Analisi del rischio sistemico a livello globale

Uno studio del rischio sistemico a livello globale è reso necessario dagli effetti della crescente globalizzazione che rendono le grandi banche internazionali parte di un network bancario globale. Di conseguenza, la fragilità finanziaria all’interno di questo network globale non influenza i mercati a livello di singolo paese ma interessa i mercati di più paesi diversi. In questo capitolo si analizzano in particolare i risultati di un interessante studio di Bostandzic, Pelster e Weiss (2014) condotto sulle determinanti del rischio sistemico utilizzando un campione internazionale di grandi banche che permette loro di analizzare il rischio sistemico a livello globale, anziché limitarsi ad uno studio del rischio sistemico a livello di area geografica e/o paese. Gli autori, potendo analizzare il rischio sistemico attraverso sistemi regolamentari e di supervisione eterogenei nel mondo, tentano di identificare i fattori sotto il diretto controllo delle autorità regolamentari che guidano la fragilità finanziaria globale. Il quesito dal quale parte il dibattito recente (nel quale si colloca questo contributo) è in che misura la regolamentazione e la vigilanza bancaria internazionale possano contenere l’alimentazione del rischio di instabilità del sistema finanziario? L’evidenza empirica disponibile mostra come una regolamentazione e una vigilanza più stringenti possano ridurre il grado di accettazione del rischio delle banche (vedi Barth et al., 2004; Buch e DeLong, 2008; Laeven e Levine, 2008) e, di conseguenza, rafforzare la solidità del sistema finanziario. D’altro canto, le richieste anche da parte dell’opinione pubblica di regole e controlli più severi sulle banche hanno sollevato le proteste dei grandi manager bancari. Questi ultimi lamentano che i recenti obblighi (Basilea 3) così onerosi in termini di qualità e quantità di capitale regolamentare minimo bancario abbiano un’influenza negativa sulla performance delle banche deteriorando la redditività bancaria e quindi, in seconda battuta, anche la stabilità del sistema finanziario. Dagli anni ‘90 la letteratura finanziaria evidenzia come livelli più alti di capitale bancario possano funzionare come cuscinetti contro le perdite, rendendo i fallimenti bancari meno probabili e allineando maggiormente gli interessi di azionisti, creditori e depositanti della banca (vedi Keeley e Furlong, 1990; Dewatripont e Tirole, 1994; Berger et al., 1995; Acharya et al., 2011; Herring e Calomiris, 2011). Tuttavia, la teoria economica ha anche sottolineato come elevati requisiti di capitale possano, diversamente, incentivare la banca ad accettare livelli di rischio più elevati minando la stabilità finanziaria globale (vedi Koehn e Santomero, 1980; Kim e Santomero, 1988; Besanko e Kanatas, 1996; Calem e Rob, 1999). Il maggior risultato al quale perviene questo studio sui driver di rischio sistemico sotto il diretto controllo delle autorità regolamentari bancarie è l’esistenza di una relazione negativa tra livello di capitale (Tier 1) bancario e rischio sistemico e di una relazione positiva tra ampiezza o dimensione della banca e alimentazione del rischio sistemico. Le implicazioni politiche di questi risultati empirici sono duplici. La prima è che la scelta politica intrapresa dalle autorità a livello mondiale di innalzare l’ammontare di capitale di tipo Tier1 va nella giusta direzione di ridurre il contributo delle banche al rischio sistemico, come misurato coerentemente dalle diverse misure di fragilità finanziaria analizzate. La seconda è che anche la decisione di monitorare in maniera particolarmente stringente le caratteristiche della dimensione e del grado di interconnessione delle grandi banche, fino all’eventualità di dividerle se too-big-to-fail, è pienamente giustificata dalla necessità di contrastare la fragilità del sistema finanziario nella sua globalità. Questi risultati scientifici sembrano quindi concordano con la scelta attualmente intrapresa dalle autorità regolamentari di imporre alle grandi banche dei requisiti di capitalizzazione aggiuntivi che tengono conto di alcune caratteristiche bancarie, prime tra tutte, l’ampiezza e l’interconnessione, oltre che di indicatori contabili strettamente legati al modello di business e di finanziamento adottato dalle banche

Tangent bundle geometry from dynamics: application to the Kepler problem

In this paper we consider a manifold with a dynamical vector field and inquire about the possible tangent bundle structures which would turn the starting vector field into a second order one. The analysis is restricted to manifolds which are diffeomorphic with affine spaces. In particular, we consider the problem in connection with conformal vector fields of second order and apply the procedure to vector fields conformally related with the harmonic oscillator (f-oscillators) . We select one which covers the vector field describing the Kepler problem.Comment: 17 pages, 2 figure

Tensorial dynamics on the space of quantum states

A geometric description of the space of states of a finite-dimensional quantum system and of the Markovian evolution associated with the Kossakowski-Lindblad operator is presented. This geometric setting is based on two composition laws on the space of observables defined by a pair of contravariant tensor fields. The first one is a Poisson tensor field that encodes the commutator product and allows us to develop a Hamiltonian mechanics. The other tensor field is symmetric, encodes the Jordan product and provides the variances and covariances of measures associated with the observables. This tensorial formulation of quantum systems is able to describe, in a natural way, the Markovian dynamical evolution as a vector field on the space of states. Therefore, it is possible to consider dynamical effects on non-linear physical quantities, such as entropies, purity and concurrence. In particular, in this work the tensorial formulation is used to consider the dynamical evolution of the symmetric and skew-symmetric tensors and to read off the corresponding limits as giving rise to a contraction of the initial Jordan and Lie products.Comment: 31 pages, 2 figures. Minor correction

Las formas de manifestaciones del derecho procesal : la jurisprudencia

Fil: Díaz, Clemente A. Universidad de Buenos Aires. Facultad de Derecho. Cátedra Derecho Procesal I. Buenos Aires, Argentina"En Revista Juridica de Buenos Aires, N0 11/86, se publicó las dos primeras partes de este trabajo.

An exploratory study of the hard X-ray variability properties of PG quasars with RXTE

We have monitored with the RXTE PCA the variability pattern of the 2-20 keV flux in four PG quasars (QSOs) from the Laor et al. (1994) sample. Six observations of each target at regular intervals of 1 day were performed. The sample comprises objects with extreme values of Balmer line width (and hence soft X-ray steepness) and spans about one order of magnitude in luminosity. The most robust result is that the variability amplitude decreases as energy increases. Several options for a possible ultimate driver of the soft and hard X-ray variability, such as the influx rate of Comptonizing relativistic particles, instabilities in the accretion flow or the number of X-ray active sites, are consistent with our results.Comment: Contributed talk presented at the Joint MPE,AIP,ESO workshop on NLS1s, Bad Honnef, Dec. 1999, to appear in New Astronomy Reviews; also available at http://wave.xray.mpe.mpg.de/conferences/nls1-worksho

Regulation of mitochondrial permeability transition pore by PINK1

Background: Loss-of-function mutations in PTEN-induced kinase 1 (PINK1) have been linked to familial Parkinson’s disease, but the underlying pathogenic mechanism remains unclear. We previously reported that loss of PINK1 impairs mitochondrial respiratory activity in mouse brains. Results: In this study, we investigate how loss of PINK1 impairs mitochondrial respiration using cultured primary fibroblasts and neurons. We found that intact mitochondria in PINK1−/− cells recapitulate the respiratory defect in isolated mitochondria from PINK1−/− mouse brains, suggesting that these PINK1−/− cells are a valid experimental system to study the underlying mechanisms. Enzymatic activities of the electron transport system complexes are normal in PINK1−/− cells, but mitochondrial transmembrane potential is reduced. Interestingly, the opening of the mitochondrial permeability transition pore (mPTP) is increased in PINK1−/− cells, and this genotypic difference between PINK1−/− and control cells is eliminated by agonists or inhibitors of the mPTP. Furthermore, inhibition of mPTP opening rescues the defects in transmembrane potential and respiration in PINK1−/− cells. Consistent with our earlier findings in mouse brains, mitochondrial morphology is similar between PINK1−/− and wild-type cells, indicating that the observed mitochondrial functional defects are not due to morphological changes. Following FCCP treatment, calcium increases in the cytosol are higher in PINK1−/− compared to wild-type cells, suggesting that intra-mitochondrial calcium concentration is higher in the absence of PINK1. Conclusions: Our findings show that loss of PINK1 causes selective increases in mPTP opening and mitochondrial calcium, and that the excessive mPTP opening may underlie the mitochondrial functional defects observed in PINK1−/− cells

Facilitating the interaction with data warehouse schemas through a visual web-based approach

In most respects, there are implicit drawbacks concerning representation and interaction with data in relational-database applications. On the one hand, there is a lack of expressiveness and ease of use in the user interfaces that handle such data. On the other hand, there is an implicit need for interactive end-user visual tools to query data and avoid dependency on programming languages. The main aim of this work is to study the problem of database interaction and usability, comparing existing solutions and providing a new approach that overcomes existing problems. We propose a web-based tool that manipulates Data Warehouse schemas by using a visual language to represent the database structure and providing several visualization techniques that facilitate the interaction and creation of queries involving different levels of complexity. We based our research on an End-User Development approach that has been evaluated to obtain some initial usability indicators

Real-Time Automatic Fetal Brain Extraction in Fetal MRI by Deep Learning

Brain segmentation is a fundamental first step in neuroimage analysis. In the case of fetal MRI, it is particularly challenging and important due to the arbitrary orientation of the fetus, organs that surround the fetal head, and intermittent fetal motion. Several promising methods have been proposed but are limited in their performance in challenging cases and in real-time segmentation. We aimed to develop a fully automatic segmentation method that independently segments sections of the fetal brain in 2D fetal MRI slices in real-time. To this end, we developed and evaluated a deep fully convolutional neural network based on 2D U-net and autocontext, and compared it to two alternative fast methods based on 1) a voxelwise fully convolutional network and 2) a method based on SIFT features, random forest and conditional random field. We trained the networks with manual brain masks on 250 stacks of training images, and tested on 17 stacks of normal fetal brain images as well as 18 stacks of extremely challenging cases based on extreme motion, noise, and severely abnormal brain shape. Experimental results show that our U-net approach outperformed the other methods and achieved average Dice metrics of 96.52% and 78.83% in the normal and challenging test sets, respectively. With an unprecedented performance and a test run time of about 1 second, our network can be used to segment the fetal brain in real-time while fetal MRI slices are being acquired. This can enable real-time motion tracking, motion detection, and 3D reconstruction of fetal brain MRI.Comment: This work has been submitted to ISBI 201