Asset composition of the Philippines' universal and commercial banks : monetary policy or self-discipline?

The central bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) has improved its monetary policy measures since the 2000s. After rationalizing the country's banking sector since late-1990s, its monetary policy and the uniiversal/commercial banks' (UCBs) behavior in allocating their assets has changed since mid-2000s. Though further and more detailed studies are nesessary, based on the results of simple correlation analyses conducted in this paper suggest a possible mixture of the country's monetary policy and their own decision-making in asset allocations, instead of a "follow-through" attitude.

Multiple Frequency Solidly Mounted BAW Filters

This paper reports the simultaneous fabrication of Receive and Transmit Bulk Acoustic Wave filters for the WCDMA standard on the same die. Both filters are based on Solidly Mounted Resonators using a common Bragg mirror, but with each having a specific piezoelectric film thickness. Electrical measurements reveal that the process steps required to provide the two different piezoelectric film thicknesses on the same die does not impact the electrical performances of resonators and filters and that this approach could thus be generalised to more than two filters.

Risk sharing with Multilateral Financial Institutions in infrastructure and energy project financing : effect on capital relief for commercial banks

(Matsukawa and Habeck, 2007) analyse the main instruments for risk mitigation in infrastructure financing with Multilateral Financial Institutions (MFIs). Their review coincided with the global financial crisis of 2007-08, and is highly relevant in current times considering the sovereign debt crisis, the lack of available capital and the increases in bank regulation in Western economies. The current macroeconomic environment has seen a slowdown in the level of finance for infrastructure projects, as they pose a higher credit risk given their requirements for long term investments. The rationale for this work is to look for innovative solutions that are focused on the credit risk mitigation of infrastructure and energy projects whilst optimizing the economic capital allocation for commercial banks. This objective is achieved through risk-sharing with MFIs and looking for capital relief in project finance transactions. This research finds out the answer to the main question: "What is the impact of risk-sharing with MFIs on project finance transactions to increase their efficiency and viability?", and is developed from the perspective of a commercial bank assessing the economic capital used and analysing the relevant variables for it: Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). An overview of project finance for the infrastructure and energy sectors in terms of the volume of transactions worldwide is outlined, along with a summary of risk-sharing financing with MFIs. A review of the current regulatory framework beneath risk-sharing in structured finance with MFIs is also analysed. From here, the impact of risk-sharing and the diversification effect in infrastructure and energy projects is assessed, from the perspective of economic capital allocation for a commercial bank. CreditMetrics (J. P. Morgan, 1997) is applied over an existing well diversified portfolio of project finance infrastructure and energy investments, working with the main risk capital measures: economic capital, RAROC, and EVA. The conclusions of this research show that economic capital allocation on a portfolio of project finance along with risk-sharing with MFIs have a huge impact on capital relief whilst increasing performance profitability for commercial banks. There is an outstanding diversification effect due to the portfolio, which is combined with risk mitigation and an improvement in recovery rates through Partial Credit Guarantees issued by MFIs. A stress test scenario analysis is applied to the current assumptions and credit risk model, considering a downgrade in the rating for the commercial bank (lender) and an increase of default in emerging countries, presenting a direct impact on economic capital, through an increase in expected loss and a decrease in performance profitability. Getting capital relief through risk-sharing makes it more viable for commercial banks to finance infrastructure and energy projects, with the beneficial effect of a direct impact of these investments on GDP growth and employment. The main contribution of this work is to promote a strategic economic capital allocation in infrastructure and energy financing through innovative risk-sharing with MFIs and economic pricing to create economic value added for banks, and to allow the financing of more infrastructure and energy projects. This work suggests several topics for further research in relation to issues analysed. (Matsukawa and Habeck, 2007) analizan los principales instrumentos de mitigación de riesgos en las Instituciones Financieras Multilaterales (IFMs) para la financiación de infraestructuras. Su presentación coincidió con el inicio de la crisis financiera en Agosto de 2007, y sus consecuencias persisten en la actualidad, destacando la deuda soberana en economías desarrolladas y los problemas capitalización de los bancos. Este entorno macroeconómico ha ralentizado la financiación de proyectos de infraestructuras. El actual trabajo de investigación tiene su motivación en la búsqueda de soluciones para la financiación de proyectos de infraestructuras y de energía, mitigando los riesgos inherentes, con el objeto de reducir el consumo de capital económico en los bancos financiadores. Este objetivo se alcanza compartiendo el riesgo de la financiación con IFMs, a través de estructuras de risk-sharing. La investigación responde la pregunta: "Cuál es el impacto de risk-sharing con IFMs, en la financiación de proyectos para aumentar su eficiencia y viabilidad?". El trabajo se desarrolla desde el enfoque de un banco comercial, estimando el consumo de capital económico en la financiación de proyectos y analizando las principales variables del riesgo de crédito, Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). La investigación presenta las cifras globales de Project Finance en los sectores de infraestructuras y de energía, y analiza el marco regulatorio internacional en relación al consumo de capital económico en la financiación de proyectos en los que participan IFMs. A continuación, el trabajo modeliza una cartera real, bien diversificada, de Project Finance de infraestructuras y de energía, aplicando la metodología CreditMet- rics (J. P. Morgan, 1997). Su objeto es estimar el consumo de capital económico y la rentabilidad de la cartera de proyectos a través del RAROC y EVA. La modelización permite estimar el efecto diversificación y la liberación de capital económico consecuencia del risk-sharing. Los resultados muestran el enorme impacto del efecto diversificación de la cartera, así como de las garantías parciales de las IFMs que mitigan riesgos, mejoran el recovery rate de los proyectos y reducen el consumo de capital económico para el banco comercial, mientras aumentan la rentabilidad, RAROC, y crean valor económico, EVA. En escenarios económicos de inestabilidad, empeoramiento del rating de los bancos, aumentos de default en los proyectos y de correlación en las carteras, hay un impacto directo en el capital económico y en la pérdida de rentabilidad. La liberación de capital económico, como se plantea en la presente investigación, permitirá financiar más proyectos de infraestructuras y de energía, lo que repercutirá en un mayor crecimiento económico y creación de empleo. La principal contribución de este trabajo es promover la gestión activa del capital económico en la financiación de infraestructuras y de proyectos energéticos, a través de estructuras innovadoras de risk-sharing con IFMs y de creación de valor económico en los bancos comerciales, lo que mejoraría su eficiencia y capitalización. La aportación metodológica del trabajo se convierte por su originalidad en una contribución, que sugiere y facilita nuevas líneas de investigación académica en las principales variables del riesgo de crédito que afectan al capital económico en la financiación de proyectos.

Accelerating FPGA-based evolution of wavelet transform filters by optimized task scheduling

Adaptive embedded systems are required in various applications. This work addresses these needs in the area of adaptive image compression in FPGA devices. A simplified version of an evolution strategy is utilized to optimize wavelet filters of a Discrete Wavelet Transform algorithm. We propose an adaptive image compression system in FPGA where optimized memory architecture, parallel processing and optimized task scheduling allow reducing the time of evolution. The proposed solution has been extensively evaluated in terms of the quality of compression as well as the processing time. The proposed architecture reduces the time of evolution by 44% compared to our previous reports while maintaining the quality of compression unchanged with respect to existing implementations. The system is able to find an optimized set of wavelet filters in less than 2 min whenever the input type of data changes.

On the penetration of particles through filters and masks.

El principal objetivo de este trabajo es la evaluación de la eficiencia de filtros y máscaras destinados a la protección de los trabajadores contra partículas sólidas respirables. Se ha diseñado un dispositivo que simula los ciclos respiratorios del ser humano de forma automática. Filtros y máscaras se ensayan en el interior de una cámara, en una atmósfera controlada, y se introducen partículas de polvo en suspensión en su interior. Las partículas de polvo pasan a través de los filtros y se toma una muestra en vía húmeda. Se toma una muestra de polvo después de pasar por los filtros y se compara con la inicial, en una forma cualitativa y cuantitativa, mediante gravimetría y difracción laser. Analizados los resultados, se ha observado una variabilidad significativa en la eficiencia de máscaras y filtros pertenecientes a una misma categoría, por lo que se han sugerido recomendaciones a la normativa actual.

Infrastructure Finance in Developing Countries by State and Multilateral Development Banks

Infrastructure concession is an alternative widely used by governments to increase investment. In the case of the road sector, the main characteristics of the concessions are: long-term projects, high investments in the early years of the contract and high risks. A viability analysis must be carried out for each concession and consider the characteristics of the project. When the infrastructure is located in a developing country, political and market growth uncertainties should be add in the concession project analysis, as well as economic instability, because they present greater risks. This paper is an analysis of state bank participation in road infrastructure finance in developing countries. For this purpose, we studied road infrastructure financing and its associated risks, and also the features of developing countries. Furthermore, we considered the issue of state banks and multilateral development banks that perform an important role by offering better credit lines than the private banks, in terms of cost, interest and grace period. Based on this study, we analyzed the Brazilian Development Bank - BNDES – and their credit supply to road infrastructure concessions. The results show that BNDES is the main financing agent for long-term investment in the sector, offering loans with low interest rates in Brazilian currency. From this research we argue that a single state bank should not alone support the increasing demand for finance in Brazil. Therefore, we conclude that there is a need to expand the supply of credit in Brazil, by strengthening private banks in the long-term lending market.

Optimal design of AC EMI filters with damping networks and effect on the systems power factor

The cutoff frequencies of an EMI filter are normally given by the noise attenuation requirements the filter has to fulfill. In order to select the component values of the filter elements, i.e. inductances and capacitances, an additional design criterium is needed. In this paper the effect of the EMI filter input and output impedances are considered. The input impedance influences the filters effect on the system displacement power factor and the output impedance plays a key role in the system stability. The effect of filter element values, the number of filter stages as well as additional damping networks are considered and a design procedure is provided. For this analysis a two-port description of the input filters employing ABCD-parameters is used.

Design and Multi-Objective Optimization of EMI Input Filters

An EMI filter design procedure for power converters is proposed. Based on a given noise spectrum, information about the converter noise source impedance and design constraints, the design space of the input filter is defined. The design is based on component databases and detailed models of the filter components, including high frequency parasitics, losses, weight, volume, etc.. The design space is mapped onto a performance space in which different filter implementations are evaluated and compared. A multi-objective optimization approach is used to obtain optimal designs w.r.t. a given performance function.

Fractal analysis of laplacian pyramidal filters applied to segmentation of soil images

The laplacian pyramid is a well-known technique for image processing in which local operators of many scales, but identical shape, serve as the basis functions. The required properties to the pyramidal filter produce a family of filters, which is unipara metrical in the case of the classical problem, when the length of the filter is 5. We pay attention to gaussian and fractal behaviour of these basis functions (or filters), and we determine the gaussian and fractal ranges in the case of single parameter ?. These fractal filters loose less energy in every step of the laplacian pyramid, and we apply this property to get threshold values for segmenting soil images, and then evaluate their porosity. Also, we evaluate our results by comparing them with the Otsu algorithm threshold values, and conclude that our algorithm produce reliable test results.

Sir Joseph Banks, Bart. [Material gráfico] : Proof.

Resumen: Descripción: retrato de tres cuartos de figura de frente, mirando ligeramente hacia la izquierda. Con la mano derecha nos muestra una pequeña bola

The chair of food Banks UPM as a tool of raising awareness and promoting a culture of rational food comsumption

The Chair of Food Banks UPM arises from a cooperation agreement between the Spanish Federation of Food Banks (FESBAL) and the Technical University of Madrid (UPM), with the aim of raising awareness and promoting rational food consumption to avoid food waste, through activities of training, transfer of knowledge and promotion of I+D+i. The aim of this paper is to reflect on the activities carried out during the first year in order to obtain learning lessons and improve the management of activities and resources.

Optical signal impairment study of cascaded optical filters in 40 Gbps DQPSK and 100 Gbps PM-DQPSK systems

Optical filters are crucial elements in optical communications. The influence of cascaded filters in the optical signal will affect the communications quality seriously. In this paper we will study and simulate the optical signal impairment caused by different kinds of filters which include Butterworth, Bessel, Fiber Bragg Grating (FBG) and Fabry-Perot (FP). Optical signal impairment is analyzed from an Eye Opening Penalty (EOP) and optical spectrum point of view. The simulation results show that when the center frequency of all filters aligns with the laser’s frequency, the Butterworth has the smallest influence to the signal while the F-P has the biggest. With a -1dB EOP, the amount of cascaded Butterworth optical filters with a bandwidth of 50 GHz is 18 in 40 Gbps NRZ-DQPSK systems and 12 in 100 Gbps PMNRZ- DQPSK systems. The value is reduced to 9 and 6 respectively for Febry-Perot optical filters. In the situation of frequency misalignment, the impairment caused by filters is more serious. Our research shows that with a frequency deviation of 5 GHz, only 12 and 9 Butterworth optical filters can be cascaded in 40 Gbps NRZ-DQPSK and 100 Gbps PM-NRZ-DQPSK systems respectively. We also study the signal impairment caused by different orders of the Butterworth filter model. Our study shows that although the higher-order has a smaller clipping effect in the transmission spectrum, it will introduce a more serious phase ripple which seriously affects the signal. Simulation result shows that the 2nd order Butterworth filter has the best performance.

Analysis of signal impairment and crosstalk penalty induced by different types of optical filters in 100 Gbps PM-DQPSK based systems

Optical filters are crucial elements in optical communication networks. Their influence toward the optical signal will affect the communication quality seriously. In this paper we will study and simulate the optical signal impairment and crosstalk penalty caused by different kinds of filters, which include Butterworth, Bessel, Fiber Bragg Grating (FBG) and Fabry-Perot (F-P). Signal impairment from filter concatenation effect and crosstalk penalty from out-band and in-band are analyzed from Q-penalty, eye opening penalty (EOP) and optical spectrum. The simulation results show that signal impairment and crosstalk penalty induced by the Butterworth filter is the minimum among these four types of filters. Signal impairment caused by filter concatenation effect shows that when center frequency of all filters is aligned perfectly with the laser's frequency, 12 50-GHz Butterworth filters can be cascaded, with 1-dB EOP. This value is reduced to 9 when the center frequency is misaligned with 5 GHz. In the 50-GHz channel spacing DWDM networks, total Q-penalty induced by a pair of Butterworth filters based demultiplexer and multiplexer is lower than 0.5 dB when the filter bandwidth is in the range of 42-46 GHz.

Improving the pass-band return loss in liquid crystal dual-mode bandpass filters by microstrip patch reshaping

In this paper, the design and experimental characterization of a tunable microstrip bandpass filter based on liquid crystal technology are presented. A reshaped microstrip dual-mode filter structure has been used in order to improve the device performance. Specifically, the aim is to increase the pass-band return loss of the filter by narrowing the filter bandwidth. Simulations confirm the improvement of using this new structure, achieving a pass-band return loss increase of 1.5 dB at least. Because of the anisotropic properties of LC molecules, a filter central frequency shift from 4.688 GHz to 5.045 GHz, which means a relative tuning range of 7.3%, is measured when an external AC voltage from 0 Vrms to 15 Vrms is applied to the device.