956 resultados para Kahn, Ida


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Trabalho Final do Curso de Mestrado Integrado em Medicina, Faculdade de Medicina, Universidade de Lisboa, 2014

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The EU Banking Union combines micro- and macro-prudential regulation. It aims at breaking the “doom loop” between banks and sovereign debt, promoting financial stability and mitigating the next financial shock to the real EU economy, at the lowest possible cost to the financial institutions and to the taxpayers. Success, or failure, is determined by how the banking union copes with the challenges to its two main pillars, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Under the SSM, in its new supervisory role, the ECB may be subject to conflicts between the objectives of price and financial stability, and the single-supervisor role may be sub-optimal. Two regulators might have been preferable and more focus on ECB accountability will now be required. The shock-absorbing Single Resolution Fund (SRF), which is part of the SRM, may not have the capacity to deal with a crisis of the size of the one of 2008. Especially as the nature and severity of a future financial crisis cannot be forecasted. The design of the banking union is not the result of theoretical studies, but a political compromise to deal with an acute crisis. The theoretical studies that are included in this paper are not supportive of the banking union in its current form. Nevertheless, there is a good chance that the EU Banking Union may succeed, as ECB supervision of the 123 systemically important banks should contain potential demands on the SRM. In the event of a crisis that is too severe for the banking union to absorb with its current capability, the crucial assumption is that there is political will to rapidly provide new resources. The same applies, if a major financial crisis develops before the banking union is fully operational.

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The EU Banking Union combines micro- and macro-prudential regulation. It aims at breaking the “doom loop” between banks and sovereign debt, promoting financial stability and mitigating the next financial shock to the real EU economy, at the lowest possible cost to the financial institutions and to the taxpayers. Success, or failure, is determined by how the banking union copes with the challenges to its two main pillars, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Under the SSM, in its new supervisory role, the ECB may be subject to conflicts between the objectives of price and financial stability, and the single-supervisor role may be sub-optimal. Two regulators might have been preferable and more focus on ECB accountability will now be required. The shock-absorbing Single Resolution Fund (SRF), which is part of the SRM, may not have the capacity to deal with a crisis of the size of the one of 2008. Especially as the nature and severity of a future financial crisis cannot be forecasted. The design of the banking union is not the result of theoretical studies, but a political compromise to deal with an acute crisis. The theoretical studies that are included in this paper are not supportive of the banking union in its current form. Nevertheless, there is a good chance that the EU Banking Union may succeed, as ECB supervision of the 123 systemically important banks should contain potential demands on the SRM. In the event of a crisis that is too severe for the banking union to absorb with its current capability, the crucial assumption is that there is political will to rapidly provide new resources. The same applies, if a major financial crisis develops before the banking union is fully operational.

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Dissertação para obtenção do grau de Mestre no Instituto Superior de Ciências da Saúde Egas Moniz

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Dissertação para obtenção do grau de Mestre no Instituto Superior de Ciências da Saúde Egas Moniz

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Dissertação para obtenção do grau de Mestre no Instituto Superior de Ciências da Saúde Egas Moniz

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Four cores raised from the eastern Norwegian Sea and adjacent Norwegian fjords at sites influenced by Atlantic water have been investigated. Oxygen isotope analyses in benthic and planktonic foraminifera are used as a proxy for the paleotemperature development spanning the last 800 years. The cores have been dated using a combination of 210Pb and radiocarbon dates yielding time resolutions of 2-5 years for the last century and 9-25 years beyond this. The proxy records have been compared with instrumental time series covering the last 100 years in order to validate the oxygen isotope measurements as a proxy for paleotemperature. The comparison shows that the paleotemperature variability derived from the oxygen isotope analyses is generally similar to the amplitudes and trends seen in the instrumental time series. In particular, a cooling around 1905-1925 followed by a warming until 1955 is evident in all proxy records as well as in the instrumental time series. Beyond the last century the proxy records show two periods from ~1225-1450 and ~1650-1905(25) when temperatures were 1.3-1.6°C lower than present separated by a period of temperatures periodically comparable to present. The last 80 years represent the modern warming and appear to be the warmest period of the last 800 years. We find that that the ocean temperature variability is comparable to terrestrial reconstructions from the region implying a strong link in the ocean-atmosphere climate system. This suggests that the climate variability in this region beyond the period covered by instrumental time series was also associated with changes in the thermohaline circulation.

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Includes index.

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Albert Kahn, architect. Built 1936.

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Albert Kahn, architect