De lo micro a lo macro prudencial: Un análisis de la supervisión bancaria desde la econometría espacial

La crisis que se desató en el mercado hipotecario en Estados Unidos en 2008 y que logró propagarse a lo largo de todo sistema financiero, dejó en evidencia el nivel de interconexión que actualmente existe entre las entidades del sector y sus relaciones con el sector productivo, dejando en evidencia la necesidad de identificar y caracterizar el riesgo sistémico inherente al sistema, para que de esta forma las entidades reguladoras busquen una estabilidad tanto individual, como del sistema en general. El presente documento muestra, a través de un modelo que combina el poder informativo de las redes y su adecuación a un modelo espacial auto regresivo (tipo panel), la importancia de incorporar al enfoque micro-prudencial (propuesto en Basilea II), una variable que capture el efecto de estar conectado con otras entidades, realizando así un análisis macro-prudencial (propuesto en Basilea III).

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

The post-financial crisis challenges for corporate governance and banking reform in China

The purpose of this paper is to review the impact of the global financial crisis on banking reform in China. The significant doubt concerning the efficiencies of Anglo-American model of corporate governance has raised a critical political question amongst scholars and practitioners as to whether China should continue to follow the U.K.-U.S. path in relation to financial reform. This conceptual paper provides an insightful review of the corporate governance literature and regulatory reports. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, which promotes greater liberalization and less control, the paper considers the risks in opening China’s financial markets and relaxing monetary and fiscal policies. A critique of shareholder-capitalism is outlined in relation to the German’s “social market economy” styled capitalism. Through such analysis the paper explores a number of implications for China to consider in terms of developing a new and sustainable corporate governance model applicable to the Chinese context.

Frontonasal Dysplasia, Severe Neuropsychological Delay, and Midline Central Nervous System Anomalies: Report of 10 Brazilian Male Patients

Here we report on 10 male patients with frontonasal dysplasia, cleft lip/palate, mental retardation, lack of language acquisition, and severe central nervous system involvement. Imaging studies disclosed absence of the corpus callosum, midline cysts, and an abnormally modeled cerebellum. Neuronal heterotopias were present in five patients and parieto-occipital encephalocele in three patients. We suggest that this pattern found exclusively in males, most likely represents a newly recognized syndrome distilled from the group of disorders subsumed under frontonasal dysplasia. (C) 2009 Wiley-Liss, Inc.

Measurement of the inclusive production cross sections for forward jets and for dijet events with one forward and one central jet in pp collisions at root s=7 TeV

The inclusive production cross sections for forward jets, as well for jets in dijet events with at least one jet emitted at central and the other at forward pseudorapidities, are measured in the range of transverse momenta p(T) = 35-150 GeV/c in proton-proton collisions at root s = 7 TeV by the CMS experiment at the LHC. Forward jets are measured within pseudorapidities 3.2<|eta|<4.7, and central jets within the |eta|<2.8 range. The double differential cross sections with respect to pt and eta are compared to predictions from three approaches in perturbative quantum chromodynamics: (i) next-to-leading-order calculations obtained with and without matching to parton-shower Monte Carlo simulations, (ii) PYTHIA and HERWIG parton-shower event generators with different tunes of parameters, and (iii) CASCADE and HEJ models, including different non-collinear corrections to standard single-parton radiation. The single-jet inclusive forward jet spectrum is well described by all models, but not all predictions are consistent with the spectra observed for the forward-central dijet events.

Comparison of Reactive Power Support in Distribution Networks Provided by Capacitor Banks and Distributed Generators

This paper presents a comparison of reactive power support in distribution networks provided by switched Capacitor Banks (CBs) and Distributed Generators (DGs). Regarding switched CBs, a Tabu Search metaheuristic algorithm is developed to determine their optimal operation with the objective of reducing the power losses in the lines on the system, while meeting network constraints. on the other hand, the optimal operation of DGs is analyzed through an evolutionary Multi-Objective (MO) programming approach. The objectives of such approach are the minimization of power losses and operation cost of the DGs. The comparison of the reactive power support provided by switched CBs and DGs is carried out using a modified IEEE 34 bus distribution test system.

Transnational banks and the external finance of Latin America: the experience of Peru

Includes bibliography

Regulación y supervisión de la banca e instituciones financieras: estudios de caso de América Latina y el Caribe: conclusiones y recomendaciones, Santiago 3-5 diciembre 1990 y 22-23 agosto 1991 = Regulation and supervision of banks and financial institutions: case studies in Latin America and the Caribbean: conclusions and recommendations, Santiago, 3-5 December 1990 and 22-23 August 1991

Documentos presentados a dos seminarios realizados en la Sede de CEPAL en Santiago entre el 3 y 5 de diciembre de 1990 y el 22 y 23 de agosto de 1991