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Les dernières décennies ont vu un accroissement spectaculaire de la valeur, du nombre et de la vitesse des opérations sur titres transfrontalières, facilitées par les avancées technologiques. L'incertitude juridique quant à la loi régissant l'opposabilité, la priorité et les autres effets des transferts imposent d'importants coûts frictionnels même pour les opérations de routine, et constitue une contrainte importante affectant les réductions souhaitables des risques de crédit et de liquidité. Afin de pallier les incertitudes actuelles, la Dix-neuvième session diplomatique de la Conférence de La Haye de droit international privé a adopté à l'unanimité la Convention sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire (la Convention de La Haye sur les titres). Le présent volume apporte les explications les plus autorisées et complètes de la Convention. Il est divisé en deux parties : une introduction générale, qui propose un survol utile de la Convention et décrit de manière succincte ses éléments essentiels, et un commentaire complet de chaque article de la Convention. De nombreux exemples pratiques illustrent efficacement la nature et la teneur des commentaires.

Financial intermediation --- Security (Law) --- Law --- Collateral security --- Secured transactions --- Commercial law --- Debtor and creditor --- Finance --- Conflict of laws --- Comptes de dépôt de titres --- Custodian accounts --- Droit international privé

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Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier's accounts receivable and not the supplier's overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring. The author also discusses reverse factoring, which is a technology that can mitigate the problem of borrowers' informational opacity in business environments with weak information infrastructures if only receivables from high-quality buyers are factored. She illustrates the case of the Nafin reverse factoring program in Mexico and highlights how the use of electronic channels and a supportive legal and regulatory environment can cut costs and provide greater SME services in emerging markets.

Bank --- Banking Law --- Bankruptcy --- Banks and Banking Reform --- Collateralization --- Collection Services --- Cred Credit Risk --- Debt Markets --- Emerging Markets --- Enterprises --- Factoring --- Finance --- Finance and Financial Sector Development --- Financial Intermediation --- Financial Literacy --- Financial Systems --- Interest --- Law and Development --- Laws --- Lending --- Loans --- Private Sector Development --- Property --- Risk --- Services --- Value --- Working Capital

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This paper updates the Demirgu?-Kunt and Sobaci (2001) cross-country deposit insurance database and extends it in several important dimensions. This new data set identifies both recent adopters and the ones that were not covered earlier due to a lack of data. Moreover, for the first time, it provides historical time series for several variables and adds new ones. The data were collected by surveying deposit insurance institutions and related agencies as well as through the use of various other country sources.

Bank --- Bank Failures --- Banking --- Banking Systems --- Banks and Banking Reform --- Central Banks --- Currencies and Exchange Rates --- Debt Markets --- Deposit Insurance --- Deposit Insurance Coverage --- Deposit Insurance Schemes --- Emerging Markets --- Finance and Financial Sector Development --- Financial Intermediation --- Financial Literacy --- Financial Safety Nets --- Governments --- Guarantees --- Insurance and Risk Mitigation --- Insurance Design --- Insurance Law --- Law and Development --- Lender Of Last Resort --- Ministries Of Finance --- Moral Hazard --- Private Sector Development --- Risk --- Risk Taking --- Systemic Banking Distress --- Transition Economies --- Value

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The authors review the series of events that led to the 2002 Uruguayan banking crisis, assess the current status of the Uruguayan banking sector, and analyze the policy responses undertaken by the Uruguayan authorities to counteract the crisis. The main conclusion from their analysis is that although the immediate trigger for the crisis was caused by contagion resulting from Argentina's financial crisis, the spread and magnification of the crisis that engulfed the Uruguayan economy was amplified by certain weaknesses of the Uruguayan economy in general, and the domestic banking sector in particular. The authors also believe that the policy responses adopted by the Uruguayan authorities were mostly adequate, allowing Uruguay to successfully counteract simultaneous banking and public debt crises. Most important, the Uruguayan authorities were able to overcome a severe crisis while preserving the necessary trust in banking contracts, achieving a high level of social stability and political cohesion, and maintaining a fluid dialogue with multilateral financial institutions and all affected parties. The cooperative and consensual approach taken by the authorities created the necessary conditions to overcome some of the important obstacles to the recovery of the domestic banking sector.

Bank Policy --- Banking Crisis --- Banking Sector --- Banking System --- Banks and Banking Reform --- Contracts --- Currencies and Exchange Rates --- Currency --- Currency Mismatch --- Debt Crises --- Debt Markets --- Debt Restructuring --- Domestic Banking --- Emerging Markets --- Exchange --- Exchange Rate --- Finance and Financial Sector Development --- Financial Crisis --- Financial Crisis Management and Restructuring --- Financial Institutions --- Financial Intermediation --- Financial Literacy --- Government Debt --- International Financial Institutions --- Payment System --- Policy Responses --- Private Banks --- Private Sector Development --- Public Debt