Guaranty Program Research Articles

Текущий статус метафилактики мочекаменной болезни в Российской Федерации

Urolithiasis is one of the most common urological diseases in adults. Increased life expectancy of the population in developed countries, make urolithiasis topical issue and requires close attention. Due to the high risk of recurrent stone formation causing repeated surgical interventions, the issue of effective urinary stone metaphylaxis is very important today.To study the current state of the problem of urolithiasis metaphylaxis among Russian urologists, an anonymous questionnaire was applied. A 25-question questionnaire was sent to e-mail to more than 4,000 Russian urologists. A total of 1,238 specialists completed the questionnaire. The database compiled from the received responses was processed and presented with descriptive statistics in the form of tables and charts.According to the survey, more than half of the 831 (67.1%) specialists specialized in the treatment of urolithiasis. It was noted that 626 (86%) inpatient urologists and 205 (40%) outpatient urologists specialized in the treatment of urolithiasis. Only 521 (69.6%) urologists specializing in surgical treatment of urolithiasis give a patient a stone fragment to analyze its chemical composition. At the same time, half of the respondents reported that less than 10% of patients come to them for further metaphylaxis. One of the main reasons for not analyzing the chemical composition of the stone was the fact that 877 (70,84%) specialists indicated the inaccessibility of analysis under the state guarantee program, 503 (40,63%) specialists indicated the patients satisfaction with the results of minimally invasive surgical treatment and lack of sufficient motivation for further examinations. At the same time, less than 3% of specialists can perform stone analysis within the framework of the state guaranty program. 1180 (96,8%) respondents practiced the prophylaxis of recurrent calculi formation, but only 336 (28,47%) performed comprehensive metabolic examination of all patients followed by prescription of drug therapy and appropriate diet.Our survey revealed low involvement of urologists at the outpatient level in the process of conservative treatment and metaphylaxis of urolithiasis, low activity of urologists in performing complex metabolic study and comprehensive prevention of recurrent stone formation, low percentage of performing chemical composition analysis of stone and low activity of urologists in performing primary litholytic therapy of urate stones. Based on this analysis of the responses of most Russian urologists, it is possible to formulate recommendations to remove the obstacles to providing patients with urolithiasis with quality medical care in terms of conservative therapy and metaphylaxis of urolithiasis.

Mortgage subsidies, homeownership, and marriage: Effects of the VA loan program

This paper analyzes the effect of mortgage subsidies on homeownership and marriage. The empirical design exploits both access to the Veteran’s Administration Loan Guaranty Program and geographic variation in house prices. The results show that veterans living in one standard deviation higher house price areas had 22.7 percent higher homeownership and 8.7 percent higher marriage. These differences cannot be explained by differences in income or educational attainment. The evidence supports that reductions in the down payment constraint mattered more than the relative cost homeownership. This suggests that mortgage subsidies affect housing demand through both the homeownership and household formation channels.

Robert C. Merton and the Science of Finance

Starting with his 1970 doctoral dissertation and continuing to today, Robert C. Merton has revolutionized the theory and practice of finance. In 1997, Merton shared a Nobel Prize in Economics “for a new method to determine the value of derivatives.” His contributions to the science of finance, however, go far beyond that. In this article I describe Merton's main contributions. They include the following: 1. The introduction of continuous-time stochastic models (the Ito calculus) to the theory of household consumption and investment decisions. Merton's technique of dynamic hedging in continuous time provided a bridge between the theoretical complete-markets equilibrium model of Kenneth Arrow and the real world of personal financial planning and management. 2. The derivation of the multifactor Intertemporal Capital Asset Pricing Model (ICAPM). The ICAPM generalizes the single-factor CAPM and explains why that model might fail to properly account for observed market excess returns. It also provides a theory to identify potential forward-looking risk premia for use in factor-based investment strategies. It is therefore both a positive and normative theory. 3. The invention of Contingent Claims Analysis (CCA) as a generalization of option pricing theory. CCA applies the technique of dynamic replication to the valuation and risk management of a wide range of corporate and government liabilities. Merton's CCA model for the valuation and analysis of risky debt is known among scholars and practitioners alike as the Merton Model. 4. The development of financial engineering, which employs CCA to design and produce new financial products. Merton was the first to apply CCA to analyze government guaranty programs such as deposit insurance, and to suggest improvements in the way those programs are managed. He and his students have applied his insights at both the micro and macro policy levels. 5. And finally, the development of a theory of financial intermediation that explains and predicts how financial systems differ across countries and change over time. Merton has applied that theory, called functional and structural finance, to guide the design and regulation of financial systems at the levels of the firm, the industry, and the nation. He has also used it to propose reforms in pensions, sovereign wealth funds, and macrostabilization policy. This article is one of a pair of articles published in this volume about Robert C. Merton's contributions to the science of financial economics. This article was originally published in Volume 11 of the Annual Review of Financial Economics. The other article in this pair is “ Robert C. Merton: The First Financial Engineer ” by Andrew W. Lo.

Robert C. Merton and the Science of Finance

Starting with his 1970 doctoral dissertation and continuing to today, Robert C. Merton has revolutionized the theory and practice of finance. In 1997, Merton shared a Nobel Prize in Economics “for a new method to determine the value of derivatives.” His contributions to the science of finance, however, go far beyond that. In this article I describe Merton's main contributions. They include the following: 1. The introduction of continuous-time stochastic models (the Ito calculus) to the theory of household consumption and investment decisions. Merton's technique of dynamic hedging in continuous time provided a bridge between the theoretical complete-markets equilibrium model of Kenneth Arrow and the real world of personal financial planning and management. 2. The derivation of the multifactor Intertemporal Capital Asset Pricing Model (ICAPM). The ICAPM generalizes the single-factor CAPM and explains why that model might fail to properly account for observed market excess returns. It also provides a theory to identify potential forward-looking risk premia for use in factor-based investment strategies. It is therefore both a positive and normative theory. 3. The invention of Contingent Claims Analysis (CCA) as a generalization of option pricing theory. CCA applies the technique of dynamic replication to the valuation and risk management of a wide range of corporate and government liabilities. Merton's CCA model for the valuation and analysis of risky debt is known among scholars and practitioners alike as the Merton Model. 4. The development of financial engineering, which employs CCA to design and produce new financial products. Merton was the first to apply CCA to analyze government guaranty programs such as deposit insurance, and to suggest improvements in the way those programs are managed. He and his students have applied his insights at both the micro and macro policy levels. 5. And finally, the development of a theory of financial intermediation that explains and predicts how financial systems differ across countries and change over time. Merton has applied that theory, called functional and structural finance, to guide the design and regulation of financial systems at the levels of the firm, the industry, and the nation. He has also used it to propose reforms in pensions, sovereign wealth funds, and macrostabilization policy.

Robert C. Merton and the Science of Finance

Starting with his 1970 doctoral dissertation and continuing to today, Robert C. Merton has revolutionized the theory and practice of finance. In 1997, Merton shared a Nobel Prize in Economics “for a new method to determine the value of derivatives.” His contributions to the science of finance, however, go far beyond that. In this article I describe Merton's main contributions. They include the following: 1. The introduction of continuous-time stochastic models (the Ito calculus) to the theory of household consumption and investment decisions. Merton's technique of dynamic hedging in continuous time provided a bridge between the theoretical complete-markets equilibrium model of Kenneth Arrow and the real world of personal financial planning and management. 2. The derivation of the multifactor Intertemporal Capital Asset Pricing Model (ICAPM). The ICAPM generalizes the single-factor CAPM and explains why that model might fail to properly account for observed market excess returns. It also provides a theory to identify potential forward-looking risk premia for use in factor-based investment strategies. It is therefore both a positive and normative theory. 3. The invention of Contingent Claims Analysis (CCA) as a generalization of option pricing theory. CCA applies the technique of dynamic replication to the valuation and risk management of a wide range of corporate and government liabilities. Merton's CCA model for the valuation and analysis of risky debt is known among scholars and practitioners alike as the Merton Model. 4. The development of financial engineering, which employs CCA to design and produce new financial products. Merton was the first to apply CCA to analyze government guaranty programs such as deposit insurance, and to suggest improvements in the way those programs are managed. He and his students have applied his insights at both the micro and macro policy levels. 5. And finally, the development of a theory of financial intermediation that explains and predicts how financial systems differ across countries and change over time. Merton has applied that theory, called functional and structural finance, to guide the design and regulation of financial systems at the levels of the firm, the industry, and the nation. He has also used it to propose reforms in pensions, sovereign wealth funds, and macrostabilization policy. This article is one of a pair of articles published in this volume about Robert C. Merton's contributions to the science of financial economics. This article was originally published in Volume 11 of the Annual Review of Financial Economics. The other article in this pair is “Robert C. Merton: The First Financial Engineer” by Andrew W. Lo.

Cold War Modernists: Art, Literature, and American Cultural DiplomacyGregBarnhisel. New York: Columbia University Press, 2015.

War Modernists: Art, Literature, and American Cultural Diplomacy Greg Barnhisel. New York: Columbia University Press, 2015.Cultural diplomacy is loosely defined as the type of diplomacy that promotes American culture and prestige abroad through various methods and forms, such as art exchanges and educational exchanges, to achieve US cultural influence abroad. American culture as part of diplomacy was not fully explored until the middle 1930s when the Roosevelt administration decided that cultural and educational exchanges were important to US foreign policy. After World War II, cultural diplomacy was heavily targeted toward the Communist bloc countries during the War.The author, who is an associate professor of English, Duquesne University, argues that the antibourgeois and anticommercial movement of modernism was re framed in War propaganda as a collection of artistic techniques and stylistic tools, such as literary magazines, traveling art exhibitions, touring musical shows, and radio programs which became linked with the West's own self-conception of the free, self-determined individual. The CIA, the State Department, private cultural diplomats transformed modernist literature into pro-Western propaganda during the first decade of the War.There is a good introduction and five chapters which define various aspects of what the author considers to be War modernism in the context of American cultural diplomacy during the 1950s. The important first chapter focuses on the use of the visual arts by official cultural diplomats in the State Department and, later, the United States Information Agency (USIA). The 1947 Advancing American Art exhibition that toured Europe featured many avantgarde and modernist works, including numerous abstract expressionist paintings, that initiated a backlash against the use of these works in official exhibitions by cultural conservatives such as Congressman George Dondero (R-MI) and President Harry Truman. This chapter explores the tension between the intellectuals in the State Department and the CIA and the populists or conservatives in the Truman and Eisenhower White Houses and in Congress who debated whether cosmopolitan modernism could legitimately represent American values and interests.In Chapter Three, Cold Warriors of the Book, the author describes the various programs used to get American books to markets and influence readers in Western Europe, Taiwan, Japan, Yugoslavia, Czechoslovakia, and Hungary, and the criteria by which particular literary titles were selected for (or excluded from) these programs. Through the public-private partnership known as the Informational Media Guaranty program, the Books in Translation program (which still exists in a much reduced form today), and the covert subvention of foreign publications, the State Department disseminated millions of American books to their target audiences. American modernist literature played only a small part in this project, which tended to include regionalist writers such as Willa Cather and William Faulkner. Of particular interest is a description of Faulkner's USIA goodwill ambassador visits to foreign nations, including Brazil (1954), Japan (1955), Athens (1957), the Soviet Union (1958) and Venezuela (1961), and the many travails US embassy staff in those countries endured in handling Faulkner who was not always steady and on course. …

Should U.S. Economic Sanctions against North Korea Be Lifted?

IntroductionIn contrast to U.S. economic sanctions against Cuba that virtually all economists agree should be lifted, voices on lifting U.S. economic sanctions against Korea have been rare and weak (Whitty et al., 2006). One reason for the difference is that U.S. economic sanctions against Cuba began on February 3, 1962, when President John F. Kennedy signed into law Presidential Proclamation 3447, but Cuba's hostility toward the United States has not been threatening like Korea's hostility to U.S. allies, which has been violent at times. other reason is that economists have estimated U.S. exports to Cuba to be more than twice the amount of U.S. imports from Cuba when U.S. sanctions against Cuba are lifted (Chang, 2005, p. 30), but no one expects economic benefits to the U.S. to be greater than economic benefits to Korea when U.S. sanctions against Korea are lifted.As Korea's threat to international peace, real or perceived, continues to attract serious attention from the United States and Korea's four neighboring countries, the role of U.S. economic sanctions against Korea is also expected to attract greater attention during the on-again, off-again negotiations. Reviewed first in this paper is the history of U.S. economic sanctions against Korea, this being followed by an analysis of the future of economic sanctions against Korea, based on the hypothesis that the long and sometimes violent history of the relationship between Korea and the U.S. allies makes it difficult for the United States to unilaterally lift its sanctions against Korea without concessions on security issues.The History of U.S. Economic Sanctions against KoreaOn June 28, 1950, only three days after the outbreak of the Korean War, the United States invoked a total embargo on exports to Korea on the basis of the Export Control Act of 1949. This embargo was the beginning of a long series of U.S. economic sanctions against Korea. total embargo was followed by President Truman's Presidential Proclamation 2914 on December 16, 1950, which effectively invoked additional economic sanctions against Korea under thenexisting laws. presidential proclamation was allowed under the Trading with the Enemy Act of 1917. A few days later, the U.S. Treasury Department issued Foreign Assets Control Regulations (FACR) to forbid any financial transactions involving, or on behalf of, Korea and China (Rennack, 2003, p. CRS-12).In 1951, the United States passed the Trade Agreement Extension Act that required the suspension of Most Favored Nation (MFN) trade status for all munist except Yugoslavia. Korea was denied MFN trade status on September 1, 1951. denial still continues to this date: The United States grants MFN status or better to countries that account for more than 99 percent of global global exports, and thus denial of MFN would clearly be abnormal. Indeed, in 1998, the term 'most-favored-nation,' or MFN, was officially changed to the more appropriate 'normal-trade-relations' or (Preeg, 1999, p. 4). This denial of NTR has effectively banned imports of Korean products to the U.S. market. On August 26, 1955, the U.S. State Department issued its first International Traffic in Arms Regulations (ITAR), which denied exports and imports of defense articles and defense services, destined for or originating in certain countries: North Korea has been listed as a restricted country from the ITAR's inception (Rennack, 2003, p. 11).On September 4, 1961, the Foreign Assistance Act was passed, authorizing U.S. government foreign aid programs that encompassed a wide range of development assistance, such as economic support funding, numerous multilateral programs, housing and other credit guaranty programs, the Overseas Private Investment Corporation, international organizations, debt-for-nature exchanges, international disaster assistance, and more. …

The Interest Cost Effect of Private Municipal Bond Insurance

This paper examines the impact of private municipal bond insurance on the interest costs of local government bonds. Based on the examination of True Interest Costs of both guaranteed and non-guaranteed municipal bonds over a three year period, results indicate that, on average, the interest costs of guaranteed bonds are significantly less than costs estimated for bonds without such protection. Investors in insured municipal bonds seem to demand a greater risk premium for the insurance coverage as the underlying credit rating of the issue rises. The explosive post-war growth in the volume of new tax-exempt financing has generally been absorbed by domestic capital markets, except during periods of tight credit. The demand for high quality municipal issues during tight credit periods, accompanied by rising interest rates, generally creates an environment that limits the access of issuers with lower rated bonds to long-term funds having economically affordable rates that do not exceed statutory ceilings. One of several public and private responses to the problem of limited access to affordable municipal financing has been the development of private municipal bond insurance. This insurance assures investors that in the event of issuer default, bondholders will promptly receive the scheduled coupon and principal payments from the guarantor. Since 1975 the demand for municipal bond insurance has increased dramatically, due in part to shifts in investor perceptions of risk brought about by the New York City fiscal crisis and the realization that a number of other municipalities were also faced with serious financial difficulties. As more municipalities experience financial difficulties, private bond guaranty programs will become an increasingly important force in the market for taxexempt debt. Thus, it is essential that the effect of bond insurance on interest costs of guaranteed municipal bonds be examined. The intent of this study is to determine whether the use of private municipal bond insurance reduced interest costs to local government participants. More specifically, a central objective is to compare interest costs of guaranteed municipal bonds with the estimated interest costs of those same governmental units' bonds had they issued bonds without a guarantee. Results presented here indicate that, on average, the interest costs of guaranteed bonds are

THE INTEREST COST EFFECT OF PRIVATE MUNICIPAL BOND INSURANCE

This paper examines the impact of private municipal bond insurance on the interest costs of local government bonds. Based on the examination of True Interest Costs of both guaranteed and non-guaranteed municipal bonds over a three year period, results indicate that, on average, the interest costs of guaranteed bonds are significantly less than costs estimated for bonds without such protection. Investors in insured municipal bonds seem to demand a greater risk premium for the insurance coverage as the underlying credit rating of the issue rises. The explosive post-war growth in the volume of new tax-exempt financing has generally been absorbed by domestic capital markets, except during periods of tight credit. The demand for high quality municipal issues during tight credit periods, accompanied by rising interest rates, generally creates an environment that limits the access of issuers with lower rated bonds to long-term funds having economically affordable rates that do not exceed statutory ceilings. One of several public and private responses to the problem of limited access to affordable municipal financing has been the development of private municipal bond insurance. This insurance assures investors that in the event of issuer default, bondholders will promptly receive the scheduled coupon and principal payments from the guarantor. Since 1975 the demand for municipal bond insurance has increased dramatically, due in part to shifts in investor perceptions of risk brought about by the New York City fiscal crisis and the realization that a number of other municipalities were also faced with serious financial difficulties. As more municipalities experience financial difficulties, private bond guaranty programs will become an increasingly important force in the market for taxexempt debt. Thus, it is essential that the effect of bond insurance on interest costs of guaranteed municipal bonds be examined. The intent of this study is to determine whether the use of private municipal bond insurance reduced interest costs to local government participants. More specifically, a central objective is to compare interest costs of guaranteed municipal bonds with the estimated interest costs of those same governmental units' bonds had they issued bonds without a guarantee. Results presented here indicate that, on average, the interest costs of guaranteed bonds are

Insolvency Insurance for Private Plans

After five years of experience in administering Title IV of the Employee Retirement Income Security Act of 1974 (ERISA),' the Pension Benefit Guaranty Corporation (PBGC) is presently considering proposals for substantial modification of the original structure of the plan termination insurance program that ERISA instituted in 1974. This reevaluation of some of the assumptions underlying the original provisions of Title IV suggests that the basic benefit guaranty program and its accompanying imposition of liability upon employers who terminate underfunded plans may be in need of alteration.2 ERISA was designed to strengthen the integrity and financial responsibility of private retirement plans. To that end, Titles I and II of the Act contain salutary requirements with respect to participation, vesting, funding, disclosure, fiduciary accountability and other aspects of the operation of ongoing private pension plans.3 However, Congress recognized that despite the provisions of Titles I and II, some defined benefit pension plans4 would terminate without sufficient assets to pay promised benefits in full. To protect employees from complete or substantial loss of benefits in such

Revere Copper and Brass, Incoroporated-Overseas Private Investment Corporation: Arbitral Award In Dispute Involving U.S. Investment Guaranty Program

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Anaconda Company and Chile Copper Company-Overseas Private Investment Corporation: Arbitration of Dispute Involving U.S. Investment Guaranty Program

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International Telephone and Telegraph Corporation, Sud Americaoverseas Private Investment Corporation: Arbitration of Dispute Involving U.S. Investment Guaranty Program

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International Bank of Washington-Overseas Private Investment Corporate Arbitration of Dispute Involving U.S. Investment Guaranty Program

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In the Matter of the Arbitration Between Valentine Petroleum & Chemical Corporation and Agency For International Development.

Damages — Measure of — Indirect damages and damages for loss of profits — Heads of damage recoverable for cancellation of concession — Investment under U.S. Investment Guaranty Program Whether future profits from operation of concession to run oil refinery recoverable — Concession cancelled before refinery constructed.State responsibility — Kinds of — For revocation of concessionary contracts — Unilateral annulment of concession — Grant of substantially similar concession by Government to third party — Applicability of local remedies rule — Investment guaranteed under United States Investment Guaranty Program — Heads of damage recoverable under Contract of Guaranty — Loss of future profits — Sums expended on services contributing to investment project — Salary of sole stockholder.

United States-Haiti: Exchange of Notes Concerning Additional Coverage for Investors Under U.S. Guaranty Program

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Valentine Petroleum & Chemical Corporation-U.S. Agency For International Development: Arbitration Of Dispute Involving U.S. Investment Guaranty Program

Valentine Petroleum & Chemical Corporation-U.S. Agency For International Development: Arbitration Of Dispute Involving U.S. Investment Guaranty Program

Valentine Petroleum & Chemical Corporation-U.S. Agency for International Development: Arbitration of Dispute Involving U.S. Investment Guaranty Program

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The Investment Guaranty Program: Problems of Administration

The Investment Guaranty Program: Problems of Administration

The Investment Guaranty Program of the United States

The Investment Guaranty Program of the United States