The European Securitization Market: Effects of an Uneven Regulatory Playing Field

This article critically assesses the European securitization industry’s claim of the existence of an uneven regulatory playing field for securitization structures vis-à-vis financial instruments deemed ‘neighbouring’ to securitization by the industry, like whole loan pools, corporate bonds, and covered bonds. According to market participants, the adverse regulatory treatment of securitization is negatively affecting the European securitization market, by pushing issuers and investors towards other financial instruments that are treated preferentially. Ultimately, this prevents the securitization market from escaping the subdued state in which it has been ever since the global financial crisis. To address this problem, market participants are advocating a fundamental recalibration of the existing regulatory framework. By examining the regulatory framework that applies to securitization structures, against the backdrop of regulation for whole loan pools, corporate bonds, and covered bonds, this article confirms that securitization structures are indeed treated adversely, as claimed by the industry. Nevertheless, a valid comparison can only be drawn between ‘true sale’ residential mortgage-backed securities (RMBS) structures and mortgage covered bonds, given the structural-economic similarities between the two financial instruments. In that regard, the adverse regulatory treatment of RMBS is found to be negatively impacting the European securitization market, by fuelling a ‘crowding out’ of RMBS by covered bonds

Combining Geostatistics and Remote Sensing Data to Improve Spatiotemporal Analysis of Precipitation

The wide availability of satellite data from many distributors in different domains of science has provided the opportunity for the development of new and improved methodologies to aid the analysis of environmental problems and to support more reliable estimations and forecasts. Moreover, the rapid development of specialized technologies in satellite instruments provides the opportunity to obtain a wide spectrum of various measurements. The purpose of this research is to use publicly available remote sensing product data computed from geostationary, polar and near-polar satellites and radar to improve space–time modeling and prediction of precipitation on Crete island in Greece. The proposed space–time kriging method carries out the fusion of remote sensing data with data from ground stations that monitor precipitation during the hydrological period 2009/10–2017/18. Precipitation observations are useful for water resources, flood and drought management studies. However, monitoring stations are usually sparse in regions with complex terrain, are clustered in valleys, and often have missing data. Satellite precipitation data are an attractive alternative to observations. The fusion of the datasets in terms of the space–time residual kriging method exploits the auxiliary satellite information and aids in the accurate and reliable estimation of precipitation rates at ungauged locations. In addition, it represents an alternative option for the improved modeling of precipitation variations in space and time. The obtained results were compared with the outcomes of similar works in the study area

Rough sets based Ordinal Priority Approach to evaluate sustainable development goals (SDGs) for sustainable mining

The Sustainable Development Goals (SDGs) have been adopted by countries and companies, including mining companies around the world. The aim of this study is to investigate the degree of importance of the seventeen sustainable development goals (SDGs) on sustainable mining using a rough sets based decision making approach. This novel approach consists of three consecutive stages, namely a questionnaire (survey), data analyses, and SDGs classification. Firstly, a survey is conducted to receive a response from internationally experts across different countries. Each participant is asked to evaluate the importance of each SDG. Secondly, the analyses are carried out to make a distinction among groups of participants who respond similarly and discover viewpoints from the industry, academia, and non-governmental organizations. Finally, the degree of importance of each SDG for sustainable mining is found using a novel decision making approach including Ordinal Priority Approach (OPA) based on rough sets. The survey of the results indicated that for all the participants of the survey, independently of their background, the most important SDG for sustainable mining was “SDG8: Decent work and economic growth”, while the one perceived as the least important was “SDG14: Life below water”. The main objective of SDG8 is to promote economic growth through job opportunities and decent work for all. This in turn leads to a more sustainable, long-term economic growth. While all SDGs play an important role, the proposed rough sets based decision making method provided a rational and objective evaluation performance of their perceived priority in the mining sector

Evaluation of risks impeding sustainable mining using Fermatean fuzzy score function based SWARA method

Sustainability in the mining and raw materials sector is a key target in the EU Green deal agenda. The aim of this work is to determine the degree of importance of risks that may impede sustainable mining, considering UN Sustainable Development Goals (SDGs) indicators and EU initiatives, taking as a case study the mining sector in Greece. A total of 49 risks for sustainable mining, under six categories, were identified by means of expert consultation and review of the literature. The identification and prioritization of potential risks can provide a pathway towards sustainable mining operations. The risks factors weighting is enhanced using a new Fermatean fuzzy score function with Stepwise Weight Assessment Ratio Analysis (SWARA). The proposed model is a powerful tool to handle the uncertainties and inaccuracies in the information regarding the weights of the risks. The main research findings indicate that the most important risks for sustainable mining in Greece are irresponsible mining, the lack of license to operate, and poor environmental monitoring, which are directly connected to the aim and scope of SDG12: responsible consumption and production. In addition, according to the results the category with the highest risk for sustainable mining is the one of “Risk to Environment”. A complete list of risks and risk categories, and their ranking is presented and discussed creating a priority of actions in the framework of European and international initiatives to set a road map to sustainable mining. This work provides a benchmark for future studies, with the aim of providing a tool for evaluating and ranking global risk factors that may affect sustainable mining development

Relationship of Weather Types on the Seasonal and Spatial Variability of Rainfall, Runoff, and Sediment Yield in the Western Mediterranean Basin

Rainfall is the key factor to understand soil erosion processes, mechanisms, and rates. Most research was conducted to determine rainfall characteristics and their relationship with soil erosion (erosivity) but there is little information about how atmospheric patterns control soil losses, and this is important to enable sustainable environmental planning and risk prevention. We investigated the temporal and spatial variability of the relationships of rainfall, runoff, and sediment yield with atmospheric patterns (weather types, WTs) in the western Mediterranean basin. For this purpose, we analyzed a large database of rainfall events collected between 1985 and 2015 in 46 experimental plots and catchments with the aim to: (i) evaluate seasonal differences in the contribution of rainfall, runoff, and sediment yield produced by the WTs; and (ii) to analyze the seasonal efficiency of the different WTs (relation frequency and magnitude) related to rainfall, runoff, and sediment yield. The results indicate two different temporal patterns: the first weather type exhibits (during the cold period: autumn and winter) westerly flows that produce the highest rainfall, runoff, and sediment yield values throughout the territory; the second weather type exhibits easterly flows that predominate during the warm period (spring and summer) and it is located on the Mediterranean coast of the Iberian Peninsula. However, the cyclonic situations present high frequency throughout the whole year with a large influence extended around the western Mediterranean basin. Contrary, the anticyclonic situations, despite of its high frequency, do not contribute significantly to the total rainfall, runoff, and sediment (showing the lowest efficiency) because of atmospheric stability that currently characterize this atmospheric pattern. Our approach helps to better understand the relationship of WTs on the seasonal and spatial variability of rainfall, runoff and sediment yield with a regional scale based on the large dataset and number of soil erosion experimental stations.Spanish Government (Ministry of Economy and Competitiveness, MINECO) and FEDER Projects: CGL2014 52135-C3-3-R, ESP2017-89463-C3-3-R, CGL2014-59946-R, CGL2015-65569-R, CGL2015-64284-C2-2-R, CGL2015-64284-C2-1-R, CGL2016-78075-P, GL2008-02879/BTE, LEDDRA 243857, RECARE-FP7, CGL2017-83866-C3-1-R, and PCIN-2017-061/AEI. Dhais Peña-Angulo received a “Juan de la Cierva” postdoctoral contract (FJCI-2017-33652 Spanish Ministry of Economy and Competitiveness, MEC). Ana Lucia acknowledge the "Brigitte-Schlieben-Lange-Programm". The “Geoenvironmental Processes and Global Change” (E02_17R) was financed by the Aragón Government and the European Social Fund. José Andrés López-Tarazón acknowledges the Secretariat for Universities and Research of the Department of the Economy and Knowledge of the Autonomous Government of Catalonia for supporting the Consolidated Research Group 2014 SGR 645 (RIUS- Fluvial Dynamics Research Group). Artemi Cerdà thank the funding of the OCDE TAD/CRP JA00088807. José Martínez-Fernandez acknowledges the project Unidad de Excelencia CLU-2018-04 co-funded by FEDER and Castilla y León Government. Ane Zabaleta is supported by the Hydro-Environmental Processes consolidated research group (IT1029-16, Basque Government). This paper has the benefit of the Lab and Field Data Pool created within the framework of the COST action CONNECTEUR (ES1306)

Relationship of weather types on the seasonal and spatial variability of rainfall, runoff, and sediment yield in the western Mediterranean basin

Rainfall is the key factor to understand soil erosion processes, mechanisms, and rates. Most research was conducted to determine rainfall characteristics and their relationship with soil erosion (erosivity) but there is little information about how atmospheric patterns control soil losses, and this is important to enable sustainable environmental planning and risk prevention. We investigated the temporal and spatial variability of the relationships of rainfall, runoff, and sediment yield with atmospheric patterns (weather types, WTs) in the western Mediterranean basin. For this purpose, we analyzed a large database of rainfall events collected between 1985 and 2015 in 46 experimental plots and catchments with the aim to: (i) evaluate seasonal differences in the contribution of rainfall, runoff, and sediment yield produced by the WTs; and (ii) to analyze the seasonal efficiency of the different WTs (relation frequency and magnitude) related to rainfall, runoff, and sediment yield. The results indicate two different temporal patterns: the first weather type exhibits (during the cold period: autumn and winter) westerly flows that produce the highest rainfall, runoff, and sediment yield values throughout the territory; the second weather type exhibits easterly flows that predominate during the warm period (spring and summer) and it is located on the Mediterranean coast of the Iberian Peninsula. However, the cyclonic situations present high frequency throughout the whole year with a large influence extended around the western Mediterranean basin. Contrary, the anticyclonic situations, despite of its high frequency, do not contribute significantly to the total rainfall, runoff, and sediment (showing the lowest efficiency) because of atmospheric stability that currently characterize this atmospheric pattern. Our approach helps to better understand the relationship of WTs on the seasonal and spatial variability of rainfall, runoff and sediment yield with a regional scale based on the large dataset and number of soil erosion experimental stations

Relationship of Weather Types on the Seasonal and Spatial Variability of Rainfall, Runoff, and Sediment Yield in the Western Mediterranean Basin

Rainfall is the key factor to understand soil erosion processes, mechanisms, and rates. Most research was conducted to determine rainfall characteristics and their relationship with soil erosion (erosivity) but there is little information about how atmospheric patterns control soil losses, and this is important to enable sustainable environmental planning and risk prevention. We investigated the temporal and spatial variability of the relationships of rainfall, runoff, and sediment yield with atmospheric patterns (weather types, WTs) in the western Mediterranean basin. For this purpose, we analyzed a large database of rainfall events collected between 1985 and 2015 in 46 experimental plots and catchments with the aim to: (i) evaluate seasonal differences in the contribution of rainfall, runoff, and sediment yield produced by the WTs; and (ii) to analyze the seasonal efficiency of the different WTs (relation frequency and magnitude) related to rainfall, runoff, and sediment yield. The results indicate two different temporal patterns: the first weather type exhibits (during the cold period: autumn and winter) westerly flows that produce the highest rainfall, runoff, and sediment yield values throughout the territory; the second weather type exhibits easterly flows that predominate during the warm period (spring and summer) and it is located on the Mediterranean coast of the Iberian Peninsula. However, the cyclonic situations present high frequency throughout the whole year with a large influence extended around the western Mediterranean basin. Contrary, the anticyclonic situations, despite of its high frequency, do not contribute significantly to the total rainfall, runoff, and sediment (showing the lowest efficiency) because of atmospheric stability that currently characterize this atmospheric pattern. Our approach helps to better understand the relationship of WTs on the seasonal and spatial variability of rainfall, runoff and sediment yield with a regional scale based on the large dataset and number of soil erosion experimental stations

Metrics for optimising the multi-dimensional value of resources recovered from waste in a circular economy: A critical review

© 2017 The Authors - Established assessment methods focusing on resource recovery from waste within a circular economy context consider few or even a single domain/s of value, i.e. environmental, economic, social and technical domains. This partial approach often delivers misleading messages for policy- and decision-makers. It fails to accurately represent systems complexity, and obscures impacts, trade-offs and problem shifting that resource recovery processes or systems intended to promote circular economy may cause. Here, we challenge such partial approaches by critically reviewing the existing suite of environmental, economic, social and technical metrics that have been regularly observed and used in waste management and resource recovery systems' assessment studies, upstream and downstream of the point where waste is generated. We assess the potential of those metrics to evaluate ‘complex value’ of materials, components and products, i.e., the holistic sum of their environmental, economic, social and technical benefits and impacts across the system. Findings suggest that the way resource recovery systems are assessed and evaluated require simplicity, yet must retain a suitable minimum level of detail across all domains of value, which is pivotal for enabling sound decision-making processes. Criteria for defining a suitable set of metrics for assessing resource recovery from waste require them to be simple, transparent and easy to measure, and be both system- and stakeholder-specific. Future developments must focus on providing a framework for the selection of metrics that accurately describe (or at least reliably proxy for) benefits and impacts across all domains of value, enabling effective and transparent analysis of resource recovery form waste in circular economy systems.We gratefully acknowledge support of the UK Natural Environ-ment Research Council (NERC) and the UK Economic and SocialResearch Council (ESRC) who funded this work in the context of‘Complex Value Optimisation for Resource Recovery’(CVORR)project (Grant No. NE/L014149/1)