how overconfident math geeks nearly destroyed the global financial system

... gain access to the financial system If there is obscurity about their ownership, banks and other financial institutions may not be able to discover the identity of the beneficiary of the account ... international financial institution (IFI) programs and the integrity of the IFIs themselves Thus, we urge the IMF and the World Bank to continue to conduct an authoritative review of their financial ... credibility and integrity are not undermined by financial crime Further, in order to fight effectively against the abuse of the global financial system, we must not allow poor regulatory standards,...

Ngày tải lên: 17/02/2014, 21:20

... take them by surprise The first sound they’ll hear is their heads hitting the floor.” It was Thursday morning, September 4, 2008, and we were in the Oval Office of the White House discussing the ... supportive of the proposed actions Because of the capital deficiency, the safety and soundness of Fannie Mae was at risk, and that in turn imperiled the stability of the financial system It was in the ... would leak, and they’d fight They’d go to their many powerful friends on Capitol Hill or to the courts, and the resulting delays would cause panic in the markets We’d trigger the very disaster...

Ngày tải lên: 01/11/2014, 23:21

... enterprise.” The defendant(s) are not the enterprise; in other words, the defendant(s) and the enterprise are not one and the same There must be one of four specified relationships between the defendant(s) ... an act in furtherance of the corrupt payment to take place within the territory of the United States There is, however, no requirement that such act make use of the U.S mail or other means or ... that are listed at the top of the emerging markets You will see a lot of the same countries on both lists Global Corporate Governance Forum The World Bank and OECD launched the Global Corporate...

Ngày tải lên: 03/11/2014, 16:47

... third, the rest of the Latin American countries are positioned in the middle of the ranking 4.5 Putting the indicators to work: how did they correlate with real credit growth during the global financial ... 22% Graph s hows separately the two variables that form the financial- pressures-adjusted monetary stance variable for 2007, the year previous to the crisis The vertical axis shows the pure monetary ... claim that the financial systems of emerging market economies with the highest values of the resilience indicators during the pre-crisis period were best prepared to cope with the global financial...

Ngày tải lên: 06/03/2014, 08:20

... externalities in the financial sector (Brunnermeier, 2009) The widespread bank failures in the U.S and Europe at the peak of the global financial crisis provided casual support to the first premise ... to weaken the connections between the macroeconomic environment in the run-up to the crisis and the likelihood of subsequent bank failure These hypotheses are taken to the data in the next sections ... II places the paper in the context of the literature Section III presents the dataset, discusses the criteria for the partition of the sample, and describes some stylized facts on the evolution...

Ngày tải lên: 22/03/2014, 21:20

... (such as the Asian financial crisis, Japan’s banking crisis, or the Latin American debt crisis) can occur without seriously infecting the rest of the global financial system But when the U.S financial ... financial system stumbles, it may bring major parts of the rest of the world down with it.6 The reason is that the United States is the main guarantor of the international financial system, the provider ... Committee on the Global Financial System, and Committee on Payment and Settlement Systems 15 In addition to the mandate of the Financial Stability Forum (to assess vulnerabilities affecting the financial...

Ngày tải lên: 23/03/2014, 02:20

... is due to the fact that the wavelength (or resolution) of the carrier phase, 19 cm in the case of L1 frequency, is much smaller than those of the codes There is, however, one problem The carriers ... separation between the two receivers, the more similar the errors and biases Therefore, if we take the difference between the measurements collected at these two GPS receivers, the 24 Introduction ... result of the changes in the sun’s radiation and the Earth’s magnetic field For example, the F1 layer disappears during the night and is more pronounced in the summer than in the winter [14] The question...

Ngày tải lên: 27/06/2014, 14:20

... (such as the Asian financial crisis, Japan’s banking crisis, or the Latin American debt crisis) can occur without seriously infecting the rest of the global financial system But when the U.S financial ... financial system stumbles, it may bring major parts of the rest of the world down with it.6 The reason is that the United States is the main guarantor of the international financial system, the provider ... Committee on the Global Financial System, and Committee on Payment and Settlement Systems 15 In addition to the mandate of the Financial Stability Forum (to assess vulnerabilities affecting the financial...

Ngày tải lên: 09/08/2014, 20:20

... international financial architecture.” The question still is out as to whether the Bretton Woods system should be changed from one in which the United States is the buttress of the international financial ... build another factory when existing ones sit idle? U.S Leadership Position Another issue raised by the global financial crisis has been the role of the United States on the world stage and the U.S ... regulation The global financial crisis resulted from a confluence of factors and processes at both the macrofinancial level (across financial sectors) and at the micro -financial level (the behavior...

Ngày tải lên: 09/08/2014, 20:20

... of the Financial Crisis :The Rise and Fall of Risky Mortgage and Other Debt CRS-32 The Global Financial Crisis: Analysis and Policy Implications Following the Asian financial crisis, much of the ... was no suprafinancial authority The Downward Slide The plunge downward into the global financial crisis did not take long It was triggered by the bursting of the housing bubble and the ensuing ... into the United States For those countries deemed to be vulnerable to the effects of the financial crisis, however, the effect was precisely the opposite Demand for their currencies fell and their...

Ngày tải lên: 09/08/2014, 20:20

... carrying their share of the responsibility for stimulating their economies to an extent that is commensurate with the size of their economy Since the start of the financial crisis, the European ... over the growing financial and economic turmoil, have increased the political stakes for European governments and their leaders The global economic crisis is straining the ties that bind together ... European Systemic Risk Council and a European System of Financial Supervisors European countries have been concerned over the impact the financial crisis and the economic recession are having on the...

Ngày tải lên: 09/08/2014, 20:20

... was published by the European Commission to chart the course ahead for the members of the EU to reform the international financial governance system The de Larosiere Report The de Larosiere Report ... Committees that oversee the financial sector The EU plan, however, would accelerate the plan proposed by the de Larosiere group by combining the two phases outlined in the report Using the de Larosiere ... When the European Union released its “Framework for Action” in response to the immediate needs of the financial crisis, it was moving to address the long-term requirements of the financial system...

Ngày tải lên: 09/08/2014, 20:20

... he considered the FSB to be the “fourth pillar” of the modern global economy, along with the IMF, the World Bank and the World Trade Organization The FSB will help to ensure that the rules governing ... act to stem the global imbalances because the crisis had underlined the interconnectedness of the financial system and how joint action could be more effective China has long been the target of ... homes pulled back in the Northeast, the South, and the Midwest, showing that a budding recovery in the housing market remained weak Economists said it was too soon to say whether the drop represented...

Ngày tải lên: 09/08/2014, 20:20

... from 5.8% in the previous quarter as government spending helped to overcome the worst of the global downturn but drought threatens to stall the recovery The worst effects of the global financial ... currency, the yuan or renminbi That’s prompted concern about the future of the U.S dollar, the dominant global currency for trade and investment But just how far can China push others to use the yuan? ... Banks and other financial institutions are lobbying against fair-value accounting for their asset holdings They claim many of their assets are not impaired, that they intend to hold them to maturity...

Ngày tải lên: 09/08/2014, 20:20

... This marked the deepest contraction in the economy since the first quarter of 1974, when the global economy was reacting to the oil shock, and the second-biggest decline in growth in the post-war ... In preparation for the London Leaders’ summit in April, world leaders are drafting responses to the global financial crisis The extent to which they agree on the causes of the crisis will be ... 2009 Despite the global economic downturn the Chinese government is increasing investment in Africa and the Middle East Chinese-African Congressional Research Service 129 The Global Financial Crisis:...

Ngày tải lên: 09/08/2014, 20:20

... Turkey, the U.K., and the United States, and also the European Union.) Financial Services Authority (FSA), The Turner Review: A Regulatory Response to the Global Banking Crisis, March 2009 (The FSA ... 20 The U.N.’s International Labor Organization projects that the global financial crisis could add at least 20 million people to the world’s unemployed, bringing the total to 210 million by the ... commitment to resolve the current crisis, strengthen financial institutions, restore confidence in the financial system, and provide a sound economic footing for citizens and businesses They stated that...

Ngày tải lên: 09/08/2014, 20:20

... on the integration of the GPS with other systems The GPS applications in the various fields are given in Chapter 10 The book ends with Chapter 11, which covers the other satellite navigation systems ... structure, the GPS modernization, and the key types of the GPS measurements An in-depth discussion of the errors and biases that affect the GPS measurements, along with suggestions on how to overcome them, ... GPS positioning and the issue of the ambiguity resolution of the carrier-phase measurements The various GPS services available on the market and the standard formats used for the various types...

Ngày tải lên: 14/08/2014, 10:22

... before, the ranges from the receiver to the satellites are needed for the position 20 Introduction to GPS computation Either the P-code or the C/A-code can be used for measuring the pseudorange The ... is due to the fact that the wavelength (or resolution) of the carrier phase, 19 cm in the case of L1 frequency, is much smaller than those of the codes There is, however, one problem The carriers ... separation between the two receivers, the more similar the errors and biases Therefore, if we take the difference between the measurements collected at these two GPS receivers, the 24 Introduction...

Ngày tải lên: 14/08/2014, 10:22

... example, the F1 layer disappears during the night and is more pronounced in the summer than in the winter [14] The question that may arise is: How would the ionosphere affect the GPS measurements? The ... combinations of the GPS observables will improve the positioning accuracy However, these are not the only factors that affect the resulting GPS accuracy The satellite geometry, which represents the geometric ... number called the dilution of precision (DOP) The lower the value of the DOP number, the better the geometric strength, and vice versa [3, 8] The DOP number is computed based on the relative receiver-satellite...

Ngày tải lên: 14/08/2014, 10:22

... smooth mathematical surface, called the reference surface, to approximate the irregular shape of the earth (more precisely to approximate the global mean sea level, the geoid) [1, 2] One such mathematical ... depending on whether the old or the improved NAD 83 system is used Although the sizes and shapes of the reference ellipsoids of the WGS 84 and the old NAD 83 are almost identical; their origins ... easting (Figure 4.8) The false northing and false easting take different values, depending on whether we are in the northern or the southern hemisphere For the northern hemisphere, the false northing...

Ngày tải lên: 14/08/2014, 10:22