Extraordinary measures in extraordinary times – Public measures in support of the financial sector in the EU and the United States

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU) and the United States. The crisis response in both regions has been largely similar in terms of both tools and scope, and monetary policy actions and bank rescue measures have become increasingly intertwined. However, there are important differences, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within the EU (e.g. asset relief schemes). JEL Classification: C43, E31, O47, R31bank rescue measures, public crisis management

Extraordinary measures in extraordinary times: Public measures in support of the financial sector in the EU and the United States

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU) and the United States. The crisis response in both regions has been largely similar in terms of both tools and scope, and monetary policy actions and bank rescue measures have become increasingly intertwined. However, there are important differences, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within the EU (e.g. asset relief schemes). --Bank rescue measures,public crisis management

Stress Testing At the IMF

For almost a decade, the IMF has been using stress tests to identify vulnerabilities across institutions that could undermine the stability of a country''s financial system. This working paper focuses on the IMF''s experience with stress testing in the Financial Sector Assessment Program (FSAP). It provides background on the nature of an FSAP and the role of macro stress testing within it. It also describes how the methodology of stress testing in FSAPs has been evolving and what are fairly common approaches now being used. Finally, it discusses the main strengths and challenges for future development of macro stress testing in FSAPs and provides an overview of stress testing practice in European FSAPs.Stress testing;Financial stability;Credit risk;Financial Sector Assessment Program;Financial systems;risk modeling, financial sector, financial institutions, financial system, financial markets, insurance companies, market risk, interest rate risk, risk market, supervisory agencies, risk analysis, price risk, pension funds, applications, risk management, risk profile, international standards, stock market, financial sector crises, stock market index, financial conglomerates, money market, risk model

Who Disciplines Bank Managers?

We bring to bear a hand-collected dataset of executive turnovers in U.S. banks to test the efficacy of market discipline in a ''laboratory setting'' by analyzing banks that are less likely to be subject to government support. Specifically, we focus on a new face of market discipline: stakeholders'' ability to fire an executive. Using conditional logit regressions to examine the roles of debtholders, shareholders, and regulators in removing executives, we present novel evidence that executives are more likely to be dismissed if their bank is risky, incurs losses, cuts dividends, has a high charter value, and holds high levels of subordinated debt. We only find limited evidence that forced turnovers improve bank performance.Bank soundness;Bank supervision;Banks;Data analysis;Economic models;Performance indicators;Personnel;Risk management;discipline, banking, subordinated debt, bank risk, bank performance, national bank, bank holding, problems, holding company, deposit insurance, bank holding companies, bank holding company, state bank, return on equity, banking supervision, regulatory forbearance, banking industry, federal deposit insurance, bank managers, bank size, bank activities, banker, banking crises, bank capital, community bank, probability of default, bank market, bank data, return on assets, bank of international settlements, prudential bank supervision, bank bailout, savings institution, savings bank, bank market discipline, bank capital regulation, bank stock, tier 1 capital, capital regulation, bank behavior, bank fragility, internal control, bank failures, bank bailouts, banking system, bank manager, bankers, bank risk-taking, income statement, capital standard, bank mergers, bank management, bank supervisors, bank liability, capital base, bank losses, bank examination

Nathalie Sarraute. Du tropisme à la phrase

Par leur caractère toujours plus affirmé d'« exploration du langage », les textes de Nathalie Sarraute constituent pour l'analyse stylistique un objet d'élection. L'œuvre est gouvernée par une « idée fixe » d'essence dynamique : les tropismes, mouvements intérieurs qu'il s'agit d'exprimer par une « forme sensible ». Alors que la résistance opposée au langage par le « non-nommé » de l'expérience voue le discours à une référence opaque ou instable, la phrase se porte au secours du mot, déployée en un processus d'explication. Elle impose dans l'écrit une élasticité caractéristique de l'oral, s'affranchissant de la norme syntaxique pour mettre en scène un tropisme-phrase soumis aux déterminations pragmatiques de l'énonciation. La distension et la stratification de l'énoncé posent le problème de sa délimitation et de sa hiérarchisation : jusqu'à quel point y a-t-il phrase ? La perturbation de la linéarité fait saillir l'armature prédicative du discours, tandis que s'affiche le pouvoir structurant et signifiant de la ponctuation. L'écriture invente ainsi une prosodie susceptible de « capter cela, ce mouvement »

L'Ordre des mots à la lecture des textes

« Qu'est-ce qui me retient de brouiller l'ordre des mots, d'attenter de cette manière à l'existence toute apparente des choses ! » Cet appel de Breton formule un intérêt, partagé par de nombreux écrivains, pour les subtils effets énonciatifs, sémantiques et rythmiques liés aux variations de place dans l'énoncé. Historiquement ancrée dans les champs de la grammaire et de la rhétorique, la question de l'ordre des mots a été réinvestie par la linguistique selon différents paramètres : structuraux, topologiques, dynamiques. Les 27 articles qui constituent cet ouvrage apportent un éclairage nouveau en élargissant l'étude à une perspective stylistique. L'analyse syntaxique est rapportée aux déterminations du texte, dans un corpus littéraire diversifié selon les genres et les époques. En réception, la pertinence de l'ordre des mots tient moins au critère traditionnel de l'écart à la norme, qu'au caractère signifiant en contexte d'agencements verbaux manifestant une visée esthétique, voire idéologique

Sustainable management of trace element contaminated soils – Development of a decision tool system and its evaluation for practical application (SUMATECS) - Final Research Report

The development of “gentle”, in-situ remediation technologies (i.e. phytoremediation, in situ immobilisation, etc.) has been under intensive research over the last few decades. A great deal of progress has been achieved at the experimental level, but the application of these technologies as practical solutions is still at its early stage. First; methods for determination of the trace element (metals and non-metals) fractions relevant for their ecotoxicology (i.e., the bioavailable fraction) still have their limitations since they may insufficiently reflect the potential risks. Second, a number of gentle in-situ remediation options are available and thus a decision tool system has to be developed allowing to choose the most suitable technique. Third, the application of gentle remediation options may have significant implications for the environment and the socio-economic situation of the local population. TECS (trace element contaminated soils) management moved into a new century where environmental decisions must be ‘socially-robust’ within a context of sustainable development and is a part of the conceptual framework “Risk-based land management”. All efforts need to ensure management and/or remediation is affordable, feasible, effective and sustainable. The aim of this project was to summarise the current state of the art using data from literature (SCI journals, project reports) and from a questionaire that has been sent to all kind of experts involved in remeddiation of trace element contaminated soils (scientists, stakeholders, policy makers, etc.). All collected information was used to identify the current status of research and application in Europe and to (i) derive decision tool systems, remediation scenarios including the potential impacts on the local environment and (ii) define further research needs

Sustainable management of trace element contaminated soils – Development of a decision tool system and its evaluation for practical application (SUMATECS) - Final Research Report

The development of “gentle”, in-situ remediation technologies (i.e. phytoremediation, in situ immobilisation, etc.) has been under intensive research over the last few decades. A great deal of progress has been achieved at the experimental level, but the application of these technologies as practical solutions is still at its early stage. First; methods for determination of the trace element (metals and non-metals) fractions relevant for their ecotoxicology (i.e., the bioavailable fraction) still have their limitations since they may insufficiently reflect the potential risks. Second, a number of gentle in-situ remediation options are available and thus a decision tool system has to be developed allowing to choose the most suitable technique. Third, the application of gentle remediation options may have significant implications for the environment and the socio-economic situation of the local population. TECS (trace element contaminated soils) management moved into a new century where environmental decisions must be ‘socially-robust’ within a context of sustainable development and is a part of the conceptual framework “Risk-based land management”. All efforts need to ensure management and/or remediation is affordable, feasible, effective and sustainable. The aim of this project was to summarise the current state of the art using data from literature (SCI journals, project reports) and from a questionaire that has been sent to all kind of experts involved in remeddiation of trace element contaminated soils (scientists, stakeholders, policy makers, etc.). All collected information was used to identify the current status of research and application in Europe and to (i) derive decision tool systems, remediation scenarios including the potential impacts on the local environment and (ii) define further research needs