TAILIEUCHUNG - FINANCIAL REGULATIONS AND RULES OF THE WORLD INTELLECTUAL PROPERTY ORGANIZATION (WIPO)*

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 Regulation Rule Responsibility and accountability . 9 Rule Definitions . 9 Rule Financial Regulation Effective Regulation CHAPTER 2 THE PROGRAM AND Authority and responsibility .10 Regulation . 10 Regulation . 11 Rule Presentation content and methodology .11 Regulation . 11 Regulation Regulation Rule Review and Regulation Regulation Regulation Publication of the approved program and Rule Supplementary and revised budget Regulation Regulation Supplementary and revised program and budget proposals review and Regulation Rule Regulation Unforeseen and extraordinary Regulation Rule Program and budget performance and Regulation Rule Regulation CHAPTER 3 FUNDS .13 Financing of Regulation A. ASSESSED Assessed Regulation Amount of assessed Regulation Request for payment of assessed Regulation Payment of assessed Regulation .

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