The effectiveness of banking supervision

Banking supervision is an essential aspect of modern financial systems, seeking crucially to monitor risk-taking by banks so as to protect depositors, the government safety net and the economy as a whole against systemic bank failure and its consequences. In this context, this paper seeks to explore the relationship between risk indicators for individual banks and the different approaches to banking supervision adopted around the world. This is the first work to make use of the currently available cross section series data on bank supervision from the World Bank to carry out empirical investigations in a panel data framework, gaining all the advantages in increased efficiency and information that comes from estimations combining longer time series and a wide range of countries. We find wide-ranging effects of design features of banking supervision on risk taking which raise important policy issues

Deposit insurance systems and bank risk

The link from deposit insurance to bank risk taking has been widely analysed, but has been the subject of relatively little empirical work. This work contributes to the existing literature by exploring microeconomic aspects of the deposit insurance–bank risk relationship. It employs four of the five IMF core financial soundness indicators, using data from financial statements for 914 banks in 64 countries. It also disaggregates deposit insurance by individual design features. Results, generated using GMM, suggest that deposit insurance mainly affects bank risk through its relationship with profitability and asset quality. An optimal deposit insurance system might have features such as voluntary membership, no cover for foreign currency deposits, no coinsurance, be unfunded, and administered by a private sector manager with the insurance cost borne fully by the private sector

Vortex in a relativistic perfect isentropic fluid and Nambu Goto dynamics

By a weak deformation of the cylindrical symmetry of the potential vortex in a relativistic perfect isentropic fluid, we study the possible dynamics of the central line of this vortex. In "stiff" material the Nanbu-Goto equations are obtainedComment: 11 pages, Accepted for publication in Physical Review

A comprehensive population synthesis study of post-common envelope binaries

We apply population synthesis techniques to calculate the present day population of post-common envelope binaries (PCEBs) for a range of theoretical models describing the common envelope (CE) phase. Adopting the canonical energy budget approach we consider models where the ejection efficiency, \alpha_{\rmn{CE}} is either a constant, or a function of the secondary mass. We obtain the envelope binding energy from detailed stellar models of the progenitor primary, with and without the thermal and ionization energy, but we also test a commonly used analytical scaling. We also employ the alternative angular momentum budget approach, known as the $\gamma$-algorithm. We find that a constant, global value of \alpha_{\rmn{CE}} \ga 0.1 can adequately account for the observed population of PCEBs with late spectral-type secondaries. However, this prescription fails to reproduce IK Pegasi, which has a secondary with spectral type A8. We can account for IK Pegasi if we include thermal and ionization energy of the giant's envelope, or if we use the $\gamma$-algorithm. However, the $\gamma$-algorithm predicts local space densities that are 1 to 2 orders of magnitude greater than estimates from observations. In contrast, the canonical energy budget prescription with an initial mass ratio distribution that favours unequal initial mass ratios gives a local space density which is in good agreement with observations, and best reproduces the observed distribution of PCEBs. Finally, all models fail to reproduce the sharp decline for orbital periods, P_{\rmn{orb}} \ga 1 d in the orbital period distribution of observed PCEBs, even if we take into account selection effects against systems with long orbital periods and early spectral-type secondaries.Comment: Accepted for publication in the Monthly Notices of the Royal Astronomical Society. 18 pages, 10 figures. Work concerning the reconstruction of the common envelope phase presented in the previous version will now be submitted in a separate paper in the near futur

Light Neutralino Dark Matter in the NMSSM

Neutralino dark matter is generally assumed to be relatively heavy, with a mass near the electroweak scale. This does not necessarily need to be the case, however. In the Next-to-Minimal Supersymmetric Standard Model (NMSSM) and other supersymmetric models with an extended Higgs sector, a very light CP-odd Higgs boson can naturally arise making it possible for a very light neutralino to annihilate efficiently enough to avoid being overproduced in the early Universe. In this article, we explore the characteristics of a supersymmetric model needed to include a very light neutralino, 100 MeV < \mcnone < 20 GeV, using the NMSSM as a prototype. We discuss the most important constraints from Upsilon decays, $b \to s \gamma$, $B_s \to \mu^+ \mu^-$ and the magnetic moment of the muon, and find that a light bino or singlino neutralino is allowed, and can be generated with the appropriate relic density. It has previously been shown that the positive detection of dark matter claimed by the DAMA collaboration can be reconciled with other direct dark matter experiments such as CDMS II if the dark matter particle is rather light, between about 6 and 9 GeV. A singlino or bino-like neutralino could easily fall within this range of masses within the NMSSM. Additionally, models with sub-GeV neutralinos may be capable of generating the 511 keV gamma-ray emission observed from the galactic bulge by the INTEGRAL/SPI experiment. We also point out measurements which can be performed immediately at CLEO, BaBar and Belle using existing data to discover or significantly constrain this scenario.Comment: References updated, accepted for publication in PR

Two-dimensional symmetric and antisymmetric generalizations of exponential and cosine functions

Properties of the four families of recently introduced special functions of two real variables, denoted here by $E^\pm$, and $\cos^\pm$, are studied. The superscripts $^+$ and $^-$ refer to the symmetric and antisymmetric functions respectively. The functions are considered in all details required for their exploitation in Fourier expansions of digital data, sampled on square grids of any density and for general position of the grid in the real plane relative to the lattice defined by the underlying group theory. Quality of continuous interpolation, resulting from the discrete expansions, is studied, exemplified and compared for some model functions.Comment: 22 pages, 10 figure

Non existence of a phase transition for the Penetrable Square Wells in one dimension

Penetrable Square Wells in one dimension were introduced for the first time in [A. Santos et. al., Phys. Rev. E, 77, 051206 (2008)] as a paradigm for ultra-soft colloids. Using the Kastner, Schreiber, and Schnetz theorem [M. Kastner, Rev. Mod. Phys., 80, 167 (2008)] we give strong evidence for the absence of any phase transition for this model. The argument can be generalized to a large class of model fluids and complements the van Hove's theorem.Comment: 14 pages, 7 figures, 1 tabl

Alien Registration- Davis, Walter U. (Bath, Sagadahoc County)

https://digitalmaine.com/alien_docs/9507/thumbnail.jp