Assessing the Climate Governance Contribution and Future of the Clean Development Mechanism

This article assesses the contribution of the clean development mechanism (cdm) to climate governance. The cdm emerged as the key offset mechanism under the Kyoto Protocol, but its contribution to climate governance remains contested. This article deconstructs the cdm by evaluating the mechanism’s dominant critiques and offers a synthesised analysis of its core design and operational defects. The implications of the Paris Agreement, particularly the prospect of a successor mechanism to the cdm, are evaluated, and inform this article’s vision of a reconstructed mechanism as an important component in the evolving carbon markets infrastructure. Although such a reconstructed mechanism would continue to build a base of regulatory experience in less developing countries, this article suggests that the framework emerging under the Paris Agreement should more carefully circumscribe the cdm’s future role. Finally, this article concludes by considering the potential climate governance contribution of a reconstructed cdm.

Determinants of banks liquidity: evidence from OIC countries

Purpose Specifically, the purpose of this paper is to identify the key factors affecting banks’ liquidity in developing/less-developing countries. Design/methodology/approach In this paper, the author uses the ordinary least-square fixed effect model on an unbalanced panel data set of all conventional banks (686 banks) operating in the organization of Islamic cooperation countries over the period 1989-2008. Findings The estimation results show that all the determinants have statistically significant relationship with liquidity (except for concentration) but with different signs. On the one hand, capital ratio, foreign ownership, credit risk, inflation rate, monetary policy and deposit insurance negatively affected banks’ liquidity, while on the other hand, efficiency, size, off-balance sheet activities, market capitalization and concentration have a positive link with banks’ liquidity. Originality/value According to the best of author’s knowledge, this is the first empirical study to investigate the determinants of banks liquidity in developing/less-developing countries using a large sample of banks (686 banks) and for long period (19 years).