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Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such effect is particularly strong in those middle-income countries that face financial constraints when hit by a shock or in its anticipation. Insurance makes defaults less appealing, relaxes countries' borrowing constraint, increases their creditworthiness, and enhances their access to capital markets. Catastrophe lending facilities providing "cheap" reconstruction funds in the aftermath of a natural disaster weaken but do not eliminate the demand for insurance.

Access to capital --- Bankruptcy and Resolution of Financial Distress --- Capital markets --- Catastrophe bond --- Catastrophe bonds --- Coordination failures --- Creditworthiness --- Debt Markets --- Defaults --- Developing countries --- Economic development --- Emerging Markets --- External finance --- Fair price --- Finance and Financial Sector Development --- Financial Intermediation --- Insurance --- Insurance market --- International bank --- Issuance --- Labor Policies --- Levy --- Natural disaster --- Natural disasters --- Private Sector Development --- Risk aversion --- Social Protections and Labor --- Sovereign default

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External financing conditions for developing countries have been remarkably favorable in recent months, reflecting expectations of a more drawn-out period of monetary policy accommodation in high-income countries and some narrowing of external vulnerabilities. Additional easing by the European Central Bank, combined with prospects of modest growth and stable inflation in the United States ( Goldilocks recovery ), helped pull down bond yields and volatility worldwide. These benign conditions currently provide support to capital inflows and activity across developing countries, but could at the same time increase the risk of greater and potentially more abrupt market adjustments ahead. Despite some reduction of current account deficits in several developing countries, many remain vulnerable to sudden shifts in investors sentiment and capital outflows. Following a brief period of market turmoil at the start of the year, global financing conditions have eased consider-ably from March to June. Bond spreads for developing countries (i.e. yield difference with 10-year U.S. Treasury bonds) have narrowed, bringing down average borrowing costs to their lowest level since the spring of 2013. Stock markets have also recovered rapidly from a significant sell-off in January/February, despite rising geopolitical tensions and evidence of disappointing activity in the first quarter of the year. As presented in the June 2014 edition of Global Economic Prospects, a more favorable global environment is reflected in upward revisions to capital inflow forecasts for developing countries, now projected to remain broad-ly stable as a percentage of GDP in 2014 and 2015, at around 5.6 percent, before declining again in 2016, to 5.1 percent. While baseline forecasts assume an orderly in-crease in long-term interest rates in high-income countries, the risk of more abrupt adjustments from current low levels has recently increased. Escalating geopolitical tensions or financial stress in some developing countries could also potentially trigger a sudden re-pricing of risk. Despite the recent narrowing of current account deficits in some developing countries, many remain vulnerable to a sharp increase in borrowing costs and/or significant currency depreciations, which could put additional strain on corporate and bank balance sheets.

Accounting --- Banking Sector --- Banks and Banking Reform --- Capital Flows --- Central Banks --- Commercial Banks --- Creditworthiness --- Currencies and Exchange Rates --- Debt Markets --- Developing Countries --- Emerging Markets --- Equity Markets --- Exchange Rates --- Federal Reserve --- Finance and Financial Sector Development --- Financial Crisis --- Financial Sector --- Financial Stability --- Foreign Direct Investment --- Foreign Ownership --- Inflation --- Labor Market --- Local Government --- Macroeconomics and Economic Growth --- Middle-Income Countries --- Monetary Policy --- Multinational Corporations --- Natural Resources --- Private Sector Development --- Public Debt --- Risk Aversion --- Securities --- Sovereign Debt --- Yield Curve

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Global financial conditions have improved substantially since July 2012, a reflection of the cumulative steps taken by high-income countries' central banks. Gross capital flows to developing countries, which weakened in mid-2012 due to Euro area turmoil, bounced back in the second half of the year. Foreign direct investment (FDI) inflows to developing countries are expected to have declined slightly in 2012 following increased uncertainty in global financial markets. Gross capital flows have remained strong so far in 2013, with January and February flows 47 percent higher than in the same period in 2012. The level of net capital flows going to developing countries is set to rise through 2015.

Access to Finance --- Accounting --- Bank Supervision --- Banking Sector --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Capital Flows --- Capital Requirements --- Central Banks --- Commodity Prices --- Creditworthiness --- Debt --- Debt Markets --- Developing Countries --- Emerging Markets --- Equity Markets --- Federal Reserve --- Finance and Financial Sector Development --- Financial Crisis --- Financial Institutions --- Financial Stability --- Foreign Direct Investment --- Foreign Ownership --- Information Asymmetry --- Interest Rates --- International Finance --- Labor Costs --- Low-Income Countries --- Monetary Policy --- Natural Resources --- Private Sector Development --- Privatization --- Public Debt --- Risk Aversion --- Sovereign Debt --- Trade Finance --- Wages

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Sports economics is a relatively new field of research that is experiencing rapid growth in the economics literature. The importance of the sports industry to economies coupled with the availability of financial and productivity data have made the study of sports economics a useful avenue for exploring research questions that have eluded mainstream economics fields. The main goal of this Special Issue of the International Journal of Financial Studies is to encourage theoretical and applied research in sports economics, which is of interest to both academics and practitioners. For this purpose, this Special Issue on “Sports Finance” invites papers on topics, such as, but not limited to, salary determination, ticket pricing, revenue sharing, salary caps, competitive balance, new stadium financing, rival league behavior, determinants of revenue, television and media, tournament prize structures, financial distress in professional sports, financial fair play, financial control of sports clubs, Third Party Ownership, financial efficiency in professional sports, budget constrains and sport performance, financial information of sports, ownership of professional sport clubs and Crowdfunding in sports. Papers on both professional and amateur sports are welcome.

earnings persistence --- subsidy --- M42 --- M41 --- fighting --- welfare --- salary --- financial health --- KHL --- college sports --- earnings predictability --- sports finance --- Z2 --- financial fair play --- Zuffa LLC --- audit fees --- payment failure --- finances --- soft budget constraint --- European football clubs --- revenue sharing --- mixed martial arts (MMA) --- effort --- financial recovery --- moments --- NHL --- JEL Classification --- profit maximisation --- country of origin --- professional team sport --- polarization --- uncertainty of outcome --- bonuses --- fighter performance --- grants --- hockey --- accruals --- Financial Fair Play --- audit shopping --- football --- UEFA --- risk aversion --- economics --- Ultimate Fighting Championship (UFC) --- World Extreme Cagefighting (WEC) --- regulation --- French soccer --- cricket --- disequilibrium modelling --- segmented labour market --- finance --- attendance

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This paper provides a synthetic overview of the link between food insecurity and conflict, addressing both traditional (civil and interstate war) and emerging (regime stability, violent rioting and communal conflict) threats to security and political stability. In addition, it addresses the various attempts by national governments, intergovernmental organizations, and civil society to address food insecurity and, in particular, the link with conflict. It begins with a discussion of the various effects of food insecurity for several types of conflict, and discusses the interactions among political, social, and demographic factors that may exacerbate these effects. It then discusses the capabilities of states, international markets, intergovernmental organizations, and nongovernmental organizations (NGOs) to break the link between food security and conflict by focusing on mechanisms that can shield both food consumers and producers from short-term price instability. Finally, it discusses projected trends in both food insecurity and conflict and concludes with some brief comments on policies that can build resilience in light of projections of higher and volatile food prices and a changing climate.

Agricultural Productivity --- Agriculture --- Animal Feed --- Apartheid --- Cash Crops --- Climate --- Climate Change --- Climate Change Economics --- Cognitive Development --- Collateral --- Commodity Prices --- Conflict and Development --- Crop Yields --- Democracies --- Developing Countries --- Economic Development --- Energy Subsidies --- Exchange Rates --- Expenditures --- Extreme Weather Events --- Feedstocks --- Financial Crisis --- Financial Institutions --- Food & Beverage Industry --- Food Assistance --- Food Consumption --- Food Production --- Food Security --- Food Subsidies --- Grains --- Hedge Funds --- Household Consumption --- Human Capital --- Human Rights --- Hunger --- Industry --- Inflation --- Insurance --- Interest Rates --- Low-Income Countries --- Macroeconomics and Economic Growth --- Maize --- Market Forces --- Marketing --- Meat --- Natural Disasters --- Natural Resources --- Pesticides --- Post Conflict Reconstruction --- Price Stability --- Price Volatility --- Rice --- Risk Aversion --- Risk Management --- Savings --- Social Capital --- Social Safety Nets --- Supply Side --- Surplus --- Transaction Costs --- Urbanization --- Wheat --- World Food Programme