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Manias, Panics, and Crashes A History of Financial Crises Eighth Edition - Original PDF
Manias, Panics, and Crashes A History of Financial Crises Eighth Edition - Original PDF
نویسندگان: Robert Z. Aliber · Charles P. Kindleberger · Robert N. McCauley خلاصه: When this work first appeared, it looked back a long way to the financial crisis of the 1930s and revived interest in an old theme. Few books on the subject appeared during the several decades after World War II, following the spate of the 1930s, because the industry that produces them is anticyclical in character,1 and recessions from 1945 to 1973 were few, far between, and exceptionally mild. This work also looked forward, four years it turned out, to the developing country debt crisis of 1982. In the decades since, 1982 proved just the first of four waves of financial crises. Debtors in three, four, or more countries defaulted at about the same time and the prices of real estate and securities in these countries fell sharply. Each country that experienced a financial crisis also had a recession as household wealth declined in response to the sharp fall in the prices of securities and real estate, and as the banks became much more reluctant suppliers of credit as their own capital was depleted. The Great Recession that began in 2008 was the most severe and the most global since the Great Depression of the 1930
Global Economic Challenges 6th International Conference on Banking and Finance Perspectives, Cuenca, Spain - Original PDF
Global Economic Challenges 6th International Conference on Banking and Finance Perspectives, Cuenca, Spain - Original PDF
نویسندگان: Nesrin Özataç • Korhan K. Gökmenoğlu Daniel Balsalobre Lorente Nigar Taşpınar • Bezhan Rustamov خلاصه: Price movements in the energy market are crucial because energy plays a vital role in the world’s economies and human life. The high volatility in energy prices since the 1990s is due to several historical developments, including the deregulation of energy markets, the Asian financial crisis in 1997, and the 2008 global financial crisis (Lien et al., 2016; Lang & Auer, 2019) have increased the need for an appro- priate protection strategy. Hedging by using futures contracts makes the problem of “finding an appropriate hedge ratio” vital. In calculating the optimal hedge ratio (OHR), estimations are mostly based on the average (expected) relationship between spot and futures prices. This approach ignores the tail distribution of the variables (Lien et al., 2016; Shrestha et al., 2018). However, the widely documented non- normal distribution of financial variables makes considering the quantiles of the variables essential. To fill this gap, we used the recently developed quantile-on- quantile (Q-Q) (Sim & Zhou, 2015) approach to estimate the minimum-variance (MV) hedge ratio for crude oil, natural gas, and gasoline markets. Besides, to have a better understanding of the relationship between these variables, we examined long-run and causal relationships by using methods that consider the distribution of the variables.
Calming the Storms The Carry Trade, the Banking School and British Financial Crises Since 1825 - Original PDF
Calming the Storms The Carry Trade, the Banking School and British Financial Crises Since 1825 - Original PDF
نویسندگان: Charles Read خلاصه: But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again. —J. M. Keynes, ‘A Tract on Monetary Reform’ in Collected Writings of John Maynard Keynes, IV (Cambridge: CUP, 2013) p. 65.1 The quotation from John Maynard Keynes’ A Tract on Monetary Reform (1923), that ‘in the long run we are all dead’, is probably the most misunderstood in economics. It is often naively assumed to be a carpe diem defence of Keynesian deficit financing during a downturn. That is, ‘care about the recession we’re in now, rather than about the long-term cost of borrowing’; or ‘recklessly enjoy the present and let the future go hang’.2
Seasonal Adjustment Without Revisions A Real-Time Approach - Original PDF
Seasonal Adjustment Without Revisions A Real-Time Approach - Original PDF
نویسندگان: Barend Abeln · Jan P. A. M. Jacobs خلاصه: Preface In the 1980s, the first author was asked for information about profit prospects of a number of companies, in order to predict the change of their prices on the stock market. He looked up annual reports and recent interim results of these companies and noted that interim results consisted largely of a comparison of recent quarterly results to those of the same quarter of the preceding year. Moreover, stock prices reacted instantly to the outcomes of these comparisons. He was struck by the fact that these outcomes were frequently predictable: If there had been an up or down in the preceding year’s quarterly result, this would affect the comparison to the recent quarter. If last year’s ups or downs had been large, such as a profit on the sale of a construc- tion, or a depreciation of goodwill, these would be referred to in the comparison of the present quarterly report and would not come as a surprise and have little or no impact on stock prices. But if the market had become used to rising quarterly profits of Company X to the tune of say 1% over the preceding year, then an increment of ‘only’ 0.5% in the recent quarter would have a negative impact on the stock prices. Yet, this slight reduction in the profit’s increment may have its cause not in the present quarter, but in the preceding year or in the preceding few quarters. But then it is predictable
Postal Strategies Logistics, Access, and the Environment - Original PDF
Postal Strategies Logistics, Access, and the Environment - Original PDF
نویسندگان: Pier Luigi Parcu · Timothy J. Brennan · Victor Glass خلاصه: With continuously growing e-commerce with its increased demand for fast delivery, various e-commerce players have decided to enter this market to improve both efficiency and effectiveness of the service. Vertically integrated digital market- places’ business models, however, raise the concerns of competition and regulatory authorities across the world because of the anti-competitive behaviours they might facilitate. The paper discusses motivations behind and potential implications for competition of the logistic choices in last-mile delivery of important e-commerce platforms, providing a comparison between Amazon, Alibaba and Allegro
Default Nudges by Patrik Michaelsen · Cass R. Sunstein - Original PDF
Default Nudges by Patrik Michaelsen · Cass R. Sunstein - Original PDF
نویسندگان: Patrik Michaelsen · Cass R. Sunstein خلاصه: Abstract One of the most widely used nudges, and one of the most effective, is the default rule. A default rule works by designating one course of action as the default; it establishes what will happen unless the decision-maker actively makes a change. Why are defaults so effective, in areas that include savings, health care, and air pollution? The answer is that they tap into at least three different psychological mechanisms. On a policy level, defaults, like other nudge interventions, typically benefit from being cheap and easy to implement, resulting in a highly cost-effective way of inducing behavior change. This has made nudging a popular tool for businesses and government
Pandemic and the City - Original PDF
Pandemic and the City - Original PDF
نویسندگان: Mehmet Güney Celbi ̧s · Karima Kourtit · Peter Nijkamp خلاصه: The recent COVID-19 experience has left deep traces in the urban fabric and has prompted a re-orientation regarding the future of cities. Is an urban overhaul on the way? And will digital technology erode conventional urban agglomeration advan- tages? The socioeconomic impacts of the pandemic will definitely leave their mark on cities. For example, the digital divide has already become more apparent regarding equitable access to education or to virtual libraries. Furthermore, climate change will have a stronger influence on cities than in the past, given that avoiding close indoor activities or reducing dense concentrations of people may become commonplace. For example, operating restaurants with outside dining areas or organizing open-air activities which allow safe social distancing will face new challenges in cities, in particular in places where weather conditions may become less favorable
Disaster Management and Information Technology Professional Response and Recovery Management in the Age of Disasters - Original PDF
Disaster Management and Information Technology Professional Response and Recovery Management in the Age of Disasters - Original PDF
نویسندگان: Hans Jochen Scholl • Eric E. Holdeman • F. Kees Boersma خلاصه: There is no one single journey when it comes to technology. For those who did not grow up as “digital natives” each has taken their own path in accepting, developing technological skills and expanding them by integrating them into their everyday work environment. Indeed, the journey continues with no hard- set destination before us. We only know that technological development and use of technology continue to expand exponentially with each passing day. What follows is therefore just one American perspective on how the profession of emergency management has adopted technologies over the decades in which the profession has existed. All the while, working daily to plan for, train, and practice for future emergency and disaster response events that are sure to come.
Be Not Afraid of Life: In the Words of William James - Epub + Converted Pdf
Be Not Afraid of Life: In the Words of William James - Epub + Converted Pdf
نویسندگان: William James خلاصه: Be Not Afraid of Life: In the Words of William James Kindle Edition by William James (Author), John Kaag (Editor), Jonathan van Belle
HCI International 2022 – Late Breaking Posters - Original PDF
HCI International 2022 – Late Breaking Posters - Original PDF
نویسندگان: Constantine Stephanidis, Margherita Antona, Stavroula Ntoa, Gavriel Salvendy خلاصه: 4 P. Asghari et al. 1 Introduction Eye tracking (ET) is frequently used, for example, in behavioral research and human-computer interaction. Eye movement patterns can reveal detailed infor- mation about the user’s cognitive processes, their attention level, or decision- making processes [3,12]. Applications and research based on ET require reliable and robust data [9]. Traditionally, this requires dedicated hardware with high- resolution cameras and infrared illumination to detect corneal reflections [7]. However, dedicated hardware is expensive and thus limits the pervasive use in real-world applications. This situation may change since, propelled by recent advances in deep learning, appearance-based gaze estimation methods that deliver promising results based on low-cost consumer-grade camera inputs start to emerge [2,10,11,21]. These approaches learn to estimate gazes from a video stream based on large-scale data sets and provide 3D gaze vectors or correspond- ing 2D gaze locations on a screen. Furthermore, they do not require any specific external devices and can be used with standalone computers, laptop built-in webcams, or mobile device consumer-grade cameras. This opens up the possi- bility of developing affordable automated intelligent ET solutions for research, commerce, and the general public. On the way to realize this ambition, webcam ET (wcET) has to address several challenges including gaze estimation accu- racy, gaze estimator prediction time, and that gaze estimation quality can be affected by user movements [11]. This paper aims to contribute to the first step toward utilizing wcET as a low-cost pervasive technology by validating the data quality of a state-of-the-art wcET approach in comparison to the performance of an established, commercially available dedicated eye tracking (dhET) system. Accordingly, we address the following research question in our work: How does the gaze estimates of wcET differ from dhET in practical settings regarding accu- racy, precision, and sampling rate? We will further discuss how the limitations of the data quality may affect the performance of wcET applications

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