Securitization in East Asia

Securitization offers a range of benefits for Asiaâs financial systems and economies as a mechanism to assist funding and investment. As a form of structured finance, reliable and efficient securitization can assist development by enabling financial systems to deepen and strengthenâthus contributing to overall economic growth and stability. It must be recognized, however, that there are both overt and more subtle risks in certain uses of securitization. The credit and liquidity crisis that began in the United States and spread to other developed financial systems in mid-2007 exposed the danger associated with securitization: excessive risk-taking or regulatory capital arbitrage rather than a tool to assist more conventional or conservative approaches to funding, risk management, or investment. Securitization has also been criticized for rendering financial markets opaque, while contributing to a growing emphasis in the global economy of credit intermediation conducted in capital markets rather than through banks. This study examines the institutional basis of these concerns by investigating the use of securitization in East Asia, questioning both the growth in regional activity since the 1997/98 Asian financial crisis, and the reasons for it remaining constrained. The paper concludes with a discussion of proposals to support proper development of securitization in the region, including institutional mechanisms that could better allow securitization to enhance development and financial stability. If East Asia begins to make fuller use of securitization, its motive will be to meet funding or investment needs in the real economy rather than balance sheet arbitrage of the kind that peaked elsewhere in 2007.Securitization; East Asia; debt markets; risk transfer

Gelebte Mehrsprachigkeit am Sprachenzentrum Luxemburg: Mit Studierenden für Studierende

Die Studiengänge an der Universität Luxemburg sind überwiegend mehrsprachig. Vor diesem Hintergrund sind die mehrsprachigen Kompetenzen unserer studentischen Hilfskräfte im Sprachenzentrum von zentraler Bedeutung. In diesem Zusammenhang werden den Studierenden Peer-Tutoring- und Tandemprogramme angeboten, um sie bei ihrem Integrationsprozess in unser Universitätssystem zu unterstützen. Wir haben im Rahmen eines gemeinsamen Kurses der sechs Sprachzentren der Grenzuniversitäten, der Studierende sprachlich und kulturell auf eine zukünftige Mobilität vorbereiten, ein Tandemmodul integriert, das diese Studierenden zur gegenseitigen Hilfe unter Gleichaltrigen anregen soll. Wenn sich Tandems ergeben sollten, schulen wir unsere studentischen Hilfskräfte darin, Gruppen bei der Durchführung von Tandem-Aktivitäten zu begleiten. Die Studierenden müssen sich auf drei bzw. vier Aktivitäten einigen, die sie gemeinsam durchführen. Um den Nutzen dieser Partnerschaft zwischen Studierenden und studentischen Hilfskräften zu maximieren, werden wir in dieser Mitteilung über die Entwicklung einer Vorgehensweise und eine Verstärkung der Begleitinstrumente nachdenken, die darauf abzielen, ihre "Tandem-Sitzungen" in Gruppen zu strukturieren

Efficient three-dimensional reconstruction of aquatic vegetation geometry: Estimating morphological parameters influencing hydrodynamic drag

Aquatic vegetation can shelter coastlines from energetic waves and tidal currents, sometimes enabling accretion of fine sediments. Simulation of flow and sediment transport within submerged canopies requires quantification of vegetation geometry. However, field surveys used to determine vegetation geometry can be limited by the time required to obtain conventional caliper and ruler measurements. Building on recent progress in photogrammetry and computer vision, we present a method for reconstructing three-dimensional canopy geometry. The method was used to survey a dense canopy of aerial mangrove roots, called pneumatophores, in Vietnam’s Mekong River Delta. Photogrammetric estimation of geometry required 1) taking numerous photographs at low tide from multiple viewpoints around 1 m2 quadrats, 2) computing relative camera locations and orientations by triangulation of key features present in multiple images and reconstructing a dense 3D point cloud, and 3) extracting pneumatophore locations and diameters from the point cloud data. Step 3) was accomplished by a new ‘sector-slice’ algorithm, yielding geometric parameters every 5 mm along a vertical profile. Photogrammetric analysis was compared with manual caliper measurements. In all 5 quadrats considered, agreement was found between manual and photogrammetric estimates of stem number, and of number × mean diameter, which is a key parameter appearing in hydrodynamic models. In two quadrats, pneumatophores were encrusted with numerous barnacles, generating a complex geometry not resolved by hand measurements. In remaining cases, moderate agreement between manual and photogrammetric estimates of stem diameter and solid volume fraction was found. By substantially reducing measurement time in the field while capturing in greater detail the 3D structure, photogrammetry has potential to improve input to hydrodynamic models, particularly for simulations of flow through large-scale, heterogenous canopies

Vivre le multilinguisme au Centre de Langue au Luxembourg : avec des étudiants-assistants pour les étudiants. Tutoriels entre pairs par des étudiants pour des étudiants

The language centres at the universities in the Greater Region have adopted a French-German tandem module as part of a joint course that provides linguistic and cultural preparation for students ahead of their upcoming mobility semester. But there are often not enough French-speaking students to complete the tandems. So as an alternative, our student assistants can now guide student pairs or trios through their tandem activities. Based on comments from students and the experience of tutors in group tandems, a practical handbook has been produced to help train tutors, while a contract between tandem partners further engages them as soon as the tandem is set up.Les centres de langues des universités de la Grande Région ont adopté un module tandem franco-allemand dans le cadre d'un cours commun qui prépare linguistiquement et culturellement les étudiants à leur semestre de mobilité à venir. Cependant, il manque souvent des étudiants francophones pour compléter les tandems. Par conséquent, une alternative est maintenant que nos étudiants assistants guident des duo ou trio d’étudiants dans les activités en tandem. Les commentaires des étudiants et l'expérience des tuteurs dans les tandems de groupe ont conduit à l'élaboration d'un manuel pratique pour la formation des tuteurs et d'un contrat entre les participants au début du tandem

Making Markets: Reforms to Strengthen Asia's Debt Capital Markets

Liquid markets for debt securities exist comprehensively in no East Asian economy other than Japan, even though short or medium-term bonds are issued in most and Asian borrowers are established (though generally not prolific) international issuers. Today¡¦s markets provide a borrowing medium (not always effectively) for Asian governments, financial institutions and some companies, but investor activity is closely correlated with bank credit creation. Above all, the region¡¦s markets provide no real guard against crisis or contagion, nor act as a balance to banking systems susceptible to distortion and event risk. Asia¡¦s economies may not suffer general capital shortages but poor resource allocation is pervasive and would be greatly improved by efficient national and regional financial markets. Seven years after its most profound financial crisis, Asia risks new contagion from any similar, unforeseen loss of confidence. Active debt capital markets would help limit such risks. The world¡¦s foremost bond markets developed as a result of intense national needs, and while economic growth will inevitably lead to greater bond issuance and trading this will be insufficient for the region¡¦s wider requirements without official sponsorship of active cooperative market reform. This paper contains three linked policy proposals: a matrix of steps to remove legal, fiscal, regulatory or systemic obstacles or omissions that hinder market usage; measures to encourage the development of a unified regional offshore market for local and major currency risk; and the concept of a regional body to promote the creation of asset-backed securities on a scale not previously contemplated and greatly expand activity in Asia¡¦s debt markets.