The Interconnections Between the Shadow Banking System and the Regular Banking System. Evidence from the Euro Area

One of the most important lessons of the global financial crisis has been the deep interconnectedness between the shadow banking system and the regular banking system. These two systems are linked through several channels, of which one of the most important is the financing provided by regular banks to the shadow banking system and vice versa. In addition, regular banks can originate loans that are securitized. Subsequently, part of the securitized instruments may remain on the balance sheet of the originating banks or be found on the balance sheet of other regular banks and shadow banking entities. These links between the two systems can increase contagion and systemic risks, which in turn may affect financial stability. The financial crisis has acutely revealed the negative effects these interconnections can generate. The interconnections are underestimated by the available data because of the difficulties in gathering information on the euro area. Within this context, our paper tries to evaluate and analyze the interconnections between the shadow banking system and the regular banking system within the euro area, both in the pre-crisis period and currently. Finally, some measures to regulate the interconnections between these two systems are raised

The impact of changes in snow cover on snowshoe hare camouflage

Climate change is regarded as a primary threat to global biodiversity. One avenue in which climate change is influencing survival is through the minimisation of the efficacy of anti-predator defences. Background matching camouflage is an anti-predator defence whereby an organism remains undetectable even when in plain sight. Within seasonal coat colour species, species which undergo a colour changing biannual moult thought to provide anti-predator colouration in their seasonally variable environment, the occurrence of camouflage mismatch is beginning to be recorded. The primary subject of this camouflage mismatch research has been the snowshoe hare (Lepus americanus). However, whilst this mismatch is being observed in nature and is impacting survival rate in snowshoe hares and other seasonal coat colour species, no research as of yet has examined whether these seasonal moults provide background-matching camouflage. In addition, no previous research has examined the impact of camouflage mismatch on detectability from an ecologically relevant visual system, such as the most common mammalian visual system: dichromatism. Within this thesis, both of these gaps in knowledge are explored through computer detection experiments and eye movement analysis in humans. In chapter two, I investigate the impact of predator visual system, camouflage efficacy, background complexity, coat colour, and seasonal background type on the detection rate of snowshoe hares. Participants were displayed 15 randomly generated images of snowshoe hares on a natural landscape and located the snowshoe hares as quickly as possible. Snowshoe hares were detected more rapidly when their camouflage was ineffective, both in colour and brightness. In addition, more complex backgrounds resulted in longer search times. Although visual systems did not differ in overall detection times, simulated dichromatic vision resulted in longer search times for brightness camouflaged snowshoe hares. Within chapter three, I build upon the findings of chapter two, utilising eye-tracking equipment to examine participant visual attention and search mechanisms whilst locating snowshoe hares. I found that simulated dichromatic and trichromatic visual systems differ dramatically in the mechanisms used within the detection and discrimination of a camouflaged target. I also found that camouflage efficacy and background complexity function primarily as a method to reduce detectability, but do not influence the discriminability of a snowshoe hare from its background. This thesis provides support to previous research indicating that climate change will have a significant negative impact on the efficacy of seasonal coat colour camouflage and thus survival. The effects of this are already being recorded in the wild, with mismatched snowshoe hares experiencing elevated predation rates. This thesis supports that the primary reason for the increased predation is ineffective background-matching camouflage. Many aspects of camouflage and prey detection are explored within this thesis which are yet to be tested in seasonal coat colour species in the wild. In particular, how background complexity influences detectability, and the importance of considering an ecologically relevant predator visual system when examining camouflage. Overall, this thesis indicates that as the camouflage efficacy of seasonal coat colour species further decreases due to climate change, detectability, and thus predation risk, will increase

Contemplative Practices: A Strategy to Improve Health and Reduce Disparities.

Health has many dimensions, and intolerance and lack of compassion may contribute to the poor health and disparities in our nation. Tolerance can convey an inherent paradox or dissonance that can be associated with stress. However, tolerance has a dimension of acceptance, an acknowledgement and acceptance of what "is" at the present moment, that can relieve tension associated with differing beliefs and practices. Compassionate consideration of others can be combined with acceptance to create harmony within and across individuals. In this article, we explore how contemplative practices can cultivate tolerance and compassion and contribute to improvements in individual and population health

Retrodiction as a tool for micromaser field measurements

We use retrodictive quantum theory to describe cavity field measurements by successive atomic detections in the micromaser. We calculate the state of the micromaser cavity field prior to detection of sequences of atoms in either the excited or ground state, for atoms that are initially prepared in the excited state. This provides the POM elements, which describe such sequences of measurements.Comment: 20 pages, 4(8) figure

Constraining the Circumbinary Envelope of Z CMa via imaging polarimetry

Z CMa is a complex binary system, composed of a Herbig Be and an FU Ori star. The Herbig star is surrounded by a dust cocoon of variable geometry, and the whole system is surrounded by an infalling envelope. Previous spectropolarimetric observations have reported a preferred orientation of the polarization angle, perpendicular to the direction of a large, parsec-sized jet associated with the Herbig star. The variability in the amount of polarized light has been associated to changes in the geometry of the dust cocoon that surrounds the Herbig star. We aim to constrain the properties of Z CMa by means of imaging polarimetry at optical wavelengths. Using ExPo, a dual-beam imaging polarimeter which operates at optical wavelengths, we have obtained imaging (linear) polarimetric data of Z CMa. Our observations were secured during the return to quiescence after the 2008 outburst. We detect three polarized features over Z CMa. Two of these features are related to the two jets reported in this system: the large jet associated to the Herbig star, and the micro-jet associated to the FU Ori star. Our results suggest that the micro-jet extends to a distance ten times larger than reported in previous studies. The third feature suggests the presence of a hole in the dust cocoon that surrounds the Herbig star of this system. According to our simulations, this hole can produce a pencil beam of light that we see scattered off the low-density envelope surrounding the system.Comment: Accepted for publication in A\&

An investigation into the application of the progress function to floor space planning

The Manufacturing Progress Function is a mathematical technique which has been used in many industries for the prediction of labor and cost data. Instead of adhering to the general practice of measuring progress with time, the relationship of progress with cumulative production is used in much the same manner with which one associates his own learning with experience

Applying machine learning methods to enable automatic customisation of knee replacement implants from CT data

The aim of this study was to develop an automated pipeline capable of designing custom total knee replacement implants from CT scans. The developed pipeline firstly utilised a series of machine learning methods including classification, object detection, and image segmentation models, to extract geometrical information from inputted DICOM files. Statistical shape models then used the information to create femur and tibia 3D surface model predictions which were ultimately used by computer aided design scripts to generate customised implant designs. The developed pipeline was trained and tested using CT scan images, along with segmented 3D models, obtained for 98 Korean Asian subjects. The performance of the pipeline was tested computationally by virtually fitting outputted implant designs with ‘ground truth’ 3D models for each test subject’s bones. This demonstrated the pipeline was capable of repeatably producing highly accurate designs, and its performance was not impacted by subject sex, height, age, or knee side. In conclusion, a robust, accurate and automatic, CT-based total knee replacement customisation pipeline was shown to be feasible and could afford significant time and cost advantages over conventional methods. The pipeline framework could also be adapted to enable customisation of other medical implants

IT Strategy and Economic Sustainability: Formulating a 21st Century Paradigm

The resource-based view (RBV) has been widely adopted as the theoretical code for harnessing the strategic contributions of information technology (IT). However, mere ownership of resources, as prescribed by this body of theory, is no guarantee of competitiveness. Furthermore, RBV does not convey the wider concerns of social and environmental sustainability that many leading corporations now accept as pressing responsibilities of the 21st Century. We propose a relevant extension to the RBV as a strategic paradigm. It begins with the argument that the tenets of sustainability translate commercially into a customercentric strategy of lean production. In this context, the Value Chain concept could be an important mediator for ensuring the most profitable IT investments, while promoting green economic practices. We tested our model using a sample of third party logistics firms, with supportive results

A computational design of experiments based method for evaluation of off-the-shelf total knee replacement implants

A methodology to explore the design space of off-the-shelf total knee replacement implant designs is outlined. Generic femur component and tibia plate designs were scaled to thousands of sizes and virtually fitted to 244 test subjects. Various implant designs and sizing requirements between genders and ethnicities were evaluated. 5 sizes optimised via the methodology produced a good global fit for most subjects. However, clinically significant over/underhang was present in 19% of subjects for tibia plates and 25% for femur components, reducing to 11/20% with 8 sizes. The analysis highlighted subtly better fit performance was obtained using sizes with unequal spacing