Sand, tidevannssonen og grenseoverskridelser i Japan

En av Tarjeis store interesser var forholdet mellom mennesker og natur, et forhold han mente er et helt sentralt religiøst anliggende. I doktoravhandlingen skriver han innledningsvis: ââ¬ÂEverywhere, and at all times throughout the known history of humankind, humans have read into nature signs expressing their condition, whether it is of a social, moral, or existential kind. In this way, nature has come to reflect the terms and conditions of human existence, it has become a cosmic mirror of our state of being.ââ¬Â I denne artikkelen vil jeg følge opp dette ved å se på hvordan innbyggerne i et japansk lokalsamfunn har fortolket naturfenomener som sand og tidevannet for å gi struktur og mening til deres liv. Jeg vil spesielt fokusere på hvordan sand fra tidevannssonen brukes i lokale ritualer for å markere spatielle og temporære grenseoverganger, først og fremst fordi tidevannssonen kan oppfattes som grense mellom ulike verdener

Japan's Whaling : The Politics of Culture in Historical Perspective : [book review]

Non UBCUnreviewedOthe

Management by Totemization: Whale Symbolism and the Anti-Whaling Campaign

The anti-whaling campaign has been with us for about two decades by now, and - not surprisingly - the arguments against whaling have changed during these years. The ecological argument that the whales are endangered is losing ground as it becomes clear that the stocks of some species of whales can sustain regulated harvest. Therefore, during the last few years more and more people have argued whaling on moral and ethical grounds. Whales have come to hold a special place in the animal kingdom. Three related themes are addressed in this paper. First, the process by which whales are turned into a symbol is analyzed. By combining characteristics found in a number of different whale species, a picture of a "super-whale" has emerged. Second, it is argued that whales have such potential as symbols because 1) whales are anomalous animals difficult to categorize, 2) they live in salt water, which symbolizes the ultimate purity, 3) they have a long history, and 4) they have qualities that we would like to see in our fellow human beings. It is argued that whales are turned into totems, thus dichotomizing mankind into "good guys" (protectors of whales) or "bad guys" (whalers). Finally, it is shown that by turning whales into totems and imposing an indefinite moratorium on whaling, the resource base of communities in northern Norway has been narrowed significantly, which has serious implications for the viability of these communities.Key words: whales, whaling, management, protectionism, symbolism, totem, rhetoric, impact, northern NorwayLes campagnes contre la chasse à la baleine existent depuis plus de 20 ans, et il n'est pas surprenant que les arguments aient changé au cours des années. L'argument écologique voulant que les baleines soient menacées est en train de perdre du terrain car il devient évident que le stock de certaines espèces peut supporter une prise réglementée. Par conséquent, au cours des dernières années, de plus en plus de gens se sont opposés à la chasse à la baleine d'un point de vue moral et éthique. Les baleines en sont venues à occuper une place privilégiée dans le règne animal. Cet article aborde trois thèmes qui sont reliés. En premier lieu, on analyse le processus par lequel les baleines sont transformées en symboles. De la combinaison des caractéristiques d'un certain nombre d'espèces différentes est ressortie l'image d'une «super-baleine». On soutient ensuite que le potentiel symbolique des baleines vient de ce qu'elles 1) sont des animaux sortant de l'ordinaire, difficiles à classer, 2) vivent dans l'eau salée, qui symbolise la pureté absolue, 3) ont une longue histoire, et 4) ont des qualités que l'on aimerait retrouver chez nos confrères humains. On soutient que les baleines sont érigées en totems, ce qui divise l'humanité en «bons» (qui protègent les baleines) et en «méchants» (qui les chassent). On démontre finalement que la transformation des baleines en totems et l'imposition d'un moratoire d'une durée indéterminée ont réduit de façon significative la base de ressources de nombreuses communautés côtières de la Norvège septentrionale, ce qui a de sérieuses conséquences pour la viabilité de ces communautés.Mots clés: baleines, chasse à la baleine, gestion, protectionnisme, symbolisme, totem, rhétorique, impact, Norvège septentrional

A credit risk analysis of the Norwegian bank bond market : Effects of MREL implementiation in the Norwegian bank bond market

If recovery and resolution directives are credible, investors owning bail-in debt will have an incentive to monitor the risk of a bank. In this thesis we have analyzed the effects of the new EU resolution framework, with a special focus on the minimum requirement for own funds and eligible liabilities (MREL). We have studied how the Norwegian bond market, mainly focused on Tier 2, senior and senior non-preferred (SNP) debt, have shifted the risks within the mentioned debt classes. The new debt class SNP is introduced as a consequence of the MREL regulation. We have constructed our own credit model to price the credit risk inspired by the Merton model. The results from our model are then compared with market data collected from Nordic Bond Pricing (NBP). We find the pricing of these debt classes to be in line with their position in the credit hierarchy. The relative risks within our credit model are also comparable to the market data. However, within the SNP class we observe two securities where a call option seems to be mispriced. A SNP bond with an embedded call option traded at levels equal to an equivalent bond without the option, with equal credit risk, are most likely mispriced and thereby being an arbitrage opportunity. This breaks the premise that an option has a strictly positive value. As the implementation of the SNP class is an ongoing process, we believe the differences between credit risk from NBP data and our own estimates will settle over time. As the MREL regulations are not fully implemented in Norway yet, there can be new changes concerning the volume of SNP expected to be issued by the market. The total volume of SNP issuances can change even without regulatory changes, because the requirement of each bank depends on how their assets are distributed. In our analysis we find the volume and pricing of SNP debt to be positively correlated with the MREL set for banks. A higher MREL requires more SNP debt to be issued.nhhma

A credit risk analysis of the Norwegian bank bond market : Effects of MREL implementiation in the Norwegian bank bond market

If recovery and resolution directives are credible, investors owning bail-in debt will have an incentive to monitor the risk of a bank. In this thesis we have analyzed the effects of the new EU resolution framework, with a special focus on the minimum requirement for own funds and eligible liabilities (MREL). We have studied how the Norwegian bond market, mainly focused on Tier 2, senior and senior non-preferred (SNP) debt, have shifted the risks within the mentioned debt classes. The new debt class SNP is introduced as a consequence of the MREL regulation. We have constructed our own credit model to price the credit risk inspired by the Merton model. The results from our model are then compared with market data collected from Nordic Bond Pricing (NBP). We find the pricing of these debt classes to be in line with their position in the credit hierarchy. The relative risks within our credit model are also comparable to the market data. However, within the SNP class we observe two securities where a call option seems to be mispriced. A SNP bond with an embedded call option traded at levels equal to an equivalent bond without the option, with equal credit risk, are most likely mispriced and thereby being an arbitrage opportunity. This breaks the premise that an option has a strictly positive value. As the implementation of the SNP class is an ongoing process, we believe the differences between credit risk from NBP data and our own estimates will settle over time. As the MREL regulations are not fully implemented in Norway yet, there can be new changes concerning the volume of SNP expected to be issued by the market. The total volume of SNP issuances can change even without regulatory changes, because the requirement of each bank depends on how their assets are distributed. In our analysis we find the volume and pricing of SNP debt to be positively correlated with the MREL set for banks. A higher MREL requires more SNP debt to be issued