Financial Architecture and Financial Stability

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Franklin Allen ◽  
Ansgar Walther
Keyword(s):  
Financial Stability ◽  
Structural Changes ◽  
Financial Intermediaries ◽  
Annual Review ◽  
Publication Date ◽  
Extended Version ◽  
Necessary And Sufficient Condition ◽  
Financial Systems ◽  
Financial Architecture ◽  
Necessary And Sufficient

This article studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: the rise of nonbank financial intermediaries, the regulatory response to these structural changes, and the emergence of complex interbank networks. One of our main new results is a necessary and sufficient condition for whether nonbank intermediaries are immune to runs in an extended version of the Diamond–Dybvig model. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is November 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals DEVELOPMENT OF THE NEW INTERNATIONAL FINANCIAL ARCHITECTURE AT THE NATIONAL FINANCIAL SYSTEMS LEVEL

2020 ◽  
Author(s):  
Viorica Lopotenco
Keyword(s):  
World Economy ◽  
Structural Changes ◽  
Dynamic Balance ◽  
System Structure ◽  
Structural Elements ◽  
Financial Systems ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
Overall Performance ◽  
Functioning Mechanism

The fundamental purpose of this paper is to analyze the transformations in the international financial architecture and their impact on the national financial system. The analysis of the international financial architecture's functioning mechanism suggests its similarity with the software system structure. It is static in the way the system functionality is decomposed and divided into implementation teams. The efficiency of international financial architecture's functioning depends mainly on how balanced and interconnected its elements are. Thus, according to systems theory, only by overcoming the deformation of the international financial architecture at all its levels, it is possible to increase the financial system's overall performance. In this regard, maintaining a dynamic balance in the development of the international financial architecture as an integral unit of its structural elements and functions is becoming of urgent importance. This aspect of the research allows the creation of an instrumental and methodological basis for forecasting the directions for further developing the international financial architecture in the context of the globalization of the world economy at the national financial systems level. This study concludes that the complex solution of the international financial architecture challenges involves creating the foundations for implementing progressive structural changes in the economy and contributing to sustainable economic development.

The Molecular Basis for Life in Extreme Environments

2021 ◽  
Vol 50 (1) ◽  
Author(s):  
Nozomi Ando ◽  
Blanca Barquera ◽  
Douglas H. Bartlett ◽  
Eric Boyd ◽  
Audrey A. Burnim ◽  
...  
Keyword(s):  
Molecular Basis ◽  
Structural Changes ◽  
Extreme Environments ◽  
Annual Review ◽  
Publication Date ◽  
Extreme Conditions ◽  
Future Directions ◽  
Environmental Genomics ◽  
Life On Earth ◽  
Diversity Of Life

Sampling and genomic efforts over the past decade have revealed an enormous quantity and diversity of life in Earth's extreme environments. This new knowledge of life on Earth poses the challenge of understanding its molecular basis in such inhospitable conditions, given that such conditions lead to loss of structural changes and of function in biomolecules from mesophiles. In this review, we discuss the physicochemical properties of extreme environments. We present the state of recent progress in extreme environmental genomics. We then present an overview of our current understanding of the biomolecular adaptation to extreme conditions. As our current and future understanding of biomolecular structure–function relationships in extremophiles requires methodologies adapted to extremes of pressure, temperature, and chemical composition, advances in instrumentation for probing biophysical properties under extreme conditions are presented. Finally, we briefly discuss possible future directions in extreme biophysics. Expected final online publication date for the Annual Review of Biophysics, Volume 50 is May 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Soy Protein: Molecular Structure Revisited and Recent Advances in Processing Technologies

2020 ◽  
Vol 12 (1) ◽  
Author(s):  
Xiaonan Sui ◽  
Tianyi Zhang ◽  
Lianzhou Jiang
Keyword(s):  
Molecular Structure ◽  
Soy Protein ◽  
Structural Changes ◽  
Dynamic Change ◽  
Animal Protein ◽  
Annual Review ◽  
Publication Date ◽  
Human Society ◽  
Processing Technologies

Rising health concerns and increasing obesity levels in human society have led some consumers to cut back on animal protein consumption and switch to plant-based proteins as an alternative. Soy protein is a versatile protein supplement and contains well-balanced amino acids, making it comparable to animal protein. With sufficient processing and modification, the quality of soy protein can be improved above that of animal-derived proteins, if desired. The modern food industry is undergoing a dynamic change, with advanced processing technologies that can produce a multitude of foods and ingredients with functional properties from soy proteins, providing consumers with a wide variety of foods. This review highlights recent progress in soy protein processing technologies. Using the current literature, the processing-induced structural changes in soy protein are also explored. Furthermore, the molecular structure of soy protein, particularly the crystal structures of β-conglycinin and glycinin, is comprehensively revisited. Expected final online publication date for the Annual Review of Food Science and Technology, Volume 12 is March 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

A Proposed Framework Emphasizing Auditor Reliability over Auditor Independence

2003 ◽  
Vol 17 (3) ◽  
pp. 257-266 ◽  
Author(s):  
Mark H. Taylor ◽  
F. Todd DeZoort ◽  
Edward Munn ◽  
Martha Wetterhall Thomas
Keyword(s):  
Public Interest ◽  
Auditor Independence ◽  
Public Confidence ◽  
Sufficient Condition ◽  
Necessary And Sufficient Condition ◽  
Accounting Profession ◽  
The Public ◽  
Necessary And Sufficient

This paper introduces an auditor reliability framework that repositions the role of auditor independence in the accounting profession. The framework is motivated in part by widespread confusion about independence and the auditing profession's continuing problems with managing independence and inspiring public confidence. We use philosophical, theoretical, and professional arguments to argue that the public interest will be best served by reprioritizing professional and ethical objectives to establish reliability in fact and appearance as the cornerstone of the profession, rather than relationship-based independence in fact and appearance. This revised framework requires three foundation elements to control subjectivity in auditors' judgments and decisions: independence, integrity, and expertise. Each element is a necessary but not sufficient condition for maximizing objectivity. Objectivity, in turn, is a necessary and sufficient condition for achieving and maintaining reliability in fact and appearance.

The Power of Public Positions

2018 ◽  
Author(s):  
Thomas Sinclair
Keyword(s):  
Detailed Analysis ◽  
Political Authority ◽  
The State ◽  
Sufficient Condition ◽  
Necessary And Sufficient Condition ◽  
State Institutions ◽  
State Of Nature ◽  
Necessary And Sufficient

The Kantian account of political authority holds that the state is a necessary and sufficient condition of our freedom. We cannot be free outside the state, Kantians argue, because any attempt to have the “acquired rights” necessary for our freedom implicates us in objectionable relations of dependence on private judgment. Only in the state can this problem be overcome. But it is not clear how mere institutions could make the necessary difference, and contemporary Kantians have not offered compelling explanations. A detailed analysis is presented of the problems Kantians identify with the state of nature and the objections they face in claiming that the state overcomes them. A response is sketched on behalf of Kantians. The key idea is that under state institutions, a person can make claims of acquired right without presupposing that she is by nature exceptional in her capacity to bind others.

Interest rate option hedging portfolios without bank account

2019 ◽  
Vol 37 (1) ◽  
pp. 134-142
Author(s):  
Alberto Bueno-Guerrero
Keyword(s):  
Design Methodology ◽  
Contingent Claim ◽  
Necessary And Sufficient Condition ◽  
Barrier Option ◽  
Bank Account ◽  
Content Type ◽  
Option Hedging ◽  
Hedging Portfolio ◽  
Necessary And Sufficient ◽  
First Time

Purpose This paper aims to study the conditions for the hedging portfolio of any contingent claim on bonds to have no bank account part. Design/methodology/approach Hedging and Malliavin calculus techniques recently developed under a stochastic string framework are applied. Findings A necessary and sufficient condition for the hedging portfolio to have no bank account part is found. This condition is applied to a barrier option, and an example of a contingent claim whose hedging portfolio has a bank account part different from zero is provided. Originality/value To the best of the authors’ knowledge, this is the first time that this issue has been addressed in the literature.

scholarly journals Lorentz Boosts and Wigner Rotations: Self-Adjoint Complexified Quaternions

Physics ◽  
2021 ◽  
Vol 3 (2) ◽  
pp. 352-366
Author(s):  
Thomas Berry ◽  
Matt Visser
Keyword(s):  
Point Of View ◽  
Sufficient Condition ◽  
Use Of Self ◽  
Necessary And Sufficient Condition ◽  
Wigner Rotation ◽  
Inertial Frames ◽  
Explicit Formulae ◽  
Specific Implementation ◽  
Necessary And Sufficient ◽  
Lorentz Boosts

In this paper, Lorentz boosts and Wigner rotations are considered from a (complexified) quaternionic point of view. It is demonstrated that, for a suitably defined self-adjoint complex quaternionic 4-velocity, pure Lorentz boosts can be phrased in terms of the quaternion square root of the relative 4-velocity connecting the two inertial frames. Straightforward computations then lead to quite explicit and relatively simple algebraic formulae for the composition of 4-velocities and the Wigner angle. The Wigner rotation is subsequently related to the generic non-associativity of the composition of three 4-velocities, and a necessary and sufficient condition is developed for the associativity to hold. Finally, the authors relate the composition of 4-velocities to a specific implementation of the Baker–Campbell–Hausdorff theorem. As compared to ordinary 4×4 Lorentz transformations, the use of self-adjoint complexified quaternions leads, from a computational view, to storage savings and more rapid computations, and from a pedagogical view to to relatively simple and explicit formulae.

Sign in / Sign up

Export Citation Format

Share Document