Multi-agent financial network (MAFN) model of US collateralized debt obligations (CDO): Regulatory capital arbitrage, negative CDS carry trade, and systemic risk analysis

A database driven multi-agent model has been developed with automated access to US bank level FDIC Call Reports that yield data on balance sheet and off balance sheet activity, respectively, in Residential Mortgage Backed Securities (RMBS) and Credit Default Swaps (CDS). The simultaneous accumulation of RMBS assets on US banks' balance sheets and also large counterparty exposures from CDS positions characterized the $2 trillion Collateralized Debt Obligation (CDO) market. The latter imploded at the end of 2007 with large scale systemic risk consequences. Based on US FDIC bank data, that could have been available to the regulator at the time, the authors investigate how a CDS negative carry trade combined with incentives provided by Basel II and its precursor in the US, the Joint Agencies Rule 66 Federal Regulation No. 56914, which became effective on January 1, 2002, on synthetic securitization and Credit Risk Transfer (CRT), led to the unsustainable trends and systemic risk. The resultant market structure with heavy concentration in CDS activity involving 5 US banks can be shown to present too interconnected to fail systemic risk outcomes. The simulation package can generate the financial network of obligations of the US banks in the CDS market. The authors aim to show how such a Multi-Agent Financial Network (MAFN) model is well suited to monitor bank activity and to stress test policy for perverse incentives on an ongoing basis

Accessibility to spa experiences

This chapter aims to highlight and raise awareness of the previously unknown barriers currently faced by wheelchair using consumers in the spa industry and the implications of these barriers for consumer and industry alike. Existing research on accessibility within this specific environment is extremely limited (if any). This study shows that access to accurate information is a key issue, a key barrier to participation and not only for those who have not visited a spa before. Gaining information pre visit in tourism is increasingly done online and there is the opportunity to use technologies and especially websites and social media platforms to help provide this information. The chapter also illustrates the potential for health and greater mental and social wellbeing the spa industry and the wider wellness tourism industry have for wheelchair users and how they could mutually benefit each other, as well as further promoting the case for barrier free accessible tourism and leisure opportunities.N/

Profesi Dan Kekuasaan ; Merosotnya Peran Kaum Profesional dalamMasyarakat

vii,114 hlm ; 19 c