23 research outputs found
Designing incentive-compatible regulation in banking: the role of penalty in the precommitment approach
This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 4, "Incentive-compatible regulations: views on the precommitment approach." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.Bank capital ; Risk ; Bank supervision
A Theoretical Analysis of Narrow Banking Proposals
The purpose of this paper is to examine narrow banking proposals. First, we survey the narrow banking proposals presented in the United States and Japan, and categorize them by means of two standards: (1) whether safe assets that a narrow bank is allowed to hold are limited to short-term assets, and (2) whether a narrow bank is allowed to engage in lending activity. Second, we examine the feasibility of each proposal for the purpose of achieving the stability of the financial system, making use of two theoretical models: Wallace (1996) and Kashyap, Rajan, and Stein (1998). Finally, we conclude that a desirable narrow bank is one that carries out both deposit-taking and lending activities, though restrictively, and is allowed to invest in short-term safe assets.
Microscopic analysis of saltation of particles on an obliquely oscillating plate
This paper presents a microscopic analysis of the saltation of particles on an obliquely oscillating plate driven by sine waves with an amplitude on the order of tens of micrometers and a frequency on the order of hundreds of hertz. To examine the effect of the diameter of a particle on its motion, the trajectories and velocities of different-sized particles, from 0.5 to 500 ÎŒm in mass median diameter, are analyzed using images captured by a high-speed microscope camera. The results show that larger particles bounce higher, whereas smaller particles easily agglomerate and bounce only slightly, owing to the low restitution caused by their loosely packed structure. In addition, larger particles bounce forward and backward repeatedly, while the agglomerated particles always bounce forward, and consequently have the highest transport velocity among these particles. The particle motion and the transport velocity can be explained by a theoretical probability model
Analysis of Behavior of Small Agglomerated Particles on Two-dimensional Vibrating Plate
"Powders and Grains 2013"; Conference date: 8â12 July 2013; Location: Sydney, AustraliaThe movement of particles in the range from 0.5 to 500 ÎŒm in mass median diameter on a two-dimensional vibrating plate is observed through a high-speed digital camera with a zoom lens. The results show that larger particles saltate higher, while smaller particles easily agglomerate and slightly saltate because of the low restitution of their loosely packed structure. The salation heights are in good agreement with the results calculated by a model based on gravity, adhesion, drag force, and restitution
The Comparative Analysis of Settlement Systems
After a rapid expansion of financial transactions, both the authorities and financial institutions became aware of the risk involved in interbank settlement systems. To cope with the risk the systems in most economies have been designed so that large-sized payments are settled in the real time gross settlement (RTGS) mode, whereas small ones are dealt with in the designated time net settlement system. Yet the introduction of the RTGS system imposes substantial costs of maintaining intraday liquidity on participants, which creates a fear among European as well as Japanese banking communities that they might lose competitiveness against their US counterparts whose main settlement system, Fedwire, does not require collateral. We first compare these different settlement systems from the participantâs cost-benefit perspective and see if this concern always holds. Second, we develop the same framework to analyse the net settlement system, and then suggest if there is a rationale behind the coexistence of both the RTGS and net settlement systems.Intraday liquidity; Risk Management; RTGS; Settlement Risk
Microscopic analysis of particle detachment from an obliquely oscillating plate
Particle detachment from an obliquely oscillating plate was studied experimentally and theoretically. The plate was placed in a horizontal position, and vibrations were applied in the horizontal and vertical directions by piezoelectric vibrators. The frequency of vibration was constant at 280 Hz. The amplitude of vibration increased with time and approached a constant value in each experiment. The movement of micrometer-sized spherical particles was analyzed using images captured by a high-speed microscope camera, which showed that the particles rolled on the plate before detaching from the surface, and that the rolling significantly reduced the adhesive force between the particles and surface. Furthermore, the removal efficiency, defined by the number ratio of detached particles to total particles, was analyzed as a function of the horizontal and vertical vibration accelerations. It was found that the removal efficiency was significantly affected by the horizontal vibration acceleration. These experimental results can be explained by the force and moment balance model
Modernising Canada's Agricultural Policies
The agricultural sector in Canada is relatively large, compared to those in most other G7 countries. In recent years, the federal and provincial governments have undertaken a number of sectoral reforms to meet the competitiveness and environmental challenges that it faces. The federal government has tried to end a marketing monopoly in the barley market and may do so for wheat as well. The next generation of agriculture and agri-food policy is being finalised, and implementation of the first part of a new framework, Growing Forward, has begun. But a steady stream of ad hoc programmes in recent years has had significant budgetary costs and no doubt created moral hazard among farmers. There is scope for further liberalisation in supply-managed sectors, which are heavily protected and subsidised by consumers. Moreover, Canadaâs bio-energy production, in particular the production of second-generation bio-ethanol (from cellulose), is under pressure in light of less costly bio-energy production overseas. Against this background, governments are striving to ensure the long-term viability of the sector. This Working Paper relates to the 2008 OECD Economic Survey of Canada (www.oecd.org/eco/surveys/canada). Moderniser la politique agricole du Canada Le Canada dispose dâun secteur agricole relativement important, par rapport Ă la plupart des autres pays du G7. Ces derniĂšres annĂ©es, des rĂ©formes ont Ă©tĂ© entreprises dans plusieurs domaines, au niveau fĂ©dĂ©ral et provincial, pour surmonter les problĂšmes de compĂ©titivitĂ© et dâenvironnement auxquels est confrontĂ©e lâagriculture. Le gouvernement fĂ©dĂ©ral a tentĂ© de mettre fin Ă un monopole sur la commercialisation de lâorge et pourrait envisager la mĂȘme dĂ©marche pour le blĂ©. La nouvelle politique agricole et agroalimentaire est en cours de finalisation et la mise en oeuvre de la premiĂšre partie dâun nouveau cadre stratĂ©gique, Cultivons l'avenir, a commencĂ©. Mais les programmes ad hoc qui se sont succĂ©dĂ© depuis peu ont pesĂ© lourdement sur le budget, non sans crĂ©er un alĂ©a moral pour les agriculteurs. Il est possible dâaller plus loin dans la libĂ©ralisation des filiĂšres soumises Ă une gestion de lâoffre, qui sont largement protĂ©gĂ©es et subventionnĂ©es par les consommateurs. Par ailleurs, la production canadienne de bioĂ©nergie, notamment de bioĂ©thanol de seconde gĂ©nĂ©ration (Ă partir de cellulose), est concurrencĂ©e par une production bioĂ©nergĂ©tique Ă©trangĂšre moins coĂ»teuse. Câest dans ce contexte que sâinscrivent les efforts dĂ©ployĂ©s par les pouvoirs publics pour assurer la viabilitĂ© du secteur Ă long terme. Ce Document de travail se rapporte Ă lâĂtude Ă©conomique de lâOCDE du Canada, 2008 (www.oecd.org/eco/etudes/canada).agriculture, supply management, Canada, biofuels, gestion de lâoffre, bioĂ©thanol, Canada, agriculture