BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW NO. 95: SYSTEMIC RISK
July 31, 2008 at 3:58 pm | In Economics, Financial, Globalization, Research, World-system | Leave a Comment
BIS Review
Bank for International Settlements
BIS Review No 95 available
Press, Service (Press.Service@bis.org)
Publications, Service (Publications@bis.org)
Thu 7/31/08
Please find BIS Review No 95 attached as an Adobe Acrobat (PDF) file.
Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.
What’s included?
BIS Review No 95 (31 July 2008)
Timothy F Geithner: Systemic risk and financial markets
Masaaki Shirakawa: The recent economic and financial developments and their outlook, and the conduct of monetary policy in Japan
Alan Bollard: Flexibility and the limits to inflation targeting
Amando M Tetangco, Jr: Building a stronger economy through microfinance
Charles Bean: Business surveys and monetary policy
Frederic S Mishkin: Whither Federal Reserve communications
Kevin M Warsh: Remarks on covered bond framework
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please e-mail press.service@bis.org.
BIS Review
Bank for International Settlements
BIS Review No 95 available
Press, Service (Press.Service@bis.org)
Publications, Service (Publications@bis.org)
Thu 7/31/08
BIS JOINT FORUM CREDIT RISK
July 31, 2008 at 2:16 pm | In Economics, Financial | Leave a Comment
Joint Forum release Credit Risk Transfer paper
Press release
Press enquiries: +41 61 280 8188
Ref no: 22/2008E
31 July 2008
Joint Forum final release of Credit Risk Transfer paper
The Joint Forum today released the final version of its paper entitled Credit Risk Transfer – Developments from 2005 to 2007. This follows the consultation process that began in April 2008.
Market participants provided direct feedback on the consultative draft during meetings held with Joint Forum representatives in London and New York last May. The comments provided by participants or sent directly to the Joint Forum secretariat reflected general support for the report’s conclusions. Changes to the report based on the consultation, while not substantial, contributed to an improved final report.
John C Dugan, Chair of the Joint Forum and Comptroller of the Currency in the United States, said today: “This paper is contributing significantly to the understanding of the causes of the credit market turmoil. Particularly relevant is the report’s focus on two financial instruments that have been used widely to transfer credit risk: collateralised debt obligations referencing ABS (ABS CDOs) and collateralised loan obligations (CLOs).” Mr Dugan added, “While it is critical to understand the causes of the market turmoil, market participants must also focus on actions to take to increase the resilience of markets and institutions going forward. To that end, this report provides a number of new recommendations applicable to all market participants that enhance the earlier recommendations of the Joint Forum’s 2005 Credit Risk Transfer paper.” Mr Dugan added, “I urge all significant participants in these markets to implement these recommendations. In 2009, the Joint Forum will survey these participants to assess the extent to which they have done so.”
This paper was developed in response to a request from the Financial Stability Forum (FSF) in March 2007 to consider the extent to which the Joint Forum’s March 2005 paper Credit Risk Transfer (CRT) required updating as a result of the continued growth and rapid innovation in the CRT markets. While development of the paper was underway well ahead of the market disruption that began in the summer of 2007, it formed the centrepiece of the Joint Forum’s submission to the FSF in support of its work on the market turmoil. In fact, the paper was prepared on an accelerated schedule so that it could be presented at the March 2008 meeting of the FSF.
The paper is available on the websites of the Bank for International Settlements (http://www.bis.org), IOSCO (http://www.iosco.org) and the IAIS (http://www.iaisweb.org).
The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, IOSCO, and the IAIS to deal with issues common to the banking, securities and insurance sectors, including the supervision of financial conglomerates.
The Joint Forum has today released the final version of its paper entitled Credit Risk Transfer – Developments from 2005 to 2007.
See the attached press release for details.
Regards,
Press & Communications
Bank for International Settlements
Joint Forum release Credit Risk Transfer paper
Press, Service (Press.Service@bis.org)
Publications, Service (Publications@bis.org)
Thu 7/31/08
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Centralbahnplatz 2 · CH-4002 Basel · Switzerland · Tel: +41 61 280 8080 · Fax: +41 61 280 9100 · email@bis.org |
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RUSSIA OIL AND GAS
July 30, 2008 at 8:22 am | In Economics, Oil & Gas, Research, Russia | Leave a Comment
Russia: 2008 Oil & Gas Yearbook – Crosswind
Renaissance Capital – Alex Burgansky
Tue, Jul 29, 2008
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Russia: 2008 Oil & Gas Yearbook – Crosswind
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If you have any questions or comments regarding this report, please contact Alexander Burgansky, Roman Elagin or Evgenia Dyshlyuk. Russia: 2008 Oil & Gas Yearbook – Crosswind Renaissance Capital – Alex Burgansky |
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Oil_and_gas_yearbook_2008-29_Jul(1).pdf click here
Russia: 2008 Oil & Gas Yearbook – Crosswind
Oil_and_gas_yearbook_2008-29_Jul(1).pdf
3114K View as HTML Download
Russia: 2008 Oil & Gas Yearbook – Crosswind
Renaissance Capital – Alex Burgansky
Tue, Jul 29, 2008
PAKISTAN BOOK: “CROSSED SWORDS” BY SHUJA NAWAZ
July 30, 2008 at 4:13 am | In Asia, Books, Globalization, Military | Leave a Comment
Crossed Swords: Pakistan, Its Army, and the Wars
Within
by Shuja Nawaz (Author)
Editorial Reviews
Review
“Crossed Swords is extremely authoritative and based on extensive research; it balances the in-depth knowledge of the insider with the critical eye of the scholar; and is both accessible enough for students while invaluable for specialists. In short, it is much needed and fills a longstanding gap on the existing literature on Pakistan.”–Yasmin Khan, author of The Great Partition: The Making of India and Pakistan
“Shuja Nawaz has used his considerable expertise to delve deep into the Pakistan Army. The result is an insightful study of an institution that has been, and remains, the center of gravity in Pakistan. This superbly researched book comes at a critical time in Pakistan’s history. A must read to understand the past and the ongoing events.”–General Jehangir Karamat, Chief of Army Staff, Pakistan, 1996-98
“This exceptionally authoritative book, rich in insider history, could not have come at a better time as a key to understanding the underlying power structures of Pakistan as it struggles to find its place in the world.”–Barbara Crossette, former South Asia Bureau Chief, The New York Times
“Shuja Nawaz’ study is as definitive as we are likely to get: no other book has penetrated so deeply into the army, and so carefully examined this powerful institution in the context of Pakistan’s history and politics.”–Stephen P. Cohen, The Brookings Institution and author of The Pakistan Army and The Idea of Pakistan
“An exhaustive account of the most powerful pillar of the Pakistani state structure, this is more than just a study of a single institution. It is an insider’s considered view of sixty years of Pakistani history. Using information culled from an array of hitherto unused sources, including some rare interviews and the Pakistan army’s own archives, the author blends astute analysis and gripping historical narrative with consummate skill. Containing a welter of insights into the military mindset, its partnership with the civil bureaucracy and attitude towards the political fraternity, this is a book no serious student of Pakistan can afford to miss.”–Ayesha Jalal, Mary Richardson Professor of History, Tufts University
“To understand Pakistan you need to understand the army and to understand the army you need to read this book.”–Owen Bennett-Jones, BBC and author of Pakistan: Eye of the Storm
“At a time of crisis and peril for Pakistan, this ground breaking book offers unprecedented information about and provides unique insights into the country’s most important and powerful institution. Nawaz opens new ground on the army that has ruled Pakistan for half its political life. The army wields immense power in troubled Pakistan. Nawaz explains why and how in the most well researched and lucidly written book of its kind.”–Ahmed Rashid, author of Taliban and Jihad: the Rise of Militant Islam in Central Asia
“Running at more than 600 pages, this densely researched study of Pakistan’s army–the country’s premier political institution–is set to become a standard reference. Based on a wealth of primary documentary sources and privileged access to key players, both domestic and foreign, it lays bare the less-than-benign role of a power broker that has dominated Pakistan’s national politics and that could yet determine its future course”–Farzana Shaikh, Associate Fellow, Royal Institute of International Affairs (Chatham House), London
Product Description
Based on 30 years of research and analysis, this definitive book is a profound, multi-layered, and historical analysis of the nature and role of the Pakistan army in the country’s polity as well as its turbulent relationship with the United States. Shuja Nawaz examines the army and Pakistan in both peace and war. Using many hitherto unpublished materials from the archives of the United States, the United Kingdom, and the General Headquarters of the Pakistan Army, as well as interviews with key military and political figures in Pakistan and the United States, he sheds light not only on the Pakistan Army and its US connections but also on Pakistan as a key Muslim country in one of the world’s toughest neighborhoods. In doing so, he lays bare key facts about Pakistan’s numerous wars with India and its many rounds of political musical chairs, as well as the Kargil conflict of 1999. He then draws lessons from this history that may help Pakistan end its wars within and create a stabler political entity.
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Product Details:
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AMIRA DOTAN: KNESSET MEMBER ISRAEL
July 29, 2008 at 2:29 pm | In Israel, Judaica, Middle East, Palestine, Zionism | Leave a Comment
Amira Dotan
Kadima
Knesset(s) 17th (current)
Party Kadima
Particulars
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Date of Birth: |
28/07/1947 |
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Place of Birth: |
Tel Aviv, Israel |
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Residence: |
Tel Aviv |
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Family Status: |
Widowed |
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Number of Children: |
3 |
Education
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B.A. – Behavioral Sciences, Ben Gurion University, 1972. |
Military Service
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Rank: Brigadier General |
Contact Info
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Telephone: |
02-6408430 |
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Telephone 2: |
02-6408431 |
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Fax: |
02-6408915 |
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Email: |
Profession
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Mediation / Management |
Languages
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English, French |
Knesset Terms
Knesset 17
17.4.2006
Committees
Chairperson, Subcommittee for Foreign Affairs and Publicity* Member, Foreign Affairs & Defense Committee* Member, Constitution, Law and Justice Committee* Member, State Control Committee* Member, Committee on the Status of Women* Member, Ethics Committee* Member, Subcommittee on the Trafficking in Women* Member, Parliamentary Inquiry Committee on Wiretapping* Member, Joint Committee for the Defense Budget Member, Committee on Foreign Workers
Knesset Lobbies
Member, Lobby for Jerusalem* Member, Lobby for the Struggle Against Corruption in the Public Sector* Member, Lobby for the Advancement of Young People in Israel* Member, Social-Environmental Lobby* Member, Knesset Christian Allies Caucus* Member, Lobby for Jewish-Arab Coexistence* Member, Lobby for the Advancement of the Third Sector in Israel* Member, Lobby for Public Health* Member, Lobby for the War Against Violence and Crime* Member, Lobby for contending with rare genetic diseases*
Parliamentary Groups
Knesset 17
Kadima
*Current Roles
Public Activities
Director, Academic Institute for the Settlement of Disputes, in the College of Mangement, 2004
Member, Board of Governors, Ben-Gurion University, 2004
Participants:
Chairman: Benyamin Elon
Members: Ruhama Avraham Balila Ran Cohen Amira Dotan Yuli-Yoel Edelstein Arieh Eldad Gilad Erdan Elhanan Glazer Shai Hermesh Stas Misezhnikov Orit Noked David Rotem Gideon Sa`ar
Knesset Christian Allies Caucus
Description:
Mission Statement
The mission of the Knesset Christian Allies Caucus is to build a direct line of communication, cooperation and coordination between the Knesset and Christian leaders around the world. We strive to establish relationships between the members of Knesset and leaders of churches, Christian organizations and representatives throughout the international community.
The Knesset Christian Allies Caucus has attracted an increasingly diverse and growing number of Christian leaders globally. The caucus works with Christians who support Israel and with those who are undecided on their position towards Israel. Many Christians recognize that their belief in the Bible connects them to the land and the people of Israel. On this basis, we work together to achieve our goals.
Goals of the Knesset Christian Allies Caucus
To recognize the contribution Christians in America, Europe, and around the world are making to the security of the State of Israel and the welfare of the Jewish people.
To bring to the attention of the people of Israel the unqualified support Christians have given, and continue to give, to Jewish aspirations in the Land of Israel.
To provide Christians on the ground in Israel with assistance in dealing with red tape and bureaucratic problems that may arise.
To reach out to all Christians in order to mobilize support for Israel.
Caveats of the Knesset Christian Allies Caucus
The caucus condemns and refuses alliances with any groups that pursue the conversion of Jews to Christianity.
The caucus refuses coalitions with groups that regard terrorism as a form of freedom fighting.
Amira Dotan
Kadima
MOVIES AND TURKISH “BAYRAMS”
July 29, 2008 at 3:37 am | In Art, Film, Globalization, History | Leave a Comment
Turkish Bayram in the Movies
EDGE OF HEAVEN
This recent Germany/Turkey picture opens and closes in Turkey during a bayram, the word for a festival or holiday regardless of national or religious differences. First seen tooling around the Black Sea coast, Hamburg U. professor Nejat (Baki Davrak) is next seen arriving in nearby Bremen, where his father, sprightly septuagenarian Ali (Tuncel Kurtiz), still visits hookers as a cure for his loneliness.
America, America
This 1963 Elia Kazan picture, based on Kazan’s family history in Turkey/Ottoman Empire, introduces the viewer to a bayram in the first few minutes.
Turkish Bayram in the Movies
GLOBALIZATION AND THE CHANGING RELATIONSHIP BETWEEN GLOBAL AND NATIONAL
July 29, 2008 at 3:17 am | In Economics, Financial, Globalization, Research | Leave a Comment
European Central Bank
Working Paper Series
No. 882 March 2008
FORECASTING WORLD TRADE
Direct Versus “Bottom Up” Approaches
Global Versus National:
The Problem of Parts and Wholes
Orthodox political economists are wont to say that there is no world economy other than the sum of the national “components.” Thus global GDP is nothing other than the sum of the GDP of France, Japan, Ghana, USA, Italy, and so on.
However: the “Conclusion” of “Forecasting World Trade” begins:
“In a globalised world economy, global factors have become increasingly important to explain trade flows at the expense of country-specific determinants.”
(page 24, “Conclusion”)
In the “Introduction” of the same paper, we read:
“With increasing globalization, it is more likely that global factors have become more predominant to explain international trade activity at the expense of country-specific traditional determinants.”
(page 7, “Introduction”)
The relationship between global and national, between parts and wholes, seems to be mutating radically.
Global Versus National: The Problem of Parts and Wholes
BALTIC DRY INDEX AS A LEADING INDICATOR: “FORECASTING WORLD TRADE”
July 29, 2008 at 2:24 am | In Economics, Financial, Globalization, Research | Leave a Comment
European Central Bank
Working Paper Series
No. 882 March 2008
FORECASTING WORLD TRADE
Direct Versus “Bottom Up” Approaches
Global Data
As for the series at the global level, which are supposed to have an impact on domestic developments, we introduce variables such as oil prices and non-oil commodity prices. The set of global series is completed by semi-conductor sales, stock market prices for the major financial centers and the Baltic Dry Index.
Footnote no. 8 (page 14):
The Baltic Dry Index is produced daily by the London-based Baltic Exchange. Using a panel of international shipbrokers, it provides an assessment of the price of moving the major raw materials by sea. It is therefore a good leading indicator for trade and economic growth.
European Central Bank
Working Paper Series
No. 882 March 2008
FORECASTING WORLD TRADE
Direct Versus “Bottom Up” Approaches
The Baltic Dry Index
DOE “PULSE” NEWSLETTER
July 28, 2008 at 11:29 pm | In Globalization, Research, Science & Technology | Leave a Comment
NEW PULSE POSTED
on behalf of DOE Pulse (cabagewh@ornl.gov)
DOE Pulse
Mon 7/28/08
http://www.ornl.gov/news/pulse/pulse_v266_08.html
That’s the url to the July 28, 2008, issue of DOE Pulse. Pulse is a newsletter about accomplishments at the Department of Energy’s national laboratories.
Here is some of what you’ll find in this issue:
* Jefferson Lab: Nuclear pairs
* Sandia: Iowa energy storage
* Ames: Supra froth
* Savannah River: Super cleanup microbes
Feature: Berkeley Lab’s gene chips for medical diagnosis
Researcher profile: Oak Ridge’s Jerry Tuskan =20
Pulse comes in both an html version and a condensed pdf version, = suitable for printing and sharing.
Share DOE Pulse with those you know.
http://www.ornl.gov/news/pulse
NEW PULSE POSTED
on behalf of DOE Pulse (cabagewh@ornl.gov)
DOE Pulse
Mon 7/28/08
ENERGY-RELATED COMMODITIES ROUNDTABLE: LONDON SEPTEMBER 26 2008
July 28, 2008 at 6:35 pm | In Economics, Financial, Research, Science & Technology | Leave a Comment
Celent Roundtable: Commodity Trading
energy-related commodities
Celent, part of Oliver Wyman (newsletter@celent.com)
Celent Roundtable
Commodity Trading
Mon 7/28/08
When: Friday, September 26, 2008
8:30 a.m. to 12:00 p.m.
Where: Crowne Plaza London – The City
19 New Bridge Street, London
EC4V 6DB United Kingdom
Room: Bridewell Suite
REGISTER AT
http://www.celent.com/alert/CommodityRT.asp
A lot of attention, largely driven by the media, is on the commodities market. Financial institutions and especially hedge funds are blamed for the skyrocketing price of commodities. Beyond the fantasy, Celent’s roundtable will address some of the key issues that are reshaping commodities markets, from new market participants to the increase in e-trading.
Join Celent Senior Vice President Axel Pierron, Head of Celent Octavio Marenzi , and a distinguished panel of experts to explore the challenges of commodity trading, the various market participants, different trading methods (i.e. OTC, exchanges, and ATS), and investment strategies. The discussion will examine and address the overall commodities market but with a clear emphasis on energy-related commodities.
Octavio Marenzi and Axel Pierron will moderate a discussion exploring the following questions:
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What are the main trends and challenges of commodities trading?
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After the dot-coms and real estate, are commodities the next bubble that will burst in the financial industry?
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Considering the wide spectrum of commodities trading strategies and investors, what functionalities and correlated services should be provided by e-trading platforms and broker/dealers?
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Will the commodities market remain a market for specialists?
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How sophisticated is the trading strategy of market participants? Do a large portion of participants also trade correlated instruments such as weather derivatives, forward freight agreements, carbon emission, etc.?
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What regulatory challenges does commodity trading face?
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Why should one embrace e-trading in commodities?
8:30 – 9:00 Registration and breakfast
Program: 9:00 – 9:15 Introduction by Axel Pierron
9:15 – 12:00 Panel discussion
12:00 – 12:15 Conclusion
REGISTER AT
http://www.celent.com/alert/CommodityRT.asp
This event is free for Celent clients and members of the press. Please register below to reserve your space. Contact your account manager for more information.
If you are not a client, please contact Muriel de Munck at mdemunck@celent.com or +33.1.42.61.06.88
Founded in 1999 by veteran financial services technology analysts, Celent is an independent, self-financed, and profitable firm dedicated to providing unbiased information and advice to financial services firms.
Celent Roundtable: Commodity Trading
Celent, part of Oliver Wyman (newsletter@celent.com)
Celent Roundtable
Commodity Trading
info@celent.com
Mon 7/28/08
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