Subnational credit ratings : a comparative review

This paper surveys methodological issues in subnational credit ratings and highlights key challenges for developing countries. Subnational borrowing from capital markets has been on the rise owing to fiscal decentralization and demand for infrastructure investments. A prerequisite for accessing capital markets, subnational credit ratings have also emerged as a part of broader reform for fiscal sustainability. They facilitate a more transparent budgetary and financial management system. The global financial crisis makes subnational credit ratings more relevant, as they contribute to fiscal risk evaluations and fiscal adjustment. In addition to subnationals’ own credit strength, the creditworthiness of the sovereign and the intergovernmental fiscal system are among the most critical rating criteria. Implicit and contingent liabilities are integral to the rating process. Indirect debt instruments including off-balance-sheet financing create fiscal risks. The ongoing financial crisis has reinforced the rating focus on the management of liquidity, debt structure, and off-balance-sheet liabilities.Debt Markets,Banks&Banking Reform,,Bankruptcy and Resolution of Financial Distress,Access to Finance

From Efficiency-driven to Innovation-driven Economic Growth: Perspectives from Singapore

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region.2 The call reflects an increased awareness both within and outside the government of the need to redefine Singapore’s comparative advantage through a new national innovation policy.

China’s Changing Economic Structures and Its Implications for Regional Patterns of Trade Production and Integration

There is tremendous momentum for economic and financial integration in East Asia today. Partly inspired by the formation of the European Union and partly as a response to the 1997/98 Asia financial crisis, many East Asian countries are showing greater commitment to regional economic cooperation. A number of bilateral free trade agreements (FTAs) have either been concluded or are being negotiated.1 At a less formal level, the ASEAN+3 grouping has brought the whole region together in regular consultations over trade, investment, as well as monetary and exchange rate policy matters.

From efficiency-driven to innovation-driven economic growth : perspectives from Singapore

This paper looks at Singapore's efforts to transform the economic growth base from one that is predominantly efficiency-driven to one that is more innovation-driven. To accelerate the transition process, the government is aggressively investing in"innovation infrastructure"-systems and institutions that make the city a more conducive environment for innovations. The modus operandi, with a distinctive"winner-picking"flavor, mirrors that of its earlier strategic industrial policy in building up the manufacturing sector. It is also in sync with the new urban growth literature which argues that the success of any innovation-driven growth strategy depends on a city's ability to attract a large community of creative individuals in different fields. Innovation infrastructure building requires more than putting in the right systems. It also requires a mindset change at various levels of society. This paper looks at how the government's policy philosophy and practices have evolved over time, and discusses the effectiveness of the government-led, strategic supply-push approach in propelling Singapore onto an innovation-driven growth path. It takes into consideration the city-state's underlying comparative advantages (or disadvantages) and asks how Singapore's existing strength in efficiency infrastructure may give it a first mover advantage in attracting creative talent, how its success may be affected by the small size of the economy, and the various political and social constraints that a small sovereign city-state faces. These issues are explored against the backdrop of the keen competition among the major cities in the region to become an innovation hub.Health Monitoring&Evaluation,Environmental Economics&Policies,ICT Policy and Strategies,Agricultural Research,Banks&Banking Reform

China’s Changing Economic Structures and Its Implications for Regional Patterns of Trade Production and Integration

There is tremendous momentum for economic and financial integration in East Asia today. Partly inspired by the formation of the European Union and partly as a response to the 1997/98 Asia financial crisis, many East Asian countries are showing greater commitment to regional economic cooperation. A number of bilateral free trade agreements (FTAs) have either been concluded or are being negotiated.1 At a less formal level, the ASEAN+3 grouping has brought the whole region together in regular consultations over trade, investment, as well as monetary and exchange rate policy matters. Few countries in East Asia harbor any illusion of realizing a region-wide economic union any time soon, although there were clear attempts by some of them in this direction.2 A crucial ingredient in any successful East Asia-wide economic integration effort is the role of China. China could be a major catalyst to the integration process if it chooses to. But it would do so only if such a move is in line with the overall objectives of its foreign economic policy. More importantly, it must be consistent with Chinas domestic economic agenda. In this paper, we examine trends and developments in the regional pattern of trade and production and link it to the evolving structure of Chinas economy. We argue that there is scope for China to play a more active role and provide stronger leadership in East Asian economic integration. In our view, the developmental pattern in Chinas domestic economy and the likely changes in Chinas production and trade structures will justify such a policy approach. Doing so will also help improve Chinas economic and political relationship with the region.trade, China, East Asian economic integration, East Asia

Sintering Processing of Complex Magnetic Ceramic Oxides: A Comparison Between Sintering of Bottom-Up Approach Synthesis and Mechanochemical Process of Top-Down Approach Synthesis

Sintering is a common synthesis method for the fabrication of ceramics. The widespread use of sintering for the production of complex ceramic oxide especially ferrites has led to a variety of investigations on the subject. Top-down approach synthesis like mechanochemical process has recently been suggested as a promising synthesis method for replacing bottom-up approach synthesis methods like sintering, questioning its necessity for thermal treatment at high temperature. Understanding of sintering mechanism is crucial in order to optimize and enhance the advantages of sintering, which cannot be replaced by other techniques. In general, ferrites with particular set of behaviors require a particular set of microstructural properties influenced by the sintering steps. The main objective of this chapter is to understand how the increase of sintering temperature affects the microstructural evolution, in order to develop a fundamental science understanding for the mechanism of sintering. In the second part of this chapter, presentation of experimental results on sintering of mechanically activated Ni0.5Zn0.5Fe2O4 nanoparticles and its effect on microstructural, magnetic, and optical properties was reported. Lastly, a comparative study between sintering (bottom-up approach) and mechanochemical (top-down approach) process is presented