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CoMap: Mapping Contagion in the Euro Area Banking Sector
This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.
Macro-Prudential Stress Test Models: A Survey
In this paper, we survey the rapidly developing literature on macroprudential stress-testing models. The scope of the survey includes models of contagion between banks, models of contagion within the wider financial system including non-bank financial institutions such as investment funds, and models that emphasise the two-way interaction between the financial sector and the real economy. Our aim is two-fold: first, to provide a reference guide of the state-of-the-art for those developing such models; second, to distil insights from this endeavour for policy-makers using these models. In our view, the modelling frontier faces three main challenges: (a) our understanding of the potential for ...
Why Scottish Literature Matters
This is the fourth book in a Saltire series examining the significance of Scottish history, philosophy and the Scots language. Here, the Distinguished Italian academic Carla Sassi examines Scotland's literature from the earliest times to the late 20th century and offers new and fascinating insights into the nature of nationhood and identity, and the way in which these are reflected in, and the inspiration for, literary output at various periods. The major historical influences are covered including relations with England, religious division, enlightenment philosophy and the Union of 1707, but Professor Sassi also examines Scotland's role in the British imperial adventure and the impact on literature of the coloniser / colonised experience. She makes a special study of the contribution of women writers and the writers of the 20th century 'Renaissance' and concludes with speculation on the future of 'Scottish' literature in a post-modern Scotland exposed to global cultural influences and living in the new political world heralded by the restoration of the Holyrood Parliament. Carla Sassi is Associate Professor of English literature at the University of Verona. She specialises in Sc
Scotland
An engaging and authoritative history of Scotland’s influence in the world and the world’s on Scotland, from the Thirty Years’ War to the present day Scotland is one of the oldest nations in the world, yet by some it is hardly counted as a nation at all. Neither a colony of England nor a fully equal partner in the British union, Scotland has often been seen as simply a component part of British history. But the story of Scotland is one of innovation, exploration, resistance—and global consequence. In this wide-ranging, deeply researched account, Murray Pittock examines the place of Scotland in the world. He explores Scotland and Empire, the rise of nationalism, and the pressures on the country from an increasingly monolithic understanding of “Britishness.” From the Thirty Years’ War to Jacobite risings and today’s ongoing independence debates, Scotland and its diaspora have undergone profound changes. This groundbreaking account reveals the diversity of Scotland’s history and shows how, after the country disappeared from the map as an independent state, it continued to build a global brand.
The Suez Canal: Past Lessons and Future Challenges
This open access book seeks to provide a survey of historical, geopolitical, economic, and environmental developments in the last 150 years and to highlight future challenges it faces as it pertains to the areas mentioned earlier. It argues that the centrality of the canal--geo-strategically and otherwise--requires a shift in scholarly focus to study the various aspects from an interdisciplinary perspective. This book addresses several gaps in the literature--the first being a lack of a systematic examination of historical aspects in the development of the canal in 150 years. The second is a careful study of the canal's geostrategic importance. The third is a combination of several disciplines that examine the centrality of the Suez Canal.
Minerva
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The ECB’s Future Monetary Policy Operational Framework: Corridor Or Floor?
This paper reviews the trade-offs involved in the choice of the ECB’s monetary policy operational framework. As long as the ECB’s supply of reserves remains well in excess of the banks’ demand, the ECB will likely continue to employ a floor system for implementing the target interest rate in money markets. Once the supply of reserves declines and approaches the steep part of the reserves demand function, the ECB will face a choice between a corridor system and some variant of a floor system. There are distinct pros and cons associated with each option. A corridor would be consistent with a smaller ECB balance sheet size, encourage banks to manage their liquidity buffers more tightly, a...
Árbol de Alejandra
This volume reassesses Argentinian poet Alejandra Pizarnik (1936-72) in the light of recent publications to her 'complete' poetry and prose, and previously unavailable archive material.
Robert Burns in Global Culture
Robert Burns in Global Culture is a collection which breaks new ground in treating Burns' poetry and influence in an international context. Widely recognized as poet of global significance in the nineteenth century, Burns' reputation has suffered from the critical turns in Romanticism since 1945 and is only now beginning to be seen in its proper context. Following on from the celebrations across the world to mark Burns' 250th anniversary in 2009, this collection asks questions concerning the nature of Burns' global influence in the United States, Europe and the Commonwealth, examines the extraordinary ways in which his writing combines a distinctively progressive agenda with deceptively traditional styles, and emplaces his reputation at the heart of questions of American exceptionalism, European democracy, British imperial identities, Italian politics, French literary history, questions of desire and sexuality, the Burns Supper and the extraordinary cult of Burns statues. 'Robert Burns in Global Culture' combines literary criticism, history, cultural theory and comparative literature to create a set of powerful, new and unique directions in the study of this major Romantic poet.
The Industrial Organization of Banking
This book provides an evaluation of the industrial organization of banking with a focus on the interrelationship among bank behavior, market structure, and regulation. It addresses a wide range of public policy topics, including bank competition and risk, international banking, antitrust issues, and capital regulation. New to this edition, which has been updated throughout, is a broadened consideration of alternative theories of competition among banks, which includes discussions of such issues as the implications of large increases in bank reserve holdings in recent years, effects of nonprice competition through quality rivalry, analysis of mixed market structures involving both large and small banks, and international interactions of banks and policymakers. The intent of the book is to serve as a learning tool and reference for graduate students, academics, bankers, and policymakers seeking to better understand the industrial organization of the banking sector and the effects of banking regulations.
