why is there so much gold in the yukon

... supervisors to intervene before it is too late when a bank is in trouble. This would not be possible if the information was disclosed by the supervisors themselves. In any case, there are intrinsic ... 14 PART 1. WHY ARE THERE SO MANY BANKING CRISES? 19 Chapter 1. Why Are there So Many Banking Crises? Jean-Charles Rochet 21 1.1 Introduction 21 1.2 The Sources of Banking Fragility 23 1.3 The Lender ... this question. 17 Most empirical studies of market discipline indeed focus on market monitoring, i.e., indirect market discipline. The main question examined by this literature is: what is the...

Ngày tải lên: 10/08/2014, 07:21

... mention why subordinated debt can sometimes be a good instrument for generating market discipline. It can indeed provide direct market discipline since the cost of issuing new debt increases when the ... when the risk profile of the bank increases. Thus, if the bank is forced to issue subordinated debt on a regular basis, it will have incentives not to take too much risk. But there is also indirect market ... which, in per capita terms, is of the same order of magnitude as the total cost of the Savings and Loan crisis in the United States. A similar situation occurred in Japan during the Jusen crisis in...

Ngày tải lên: 10/08/2014, 07:21

... no-run equilibria also exist. We may therefore end up in an “always run” situation when disclosing (or increasing the precision of) the public signal while the economy is in the interior equilibrium ... respectively). In the first case the Goodfriend– King argument applies, while in the second case there is a specific role for the LLR policy. Thus we provide a theory of the LLR in crisis periods even in the ... expect this constraint to be more stringent in some countries than in others. This will indeed be the case owing to different roles of the banking industry, different costs of setting up a business,...

Ngày tải lên: 10/08/2014, 07:21

... discipline. Indeed, if the bank is forced by regulation to issue SD on a regular basis, it will have incentives not to take too much risk since the cost of issuing new SD increases when the risk ... again, the less efficient is bank supervision (the bigger is β S in this case), the more important is the role of the CB. If incentives for orderly closure are not provided, then separation of insolvent ... the screening constraint is binding, and if the optimal spread σ ∗ is lower than the interbank spread σ(β S = 0), then the CB can improve upon the unsecured interbank market solution by lending...

Ngày tải lên: 10/08/2014, 07:21

... issue is the question of the credibility of limited central bank involvement. 7 Interbank lending creates a “soft budget constraint” (SBC) when the borrowing bank is in distress and the lending ... the only way in which a bank can obtain liquidity at the interim date t = 1 2 is by borrowing from other banks (or issuing new CDs). The maximum amount of cash that can be raised in the way is ... “restricted impact of interbank monitoring,” in which the linkage from the borrowing bank’s liquidity shock to the lender’s outcome oper- ates solely through the continuation decision. That is, as in the autarky...

Ngày tải lên: 10/08/2014, 07:21

... existing systems. It is then easy to see that the concept of intraday overdrafts is much too restrictive, as they represent only part of the risk banks are in icting on the central bank; furthermore, ... failure costs. In exchange, the central bank must have the means to monitor and intervene. The central bank is then the banks’ banker in the strongest sense of the word. Everything is as if interbank ... that the insolvent bank is able to transfer to other banks through the payments system. In a diversified lending there is more diversification so that solvent banks exchange a larger fraction of their...

Ngày tải lên: 10/08/2014, 07:21

... 2 . Therefore, Eu( K 1 ) = u( y +à) dN(y) = U(à,); u being increasing, so is the mapping µ → u(µ + σy) (for all y), which implies that U is increasing in à; u being concave, so is the mapping (à, ... Continental Illinois debacle in 1984 and, to some extent, in arranging the private-sector rescue of Long Term Capital Management. 21 The failure of Barings in 1996 is an example of the crisis ... operating through the implicit subsidy generated by the interbank credit lines. This loosening of market discipline is the rationale for a more active role for monitoring and supervision with the...

Ngày tải lên: 10/08/2014, 07:21

... and the capital requirement is ineective. This case is completely uninteresting. Therefore, we may assume that α, V −1 ρ > 0. When the second constraint is binding, we have to distinguish ... shirking constraint becomes binding. However, when γ/D is smaller than this threshold, there is a conflict of interest, even in the absence of mispriced deposit insurance. It is similar to the ... that the numerator of the ratio is adjusted to incorporate intermediation profits on deposits, the capital ratio is an increasing function of the default risk. The trouble is that as soon as the...

Ngày tải lên: 10/08/2014, 07:21

Ngày tải lên: 10/08/2014, 07:21

Ngày tải lên: 01/11/2014, 19:44

... resulted in this panel, which is supposed to debate the necessity of continuing work in this area rather than to debate technical issues in the area. And yet if this problem has been solved, ... THERE STILL IS GOLD IN THE DATABASE MINE Madeleine Bates BBN Laboratories 10 Moulton Street Cambridge, MA 02238 Let me state clearly at the outset that I disagree with the premise that ... for all the Michigan doctors and Pennsylvania dentists, produced a list of all the people who were either doctors or dentists and who lived in either Michigan or Pennsylvania. This is the state...

Ngày tải lên: 21/02/2014, 20:20

Ngày tải lên: 12/08/2014, 18:22

... seen in clinical trials comparing these t-NRTI regimens with EFV-containing ART, which is rec- ommended as a preferred initial option in combination with 2 NRTIs by the DHHS guidelines.[1] The ... of the boosted PI, LPV/r, combined with 2 NRTIs, is the other regimen recommended by the DHHS guidelines as a preferred initial therapy.[1] In ACTG 5095, the overall rate of virologic success in ... little cross-resistance to other NRTIs. Nonthymidine-Containing ("TAM-Sparing") t-NRTI Regimens as Initial ART Clinical trials that have investigated the use of TDF as part of the NRTI backbone...

Ngày tải lên: 20/06/2014, 08:20

... borne by the young mothers with HIV who have to grapple with the terrible fear of transmit- ting HIV to their infants. A mother living in Soweto partic- ipating in an early infant diagnosis programme ... survival The HIV-exposed uninfected child living in environments where HIV is the most prevalent is at risk for many dis- eases, not only HIV. We add to the jeopardy of this child by some of the interventions ... effectiveness of this approach was demonstrated in the MTCT-Plus pro- gramme in Cote d'Ivoire [8]. This is a win-win interven- tion that treats the mother while preventing transmission. It is important...

Ngày tải lên: 20/06/2014, 08:20

... and then again when he moved from advertising into the executive-search arena. In fact, he per- sonally introduced this profession into Europe, launching his firm with a unique vision, comprising ... overnight. For these reasons, most managers don’t learn much from their own expe- rience in making people decisions—unless they also get some formal training and education in the basic tools of the trade. While ... as large as the decision as to whether the company will remain in its current indus- try or move to another one. In the wake of some recent corporate scandals, some people today are inclined to devalue...

Ngày tải lên: 28/06/2014, 21:20

... [2]. Previous studies have indicated that the risk of developing the disease in siblings of affected individuals is 2–17 times higher than in the general population, suggesting the importance of genetic ... haplotype. In the same way, the chromosome 2 linkage suggestion observed in the genome scan of our laboratory could not be totally explained by the findings of the ITGAV linkage; hence, with the overtransmission ... and linkage in sample 3 The trend for association of the C allele observed in sample 2 was in the same direction as the significant association observed in sample 1, without reaching statistical...

Ngày tải lên: 09/08/2014, 10:20

... laboratory has become interested in asporin in the human intervertebral disc following the finding of Song et al. of an association of the ASPN D14 allele with disc degeneration in Asians [10]. Our ... showing immunolocalization of asporin in the human disc. The objectives of the present study, therefore, were to determine the localization patterns of asporin within the human and sand rat intervertebral ... out a complete analysis of the localization of asporin in the aging/degenerating lumbar spine of the sand rat; we look forward to this future analysis. Conclusions In the discs of Caucasian subjects...

Ngày tải lên: 09/08/2014, 14:20

... exposure: pre-vitamin D is converted by solar ultraviolet B radiation in the skin into vitamin D. Skin pigmentation is a known risk factor for hypovitaminosis D since melanin, responsi- ble for the skin pigmentation, ... [46]. Implication of the hypothesis There is an inter-relationship between vitamin D metabo- lism, HAART therapy and immunity. Impaired vitamin D metabolism in macrophages, whether caused by vitamin D deficiency ... [30-32]. Food uptake is limited to vitamin D supplementation or consumption of oily fish [31]. Vitamin D is transported into the blood by the vitamin D-binding protein (VDBP) is converted in the liver by...

Ngày tải lên: 10/08/2014, 05:21

Ngày tải lên: 10/08/2014, 07:21

Ngày tải lên: 10/08/2014, 07:21