From Financial Liberalization to Banking Failure: Starting on the Wrong Foot?

In this paper we attempt to identify the characteristics of banks that are most likely to be at the origin of a banking crisis following a financial liberalization (FL) process. We do this analysis in response to the observed fact that FL processes arse often followed by banking crisis that cost taxpayers large amounts of resources in rescue operations. To accomplish this objective we identify a sample of ''failed'' and ''healthy'' banks following a FL and then compare their financial data at the onset of FL. We also attempt to identify to what extent the quality of the loan portfolio and the management and risk- taking practices of banks affect the outcome. The results are surprisingly robust and they mean that it may be possible to identify with an anticipation of at least 4 years the banks that could be responsible for an eventual banking crisis! Further, both quality of loans and management and risk-taking practices play a role. The results suggest that banks that are more conservative and thus those that are less likely to incur in moral hazard, or are more capable of absorbing important macro shocks given their capitalization, are the ones that are more likely to remain solvent. The study is based on a sample of 82 banks from Greece, Indonesia, Korea, Malaysia, Mexico, Thailand and Taiwan.Financial liberalization, Deregulation, Commercial banking, Systemic risk, Banking crises, Bank failure

On Ehrhart Polynomials and Probability Calculations in Voting Theory

In voting theory, analyzing how frequent is an event (e.g. a voting paradox) is, under some specific but widely used assumptions, equivalent to computing the exact number of integer solutions in a system of linear constraints. Recently, some algorithms for computing this number have been proposed in social choice literature by Huang and Chua [17] and by Gehrlein ([12, 14]). The purpose of this paper is threefold. Firstly, we want to do justice to Eug`ene Ehrhart, who, more than forty years ago, discovered the theoretical foundations of the above mentioned algorithms. Secondly, we present some efficient algorithms that have been recently developed by computer scientists, independently from voting theorists. Thirdly, we illustrate the use of these algorithms by providing some original results in voting theory.voting rules, manipulability, polytopes, lattice points, algorithms.

Sortir du conflit ou asseoir la lutte ?:Exhumer et produire des « victimes républicaines » en Espagne

Depuis les années 1980, l’exhumation médico-légale des fosses communes est une pratique courante dans les contextes d’après-violence. Menées dans le but de soulager le « traumatisme » des familles de victimes, adossées à une exigence de « vérité » sur les crimes perpétrés, les exhumations font office de « meilleures pratiques » standardisées favorisant une sortie de conflit. Cette thérapeutique politique peut-elle être mise au service de la lutte et détournée des objectifs réconciliateurs définis ? Cet article analyse le processus d’invention d’un nouveau mode d’action protestataire. Il se centrera sur le travail militant de la Federacion Estatal de Foros por la Memoria, collectif espagnol qui interprète l’exhumation comme un outil de lutte permettant de sortir de la réconciliation et de réveiller volontairement les antagonismes

A formula for Nash equilibria in monotone singleton congestion games

This paper provides a simple formula describing all Nash equilibria in symmetric monotone singleton congestion games. Our approach also yields a new and short proof establishing the existence of a Nash equilibrium in this kind of congestion games without invoking the potential function or the nite improvement property.Singleton congestion games, Nash equilibria, Potential function, Finite improvement property

Compensation of a ball end tool trajectory in complex surface milling

This work is consecrated to the minimising of machining errors based on a method for the compensation of the trajectory to be machined in hemispherical milling. This compensation is found to be necessary because of the tool deflection due to the cutting forces. In order to remedy to the machining errors, caused by this deflection, a compensation method has been proposed. The latter is inspired from the mirror method, since the compensated position is going to be determined as being the trajectory reflection, deviated onto the mirror. The advantage of this proposed method is that it takes into account the three deflections dx, dy and dz, respectively to the directions X, Y and Z. After that, two-parallel machinings, separated by a groove and achieved absolutely in the same conditions and with the same tool, are carried out, on the same complex part. The first machining is with compensation, but the second is without compensation. The coordinates of the two obtained surfaces are recorded by a 3D measuring machine. The comparison of the two-surfaces shows the presence of an important correction of the tool trajectory, and reveals a similarity between the part obtained by simulation and the one conceived in CAM

Nonsymmetric singleton congestion games: case of two resources

In this note we study the existence of Nash equilibria in nonsymmetric finite congestion games, complementing the results obtained by Milchtaich on monotone-decreasing congestion games. More specifically, we examine the case of two resources and we propose a simple method describing all Nash equilibria in this kind of congestion games. Additionally, we give a new and short proof establishing the existence of a Nash equilibrium in this type of games without invoking the potential function or the finite improvement property.Singleton congestion games, Nash equilibria, Potential function, Finite improvement property

Possibilistic causal networks for handling interventions: A new propagation algorithm

This paper contains two important contributions for the development of possibilistic causal networks. The first one concerns the representation of interventions in possibilistic networks. We provide the counterpart of the ”DO ” operator, recently introduced by Pearl, in possibility theory framework. We then show that interventions can equivalently be represented in different ways in possibilistic causal networks. The second main contribution is a new propagation algorithm for dealing with both observations and interventions. We show that our algorithm only needs a small extra cost for handling interventions and is more appropriate for handling sequences of observations and interventions

Taxonomy and antimicrobial activities of a new Streptomyces sp. TN17 isolated in the soil from an oasis in Tunis

An actinomycete strain referred to as TN17 was screened for its antimicrobial activities. The taxonomic status of this strain was established. The organism was found to have morphological and chemotaxonomic characteristics typical of Streptomycetes. Based on the 16S rRNA nucleotide sequences, Streptomyces sp. TN17 was found to have a relationship with Streptomyces lilaceus, Streptomyces gobitricini and Streptomyces lavendofoliae. Combined analysis of the 16 S rRNA gene sequence (FN687757), phylogenetic analysis, fatty acids profile and physiological tests indicated that there are genotypic and phenotypic differences between TN17 and neighboring Streptomyces species’ neighbors. Therefore, TN17 is a novel species: Streptomyces sp. TN17 (=DSM 42020T=CTM50229T). A cultured extract of this strain inhibits the growth of several Gram positive and Gram negative bacteria and fungi