Regulating Systemic Risk: Towards an Analytical Framework

The global financial crisis demonstrated the inability and unwillingness of financial market participants to safeguard the stability of the financial system. It also highlighted the enormous direct and indirect costs of addressing systemic crises after they have occurred, as opposed to attempting to prevent them from arising. Governments and international organizations are responding with measures intended to make the financial system more resilient to economic shocks, many of which will be implemented by regulatory bodies over time. These measures suffer, however, from the lack of a theoretical account of how systemic risk propagates within the financial system and why regulatory intervention is needed to disrupt it. In this Article, we address this deficiency by examining how systemic risk is transmitted. We then proceed to explain why, in the absence of regulation, market participants cannot be relied upon to disrupt or otherwise limit the transmission of systemic risk. Finally, we advance an analytical framework to inform systemic risk regulation

Ariel - Volume 3 Number 6

Editors Richard J. Bonanno Robin A. Edwards Associate Editors Steven Ager Tom Williams Lay-out Editor Eugenia Miller Contributing Editors Paul Bialas Robert Breckenridge Lynne Porter David Jacoby Mike LeWitt Terry Burt Mark Pearlman Michael Leo Editors Emeritus Delvyn C. Case, Jr. Paul M. Fernhof

Revs. Bruce L. Nicholas, Jack King, C.L. Potts, W.L. Robinson to Mr. Meredith (9 October 1962)

https://egrove.olemiss.edu/mercorr_pro/2092/thumbnail.jp

Beulah Songs: A Choice Collection of Popular Hymns and Music, New and Old.

Beulah Songs: A Choice Collection of Popular Hymns and Music, New and Old was published in 1879 by the Publishing Association for the Promotion of Holiness in Philadelphia. The book is a collection of popular hymns and songs intended to be used at camp meetings, prayer meetings, and conference meetings.https://digitalcommons.otterbein.edu/cornell_ephemera/1317/thumbnail.jp

Classical and Quantum Behavior in Mean-Field Glassy Systems

In this talk I review some recent developments which shed light on the main connections between structural glasses and mean-field spin glass models with a discontinuous transition. I also discuss the role of quantum fluctuations on the dynamical instability found in mean-field spin glasses with a discontinuous transition. In mean-field models with pairwise interactions in a transverse field it is shown, in the framework of the static approximation, that such instability is suppressed at zero temperature.Comment: 9 Pages (including 5 Figures), Revtex, Proceedings of the XIV Sitges Conference, June 1996 (Barcelona) Spai

A Brand Plucked From the Burning

This is a story of salvation, a young man saved from the evil of drunkenness.https://place.asburyseminary.edu/ecommonsatsdigitalresources/1182/thumbnail.jp

Are local wind power resources well estimated?

Planning and financing of wind power installations require very importantly accurate resource estimation in addition to a number of other considerations relating to environment and economy. Furthermore, individual wind energy installations cannot in general be seen in isolation. It is well known that the spacing of turbines in wind farms is critical for maximum power production. It is also well established that the collective effect of wind turbines in large wind farms or of several wind farms can limit the wind power extraction downwind. This has been documented by many years of production statistics. For the very large, regional sized wind farms, a number of numerical studies have pointed to additional adverse changes to the regional wind climate, most recently by the detailed studies of Adams and Keith [1]. They show that the geophysical limit to wind power production is likely to be lower than previously estimated. Although this problem is of far future concern, it has to be considered seriously. In their paper they estimate that a wind farm larger than 100 km ^2 is limited to about 1 W m ^-2 . However, a 20 km ^2 off shore farm, Horns Rev 1, has in the last five years produced 3.98 W m ^-2  [5]. In that light it is highly unlikely that the effects pointed out by [1] will pose any immediate threat to wind energy in coming decades. Today a number of well-established mesoscale and microscale models exist for estimating wind resources and design parameters and in many cases they work well. This is especially true if good local data are available for calibrating the models or for their validation. The wind energy industry is still troubled by many projects showing considerable negative discrepancies between calculated and actually experienced production numbers and operating conditions. Therefore it has been decided on a European Union level to launch a project, ‘The New European Wind Atlas’, aiming at reducing overall uncertainties in determining wind conditions. The project is structured around three areas of work, to be implemented in parallel. One of the great challenges to the project is the application of mesoscale models for wind resource calculation, which is by no means a simple matter [3]. The project will use global reanalysis data as boundary conditions. These datasets, which are time series of the large-scale meteorological situation covering decades, have been created by assimilation of measurement data from around the globe in a dynamical consistent fashion using large-scale numerical models. For wind energy, the application of the reanalysis datasets is as a long record of the large-scale wind conditions. The large-scale reanalyses are performed in only a few global weather prediction centres using models that have been developed over many years, and which are still being developed and validated and are being used in operational services. Mesoscale models are more diverse, but nowadays quite a number have a proven track record in applications such as regional weather prediction and also wind resource assessment. There are still some issues, and use of model results without proper validation may lead to gross errors. For resource assessment it is necessary to include direct validation with in situ observed wind data over sufficiently long periods. In doing so, however, the mesoscale model output must be downscaled using some microscale physical or empirical/statistical model. That downscaling process is not straightforward, and the microscale models themselves tend to disagree in some terrain types as shown by recent blind tests [4]. All these ‘technical’ details and choices, not to mention the model formulation itself, the numerical schemes used, and the effective spatial and temporal resolution, can have a significant impact on the results. These problems, as well as the problem of how uncertainties are propagated through the model chain to the calculated wind resources, are central in the work with the New European Wind Atlas. The work of [1] shows that when wind energy has been implemented on a very massive scale, it will affect the power production from entire regions and that has to be taken into account. References [1] Adams A S and Keith D W 2013 Are global wind power resource estimates overstated? Environ. Res. Lett. 8 015021 [2] 2011 A New EU Wind Energy Atlas: Proposal for an ERANET+ Project (Produced by the TPWind Secretariat) Nov. [3] Petersen E L Troen I 2012 Wind conditions and resource assessment WIREs Energy Environ. 1 206–17 [4] Bechmann A, Sørensen N N, Berg J, Mann J Rethore P-E 2011 The Bolund experiment, part II: blind comparison of microscale flow models Boundary-Layer Meteorol. 141 245–71 [5] http://www.lorc.dk/offshore-wind-farms-map/horns-rev-1 http://www.ens.d