Taking stock of pension reforms around the world

Countries around the world are reforming their pension systems. Most are reforming to reduce thefiscal costs of their existing pension systems. A few young countries are establishing new systems or are increasing the generosity of their current systems, although perhaps not always taking into account the future fiscal costs entailed in the increased generosity. The purpose of the paper is to provide a brief summary and evaluation of recent pension reforms around the world. Section 2 briefly discusses why so many countries had to reform in recent years. Section 3 describes different types of potential reform options. Section 4 provides statistics on which reform options the countries are choosing. Section 5 provides an evaluation of different reform options taking into account fiscal, intergenerational and political economy costs. The last section concludes that the only way to effectively solve the pension system issue on a permanent basis is to move toward the fully-funded defined contribution reforms currently underway in Latin America, Australia, Poland, and Kazakhstan under consideration in a variety of other countries.Information Technology,Enterprise Development&Reform,Environmental Economics&Policies,Banks&Banking Reform,Pensions&Retirement Systems

Bank Financing for SMEs: Evidence Across Countries and Bank-Ownership Types

Using data for 91 large banks from 45 countries, this paper finds few differences in the extent, type, and pricing of SME loans across foreign, private, and government-owned banks, even though different bank ownership types apply different lending technologies and have different organizational structures. Instead, we find significant differences across banks in developed and developing countries, driven by differences in the economic, institutional, and legal environment, as opposed to by differences in lending technologies and organizational structures. Finally, the link between lending technologies, organizational structures, and SME financing is not consistent with the conventional view that SME lending is based on “relationship lending”.Small and Medium Enterprises;Bank Ownership;Lending Technology;Access to Finance

Banking services for everyone? Barriers to bank access and use around the world.

[Dataset available: http://hdl.handle.net/10411/15982]

Sensorless torque estimation in multidegree-of-freedom flexible systems

This paper presents a sensorless torque estimation algorithm for multidegree-of-freedom flexible systems. The proposed algorithm makes it possible to estimate externally applied torques due to flexible system s interaction with the environment without taking any measurement from the system. The algorithm is based on modifying the disturbance observer in order to decouple the reflected torque waves out of the total disturbance on the actuator. Then Reflected torque waves are used along with the actuator s current and velocity to estimate flexible system parameters, dynamics and the external torques or disturbances. Several experimental results are included in order to confirm the validity of the proposed torque estimation algorithm

Banking financing for SME's:Evidence across countries and bank ownership types

Using data for 91 large banks from 45 countries, this paper finds that foreign, domestic private, and government-owned banks use different lending technologies and organizational structures for SME financing. The extent, type, and pricing of SME loans, however, is not strongly correlated with lending technologies and organizational structures, suggesting that SME financing need not be based only on “relationship lending”. Consistent with these results, we find few significant differences in the extent, type, and pricing of SME loans across bank types. Instead, we find significant differences across developed and developing countries, driven by differences in the institutional and legal environment

Banking services for everyone? Barriers to bank access and use around the world

Using information from 209 banks in 62 countries, we develop new indicators of barriers to banking services around the world, show their correlation with existing measures of outreach, and explore their association with other bank and country characteristics suggested by theory as potential determinants. Barriers such as minimum account and loan balances, account fees and documentation requirements are negatively correlated with outreach and these barriers exclude a large percentage of the population from using banking services in many countries. Factors associated with financial depth such as the effectiveness of credit information sharing, creditor rights and contract enforcement are highly correlated with barriers, but so are non-financial factors such as the development of the infrastructure and the extent of media freedom. More competitive banking systems and market-based supervisory policies are associated with lower barriers. Contrary to conventional wisdom, government banks are not associated with lower access barriers. Instead, bank customers face higher barriers to credit services in banking systems which are predominantly government-owned, while a larger share of foreign bank ownership is associated with lower barriers in deposit services

Exploring Wild and Local Fruits as Sources of Promising Biocontrol Agents against Alternaria spp. in Apples

Biological control agents (BCAs) are a promising option for managing postharvest diseases. Their environmentally friendly nature makes them valuable for sustainable and eco-friendly postharvest disease management. This study evaluated the antagonistic potential of epiphytic yeasts isolated from a local apple genotype known as “Niğde Elması” and a range of wild fruits: rosehip, hawthorn, and wild pear. There were 375 yeast isolates obtained and screened in vitro and in vivo. Initially selected were 32 isolates able to inhibit the growth of Alternaria alternata mycelia in the in vitro experiments and identified using molecular methods as candidate BCAs. These isolates were identified as Aureobasidium pullulans using sequence analysis of the internal transcribed spacer (ITS) and the translation elongation factor EF-1α gene (EF1α). Based on two rounds of in vivo screening, four isolates were subsequently selected for their capability to control the infection of apple fruits under high inoculum pressure. Finally, their volatile and non-volatile antimicrobial activity was tested against Alternaria spp. These findings showed how wild fruits and a local apple genotype could represent a promising source for new BCA isolation. However, further studies are needed to reveal the mechanisms of action of these putative BCAs for application during the postharvest processing and storage of apples

Visual Data Compression for Multimedia Applications

The compression of visual information in the framework of multimedia applications is discussed. To this end, major approaches to compress still as well as moving pictures are reviewed. The most important objective in any compression algorithm is that of compression efficiency. High-compression coding of still pictures can be split into three categories: waveform, second-generation, and fractal coding techniques. Each coding approach introduces a different artifact at the target bit rates. The primary objective of most ongoing research in this field is to mask these artifacts as much as possible to the human visual system. Video-compression techniques have to deal with data enriched by one more component, namely, the temporal coordinate. Either compression techniques developed for still images can be generalized for three-dimensional signals (space and time) or a hybrid approach can be defined based on motion compensation. The video compression techniques can then be classified into the following four classes: waveform, object-based, model-based, and fractal coding techniques. This paper provides the reader with a tutorial on major visual data-compression techniques and a list of references for further information as the details of each metho