Formulas or supervision? Remarks on the future of regulatory capital

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 ; Bank management

Securitization and the efficacy of monetary policy

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary TransmissionCredit ; Monetary policy ; Asset-backed financing

A prolegomenon to future capital requirements

Bank supervisors have made significant strides since 1980 in the area of capital requirements, and they are currently pursuing further refinements. This article looks beyond such developments at longer term supervisory goals. Abstracting to some extent from the current regulatory framework, the author attempts to delineate a set of fundamental principles for future work on capital requirements. He distinguishes minimum capital--an objective standard imposed by regulators across firms--from optimum capital--a subjective standard adopted by individual firms to cover their own risks-- and shows how the two concepts can form the basis for a general supervisory approach to capital.Bank capital ; Bank supervision

The Revised Philippine System of National Accounts

This article presents the revision made to the 1991 System of National Accounts that initially covered the years 1980-1987. The whole link series from 1946-1990 has been completed while the sources and methods of the revised system are still being finalized for publications.data and statistics, national account

The Revised Philippine System of National Accounts

This article presents the revision made to the 1991 System of National Accounts that initially covered the years 1980-1987. The whole link series from 1946-1990 has been completed while the sources and methods of the revised system are still being finalized for publications.data and statistics, national account

"Comparing alternative methods to estimate gravity models of bilateral trade"

The gravity equation has been traditionally used to predict trade flows across countries. However, several problems related with its empirical application still remain unsolved. In this paper, I provide a survey of the recent literature concerning the specification and estimation methods of this equation. In addition, I compare the performance of two widely extended estimators, panel OLS and Poisson Pseudo Maximum Likelihood (PPML), for a dataset covering 80% of world trade.International trade, Gravity model, Estimation methods

Catch-per-unit-effort and biological parameters from the Massachusetts coastal lobster (Homarus americanus) resource: Description and trends

Acomprehensive description of the Massachusetts coastal lobster (Homarus americanus) resou,rce was obtained by sampling commercial catches coastwide at sea and at dealerships between 1981 and 1986. Acommercial lobster sea-sampling program, wherein six coastal regions were sampled monthly, with an areal and temporal data weighting design, was the primary source of data. An improved index of catch per trap haul/set-over-day was generated by modeling the relationship between catch and immersion time and standardizing effort. This 6-year time-series of mean annual catch rates tracked closely the landings trend for territorial waters. During the study period there was a gradual increase in indices of exploitation and total annual mortality which corresponded to a gradual decline in mean carapace length of marketable lobster. The frequency of culls escalated from 10.0% in 1981 to 20.9% in 1986, while the percentage of lobster found dead in traps was consistently less than 1%. The sex ratio (%F:%M) was significantly different from 50:50 and approximated a 60:40 relationship during the study period. Male and female weight-length relationships were significantly different. Females weighed more than males at smaller sizes and less than males at larger sizes. A north-south clinal trend was evident wherein lobster north of Cape Cod weighed less at length than those from regions south of Cape Cod. Functional size-maturity relationships were developed for female lobster by staging cement gland development. Proportions mature at size represent more realistic values than those obtained by analyses of percent of females ovigerous. Regional variation occurred in most of the parameters studied. Three lobster groups, differing in major population descriptors, are defined by our data.(PDF file contains 28 pages.

Building sustainability on deep values through mindfulness nurturing

To effectively pursue sustainability, companies need to develop an awareness of the importance of social and environmental objectives in addition to economic. To achieve this, they need to promote a set of shared values in their strategy and cultural change which align global sustainability with organisational performance. To assist organisations with this process and thus identify and nurture their members’ underpinning values, we present the Organisational Presence Model including a Real Dialogue Methodology. We draw on Lewin’s participative approach to change and the deep concept of Mindfulness related to Buddhist precepts, while contributing with a way to initiate Mindfulness nurturing in business context, facilitating its acceptance and practice by organizational members. In our study case we find signs of positive effects of the model in sustainability pursuing. The new strategy has been built aligned with resulting values, that are also perceived by organizational members as inspirational, generating motivation and helping the effective communication that integrates the strategic objectives in the economic, social and environmental aspects

Are 'Deep' Parameters Stable? The Lucas Critique as an Empirical Hypothesis

For years, the problems associated with the Lucas critique have loomed over empirical macroeconomics. However, relatively little effort has been devoted to testing the empirical importance of this critique. This paper develops a set of tests for small macroeconometric models, especially those used for monetary policy analysis, and implements them on a set of models used extensively in the literature. In particular, I attempt to test the robustness of optimizing versus non-optimizing models to changes in the monetary policy regime.