the politics and mechanisms of control

... teach these lectures in many other places: the Oslo BI School of Management (March 2002), the Bank of Finland (April 2002), the Bank of England (May 2002), Wuhan University (November 2002 and December ... Economic Review, the Journal of the European Economic Association, the Journal of Financial Intermediation, and the Economic Review of the Federal Reserve of New York—for giving me the right to use ... supervisors is then to represent the interests of depositors (or rather of the DIF) vis-à-vis banks’ managers and shareholders • Macroprudential policy is justified by the (partial) failure of the market...

Ngày tải lên: 10/08/2014, 07:21

... following the observation of private signals on the future realization of R If the proportion x of these withdrawals exceeds the cash reserves M of the bank, then the bank is forced to sell some of ... both the amount of equity and the riskiness of assets are taken as given As a consequence of our assumptions, the relation between the proportion x of early withdrawals and the failure of the ... all of the banks was provided, but the stockholders of the banks were not expropriated and some managers remained in charge As a result the cost was huge, of the order of 8% of GDP For Norway (and...

Ngày tải lên: 10/08/2014, 07:21

... of the liquidity ratio m and the solvency (E/I) of the bank, of the critical withdrawal probability γ, and of ¯ the expected return on the bank’s assets R (ii) R ∗ is an increasing function of ... well as the profit rates of the bankers in different states of the world, as a function of E (the equity of the bank) and the parameters characterizing investment returns and bankers’ actions The object ... constraint of the bank manager 35 Furthermore, given the monotonicity of the likelihood ratio φ(R | e = 0)/φ(R | e = 1), the optimal region of continuation is of the cutoff form More specifically, the...

Ngày tải lên: 10/08/2014, 07:21

... discussion of the issue and a model of the IMF’s preferred creditor status to mitigate financial crises 24 Memorandum of Understanding between HM Treasury, the Bank of England, and the FSA (Available ... two effects: it raises the issue of the feasibility of the efficient allocation in the presence of an interbank market; and it limits the role of the CB to situations in which the interbank market ... for the collateral, relieving the FED of the risk of falling collateral value.” Of course, the risk is shifted onto the DIF 20 In the Eurosystem all credit operations by the European System of...

Ngày tải lên: 10/08/2014, 07:21

... the lower the value of the interbank loan and the higher the overall liquidity shock of bank While the qualitative features of the implementation of the optimum are clear, the exact details of ... between the banks and the DIF on the one hand, and pure public supervision on the other hand Proposition 4.3 A purely private organization of the banking sector leads to too many closures in the ... (ρ1 , ρ2 ) denote the vector of liquidity shocks encountered by the two banks at date We maximize the same weighted sum of the welfares of banks and and their depositors as in the autarkic case,...

Ngày tải lên: 10/08/2014, 07:21

... crisis, the Mexican, Asian, and Russian crises, and the crisis of the Long Term Capital Management hedge fund have all shown the importance of the intervention of the central banks and of the international ... monitor each other 7.3 Resiliency and Market Discipline in the Interbank System In the next two sections we tackle the issue of the impact of the insolvency of one bank on the rest of the system ... structured and what should be the role of the lender of last resort (LLR) A good illustration of the wedge between theory and reality is provided by the deposits shift that followed the distress of Bank...

Ngày tải lên: 10/08/2014, 07:21

... uncertainty and we focus on the implications of the insolvency of one bank in terms of market discipline and the stability of the system In particular in proposition 7.4 we show how the structure of interbank ... another location have the natural interpretation of demand of goods of other countries, i.e., import demand Goods of the other country can be purchased through currency (like in autarky in the ... λ > 2α/D0 , liquidation of banks or does not trigger the liquidation of either of the other two banks Proof To prove (i) notice that if bank is closed then X1 = and x = Then D2 = X2 R = (1 − (D0...

Ngày tải lên: 10/08/2014, 07:21

... similar to the conflict of interest between bondholders and shareholders of undercapitalized firms Figure 9.2 represents the typical pattern of the value of the bank’s equity E, as a function of the value ... Value of the Bank The value of the bank (when assets are monitored) equals the expected present value of future cash flows βAt , net of the monitoring cost r γ, until the stopping time τL (the first ... consider the general case in which both µ and σ are altered by the banker’s decision In the absence of shirking, the value of the bank’s equity is given by a simple formula in the spirit of equation...

Ngày tải lên: 10/08/2014, 07:21

... level of risk chosen by the bank Then they examine the complementarity between two policy instruments of bank regulators: the level of capital requirements and the intensity of supervision In the ... (2000), and Milne and Whalley (2001) that analyze the impact of solvency regulations and supervision intensity on the behavior of commercial banks Let us briefly summarize the main findings of these ... possibility of strategic default In the other strand of the literature, Merton (1977, 1978) is the first to use a diffusion model for studying the behavior of commercial banks He computes the fair...

Ngày tải lên: 10/08/2014, 07:21

... average the fiscal cost of each of these recent banking crises was of the order of 12% of the country’s GDP but exceeded 40% in some of the most recent episodes in Argentina, Indonesia, Korea, and ... all of the banks was provided, but the stockholders of the banks were not expropriated and some managers remained in charge As a result the cost was huge, of the order of 8% of GDP For Norway (and ... teach these lectures in many other places: the Oslo BI School of Management (March 2002), the Bank of Finland (April 2002), the Bank of England (May 2002), Wuhan University (November 2002 and December...

Ngày tải lên: 01/11/2014, 19:44

... modifying the values in the data row, and thus the dataset In short, the data row holds the original state of the Customers row, whereas the class-level variables hold the current state At the moment, ... to add code to the click event of the Retrieve button to use the constructor, as well as a method that copies the values of the object to the form's text boxes Listing 9.25 shows the code behind ... data from the database If not, an exception is thrown that notifies the developer of the problem Of course, a developer could ignore your exception and attempt to access the properties of the object,...

Ngày tải lên: 24/12/2013, 06:17

... differently to these caps due to the short air pollutant lifetimes and dominance of northern over southern hemispheric emissions (Figs 4b and 4c) The northern hemisphere contributes the most to the global ... induced by the capping of SOx Note that these climate calculations in Figure omit the cooling effects of the CO2 reductions caused by the lessening of the inhibition of the land sink by ozone (Figure ... Consideration of these effects, which may be very important, will require calculation in the EPPA model of the impacts of NOx, CO, VOC and SOx emission reductions on the cost of using coal, oil, and gas...

Ngày tải lên: 17/02/2014, 22:20

... bacteria The development of a pool of resistance genes and the ability of the gonococci to maintain these determinants of resistance within their genetic coding is part of the very nature of N. gonorrhoeae ... minimum of 95% of the population infected in any particular setting (1) The prevention and control of gonorrhoea is an important public health intervention because of the magnitude of the problem and ... should be used to: • study the costing of aspects of AMR and control of the impact of AMR, in order to transfer the knowledge and capacities from one setting to another and better plan for scale-up...

Ngày tải lên: 18/02/2014, 15:20

... intermediate [11] The sum of these ndings points at the involvement of more than one active oxidant in the diverse types of P450-catalyzed substrate processing [1215] The goal of the present perspective ... which small alterations in the environment can cause drastic changes in the reactivity of the active species [76] Further support in favour of the idea of the involvement of a high-valent iron-oxene ... [301], mimicking the rst part of the aromatization process The above peroxo species was also found to be able of rapidly reacting with an enolized analogue of the A and B rings of androstenedione...

Ngày tải lên: 19/02/2014, 16:20

... signals the barrier, one of the waiting threads is allowed to proceed, and the semaphore is incremented to -3 But then no one signals the semaphore again and none of the other threads can pass the ... to the wait, it will proceed immediately Either way, the order of a1 and b1 is guaranteed 12 Basic synchronization patterns This use of semaphores is the basis of the names signal and wait, and ... College I used the first edition of The Little Book of Semaphores along with one of the standard textbooks, and I taught Synchronization as a concurrent thread for the duration of the course Each...

Ngày tải lên: 15/03/2014, 11:20

... parts comprising mainly the b-strands The loops between strands B and C, known as the ‘hypervariable loop‘, D and E, E and F, F and G, and G and H are particularly tolerant of longer insertions ... exactly the reverse of the situation observed for the CCP1single and CCP2single modules and probably reflects the complex interdependence of the modules in terms of internal dynamics and may also ... typically given in terms of the square of the generalized order parameters, S2, as the rate of physical restriction of NH motion, and of effective correlation time, se, on the ps to ns range Extremely...

Ngày tải lên: 15/03/2014, 23:20

... turn, further decrease the quality of the lymphatic capillary of these roles are certainly interconnected, here we focus on the role of lymphatics in lipid absorption, the consequences of lymphatic ... lipids to their storage depot in the adipocytes On the other hand, the vasculature also transports factors (adipokines) and nutrients (such as free fatty acids) from these cells in time of metabolic ... not appear to have the same negative systemic consequences on metabolism [6] At the other end of the spectrum is the condition of lipodystrophy, wherein the dramatic loss of adipose tissue triggers...

Ngày tải lên: 29/03/2014, 22:21

... each other in number, order and identifiers of the enumeration elements In contrast, the assignment of a result to the value of a variable is allowed as long as the type of the result is the same ... description of the effects and interactions of action qualifiers In order to gain a better understanding of the action control, a copy (instance) of the action control block is assigned to each action Therefore, ... promoting the benefits and advantages of standardizing PLC programming to a large extent 2.3 Basic features in IEC 61131-3 From the point of view of the application engineer and the control systems...

Ngày tải lên: 04/04/2014, 13:46

... experiment time (min) The primary function of the frontalis is to raise the eyebrow; hence, contraction of the frontalis often accompanies movement of the skin proximal to the eyebrow Muscle-contraction ... signal is generated by the unfused mechanical activities of motor units The bulk movement of the muscle and asynchronous activation of fibers at the initiation and end of contraction creates ... manner that they normally would when seated at a desk: they were free to blink, sway their chair slightly, move their head and talk without moving their eyebrows or the strap The number of true positives...

Ngày tải lên: 19/06/2014, 08:20

... to distinguish the adsorbed layer from the substrate features Obviously, the control of the kinetic growth mechanisms of Au on mica is a prerequisite for control of the film nano- and micro-structure ... number of     i 1 (y i  y )  N    data points of the profile, y i are the data points that describe the relative vertical height of the surface, and y is the mean height of the surface ... the vapor pressure at the surfaces of the cluster, P(R), depending on the curvature of the surface and it is driven by the minimization of the total surface free energy For Figure AFM image of...

Ngày tải lên: 21/06/2014, 05:20