Commentary on 3 papers on the role of capital regulation in bank supervision

This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.Bank capital ; Bank supervision

The challenges of risk management in diversified financial companies

In recent years, financial institutions and their supervisors have placed increased emphasis on the importance of measuring and managing risk on a firmwide basis—a coordinated process referred to as consolidated risk management. Although the benefits of this type of risk management are widely acknowledged, few if any financial firms have fully developed systems in place today, suggesting that significant obstacles have led them to manage risk in a more segmented fashion. In this article, the authors examine the economic rationale behind consolidated risk management. Their goal is to detail some of the key issues that supervisors and practitioners have confronted in assessing and developing consolidated risk management systems. In doing so, the authors clarify why implementing consolidated risk management involves significant conceptual and practical difficulties. They also suggest areas in which additional research could help resolve some of these difficulties.Risk management ; Financial institutions ; Bank supervision

Cultural ecosystem services in protected areas: understanding bundles, trade-Offs, and synergies

The concept of ecosystem services (ES) provides a potentially useful tool for decision-making in natural area management. Provisioning and regulating ES often occur in "bundles" that are cohesive because of coprovisioning or codependence. We asked whether individual preferences for cultural benefits also define service bundles. Data from a large survey of visitor preferences (n = 3,131 respondents) from all 19 South African National Parks indicated five bundles of cultural ecosystem services: (1) "natural history," (2) "recreation," (3) "sense of place," (4) "safari experiences," and (5) "outdoor lifestyle." Tradeoffs and synergies between bundles of services depended on the ecosystem providing them and on alignment between demand for services and the supply of particular service bundles in specific ecosystems. Our results show that identifying demand for multiple services can both help us to understand why people visit and value protected areas, and better inform the management choices that influence service provision

Pathogens, disease, and the social-ecological resilience of protected areas

It is extremely important for biodiversity conservation that protected areas are resilient to a range of potential future perturbations. One of the least studied influences on protected area resilience is that of disease. We argue that wildlife disease (1) is a social-ecological problem that must be approached from an interdisciplinary perspective; (2) has the potential to lead to changes in the identity of protected areas, possibly transforming them; and (3) interacts with conservation both directly (via impacts on wild animals, livestock, and people) and indirectly (via the public, conservation management, and veterinary responses). We use southern African protected areas as a case study to test a framework for exploring the connections between conservation, endemic disease, and social-ecological resilience. We first define a set of criteria for the social-ecological identity of protected areas. We then use these criteria to explore the potential impacts of selected diseases (foot-and-mouth disease, anthrax, malaria, rabies, rift valley fever, trypanosomiasis, and canine distemper) on protected area resilience. Although endemic diseases may have a number of direct impacts on both wild animals and domestic animals and people, the indirect pathways by which diseases influence social-ecological resilience also emerge as potentially important. The majority of endemic pathogens found in protected areas do not kill large numbers of wild animals or infect many people, and may even play valuable ecological roles; but occasional disease outbreaks and mortalities can have a large impact on public perceptions and disease management, potentially making protected areas unviable in one or more of their stated aims. Neighboring landowners also have a significant impact on park management decisions. The indirect effects triggered by disease in the human social and economic components of protected areas and surrounding landscapes may ultimately have a greater influence on protected area resilience than the direct ecological perturbations caused by disease

Feasibility and results of a randomised pilot-study of pre-discharge occupational therapy home visits

BACKGROUND: Pre-discharge home visits aim to maximise independence in the community. These visits involve assessment of a person in their own home prior to discharge from hospital, typically by an occupational therapist. The therapist may provide equipment, adapt the home environment and/or provide education. The aims of this study were to investigate the feasibility of a randomised controlled trial in a clinical setting and the effect of pre-discharge home visits on functional performance in older people undergoing rehabilitation. METHODS: Ten patients participating in an inpatient rehabilitation program were randomly assigned to receive either a pre-discharge home visit (intervention), or standard practice in-hospital assessment and education (control), both conducted by an occupational therapist. The pre-discharge home visit involved assessment of the older person's function and environment, and education, and took an average of 1.5 hours. The hospital-based interview took an average of 40 minutes. Outcome data were collected by a blinded assessor at 0, 2, 4, 8 and 12 weeks. Outcomes included performance of activities of daily living, reintegration to community living, quality of life, readmission and fall rates. RESULTS: Recruitment of 10 participants was slow and took three months. Observed performance of functional abilities did not differ between groups due to the small sample size. Difference in activities of daily living participation, as recorded by the Nottingham Extended Activities of Daily Living scale, was statistically significant but wide confidence intervals and low statistical power limit interpretation of results. CONCLUSION: Evaluation of pre-discharge home visits by occupational therapists in a rehabilitation setting is feasible, but a more effective recruitment strategy for a main study is favored by application of a multi-centre setting