scholarly journals The Time-Spatial Dimension of Eurozone Banking Systemic Risk

Risks ◽  
2019 ◽  
Vol 7 (3) ◽  
pp. 75 ◽  
Author(s):  
Matteo Foglia ◽  
Eliana Angelini
Keyword(s):  
Spatial Econometrics ◽  
Systemic Risk ◽  
Spatial Dependence ◽  
Financial Stability ◽  
Risk Measure ◽  
Spatial Dimension ◽  
Time Dimension ◽  
Cross Sectional ◽  
Time Space ◽  
Contagion Risk

In this paper, we measure the systemic risk with a novel methodology, based on a “spatial-temporal” approach. We propose a new bank systemic risk measure to consider the two components of systemic risk: cross-sectional and time dimension. The aim is to highlight the “time-space dynamics” of contagion, i.e., if the CDS spread of bank i depends on the CDS spread of other banks. To do this, we use an advanced spatial econometrics design with a time-varying spatial dependence that can be interpreted as an index of the degree of cross-sectional spillovers. The findings highlight that the Eurozone banks have strong spatial dependence in the evolution of CDS spread, namely the contagion effect is present and persistent. Moreover, we analyse the role of the European Central Bank in managing contagion risk. We find that monetary policy has been effective in reducing systemic risk. However, the results show that systemic risk does not imply a policy intervention, highlighting how financial stability policy is not yet an objective.

Macroprudential Policy Instruments of Central Banks

2012 ◽  
pp. 32-47
Author(s):  
S. Andryushin ◽  
V. Kuznetsova
Keyword(s):  
Systemic Risk ◽  
Financial Stability ◽  
Financial System ◽  
Policy Instruments ◽  
Central Banks ◽  
Macroprudential Policy ◽  
Policy Studies ◽  
The Future ◽  
Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

scholarly journals Vaccination knowledge, attitudes and practices in patients with HIV: a cross-sectional survey

2020 ◽  
Vol 30 (Supplement_5) ◽  
Author(s):  
S Rousset ◽  
G Voglino ◽  
E Boietti ◽  
A Corradi ◽  
M R Gualano ◽  
...  
Keyword(s):  
Public Health ◽  
Infectious Diseases ◽  
Health System ◽  
Vaccination Coverage ◽  
Public Health System ◽  
Cross Sectional Survey ◽  
Hiv Patients ◽  
Cross Sectional ◽  
Contagion Risk ◽  
High Level

Abstract Background Infectious diseases are more common and severe in patients with HIV, which show different response to vaccines and a diminished protection. It is therefore very important to assess knowledge and attitudes towards vaccination in people with HIV, since precise vaccination coverage and vaccine hesitancy are not well established in this subgroup of patients. Methods A sample of 119 patients with HIV completed a cross-sectional survey. Patients were recruited during their routine medical examination at the infectious diseases clinic in Turin. The survey explored these main areas: demographics and history of HIV infection, vaccination history, attitudes towards vaccination, confidence in the public health system, contagion risk and disease seriousness perception. In this preliminary phase descriptive analysis were conducted. Results Preliminary data show that mean age of the participants was 49.51 years, 80% were males. The median of HIV infection duration was 10 years, while the median of the lymphocyte count was 762.50 cells/mm3. The disease with the highest vaccination coverage was tetanus (88.7%), considered a serious or very serious disease by 85.6% of the participants, despite low or very low contagion risk perception (84.1%). The disease with the lowest vaccination coverage was Herpes Zoster (7.3%), despite high or very high seriousness perception (70%). Furthermore, 99.1% of the participants showed high or very high confidence toward public health system professionals, and the majority of them (59.5%) stated that vaccines are more useful for the community than for the single person. Conclusions Vaccination coverage is still not fully satisfactory regarding diseases considered infrequent or mild. Considering the high level of confidence toward the public health system that has emerged, it is necessary to implement informative and operative strategies about vaccination for European HIV patients, which are particularly at risk regarding infectious diseases. Key messages Vaccination coverage and risk perception in HIV patients is not satisfactory for many diseases and an effort to implement informative strategies in Europe is needed. The role of vaccination in preventing infectious diseases in HIV patients should be recognized and strengthened by relying on the high level of confidence toward European public health systems.

scholarly journals A Review of Software for Spatial Econometrics in R

Mathematics ◽  
2021 ◽  
Vol 9 (11) ◽  
pp. 1276
Author(s):  
Roger Bivand ◽  
Giovanni Millo ◽  
Gianfranco Piras
Keyword(s):  
Maximum Likelihood ◽  
Spatial Econometrics ◽  
Historical Perspective ◽  
Statistical Computing ◽  
Spatial Econometric ◽  
Cross Sectional ◽  
Panel Models ◽  
Econometric Software ◽  
Generalized Moments

The software for spatial econometrics available in the R system for statistical computing is reviewed. The methods are illustrated in a historical perspective, highlighting the main lines of development and employing historically relevant datasets in the examples. Estimators and tests for spatial cross-sectional and panel models based either on maximum likelihood or on generalized moments methods are presented. The paper is concluded reviewing some current active lines of research in spatial econometric software methods.

scholarly journals Fiscal-Monetary-Financial Stability Interactions in a Data-Rich Environment

2018 ◽  
Vol 18 (3) ◽  
pp. 195-224 ◽  
Author(s):  
Martin Hodula ◽  
Lukáš Pfeifer
Keyword(s):  
Monetary Policy ◽  
Systemic Risk ◽  
Financial Stability ◽  
House Prices ◽  
Empirical Support ◽  
Financial Sector ◽  
Economic Policies ◽  
Real Economy ◽  
Monetary Policies ◽  
Fiscal And Monetary Policy

Abstract In this paper, we shed some light on the mutual interplay of economic policy and the financial stability objective. We contribute to the intense discussion regarding the influence of fiscal and monetary policy measures on the real economy and the financial sector. We apply a factor-augmented vector autoregression model to Czech macroeconomic data and model the policy interactions in a data-rich environment. Our findings can be summarized in three main points: First, loose economic policies (especially monetary policy) may translate into a more stable financial sector, albeit only in the short term. In the medium term, an expansion-focused mix of monetary and fiscal policy may contribute to systemic risk accumulation, by substantially increasing credit dynamics and house prices. Second, we find that fiscal and monetary policy impact the financial sector in differential magnitudes and time horizons. And third, we confirm that systemic risk materialization might cause significant output losses and deterioration of public finances, trigger deflationary pressures, and increase the debt service ratio. Overall, our findings provide some empirical support for countercyclical fiscal and monetary policies.

scholarly journals The bias of avoiding spatial dynamic panel models

REGION ◽  
2021 ◽  
Vol 8 (1) ◽  
pp. 153-180
Author(s):  
Lorenz Benedikt Fischer
Keyword(s):  
Dynamic Models ◽  
Regional Economics ◽  
Empirical Work ◽  
Optimal Estimation ◽  
Spatial Dimension ◽  
The Other ◽  
Omitted Variables ◽  
Time Dimension ◽  
Opposite Case ◽  
Dynamic Panel Models

Many questions in urban and regional economics can be characterized as including both a spatial and a time dimension. However, often one of these dimensions is neglected in empirical work. This paper highlights the danger of methodological inertia, investigating the effect of neglecting the spatial or the time dimension when in fact both are important. A tale of two research teams, one living in a purely dynamic and the other in a purely spatial world of thinking, sets the scene. Because the researcher teams' choices to omit a dimension change the assumed optimal estimation strategies, the issue is more difficult to analyze than a typical omitted variables problem. First, the bias of omitting a relevant dimension is approximated analytically. Second, Monte Carlo simulations show that the neglected dimension projects onto the other, with potentially disastrous results. Interestingly, dynamic models are bound to overestimate autoregressive behavior whenever the spatial dimension is important. The same holds true for the opposite case. An application using the well-known, openly available cigarette demand data supports these findings.

scholarly journals IDENTITY IMPLICATIONS: «FROM THE COUNTRY OF RICE AND OPIUM» BY SOFIIA YABLONSKA

2018 ◽  
Vol 31 ◽  
pp. 251-266
Author(s):  
Tymofii HAVRYLIV
Keyword(s):  
Travel Literature ◽  
Spatial Dimension ◽  
Interdisciplinary Studies ◽  
Complex Nature ◽  
Time Space ◽  
The World ◽  
Self Knowledge ◽  
The Given ◽  
First Time ◽  
Ukrainian Society

This article is one of the first scholarly attempts to analyze the creative work of Ukrainian filmmaker and traveler Sofiia Yablonska-Uden. For the first time in the Ukrainian and the world literary studies, identical implications are analyzed in the «From the Country of Rice and Opium» by S. Yablonska. The purpose of the article is to highlight the complex nature of identity issues in travel literature. In terms of identity, the journey performs two fundamental, closely interconnected tasks: knowledge of the other and self-knowledge. Hermeneutic approaches are used in the article. The main results can be summarized as follows: 1) the journey has its own time-spatial dimension, consisting of two disproportionate moments: preparation for travel and travel itself, and begins literally and symbolically with the overcoming, or the crossing of the border; 2) the intention of the trip contains an identity challenge that affects the preparation, organization, realization of the travel, the way and the content of documenting impressions; 3) such parameters of travel as an accident, an adventure, a game which formed the world of traveler's impressions, are subordinated to the identity problem in the given work; 4) the essay character of the book makes it possible to talk about implications as a response to an identity challenge. The book of travel essays «From the Country of Rice and Opium» of S. Yablonska-Uden is a sample of a successful combination of the business and private aspects of travel, intentions of knowledge and self-knowledge, poetry and faculty; learning about another people and countries, the writer learns a lot of things about himself. Travel literature is an important study object of Ukrainian writing, which opens the prospects for further interdisciplinary studies. The study of travel literature, an identity issue, is extremely relevant both for the development of Ukrainian society and for the formation of optimal responses to the challenges of our time. Keywords travel, travel literature, identity, identical implications, time-space disposition.

Systemic risk, SIFIs and financial stability

2011 ◽  
Vol 6 (2) ◽  
pp. 197-213 ◽  
Author(s):  
R. M. Lastra
Keyword(s):  
Systemic Risk ◽  
Financial Stability

scholarly journals Economic Insecurity as Systemic Risk

2015 ◽  
Vol 62 (s1) ◽  
pp. 29-36
Author(s):  
Ion Pârţachi ◽  
Eugeniu Gârlă
Keyword(s):  
Systemic Risk ◽  
Economic Activity ◽  
Financial Stability ◽  
Banking Sector ◽  
Activity Index ◽  
Analytical Description ◽  
Economic Security ◽  
Economic Insecurity ◽  
Corporate Sector ◽  
New Approach

Abstract Difficulties related to the problem of evaluating the economic security / insecurity, including the threshold of economic security / insecurity, namely the impossibility of giving an analytical description of a criterion entirely made up of a set of indicators describing the degree of economic security / insecurity, makes more and more researchers, including the authors, to seek indirect ways of finding solutions, for example considering systemic risk., as a measure of evaluation. Thus, starting from a new approach, and given the specific components of systemic risk to financial stability: the banking sector, corporate sector, public sector, volume of credits, economic activity index the threshold vector of economic security / insecurity can be developed. The study shows that systemic risk can be used to measure the threshold of economic security /insecurity.

For a renewal of the situation concept: The situation of home online shopping

2018 ◽  
Vol 33 (4) ◽  
pp. 24-45 ◽  
Author(s):  
Aurélia Michaud-Trévinal ◽  
Thomas Stenger
Keyword(s):  
Online Shopping ◽  
Video Recording ◽  
Spatial Dimension ◽  
Spatial Mobility ◽  
Time Dimension ◽  
Process Flow ◽  
The Real ◽  
Home Shopping ◽  
Theoretical Approaches ◽  
Channel Strategy

Twenty years after the pioneering article devoted to interactive home shopping by Alba et al., this research intends to study the situation of home online shopping (SHOS). An observation is carried out using video recording to examine the real practices that occur behind the screen. Two theoretical approaches are distinguished (classic and participatory). A new conceptualization of the situation is proposed that rests on three factors: the participants, spatial dimension, and time dimension. An analysis of the results highlights a main participant who interacts with other participants and business websites in addition to their spatial mobility and the materiality of the situation with its discontinuous characteristic. The fragmentation of the SHOS is emphasized. In addition to a new conceptualization of the situation, this research aims to relativize the online immersion process (flow) and to integrate the SHOS into a real omni-channel strategy.

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