Deposit insurance suitable for Europe: Proposal for a three-stage deposit guarantee scheme with limited European liability

In this note, a new concept for a European deposit guarantee scheme is proposed, which takes account of the strong political reservations against a mutualization of the liability for bank deposits. The three-stage model for deposit insurance outlined in the text builds on existing national deposit guarantee schemes, offering loss compensation on a European level and at the same time preventing excessive risk and moral hazard taking by individual banks.In dieser Notiz wird ein neues Konzept für eine europäische Einlagensicherung vorgeschlagen, welches den starken politischen Vorbehalten Rechnung trägt, die gegen eine Vergemeinschaftung der Haftung für Bankeinlagen bestehen. Das skizzierte drei-stufige Einlagensicherungsmodell führt existierende nationale Einlagensicherungseinrichtungen weiter, bietet einen europäischen Verlustausgleich und verhindert eine exzessive Risikoübernahme zu Lasten der internationalen Gemeinschaft

Where do we stand in the theory of finance? : a selective overview with reference to Erich Gutenberg

For the past 20 years, financial markets research has concerned itself with issues related to the evaluation and management of financial securities in efficient capital markets and with issues of management control in incomplete markets. The following selective overview focuses on key aspects of the theory and empirical experience of management control under conditions of asymmetric information. The objective is examine the validity of the recently advanced hypothesis on the myths of corporate control. The present overview is based on Gutenberg's position that there exists a discrete corporate interest, as distinct from and separate from the interests of the shareholders or other stakeholders. In the third volume of Grundlagen der BWL: Die Finanzen, published in 1969, this position of Gutenberg's is coupled with an appeal for a so-called financial equilibrium to be maintained. Not until recently have models grounded in capital market theory been developed which also allow for a firm's management to exercise autonomy vis-à-vis its stakeholder. This paper was prepared for the Erich Gutenberg centenary conference on December 12 and 13, 1997 in Cologne

Comment on the European Parliament Draft Report on the proposal for a recovery and resolution directive : (Rapporteur: Gunnar Hökmark) – Doc 2012/0150 (COD) of 11 October 2012 –

This present comment suggests an amendment to the proposal for a directive of the European Parliament and of the Council, establishing a framework for the recovery and resolution of credit institutions and investment firms. The current proposal focuses on bail-in, but does not sufficiently take into account the pressure exerted on central bankers, supervisors and politicians by the fear of interbank contagion. The only way out of this hold-up type of situation can be found in bail-in bonds. Bail-in bonds are dedicated loss taking debt instruments, whose status of being first in line if it comes to default is clearly communicated from day one

Rettung durch Regulierung? Eckpunkte des Liikanen-Berichts

This paper summarizes the key proposals of the report by the Liikanen Commission. It starts with an explanation of a crisis narrative underlying the Report and its proposals. The proposals aim for a revitalization of market discipline in financial markets. The two main structural proposals of the Liikanen Report are: first, for large banks, the separation of the trading business from other parts of the banking business (the "Separation Proposal"), and the mandatory issuing of subordinated bank debt thought to be liable (the strict "Bail-in Proposal"). The credibility of this commitment to private liability is achieved by strict holding restrictions. The anticipated consequences of the introduction of these structural regulations for the financial industry and markets are addressed in a concluding part.Ausgehend von einer Erläuterung der Kriseninterpretation (crisis narrative), wie sie in dem Bericht der Liikanen-Kommission zugrunde liegt, werden die nach Ansicht des Verfassers zentralen Vorschläge des Kommissionsberichts ausgewählt, vorgestellt und in den größeren Rahmen einer erneuerten Ordnungspolitik für die Finanzmärkte Europas eingeordnet. Die mit den Vorschlägen eng zusammenhängenden Reformelemente der Bankenunion werden in diesem Text bewusst ausgeklammert. Die beiden zentralen Strukturvorschläge des Liikanen-Berichts betreffen die Abspaltung der Handelsgeschäfte von dem Universalbankengeschäft für große, internationale Banken (der Trennbankenvorschlag), sowie die verpflichtende Emission nachrangigen, glaubwürdig haftenden Fremdkapitals (der strenge Bail-in Vorschlag). Glaubwürdigkeit der Haftungszusage wird durch strenge Halterestriktionen erreicht. Vorhersehbare Folgerungen einer Einführung dieser Strukturregeln für die Finanzindustrie und -märkte werden in einem abschließenden Teil angesprochen

NMOS-based integrated modular bypass for use in solar systems (NIMBUS): intelligent bypass for reducing partial shading power loss in solar panel applications

NMOS-based Integrated Modular Bypass for Use in Solar systems (NIMBUS) is designed as a replacement for the traditional bypass diode, used in common solar panels. Because of the series connection between the individual solar cells, the power output of a photovoltaic (PV) panel will drop disproportionally under partial shading. Currently, this is solved by dividing the PV panel into substrings, each with a diode bypass placed in parallel. This allows an alternative current path. However, the diodes still have a significant voltage drop (about 350 mV), and due to the fairly large currents in a panel, the diodes are dissipating power that we would rather see at the output of the panel. The NIMBUS chip, being a low-voltage-drop switch, aims to replace these diodes and, thus, reduce that power loss. NIMBUS is a smart bypass: a completely stand-alone system that detects the failing of one or more cells and activates when necessary. It is designed for a 100-mV voltage drop under a 5-A load current. When two or more NIMBUS chips are placed in parallel, an internal synchronization circuit ensures proper operation to provide for larger load currents. This paper will elaborate on the operation, design and implementation of the NIMBUS chip, as well as on the first measurements

The Petrov type of the five-dimensional Myers-Perry metric

We point out that the Myers-Perry metric in five dimensions is algebraically special. It has Petrov type \underline{22}, which is the Petrov type of the five-dimensional Schwarzschild metric.Comment: 4 pages, 1 figur

Business cycles in the Netherlands, 1815-1913

This article exploits a unique new dataset containing information on the economy of the Netherlands to date business cycles turning points in the 19th century (1815-1913) using a modern econometric technique. The business cycle in the Netherlands is compared to the international (UK and US) business cycle for the second half of the sample. We conclude that business cycles do exist in the Netherlands in the 19th century – even before 1870. The Netherlands follows the international business cycle before 1870 and after 1890. In the in-between period the Dutch production could not meet both domestic demand and export demand.

An uncued brain-computer interface using reservoir computing

Brain-Computer Interfaces are an important and promising avenue for possible next-generation assistive devices. In this article, we show how Reservoir Comput- ing – a computationally efficient way of training recurrent neural networks – com- bined with a novel feature selection algorithm based on Common Spatial Patterns can be used to drastically improve performance in an uncued motor imagery based Brain-Computer Interface (BCI). The objective of this BCI is to label each sample of EEG data as either motor imagery class 1 (e.g. left hand), motor imagery class 2 (e.g. right hand) or a rest state (i.e., no motor imagery). When comparing the re- sults of the proposed method with the results from the BCI Competition IV (where this dataset was introduced), it turns out that the proposed method outperforms the winner of the competition

Long non-coding RNA expression profiling in the NCI60 cancer cell line panel using high-throughput RT-qPCR

Long non-coding RNAs (lncRNAs) form a new class of RNA molecules implicated in various aspects of protein coding gene expression regulation. To study lncRNAs in cancer, we generated expression profiles for 1707 human lncRNAs in the NCI60 cancer cell line panel using a high-throughput nanowell RT-qPCR platform. We describe how qPCR assays were designed and validated and provide processed and normalized expression data for further analysis. Data quality is demonstrated by matching the lncRNA expression profiles with phenotypic and genomic characteristics of the cancer cell lines. This data set can be integrated with publicly available omics and pharmacological data sets to uncover novel associations between lncRNA expression and mRNA expression, miRNA expression, DNA copy number, protein coding gene mutation status or drug response