Central bank capital management

This paper offers general guidelines for central bank capital management. Capitaladequacy is important to be a credible, independent monetary authority over a medium-term horizon. Central banks, however, face several challenges in determining their capital adequacy. Firstly, the amount of capital only plays an auxiliary role in central banks’ effectiveness given that they cannot default as long as they have the right to issue legal tender. Secondly, central banks face two types of financial risks: calculable risks from current exposures and latent risks from future exposures. These latent risks, in particular, are difficult to quantify because they stem from contingent policy measures such as quantitative easing and lending of last resort. It is argued that a central bank’s target level of capital (1) can be calibrated with a confidence level that is lower than that used for commercial banks and (2) takes latent risks into account that are related to GDP or the size of the financial sector in the economy

Central bank capital management

This paper offers general guidelines for central bank capital management. Capitaladequacy is important to be a credible, independent monetary authority over a medium-term horizon. Central banks, however, face several challenges in determining their capital adequacy. Firstly, the amount of capital only plays an auxiliary role in central banks’ effectiveness given that they cannot default as long as they have the right to issue legal tender. Secondly, central banks face two types of financial risks: calculable risks from current exposures and latent risks from future exposures. These latent risks, in particular, are difficult to quantify because they stem from contingent policy measures such as quantitative easing and lending of last resort. It is argued that a central bank’s target level of capital (1) can be calibrated with a confidence level that is lower than that used for commercial banks and (2) takes latent risks into account that are related to GDP or the size of the financial sector in the economy

An exploration of the experiences and utility of functional electrical stimulation for foot drop in people with multiple sclerosis

Purpose: Functional electrical stimulation (FES) is effective in improving walking in people with multiple sclerosis (MS) with foot drop. There is limited research exploring people’s experiences of using this device. This study aims to explore the utility, efficacy, acceptability, and impact on daily life of the device in people with MS. Methods: An interpretative phenomenological approach was employed. Ten participants who had used FES for 12 months were interviewed. Transcripts were analysed, and emergent themes identified. Results: Nine participants continued to use the device. Three relevant super-ordinate themes were identified; impact of functional electrical stimulation, sticking with functional electrical stimulation, and autonomy and control. Participants reported challenges using the device; however, all reported positive physical and psychological benefits. Intrinsic and external influences such as; access to professional help, the influence of others, an individual’s ability to adapt, and experiences using the device, influenced their decisions to continue with the device. A thematic model of these factors was developed. Conclusions: This study has contributed to our understanding of people with MS experiences of using the device and will help inform prescribing decisions and support the continued, appropriate use of FES over the longer term

A Strategic E-Marketing Framework For Sport Mega-Events

This article reports on a study that was conducted which aims to understand the optimal usage of e-marketing in sport mega-events with reference to the 2010 FIFA Soccer World CupTM which was held in South Africa. A conceptual framework to optimally leverage e-marketing opportunities related to the hosting of sport mega-events was developed from the findings of this study. Building on an in-depth analysis of the contemporary literature on this very dynamic topic, as well as key lessons learned from an analysis of international case studies, primary research was conducted before and after the 2010 FIFA Soccer World CupTM, involving key stakeholders in the event and destination marketing sphere. Based on the preceding phases, the strategic framework that was conceptualised provides parameters and guidelines for the effective utilisation of e-marketing and e-marketing tools in future sport mega-events. Furthermore, 11 critical success factors (CSFs) were determined that should be considered when developing and implementing an e-marketing strategy for mega-events. In addition to adding value to the body of knowledge in this increasingly important sphere of tourism, recommendations regarding future research in this dynamic field of study are addressed

EXPERIENCES OF STUDENTS, SERVICE DELIVERY ORGANISATIONS AND COMMUNITY MEMBERS OF SERVICE DELIVERY TO A DISADVANTAGED COMMUNITY BY SOCIAL WORK STUDENTS

This research is part of a more extensive research project in which the Departments of SocialWork, Nursing and Communication collaborated to investigate the experiences of seniorstudents’ health care service delivery to a disadvantaged community, and to makerecommendations to enhance quality multi-disciplinary health care service delivery to adisadvantaged community by the students of the University as part of their experientiallearning

Wall-Fluid and Liquid-Gas Interfaces of Model Colloid-Polymer Mixtures by Simulation and Theory

We perform a study of the interfacial properties of a model suspension of hard sphere colloids with diameter $\sigma_c$ and non-adsorbing ideal polymer coils with diameter $\sigma_p$. For the mixture in contact with a planar hard wall, we obtain from simulations the wall-fluid interfacial free energy, $\gamma_{wf}$, for size ratios $q=\sigma_p/\sigma_c=0.6$ and 1, using thermodynamic integration, and study the (excess) adsorption of colloids, $\Gamma_c$, and of polymers, $\Gamma_p$, at the hard wall. The interfacial tension of the free liquid-gas interface, $\gamma_{lg}$, is obtained following three different routes in simulations: i) from studying the system size dependence of the interfacial width according to the predictions of capillary wave theory, ii) from the probability distribution of the colloid density at coexistence in the grand canonical ensemble, and iii) for statepoints where the colloidal liquid wets the wall completely, from Young's equation relating $\gamma_{lg}$ to the difference of wall-liquid and wall-gas interfacial tensions, $\gamma_{wl}-\gamma_{wg}$. In addition, we calculate $\gamma_{wf}, \Gamma_c$, and $\Gamma_p$ using density functional theory and a scaled particle theory based on free volume theory. Good agreement is found between the simulation results and those from density functional theory, while the results from scaled particle theory quantitatively deviate but reproduce some essential features. Simulation results for $\gamma_{lg}$ obtained from the three different routes are all in good agreement. Density functional theory predicts $\gamma_{lg}$ with good accuracy for high polymer reservoir packing fractions, but yields deviations from the simulation results close to the critical point.Comment: 23 pages, 10 figures, REVTEX. Fig 5a changed. Final versio