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That said, combining credit and property prices appears to be the most parsimonious way to capture the core features of the link between the financial cycle, the business cycle and financial crises (see below). Analytically, this is the smallest set of variables needed to replicate adequately the mutually reinforcing interaction between financing constraints (credit) and perceptions of value and risks (property prices). Empirically, there is a growing literature documenting the information content of credit, as reviewed by Dell’Arricia et al (2012), and property prices (eg, IMF (2003)) taken individually for business fluctuations and systemic crises with serious. | E WIPO WORLD INTELLECTUAL PROPERTY ORGANIZATION ORIGINAL ENGLISH FINANCIAL REGULATIONS AND RULES OF THE WORLD INTELLECTUAL PROPERTY ORGANIZATION WIPO Applicable as from January 1 2008. Amended on October 1 2009 January 1 2010 October 1 2010 OctOber 5 2011 and October 9 2012. In case of differences between the original and the translated versions the original version shall prevail. WIPO Financial Regulations and Rules page ii WIPO Financial Regulations and Rules page iii CONTENTS CHAPTER 1 GENERAL PROVISIONS. 9 Applicability and authority.9 Regulation 1.1.9 Rule 101.1.9 Responsibility and accountability . 9 Rule 101.2.9 Definitions . 9 Rule 101.3.9 Financial period.10 Regulation 1.2.10 Effective date.10 Regulation 1.3.10 CHAPTER 2 THE PROGRAM AND BUDGET.10 Authority and responsibility .10 Regulation 2.1 . 10 Regulation 2.2. 11 Rule 102.1.11 Presentation content and methodology .11 Regulation 2.3. 11 Regulation 2.4.11 Regulation 2.5.11 Rule 102.2.11 Review and approval.11 Regulation 2.6.11 Regulation 2.7.12 Regulation 2.8.12 Publication of the approved program and budget.12 Rule 102.3.12 Supplementary and revised budget requirements.12 Regulation 2.9.12 Regulation 2.10.12 Supplementary and revised program and budget proposals review and approval.12 Regulation 2.11.12 Rule 102.4.13 Regulation 2.12.13 Unforeseen and extraordinary expenses.13 Regulation 2.13.13 Rule 102.5.13 Program and budget performance and evaluation.13 Regulation 2.14.13 Rule 102.6.13 Regulation 2.15.13 CHAPTER 3 FUNDS .13 Financing of appropriations.13 Regulation 3.1.13 A. ASSESSED CONTRIBUTIONS.14 Assessed contributions.14 Regulation 3.2.14 Amount of assessed contribution.14 Regulation 3.3.14 Request for payment of assessed contributions.14 Regulation 3.4.14 Payment of assessed contributions.14 Regulation .
