Optimal equity capital requirements for Swiss G-SIBs

This paper extends the analysis of Junge and Kugler (2013) on the effects of increased capital requirements on Swiss GDP and obtains the following main results: First the Modigliani-Miller effect is robust with respect to a substantial extension of the data base and yields an offset of capital cost of 46 percent. Second, the Translog production function estimate results in a time-varying elasticity of production with respect to the price of capital between 0.34 and 0.27, which is substantially lower than the value of 0.43 found in the earlier CES framework. Third the unweighted capital (leverage) ratio for Swiss G-SIBs is approximately 6 percent for Basel III Tier1 and 4.3 percent for CET1. This corresponds to risk-weighted capital ratios of 17 to 20 percent and 13 to 15 percent, respectively. The estimates show that the recently revised Swiss Too-Big-To-Fail capital ratios for G-SIBs are about 30 percent smaller than the optimal levels. However, the oft-debated proposal to raise the equity-to-asset ratio to 20 to 30 percent is not warranted by our analysis

'The Tropics. Views from the middle of the globe' at The South African National Gallery

Paradise, or unpredictable, menacing jungle, escape or place of damnation? This exhibition investigates the myth of “the tropics” through the juxtaposition of contemporary and pre-modern artworks. Curated by Prof Dr Viola König, Dr Peter Junge and Alfons Hug, and brought to the Iziko South African National Gallery by the Goethe-Institute, this exhibition will, for the first time, show rare pre-modern art from the Staatliche Museen zu Berlin, Ethnologisches Museum, in South Africa. The contemporary component of the exhibition includes photography, video-works and paintings from Germany, Spain, Brazil, Great Britain, Vietnam, Indonesia, Peru and South Africa. Contemporary artistic involvement with the myth of “the tropics” is juxtaposed with historical objects from the geographically defined belt of the tropics. Exhibits from Africa, Asia, Oceania and tropical America on loan from the Ethnologisches Museum, Staatliche Museen zu Berlin − some of the most important worldwide − enter into a dialogue with the works of 15 contemporary artists from Germany, Spain, Brazil, Great Britain, Vietnam, Indonesia, Peru and South Africa. With the exhibition at Iziko South African National Gallery from Wednesday 1 April until Sunday 14 June 2009 (Tuesdays to Sundays 10:00 until 17:00), it is the first time that artefacts from the Staatliche Museen zu Berlin’s collection are being shown in Sub-Saharan Africa. The Tropics: Views from the Middle of the Globe has in an extended version been presented in Brasilia, Rio de Janeiro and Berlin. It was hugely acclaimed and in Brazil alone more than half a million visitors came to see the show. The exhibition is accompanied by a cultural programme of Iziko South African National Gallery as well as the Goethe-Institut. The exhibition The Tropics: Views from the Middle of the Globe is a joint project of the Goethe-Institut and the Ethnologisches Museum, Staatliche Museen zu Berlin and was funded by the German Federal Cultural Foundation. Artists include: Pilar Albarracin, Marcos Chaves, Walmor Correa, DASPU, Theo Eshetu, Candida Höfer, Mandy Lee Jandrell, Dinh Q. Lê, Marcel Odenbach, Vong Phaophanit, Caio Reisewitz, Tracey Rose, Hans-Christian Schink, Fiona Tan, Guy Tillim, David Zink Y

Die Auswirkungen der höheren Eigenkapitalanforderungen auf die Schweizer Wirtschaft

Im Ergebnis zeigt sich, dass eine substanzielle Erhöhung der Eigenkapitalausstattung der schweizerischen Banken zu vernachlässigbaren volkswirtschaftlichen Kosten nahe Null und zu einem beträchtlichen Gewinn im Sinne der Vermeidung von erwarteten BIP-Einbrüchen in der Grössenordnung von 0,5% bis 0,7% führt. Die Befürchtungen, wonach die Erhöhung der Eigenmittel für die beiden Grossbanken zu hoch ausgefallen ist, sind also unbegründet. Die verbesserte Kapitalausstattung der Banken stärkt die Widerstandskraft der Banken gegen Verluste und reduziert die Systemanfälligkeit gegenüber Bankenkrisen

Bank Leverage, Credit and GDP in Switzerland: A VAR Analysis 1987-2015

A VAR analysis of Swiss data from 1987 to 2015 provides no evidence for significant long and short run influence of leverage on GDP, credit and the interest rate spread. Increasing capital requirements for banks should therefore have no strong negative macroeconomic effects

Das EU-Projekt OSCAR (Optimising Subsidiary Crop Applications in Rotations): Ergänzende Pflanzen zur Systemoptimierung in der pfluglosen Landwirtschaft: Neue Genotypen gesucht

In diesem Artikel konnte nur ein sehr kleiner Einblick in das Projekt OSCAR gegeben werden. Inspirationen kommen vor allem aus Südamerika, wo die Direktsaat bereits Standard ist. Die erfolgversprechendsten Arten als Zwischenfrüchte und Untersaaten werden von mehreren Projektpartnern gemeinsam mit beteiligten Landwirten in der Praxis getestet. OSCAR wird jedoch zum Projektende noch keine fertigen Lösungen bieten können. Mit dem sich deutlich wandelnden Klima auch in Deutschland werden Boden- und Wasserschutz immer wichtiger. Dazu tragen die Lösungsansätze von OSCAR bei. Es sind aber bereits einige Folgeprojekte entstanden. Dazu gehört vor allem ein Projekt zur Züchtung von Untersaaten unter den Bedingungen der Minimalbodenbearbeitung

Проект планировки и межевания территории квартала в производственно-деловой зоне г. Томска

Подготовка проекта межевания осуществляется применительно к территории, расположенной в границах элемента планировочной структуры – нежилого квартала, ограниченного проспектом Кирова, улицами Киевская, Усова, Артёма. Границы квартала определены генеральным планом города Томска, а также правилами землепользования и застройки города Томска. Проект межевания квартала подготавливается на основе проекта планировки данной территории в целях установления границ земельных участков и содержит графическую и текстовую части. Основанием для подготовки проекта межевания является постановление администрации Города Томска от 27.03.2017 г. №275-з.The boundary-setting plan is developed to the Tomsk’s non-residental quarter. An element of planning structure has its borders submitted by Kirova avenue, Kievskaya, Usova and Artyoma streets. Borders of quarter are defined by the city master plan and rules of land use and building of the city of Tomsk. The boundary-setting plan of quarter is prepared on the basis of the draft area plan of this territory for the purpose of land parcels borders establishment. The project consists of a graphic part and the text explanation. The basis for preparation of the project is the resolution of city administration of Tomsk