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Let us then review what the providers of official development assistance were up to after having learned the lessons from such crises. So far no one can even discern whether such instruments will ease or deepen the crisis, or whether some time, under a still undefined regulation and supervision framework, help the economies and peoples, or be instrumental to financial speculation.

Securitization of Transnational Crime - Oxford Scholarship

First of all, let us just remind the reader the WB is a public international organization and a multilateral development bank financed with public monies from the taxpayers of both rich and poor countries. Let us now review just a few of its activities and operations as related to structured financial instruments.

Beschloss, dismissing suggestions that the bank, which has many impoverished countries as members, might lean on her to invest with the heart as well as the head. Late last year, Mrs. Beschloss bet that the Bank of England would raise interest rates. June — Legal and regulatory considerations for residential mortgage backed securitization in developing economies — The cases of Malaysia and Mexico. Introduction to the project: Legal and regulatory issues are, in some jurisdictions, the most complex and costly issues to resolve prior to the initiation of a successful residential mortgage-backed securitization RMBS program.

Our objective is, via at least two case studies, to work through the legal review and remediation process inherent before any RMBS can be instituted. Conclusion — Malaysia: At this time, it appears that there exist numerous significant impediments to the development of an effective RMBS market in Malaysia.


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However these impediments may be overcome legislatively as was done in Mexico. Conclusion — Mexico: The Mexican legal context is sufficiently developed so as to allow effective RMBS; however, certain legislative amendments are required. The idea of introducing asset securitization in this country originated born in The World Bank was looking at the problems faced by the non-bank financial institutions, or NBFIs, in mobilizing funds from the market.

The four-year journey to reach this goal has been rough and bumpy. There were tax and incentive problems, regulatory barriers, and knowledge and skill shortages to overcome. An international securitization expert was brought to familiarize the various actors with the concept of securitization. I understand that all the PFIs under FIDP are preparing to issue their own asset-backed securities to mobilize funds directly from the market. It is encouraging that several other financial institutions are also poised to float their own asset-backed securities.

Certain generalizable traits for effective cooperation can be extrapolated from the case study. First, the need for allocation regimes that are based on percentages, rather than absolute quantities in order to avoid unrest in years of stress. As a result, this will place policy prescriptions and lifestyle changes on the perpetrators of injustice rather than on the most vulnerable.

To facilitate the incorporation of situated knowledge in cooperative agreements, the decentralization of water management is imperative. By placing water governance on local entities, not only does it empower those affected by the water crisis directly, but it also fights against the decisionist and slow-acting attitude inherent of water securitization.

Additionally, this will facilitate the implementation of evaluation, re-negotiation and enforcing mechanisms, which should also be clearly stated and delineated in written agreements. Lastly, expanding the negotiation to include allocation of benefits, rather than just the resource itself, allows parties to move beyond zero-sum games and create resilient cooperative regimes—in the case of the Cauvery dispute, there is no discussion whatsoever on anything but water allocation.

Areas Of Concentration

Accessed May 5th, New Delhi: Cook, Christina and Karen Bakker. Dalby, Simon. Matthew, Daoudy, Marwa. Fischhendler, Itay. Accessed May 17, Floyd, Rita. An afterword. Giordano, Mark, Meredith A.

Asset Securitization: Chapman and Cutler LLP

Giordano and Aaron T. Accessed May 27, Doi: Hardt, Judith N. Hough, Peter. New York: Routledge, IPCC Edenhofer, O. Pichs-Madruga, Y. Sokona, E.

Farahani, et al. IPCC, Field, C. Barros, D. Dokken, K. Mach, et al. Mehta, Lyla. Whose property? The case of water in Western India. Oels, Angela. Ramasubramanian, R. February 11, Ravishankar, Sandhya.

A Missionary’s Death in India’s Highly Securitized Andaman Islands

January 15, Sadoff, Claudia W. Accessed May 3, Selby, Jan and Clemens Hoffman. Tertrais, Bruno. Trombetta, Maria Julia. Waghmare, Abhishek. Cocaine production has enabled paramilitaries and parapoliticians to fully integrate themselves into Colombian society. Guinea Bissau became a narco state almost overnight when the balloon effect moved the cocaine trade into West Africa. We have now reached the point where the tragic irony of securitisation is made truly manifest.

The power dynamics have shifted such that significant power is moving from the state to criminals and paramilitaries. Far from preserving and promoting security, the extraordinary measures of the global securitisations have fundamentally compromised the security of a number of nation states. This is providing the wake up call that is stirring former and serving Government leaders in Latin America to call for substantive debates on alternatives to global prohibition. How can we bring normal scrutiny to bear upon the regime of prohibition?

What is needed is to shift from a securitised approach to one that is founded upon the three pillars of the United Nations, namely human rights,development and security [6] :.

International security and the global war on drugs: The tragic irony of drug securitisation

Exposing drug policy to evidence based scrutiny is one of the keys to building a bridge between the threat-based approach and a three pillar approach, as per UN norms. One way to do this is to call upon policy makers to apply the established policy scrutiny tool of Impact Assessment IA [8] to expose the failure of the war on its own terms. A useful way to determine the best mix of evidence-based drug policies is through an independent, neutral process that all stakeholders can support, because it does not commit anyone to a particular position in advance.

One way to achieve this is through IAs of drug policy, at the national and international levels, that compare the economic, environmental and social costs and benefits of existing policies with a range of alternatives.

A call for IA is essentially a call for better evidence, and a structured approach to assessing policy options to inform debate and determine the best way forward. As such it is politically neutral, and a very reasonable request to policy makers. Policy makers need to show that prohibition is really delivering on development, security and rights.

Conclusion — the global drug control system is in crisis. The time has come to explore alternatives. One of the members of the Committee who voted for the above recommendation was an up and coming backbencher, David Cameron. He has failed to repeat this call since becoming Prime Minister. There is no doubt that prohibition is in crisis — from producer and transit countries, to predominantly consumer nations. However, the geopolitical obstacles to reform are significant and substantial moves, at a global level, away from the status quo are, more than likely, years away.

In the meantime it is the responsibility of all those involved in the policy making process to assert the need for an evidence based approach that includes exploration of alternative policy options.

In the security field this could take the form of a series of Security Impact Assessments. The need for a normalised approach to drug policy, based upon promoting development and security within the context of a human rights approach , is needed now more than ever - to create a policy environment conducive to ending the war on drugs, and replacing it with one that is effective, just and humane.

I am indebted to my colleague Emily Crick, for bringing me the securitisation framework and the numerous conversations we had about it. This paper would not have come about were it not for her input. I am forever grateful to Damon Barrett, human rights policy analyst at Harm Reduction International, for his advice and assistance on the three pillar approach to policy development and evaluation.

Thanks also to Kyle Grayson for his generous and comprehensive feedback on an earlier draft of this paper. In larger freedom: Towards development, security and human rights.

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