Validate Correlation of an ESG: Treasury Yields across

Within an internal model the Economic Scenario Generator (ESG) is an important component. In order to get a regulatory approval of an internal model it is required that the implemented models (must be) passed a rigorous validation process, see Ceiops [2009]. In this paper we focus on the particular problem to judge the contribution of correlations between interest rate risks across countries in the ESG. To that end we apply two strategies: an analytical and a statistical one. The analytical approach yields necessary conditions in terms of upper and lower bounds for correlations within the chosen model. A system of stochastic differential equations is used to describe several economies simultaneously. In this framework we derive a lower and upper bound of the correlation of the treasury yields between two economies by solving the associated ordinary differential inequalities. In order to deepen our understanding about the correlation structure we consider three modeling types of correlations of historical datasets. We first derive the realized correlations as outlined by Andersen et al. [2003] for the historical treasury yields of two economies. Furthermore we include Engles parsimonious multivariate GARCH models known as Dynamical Conditional Correlation (DCC) model, see Engle [2009] and we derive conditional correlations out of our ESG. We then exploit a nice relationship outlined by Andersen et al. [2003], which relates the realized correlation and conditional correlations in oder to compare the three model by their ability to capture the stylized facts of the underlying processes. In this respect the long memory of the correlation processes is of particular importance. We give a series of statistical analysis that highlight the adequacy of the model

The Iberian Peninsula in the Imperial and Post-Imperial Context

This paper investigates the way in which technical and normative knowledge relating to infrastructures, mobility and water management, which the Romans began developing in the republican period, was functionalized for the purpose of expanding the empire in the Iberian Peninsula, starting with the establishment of Roman provincial rule and continuing into the Islamic epoch. It also examines how that knowledge was entrenched in the individual Iberian provinces, and adapted to reflect specific local features. In addition to shedding light on how imperial concepts manifested themselves in the appropriation of space in specific contexts, the example of the Iberian Peninsula elucidates both how the knowledge in question was adapted to meet ‘regional-political’ objectives once the imperial frame of reference fell away and how it was ultimately restructured, modified and legitimized to reflect overriding religious considerations. The paper also provides examples indicating the degree to which antique concepts lent themselves to transformation while simultaneously representing both a potential and a challenge for any subsequent rulers

Lebenslagen und Verwirklichungschancen: verschiedene Wurzeln, ähnliche Konzepte

Der Beitrag zeigt zunächst auf, wie sich der Lebenslage-Ansatz entwickelt hat. Otto Neurath führt den Begriff der Lebenslage als Konzept zur Erfassung der Lebenssituation von Individuen ein. Kurt Grelling übernimmt den Begriff, interpretiert ihn dabei jedoch neu, so dass Gerhard Weisser die Lebenslage treffend als "Spielraum" bezeichnet. Dann stellt der Beitrag kurz den "capability"-Ansatz vor. Amartya Sen beschreibt die individuelle Lebenssituation als Bündel von "functionings", das vom Individuum aus einem "capability set" ausgewählt wird. Martha Nussbaum verwendet den Begriff "capability" eher im Sinne von Fähigkeiten. Die beiden Ansätze weisen einige Parallelen auf: Bei Neurath und Sen stellt das Thema "interpersonelle Vergleichbarkeit" des Wohlergehens einen roten Faden dar; Grelling, Weisser und Sen verbindet die Idee, dass der Handlungsspielraum eines Individuums Einfluss auf sein Wohlergehen hat. Alle diese Ansätze sind offen für verschiedene Auslegungen dessen, was Wohlergehen bedeutet. Sie erfordern daher für ihre Umsetzung Partizipation. Armutsmessung auf Grundlage dieser Ansätze muss zum einen multidimensional konzipiert sein und zum anderen das Problem lösen, wie sich individuelle Handlungsspielräume empirisch erfassen lassen.The paper starts showing how the "conditions-of-life-approach" evolved. Otto Neurath introduced the term "Lebenslage" (conditions of life) as a concept for assessing the life an individual leads. Kurt Grelling has adopted the term but interpreted it in a new way which has been summarized by Gerhard Weisser in the slogan of conditions of life forming the scope for human action. Then the paper gives a short overview of the capability approach of Amartya Sen and Martha Nussbaum. The life a person leads is described by the capability approach as a "bundle of functionings" which she has chosen out of "capability set". Martha Nussbaum focuses on identifying "central functional capabilities". Those two approaches show some similarities: interpersonal comparability is a common theme in Neurath and Sen; Grelling, Weisser and Sen develop a concept of an opportunity set which indicates the scope for action in leading a life and share the idea of its having an impact on human wellbeing. Therefore the concepts need participation when implemented. As a consequence, poverty measurement based on these approaches has to solve two problems: First, it has to take into accountthe multiplicity of dimensions, and secondly, it has to find a way how to measure opportunity sets empirically

Methodik

Die vegetationskundliche und strukturelle Zuordnung der Lebensraumtypen erfolgt nach der vorrangig von Braun-Blanquet entwickelten Vegetationsklassifizierung, einer hierarchischen Gliederung der Vegetationstypen (Syntaxonomie), die die Ebenen der Assoziation, des Verbandes, der Ordnung und der Klasse umfasst. Hierbei ist die Assoziation die grundlegende Einheit, in der die Pflanzengesellschaften zusammengefasst werden, die sich durch gleiche charakteristische Arten(gruppen)kombinationen auszeichnen. Der Verband vereinigt ähnliche Assoziationen. Das sind bereits umfassendere, jedoch standörtlich noch recht einheitliche Vegetationseinheiten. In Ordnungen werden ähnliche Verbände zusammengefasst. Die Klasse vereinigt ähnliche Ordnungen

Global Alliance for the Promotion of Physical Activity : the Hamburg Declaration

Publisher Copyright: © Author(s) (or their employer(s)) 2023. Re-use permitted under CC BY-NC. No commercial re-use. See rights and permissions. Published by BMJ.Non-communicable diseases (NCDs), including coronary heart disease, stroke, hypertension, type 2 diabetes, dementia, depression and cancers, are on the rise worldwide and are often associated with a lack of physical activity (PA). Globally, the levels of PA among individuals are below WHO recommendations. A lack of PA can increase morbidity and mortality, worsen the quality of life and increase the economic burden on individuals and society. In response to this trend, numerous organisations came together under one umbrella in Hamburg, Germany, in April 2021 and signed the â € Hamburg Declaration'. This represented an international commitment to take all necessary actions to increase PA and improve the health of individuals to entire communities. Individuals and organisations are working together as the â € Global Alliance for the Promotion of Physical Activity' to drive long-term individual and population-wide behaviour change by collaborating with all stakeholders in the community: active hospitals, physical activity specialists, community services and healthcare providers, all achieving sustainable health goals for their patients/clients. The â € Hamburg Declaration' calls on national and international policymakers to take concrete action to promote daily PA and exercise at a population level and in healthcare settings.Peer reviewe