858 research outputs found
A New Metric for Banking Integration in Europe
Most observers have concluded that while money markets and government bond markets are rapidly integrating following the introduction of the common currency in the euro area, there is little evidence that a similar integration process is taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in that they are not based on an equilibrium concept and are neither necessary nor sufficient statistics for bank integration. The paper proposes a new test of integration based on convergence in banks' profitability. The new test emphasises the role of an active market for corporate control and of competition in banking integration. European listed banks profitability appears to converge to a common level. There is weak evidence that competition eliminates high profits for these banks, and underperforming banks tend to show improved profitability. Unlisted European banks differ markedly. Their profits show no tendency to revert to a common target rate of profitability. Overall, the banking market in Europe appears far from being integrated. In contrast, in the U.S. both listed and unlisted commercial banks profits converge to the same target, and high profit banks see their profits driven down quickly. --
A New Metric for Banking Integration in Europe
Most observers have concluded that while money markets and government bond markets are rapidly integrating following the introduction of the common currency in the euro area, there is little evidence that a similar integration process is taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in that they are not based on an equilibrium concept and are neither necessary nor sufficient statistics for bank integration. The paper proposes a new test of integration based on convergence in banksā profitability. The new test emphasises the role of an active market for corporate control and of competition in banking integration. European listed banks profitability appears to converge to a common level. There is weak evidence that competition eliminates high profits for these banks, and underperforming banks tend to show improved profitability. Unlisted European banks differ markedly. Their profits show no tendency to revert to a common target rate of profitability. Overall, the banking market in Europe appears far from being integrated. In contrast, in the U.S. both listed and unlisted commercial banks profits converge to the same target, and high profit banks see their profits driven down quickly
Design and Implementation of MPICH2 over InfiniBand with RDMA Support
For several years, MPI has been the de facto standard for writing parallel
applications. One of the most popular MPI implementations is MPICH. Its
successor, MPICH2, features a completely new design that provides more
performance and flexibility. To ensure portability, it has a hierarchical
structure based on which porting can be done at different levels. In this
paper, we present our experiences designing and implementing MPICH2 over
InfiniBand. Because of its high performance and open standard, InfiniBand is
gaining popularity in the area of high-performance computing. Our study focuses
on optimizing the performance of MPI-1 functions in MPICH2. One of our
objectives is to exploit Remote Direct Memory Access (RDMA) in Infiniband to
achieve high performance. We have based our design on the RDMA Channel
interface provided by MPICH2, which encapsulates architecture-dependent
communication functionalities into a very small set of functions. Starting with
a basic design, we apply different optimizations and also propose a
zero-copy-based design. We characterize the impact of our optimizations and
designs using microbenchmarks. We have also performed an application-level
evaluation using the NAS Parallel Benchmarks. Our optimized MPICH2
implementation achieves 7.6 s latency and 857 MB/s bandwidth, which are
close to the raw performance of the underlying InfiniBand layer. Our study
shows that the RDMA Channel interface in MPICH2 provides a simple, yet
powerful, abstraction that enables implementations with high performance by
exploiting RDMA operations in InfiniBand. To the best of our knowledge, this is
the first high-performance design and implementation of MPICH2 on InfiniBand
using RDMA support.Comment: 12 pages, 17 figure
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