Credit risk management and financial stability.

The International Banking and Finance Institute (IBFI) of the Banque de France organised its sixth International Monetary Seminar on the subject of “Credit risk management and financial stability” from 7 to 11 June 2004. This seminar, opened by Governor Christian Noyer, brought together forty five representatives from central banks in developed and emerging countries and from international organisations (such as the Bank for International Settlements and the European Central Bank), as well as twenty speakers from central banks, international institutions and the private sector. The first two days of the seminar were devoted to conferences on: • risks and sources of macro-financial vulnerability, the latest developments on credit risk transfer markets and the presentation of the findings of the cross-sectoral survey on credit derivatives in France; • the technical, financial and legal aspects of securitisation and credit risk management; • the presentation of the French and European experiences with respect to the role of central banks in rating companies and their contribution to financial stability; • bad debts and their impact on financial stability (case of Japan); • Basel II, a prudential framework which better reflects credit risk, and the effect of ratings on market dynamics; • lastly, the macro-financial consequences of risk transfers from the perspective of financial interdependence. Over the next two days, participants attended two workshops on the subjects of “Basel II, credit risk provisioning and accounting standards” and “Credit risk management and its macro-financial consequences”. These gave rise to intensive and fruitful discussions on the following four points: 1. identification of the sources of risk or financial vulnerability 2. credit risk assessment 3. credit risk management 4. implications for economic policy This article summarises the debates held in the workshops and the round table discussions on the last day.

Spin-transfer-driven nano-oscillators are equivalent to parametric resonators

The equivalence between different physical systems permits us to transfer knowledge between them and to characterize the universal nature of their dynamics. We demonstrate that a nanopillar driven by a spin-transfer torque is equivalent to a rotating magnetic plate, which permits us to consider the nanopillar as a macroscopic system under a time-modulated injection of energy, that is, a simple parametric resonator. This equivalence allows us to characterize the phases diagram and to predict magnetic states and dynamical behaviors, such as solitons, stationary textures, and oscillatory localized states, among others. Numerical simulations confirm these predictions.Comment: 8 pages, 7 figure

Avian malaria is absent in juvenile colonial herons (Ardeidae) but not Culex pipiens mosquitoes in the Camargue, Southern France

Apicomplexan blood parasites Plasmodium and Haemoproteus (together termed “Avian malaria”) and Leucocytozoon are widespread, diverse vector-transmitted blood parasites of birds, and conditions associated with colonial nesting in herons (Ardeidae) and other waterbirds appear perfect for their transmission. Despite studies in other locations reporting high prevalence of parasites in juvenile herons, juvenile Little Egrets (Egretta garzetta) previously tested in the Camargue, Southern France, had a total absence of malaria parasites. This study tested the hypotheses that this absence was due to insufficient sensitivity of the tests of infection; an absence of infective vectors; or testing birds too early in their lives. Blood was sampled from juveniles of four species shortly before fledging: Little Egret (n = 40), Cattle Egret (Bubulcus ibis; n = 40), Black-crowned Night-Heron (Nycticorax nycticorax, n = 40), and Squacco Heron (Ardeola ralloides; n = 40). Sensitive nested-Polymerase Chain Reaction was used to test for the presence of parasites in both birds and host-seeking female mosquitoes captured around the colonies. No malaria infection was found of in any of the heron species. Four different lineages of Plasmodium were detected in pooled samples of female Culex pipiens mosquitoes, including two in potentially infective mosquitoes. These results confirm that the absence of malaria parasites previously demonstrated in Little Egret is not due to methodological limitations. Although the prevalence of infection in mosquitoes was low, conditions within the colonies were suitable for transmission of Plasmodium. These colonial heron species may have evolved strategies for resisting malaria infection through physiological or behavioral mechanisms

Price Stability and the ECB'S monetary policy strategy

This paper focuses on the price stability objective within the framework of the single monetary policy strategy. It starts by reviewing what this objective, which is common to all central banks, means. Second, this paper focuses exclusively on the anchoring of short- to medium-term inflation expectations (Part 2). Several measures show that this anchoring is effective. A 'two-pillar' small structural macro-economic model framework is used to analyze the impact that this anchoring of expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in the euro area seems to be in line with the theory and the ECB's action seems to be very effective. Third, we focus on the other aspect of monetary stability: the degree of price-level uncertainty and the anchoring of inflation expectations in the medium to long term. Even though this assessment is more difficult than it is in the short to medium term, since we only have a track record covering 6 years, various indicators from the theoretical analysis paint a fairly reassuring picture of the effectiveness of the device used by the ECB.European Central Bank • Inflation • Monetary policy

Fast Approximation of EEG Forward Problem and Application to Tissue Conductivity Estimation

Bioelectric source analysis in the human brain from scalp electroencephalography (EEG) signals is sensitive to the conductivity of the different head tissues. Conductivity values are subject dependent, so non-invasive methods for conductivity estimation are necessary to fine tune the EEG models. To do so, the EEG forward problem solution (so-called lead field matrix) must be computed for a large number of conductivity configurations. Computing one lead field requires a matrix inversion which is computationally intensive for realistic head models. Thus, the required time for computing a large number of lead fields can become impractical. In this work, we propose to approximate the lead field matrix for a set of conductivity configurations, using the exact solution only for a small set of basis points in the conductivity space. Our approach accelerates the computing time, while controlling the approximation error. Our method is tested for brain and skull conductivity estimation , with simulated and measured EEG data, corresponding to evoked somato-sensory potentials. This test demonstrates that the used approximation does not introduce any bias and runs significantly faster than if exact lead field were to be computed.Comment: Copyright (c) 2019 IEEE. Personal use of this material is permitted. However, permission to use this material for any other purposes must be obtained from the IEEE by sending a request to [email protected]