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;Table of Contents: Project Finance Authorizations as of May 1997; Ex-Im Bank'sApproach to Political Risk Only (PRO) Process for Project Finance; Ex-Im Banks Approach Project Finance; Application Process; Project Criteria and Application
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The report discusses Japan's implementation of the yen/dollar agreement and the extent to which U.S. objectives for the agreement are being achieved or are likely to be achieved in the future. It is a follow-up to the April 20, 19...
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The report discusses Japan's implementation of the yen/dollar agreement and the extent to which U.S. objectives for the agreement are being achieved or are likely to be achieved in the future. It is a follow-up to the April 20, 1984, report, entitled Floating Exchange Rates in an Interdependent World: No Simple Solutions to the Problems (GAO/NSIAD-84-68). The yen/dollar agreement is in the form of a report to the U.S. Secretary of the Treasury and Japan's Minister of Finance from an ad hoc working group on exchange rate issues chaired at the under-secretary level. In negotiating the agreement, the U.S. Treasury sought to increase the use of the yen as an international currency, promote development of the Euroyen market, and liberalize the Japanese capital market by deregulating interest rates, expanding market instruments, and improving foreign access.
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The purpose of this project was to study representative examples of corporate initiatives for downtown development and to develop a generic model for corporate response to center city economic development issues. Working through i...
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The purpose of this project was to study representative examples of corporate initiatives for downtown development and to develop a generic model for corporate response to center city economic development issues. Working through its network of local downtown improvement organizations, I D E A identified 35 projects in 16 cities that demonstrate private sector commitment to downtown development. The study found that most projects still involve traditional real estate development, although most projects involve some sort of public participation in the form of loans, loan guarantees, infrastructure provision, etc. Importantly, corporations are taking an active role in developing strategies and mechanisms for addressing specific center city issues and/or for solving particular urban problems. The study found that, particularly in the case of these non-traditional projects, local downtown improvement organizations play a significant role.
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Using the Economic Value Created by Transportation to Fund Transportation presents information on financing mechanisms used by transportation agencies to capture a portion of the economic value created by public investment in tran...
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Using the Economic Value Created by Transportation to Fund Transportation presents information on financing mechanisms used by transportation agencies to capture a portion of the economic value created by public investment in transportation infrastructure to fund transportation improvements. The report provides an overview of ten types of value capture mechanisms and presents case examples of how transportation agencies have used these mechanisms to help fund specific highway projects.
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The Federal Aviation Administration (FAA), the Airport and Airway Trust Fund (Trust Fund), and the excise taxes that support the Trust Fund are scheduled for reauthorization at the end of fiscal year 2007. FAA is primarily support...
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The Federal Aviation Administration (FAA), the Airport and Airway Trust Fund (Trust Fund), and the excise taxes that support the Trust Fund are scheduled for reauthorization at the end of fiscal year 2007. FAA is primarily supported by the Trust Fund, which receives revenues from a series of excise taxes paid by users of the national airspace system (NAS). The Trust Fund's uncommitted balance decreased by more than 70 percent from the end of fiscal year 2001 through the end of fiscal year 2005. The remaining funding is derived from the General Fund. This report focuses on the portion of revenues generated from users of the NAS and addresses the following key questions: (1) What advantages and concerns have been raised about the current approach to collecting revenues from NAS users to fund FAA, and to what extent does available evidence support the concerns. (2) What are the implications of adopting alternative funding options to collect the revenues contributed by users that fund FAA's budget. (3) What are the advantages and disadvantages of authorizing FAA to use debt financing for capital projects. This report is based on interviews with relevant federal agencies, including FAA, the Office of Management and Budget, and the Congressional Budget Office. GAO also obtained relevant documents from these agencies, other key stakeholders, and academic and financial experts.
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In this study, the author uses mathematical models to establish the relationship between (1) loan interest rates and loan size and (2) operating costs and loan size. In the discussion of loan rate and loan size, the model is expla...
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In this study, the author uses mathematical models to establish the relationship between (1) loan interest rates and loan size and (2) operating costs and loan size. In the discussion of loan rate and loan size, the model is explained in terms of factors that would affect the interest rate charged. These factors include: use of collateral, fixed or floating interest rate, the demand status of the loan, and whether the lender had a prior commitment to make the loan as well as the size of the loan. In the discussion of operating cost and loan size, five influencing factors besides loan size were cited: Number of loans in the portfolio, the lender's mix of loan types, average loan size, lender's wage rate, and lender's numbr of full service loan size constant, the study found a substantial inverse relationship between operating costs and loan size. A bibliography is provided.
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The report analyzes the impact of California's Proposition 13 on local government financing and proposes alternative means of capital formation. Local governments need to accumulate large amounts of capital in order to provide pub...
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The report analyzes the impact of California's Proposition 13 on local government financing and proposes alternative means of capital formation. Local governments need to accumulate large amounts of capital in order to provide public services and improve government efficiency. Analysis of local government financial reports from 1973 through 1977 shows that capital outlays have grown more rapidly than personal income and will probably continue to increase 9 to 10 percent each year. Proposition 13's prohibition of general obligation bond issues will result in an estimated 26.7 - percent reduction in the availability of capital financing. Alternative approaches that could be taken by local governments include lease - revenue bonds, special tax bonds, repayment reserves, pay - as - you - go, and debt insurance. The State could provide grants, guarantees for local bonds, financial intermediation, debt subsidies, and reinstatement of general obligation credit. The report recommends that the State take the following actions: enact legislation allowing local governing bodies to seek voter approval for special taxes which can be used as security for special bonds, set up a program of interest subsidies for school districts, and establish a locally funded system of bond reserves as an additional source of security. The use of lease - revenue bonds should be discouraged. A State constitutional amendment to reinstate the ability of local governments to secure general obligation bonds with voter approval is suggested. The appendices contain descriptions of long - term debt instruments and statistics on types of long - term indebtedness. A bibliography is included.
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This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing,...
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This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture financing, local improvement districts, transportation corporations, state infrastructure banks, local option transportation taxes, fair share mitigation, and transportation concurrency. The financing alternatives are assessed in the context of Interchange Area Management Plans, which are required by the Oregon Transportation Commission, as well as in the context of the Oregon Department of Transportations responsibilities under the states Transportation Planning Rule.
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While a vast literature exists examining the link between firm investment and cash flow, few studies have examined the link between firm growth and internal funds, and those that exist have focused exclusively on publicly traded f...
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While a vast literature exists examining the link between firm investment and cash flow, few studies have examined the link between firm growth and internal funds, and those that exist have focused exclusively on publicly traded firms. This study posits that internal funds are critically important to small firm growth. While other studies have utilized Compustat and other databases containing responses from publicly traded firms, this study utilizes the Federal Reserve Boards Survey of Small Business Finances, a database containing responses from non-publicly traded firms with fewer than 500 employees. We show that small growth firms are more likely than non-growth firms to have lines of credit, motor vehicle loans, capital leases, equipment loans, and loans from both commercial banks and finance companies. We find a strong, positive relationship between internal funds and employment growth across small, private firms. In addition, we find that the relationship between internal funds and employment growth is especially important for very small and women-owned firms. These results highlight the importance of programs that effectively reduce the costs of borrowing and increase net profits in fostering the growth of small businesses, especially for very small and women-owned firms. For the practitioner working with small businesses, this study suggests that while outside capital is often needed, internal capital is critically important for the growth of small businesses.
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Charter schools are public schools that are exempt from a variety of local andstate regulations but that are held accountable for improving pupil outcomes. Some policymakers are concerned that difficulties in obtaining funding to ...
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Charter schools are public schools that are exempt from a variety of local andstate regulations but that are held accountable for improving pupil outcomes. Some policymakers are concerned that difficulties in obtaining funding to construct, lease, or renovate facilities may hinder the growth of these schools. You asked us to (1) determine the degree to which charter schools have access to traditional public school facility financing, (2) determine whether alternative sources of facility financing are available to charter schools, and (3) discuss potential options generally available to the federal government if it were to assume a larger role in charter school facility financing. To answer these questions, we reviewed state charter school laws and reports by various federal, state, and private entities that provided information on charter schools nationwide, including 'The State of Charter Schools 2000' issued by the Department of Education. We interviewed experts who have a national perspective on these issues. To obtain more detailed information about how charter schools finance their facilities, we also interviewed officials in eight states-Arizona, California, Colorado, Florida, Michigan, Minnesota, North Carolina, and Texas-that account for more than 60 percent of all charter schools. In addition, we interviewed federal officials, private lending companies, and major credit rating agencies about facility financing options for charter schools.
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