Subprime Mortgage Lending as it Relates to the 2007-2009 Financial Crisis

The 2007-2009 financial crisis was the worst recession in recent economic history. The financial crisis has been the subject of much academic scrutiny, and many authors have arrived at different conclusions concerning the cause of the crisis and the effects. One of the most interesting real estate investments occurred during the crisis: certain investors and organizations predicted the bursting of the housing bubble and shorted real-estate backed securities, yielding huge profit. This paper will explore the financial crisis as well as the concurrent short selling to gain better understanding of financial markets, economic bubbles and recessions, and real-estate backed securities

Iwahori-Hecke algebras for Kac-Moody groups over local fields

We define the Iwahori-Hecke algebra for an almost split Kac-Moody group over a local non-archimedean field. We use the hovel associated to this situation, which is the analogue of the Bruhat-Tits building for a reductive group. The fixer K of some chamber in the standard apartment plays the role of the Iwahori subgroup. We can define the Iwahori-Hecke algebra as the algebra of some K-bi-invariant functions on the group with support consisting of a finite union of double classes. As two chambers in the hovel are not always in a same apartment, this support has to be in some large subsemigroup of the Kac-Moody group. In the split case, we prove that the structure constants of the multiplication in this algebra are polynomials in the cardinality of the residue field, with integer coefficients depending on the geometry of the standard apartment. We give a presentation of this algebra, similar to the Bernstein-Lusztig presentation in the reductive case, and embed it in a greater algebra, algebraically defined by the Bernstein-Lusztig presentation. In the affine case, this algebra contains the Cherednik's double affine Hecke algebra. Actually, our results apply to abstract "locally finite" hovels, so that we can define the Iwahori-Hecke algebra with unequal parameters.Comment: Version 2: Section on the extended affine case added, containing the relationship with the DAHAs, to appear in Pacific Journal of Mathematic

Does running in synchrony with sound improve endurance performance and save energy?

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Selecting an Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?

This paper serves as a compilation and analysis of different banking systems with an emphasis on fractional reserve free banking. Contemporary academic literature has debated fractional reserve banking with revisited scrutiny since the 2007–2009 financial crisis. The Austrian School, drawing conclusions from the Austrian business cycle theory, blames central banking for boom-bust economics. One proposed solution, fractional reserve free banking, eliminates the central bank’s control for a purer form of fractional reserve practice; however, this system may be inherently fraudulent and unethical. After completing an economic analysis of the western world’s banking system, this paper then explores an alternative solution

Subjonctif et déflexivité en roumain: approche synchronique et contrastive

International audienceLe subjonctif roumain se caractérise par un marqueur préverbal "sa" distinct des formes de conjugaison personnelles. La présente étude analyse ce fait de langue en exploitant la notion guillaumienne de déflexivité; elle montre que ce marquage traduit une anticipation de la modalité, avec des conséquences spécifiques sur son traitement dans l'interlocution