Banking competition and risk-taking when borrowers care about financial prudence : [Version: Mai 2009]

Corporate borrowers care about the overall riskiness of a bank’s operations as their continued access to credit may rely on the bank’s ability to roll over loans or to expand existing credit facilities. As we show, a key implication of this observation is that increasing competition among banks should have an asymmetric impact on banks’ incentives to take on risk: Banks that are already riskier will take on yet more risk, while their safer rivals will become even more prudent. Our results offer new guidance for bank supervision in an increasingly competitive environment and may help to explain existing, ambiguous findings on the relationship between competition and risk-taking in banking. Furthermore, our results stress the beneficial role that competition can have for financial stability as it turns a bank’s "prudence" into an important competitive advantage

Triplex-forming DNA Probe Approach for Silver Detection and the Effect of C-G·C Triplet Distribution on Triplex Stability

I n this study novel triplex forming DNA probes have been designed in order to detect Ag+ ion in low concentrations. The use of triplex forming oligonucleotides is a convenient in applications of sensing biomolecules due to their sequence specificity and programmability. However, the use of triplexes has its own obstacles. While antiparallel triplex forming sequences tend to prefer G-quadruplex formation over triplexes, parallel triplexes are also challenging because their formation is triggered by lowering the pH, or using of high concentrations of cations for the stabilization of C-G·C triplets, ie. Ag+. While due to electrostatic forces C-G·C triplets stabilize in the presence of cations, this limits possible choices for a triplex forming sequence. A better understanding of the impact of the sequence and designing accordingly may improve the stability of a triplex and lower the need for high cation concentration. Here we have present Triplex-forming DNA-based probes with different distributions of C-G·C triplets for detection of Ag+ and show the impact of the C-G·C triplet distribution on the stability of parallel triplexes. Our results indicate Ag+ detection as low as 20 nM and show dramatic increase in stability when C-G·C triplets are positioned at the flanks of the triple

The European Redemption Pact: An illustrative guide

The European Redemption Pact (ERP), a proposal of the German Council of Economic Experts, describes an exit strategy from the debt crisis which currently plagues the Euro-Area. The pact includes a binding commitment of all participating countries to bring public debt ratios below the reference value of 60 % within the next 20 to 25 years. To ensure that this objective can be reached with realistic primary balances, participating countries can transfer their excessive debt exceeding the 60 % threshold at a certain date, into a redemption fund for which participating member countries are jointly and severally liable. In this technical paper, we describe in detail one possible way of implementing the ERP and the primary balances each country would need to achieve under the proposal

Reducing systemic relevance: A proposal

This paper presents a proposal for a regulatory regime aimed at reducing systemic risk effectively and internationally. Systemic relevance should be internalized with a levy (or tax), the level of which (or tax rate) rises with the systemic relevance of an institution (Pigouvian taxation). The levy should be complemented by a Systemic Risk Fund which is endowed with control rights, in particular early intervention and resolution powers. The Systemic Risk Fund should be funded by the proceeds from the levy; if the Fund reaches a certain threshold size, the continuing flow of contributions is distributed to the government(s). Systemic Risk Funds implemented on the global, European, and national level would solve the issue mitigating risks also cross-border and provide a framework for burden-sharing

Weathering the crisis and beyond: perspectives for the Euro area

The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects in the euro area periphery. To make matters even worse, these problems have developed into a systemic crisis of the European Monetary Union (EMU), since observers have apparently developed fundamental doubts over its integrity. To overcome this systemic crisis, it would not be sufficient, if only the stronger euro area economies provided more solidarity, nor would it be sufficient, if only all of Europe adhered to ironclad budgetary discipline from now on. A European Redemption Pact could be a strong political commitment to the EMU and offer a bridge between the proponents of fiscal discipline and structural reform and those governments advocating for more support. This pact would entail two indispensable aspects, the codification of a credible and coherent reform path and a temporary and limited instrument for joint refinancing.Der Euro-Raum befindet sich inmitten einer schweren und höchst komplexen Krise, in der sich in einem Teufelskreis drei Teilkrisen gegenseitig verstärken: eine Staatsschuldenkrise, eine Bankenkrise und eine makroökonomische Krise. In ihrem Zusammenspiel haben diese zu einer systemischen Krise der Europäischen Währungsunion (EWU) geführt, denn mittlerweile haben außenstehende Beobachter ernsthafte Zweifel an ihrem Fortbestand. Um diese ernsthafte Lage zu überwinden, wäre es keineswegs ausreichend, wenn lediglich die stärkeren Mitgliedstaaten des Euro-Raums einseitig noch mehr Solidarität mit den schwächeren zeigten. Noch wäre es hinreichend, wenn sich alle Mitgliedsregierungen von nun an zu eisernen Budgetdisziplin verpflichteten. Vielmehr könnte ein Europäischer Schuldentilgungspakt eine Brücke von der Krise hin zu einer stabileren Lage bilden. Sein Abschluss könnte nicht nur den starken politischen Willen zu einer Fortsetzung des Integrationsprozesses in Europa dokumentieren, sondern diesen Prozess durch eine Balance zwischen den Forderungen nach Haushaltsdisziplin und Strukturreformen einerseits und nach solidarischer Unterstützung andererseits auch inhaltlich tragen. Das Konzept des Paktes ruht in seinen Grundfesten auf einer Verbindung von glaubwürdigen und umfassenden Reformvorhaben mit einer temporär und in der Größe begrenzt ausgestalteten gemeinsamen Haftung bei der Refinanzierung der Mitgliedstaaten

Comprehensive analysis of settlement for the Cyprus problem and Annan Plan's referendum process

YÖK Tez ID: 308649Kıbrıs sorunu; Kıbrıs Rumlarının, 1963 yılında, Kıbrıs Cumhuriyeti'nin yıkılmasına neden olan girişimleri sonucunda ortaya çıkmıştır. 15 Kasım 1983'te Kuzey Kıbrıs Türk Cumhuriyeti'nin (KKTC) kurulmasıyla Kıbrıs Türkleri, kendilerine uygun bir çözüm bulmuştur. Ancak bu süreçte Kıbrıs Rumları, Kıbrıs'ın tamamının temsilcisi oldukları iddiasını tüm dünyaya kabul ettirerek; KKTC'nin, Türkiye haricinde başka devletlerce tanınmasını engellemiştir.Kıbrıs sorununun çözümü için Birleşmiş Milletler, (BM) bu güne dek birçok girişimde bulunmuştur. Bu girişimlerin sonuncusu ise; BM Genel Sekreteri Kofi Annan'ın hazırladığı ?Kıbrıs Sorununun Kapsamlı Çözümü İçin Anlaşma Temeli? adlı plan zeminindeki çözüm çabasıdır. Kamuoyunda ?Annan Planı? olarak adlandırılan Plan; 11 Kasım 2002 tarihinde taraflara sunulmuştur.Annan Planı, üzerinde gerçekleştirilen müzakerelerin ardından, 24 Nisan 2004 tarihinde Kıbrıs'ta, Türk ve Rum taraflarında eş zamanlı olarak referanduma sunulmuştur. Referandumda Kıbrıs Türk halkının % 64'ü Plan'a evet oyu vermiş; Rum halkının % 75'i ise hayır oyu vermiştir. Taraflardan birinin reddetmesi nedeniyle Plan, geçersiz olmuştur.Plan'ın kabul edilmesi halinde Kıbrıs'ta tamamen yeni bir düzen kurulacak olması nedeniyle, her iki tarafın da halklarının yanı sıra uluslararası toplum, müzakere ve referandum sürecini ciddi biçimde takip etmiştir.Bu çalışmanın amacı; Annan Planı'nın müzakere edilmesi ve referanduma sunulması sürecinde yaşananların ortaya konması, bu süreçte tarafların tutumlarının incelenmesi ve Plan'ın reddedilmesinin nedenlerinin belirlenmesidir.Cyprus problem emerges in 1963, with the Cyprus Greeks? efforts which causes to the collapse of The Cyprus Republic. With establish of the Turkish Republic Of Northern Cyprus, (TRNC) Cyprus Turks achieve a suitable solution for themselves. But the argument of Cyprus Greeks? that they represent the whole island is accepted in this process; with causing the TRNC?s not to recognize from all the states in the world, except Turkey.United Nations (UN) made various attempts to solve the Cyprus problem until today. A Plan named ?Basis for a Comprehensive Settlement of the Cyprus Problem? is the last solution attempt which is prepared by the UN Secretary General Kofi Annan. The Plan is called ?Annan Plan? in the public, and it is presented to the parties in 11 November 2002.After the negotiations about the plan, it is represented simultaneously to the referendum for Cyprus Turk and Cyprus Greek parts in 24 April 2004. From the Cyprus Turks, % 64 per cent voted `yes? and from the Cyprus Greeks % 75 per cent voted `no? in the referendum. So, one side?s rejection, made the Plan invalid.There would be completely new situation in case of acceptance of the Plan. Because of this importance, as well as two sides of Cyprus, international community observed the negotiation and referendum process seriously.The Basic aim of this study is; to introduce what happened in the Annan Plan?s negotiation and referendum process, to analyze the behaviors of sides and determine the reasons of Plan?s rejection