344 research outputs found
On Hilberg's Law and Its Links with Guiraud's Law
Hilberg (1990) supposed that finite-order excess entropy of a random human
text is proportional to the square root of the text length. Assuming that
Hilberg's hypothesis is true, we derive Guiraud's law, which states that the
number of word types in a text is greater than proportional to the square root
of the text length. Our derivation is based on some mathematical conjecture in
coding theory and on several experiments suggesting that words can be defined
approximately as the nonterminals of the shortest context-free grammar for the
text. Such operational definition of words can be applied even to texts
deprived of spaces, which do not allow for Mandelbrot's ``intermittent
silence'' explanation of Zipf's and Guiraud's laws. In contrast to
Mandelbrot's, our model assumes some probabilistic long-memory effects in human
narration and might be capable of explaining Menzerath's law.Comment: To appear in Journal of Quantitative Linguistic
On the Computational Complexity of Measuring Global Stability of Banking Networks
Threats on the stability of a financial system may severely affect the
functioning of the entire economy, and thus considerable emphasis is placed on
the analyzing the cause and effect of such threats. The financial crisis in the
current and past decade has shown that one important cause of instability in
global markets is the so-called financial contagion, namely the spreading of
instabilities or failures of individual components of the network to other,
perhaps healthier, components. This leads to a natural question of whether the
regulatory authorities could have predicted and perhaps mitigated the current
economic crisis by effective computations of some stability measure of the
banking networks. Motivated by such observations, we consider the problem of
defining and evaluating stabilities of both homogeneous and heterogeneous
banking networks against propagation of synchronous idiosyncratic shocks given
to a subset of banks. We formalize the homogeneous banking network model of
Nier et al. and its corresponding heterogeneous version, formalize the
synchronous shock propagation procedures, define two appropriate stability
measures and investigate the computational complexities of evaluating these
measures for various network topologies and parameters of interest. Our results
and proofs also shed some light on the properties of topologies and parameters
of the network that may lead to higher or lower stabilities.Comment: to appear in Algorithmic
Reduction of systemic risk by means of Pigouvian taxation
We analyze the possibility of reduction of systemic risk in financial markets through Pigouvian taxation of financial institutions, which is used to support the rescue fund. We introduce the concept of the cascade risk with a clear operational definition as a subclass and a network related measure of the systemic risk. Using financial networks constructed from real Italian money market data and using realistic parameters, we show that the cascade risk can be substantially reduced by a small rate of taxation and by means of a simple strategy of the money transfer from the rescue fund to interbanking market subjects. Furthermore, we show that while negative effects on the return on investment (ROI) are direct and certain, an overall positive effect on risk adjusted return on investments (ROIRA) is visible. Please note that the taxation is introduced as a monetary/regulatory, not as a _scal measure, as the term could suggest. The rescue fund is implemented in a form of a common reserve fund
Gross hematuria caused by a congenital intrarenal arteriovenous malformation: a case report
<p>Abstract</p> <p>Introduction</p> <p>We report the case of a woman who presented with gross hematuria and was treated with a percutaneous embolization.</p> <p>Case presentation</p> <p>A 48-year-old Caucasian woman presented with gross hematuria, left flank pain, and clot retention. The patient had no history of renal trauma, hypertension, urolithiasis, or recent medical intervention with percutaneous instrumentation. The patient did not report any bleeding disorder and was not taking any medication. Her systolic and diastolic blood pressure values were normal at presentation. The patient had anemia (8 mg/dL) and tachycardia (110 bpm). She underwent color and spectral Doppler sonography, multi-slice computed tomography, and angiography of the kidneys, which showed a renal arteriovenous malformation pole on top of the left kidney.</p> <p>Conclusions</p> <p>The feeding artery of the arteriovenous malformation was selectively embolized with a microcatheter introduced using a right transfemoral approach. By using this technique, we stopped the bleeding, preserved renal parenchymal function, and relieved the patient's symptoms. The hemodynamic effects associated with the abnormality were also corrected.</p
Systemic Risk: Fire-Walling Financial Systems Using Network-Based Approaches
The latest financial crisis has painfully revealed the dangers arising from a
globally interconnected financial system. Conventional approaches based on the
notion of the existence of equilibrium and those which rely on statistical
forecasting have seen to be inadequate to describe financial systems in any
reasonable way. A more natural approach is to treat financial systems as
complex networks of claims and obligations between various financial
institutions present in an economy. The generic framework of complex networks
has been successfully applied across several disciplines, e.g., explaining
cascading failures in power transmission systems and epidemic spreading. Here
we review various network models addressing financial contagion via direct
inter-bank contracts and indirectly via overlapping portfolios of financial
institutions. In particular, we discuss the implications of the
"robust-yet-fragile" nature of financial networks for cost-effective regulation
of systemic risk.Comment: 19 pages, 7 figure
An Empirical Study of the Mexican Banking System's Network and Its Implications for Systemic Risk
With the purpose of measuring and monitoring systemic risk, some topological properties of the interbank exposures and the payments system networks are studied. We propose non-topological measures which are useful to describe the individual behavior of banks in both networks. The evolution of such networks is also studied and some important conclusions from the systemic risks perspective are drawn. A unified measure of interconnectedness is also created. The main findings of this study are: the payments system network is strongly connected in contrast to the interbank exposures network; the type of exposures and payment size reveal different roles played by banks; behavior of banks in the exposures network changed considerably after Lehmans failure; interconnectedness of a bank, estimated by the unified measure, is not necessarily related with its assets size
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