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

Arrojar luz sobre la DCR en China

Aunque, en China, ACNUR procesa todas las solicitudes individuales de determinación de la condición de refugiado, la información que se ha hecho pública acerca de este mandato es escasa. Arrojar luz sobre el procedimiento actual ayuda a identificar los retos y oportunidades que existen en relación con la protección de los refugiados en China

The door behind the bamboo curtain - Chinese law and policy on refugee status

This thesis systematically considers the law and policy on refugee status in the People’s Republic of China. It considers relevant Chinese legal provisions, applicable bilateral and multinational treaties, as well as China’s refugee policy and practice. It also presents and analyses first-hand information collected through interviews with refugees and aid workers. China is an emerging destination of refugees and other displaced foreigners. Although China is a party to the 1951 Convention relating to the Status of Refugees and its 1967 Protocol, Chinese law contains no provisions governing the definition of a refugee or the determination of refugee status. Further, there is a gap between the criteria for asylum in the 1982 Chinese Constitution and the criteria for refugee status in the 1951 Convention. In practice, although the Chinese government has generally allowed the United Nations High Commissioner for Refugees to process individual applications for refugee status, the Chinese government has practically performed the function of refugee status determination in large-scale influx situations through policy decisions. In these situations, the security, political, and strategic interests of China have often overshadowed China’s commitment under the 1951 Convention. China has been cautious about recognising refugees on its territory. However, the Chinese government has clearly demonstrated a growing interest in addressing the issue of refugee recognition within a more formalised framework. In conclusion, this thesis recommends that China adopt a legal refugee definition in line with the 1951 Convention relating to the Status of Refugees and develop a predictable and fair national RSD mechanism