This article discusses public private partnerships in the energy sector in developing countries, characteristics of developing countries, the risk faced by investors, the absence of an international regime for investment, and risk mitigation instruments offered by international financial institutions to manage risks. KEYWORDS: Clean and renewable energy investments, geothermal projects, developing and emerging market economies, risks and risk mitigation instrument.JEL CODES: F30, G20, G32, O22, Q20, Q4

CAPITAL INTENSIVE CLEAN ENERGY PROJECTS: SOME COSTS, BENEFITS AND CHALLENGES OF USING PUBLIC-PRIVATE PARTNERSHIPS

Geothermal and hydropower projects tend to be capital intensive and with long repayment periods. These projects can be challenging, especially in developing and emerging countries in transition often characterized by changing and unpredictable political and business environments. Developing and emerging countries are eligible for support from international financial institutions (IFIs) such as the World Bank Group and regional development banks and can also receive assistance from bilateral donor institutions. PPPs enable pooling of public, private and donor funds for clean energy investment. A well designed PPP can be a venue for scaling up funding for clean energy investment internationally. However, little point exists in forming PPPs if, for example, the private sector partner captures most or all the benefits, or if the government keeps changing the rules of the game resulting in a non-viable project. The focus of this article is on PPPs, potential benefits and challenges for host governments and various partners, including the private sector, bilateral donors, and multilateral institutions such as IFIs. When disputes occur between the private sector and host governments, IFIs can potentially play an important role in resolving disputes and help ensure the fair sharing of the risks and the rewards of the PPP for all the parties involved. The objective of this article is to review some recent theoretical research recently done on PPP, potential benefits as well as some challenges using this model in developing and emerging countries.KEYWORDS: hydro- and geothermal energy projects, public-private partnerships, international and national financial institutions

ICELAND AND LATVIA: THE ECONOMIC AND THE SOCIAL CRISIS

The 2008 global economic and financial crisis hit hard in Iceland and Latvia. Economic developments prior to the crisis, as well as response to the crisis were, however, different in these two countries, yielding different results. Both countries received assistance from the International Monetary Fund (IMF) during the crisis and the IMF has labeled their reform programs as success stories. This article reviews and evaluates the post crisis situation in Iceland and Latvia, both in terms economic performance, as well as social progress. It also discusses how other countries, as well a multilateral institutions, may have influenced the reform programs in Iceland and Latvia.KEY WORDS: Small states, Latvia and Iceland, global crisis, economic policy, privatization.JEL CODES: H12, E63, L33DOI: http://dx.doi.org/10.15181/rfds.v14i3.86

Stafur

This piece is trying to create an immersive and magical experience. Music and the concert experience itself are rituals that we are a part of each time we step into a concert hall. I wanted to give this ritual a deeper meaning and give create an atmosphere where any moment could be magic, and a shared feeling of togetherness could be achieved. I worked with real magicians and mediums while creating the piece. Educating myself on how these rituals work and it informed the formal structure of the piece. This piece is also about inclusion, everyone should be and feel a part of the piece. The feeling should be that the audience and the performers shared an experience that everyone took part in creating

Iceland and Latvia: The economic and the social crisis

The 2008 global economic and financial crisis hit hard in Iceland and Latvia. Economic developments prior to the crisis, as well as response to the crisis were, however, different in these two countries, yielding different results. Both countries received assistance from the International Monetary Fund (IMF) during the crisis and the IMF has labeled their reform programs as success stories. This article reviews and evaluates the post crisis situation in Iceland and Latvia, both in terms economic performance, as well as social progress. It also discusses how other countries, as well a multilateral institutions, may have influenced the reform programs in Iceland and Latvia.The 2008 global economic and financial crisis hit hard in Iceland and Latvia. Economic developments prior to the crisis, as well as response to the crisis were, however, different in these two countries, yielding different results. Both countries received assistance from the International Monetary Fund (IMF) during the crisis and the IMF has labeled their reform programs as success stories. This article reviews and evaluates the post crisis situation in Iceland and Latvia, both in terms economic performance, as well as social progress. It also discusses how other countries, as well a multilateral institutions, may have influenced the reform programs in Iceland and Latvia.Peer reviewe