Search results for "BT"
showing 10 items of 1498 documents
Risk Management for Sovereign Debt Financing with Sustainability Conditions
2019
We develop a model of debt sustainability analysis with optimal financing decisions in the presence of macroeconomic, financial and fiscal uncertainty. We define a coherent measure of refinancing risk, and trade off the risks of debt stock and flow dynamics, subject to debt sustainability constraints and endogenous risk and term premia. We optimize both static and dynamic financing strategies, compare them with several simple rules and consol financing to demonstrate economically significant effects of optimal financing, and show that the stock-flow tradeoff can be critical for sustainability. We quantify the minimum refinancing risk and the maximum rate of debt reduction that a sovereign c…
Financial Behaviour Under Economic Strain in Different Age Groups: Predictors and Change Across 20 Years
2021
AbstractThe present study examined the multiple micro- and macro-level factors that affect individuals’ financial behaviour under economic strain. The following sociodemographic and economic factors that predict financial behaviour were analysed: age group, year of data gathering, and attitudes towards consumption (economical, deprived, and hedonistic). Subjective financial situations and demographic characteristics were controlled for. Finnish time series data that consisted of five cross-sectional nationally representative surveys were used (n = 10 043). The analyses revealed four types of financial behaviour: cutting expenses, borrowing, increasing income, and gambling. Young adults aged…
Composite indicator of financial development in a benefit-of-doubt approach
2013
We use data by the World Economic Forum (WEF) to build a Composite Financial Development Index (CFDI) alternative to the WEF financial index. Unlike the WEF index, the CFDI optimally combines seven dimensions with non‐fixed weights determined endogenously without recourse to subjective opinions of experts. The CFDI is obtained by applying a Data Envelopment Analysis linear programming model with proportion restrictions on weights calculated in a Benefit‐of‐Doubt approach. In this way, the CFDI scores allow us to group 60 countries by different levels of financial development identifying dimensions that contribute to good or poor financial performances, taking into account the different char…
A Stochastic Programming Model for the Optimal Issuance of Government Bonds
2010
Sovereign states issue fixed and floating securities to fund their public debt. The value of such portfolios strongly depends on the fluctuations of the term structure of interest rates. This is a typical example of planning under uncertainty, where decisions has to be drawn on the base of the key stochastic economic factors underneath the model.We propose a multistage stochastic programming model to select portfolios of bonds, where the aim of the decision maker is that of minimizing the cost of the decision process. At the same time, we bound the conditional Value-at-Risk, a measure of risk which accounts for the losses of the tail distribution. We build an efficient frontier to trade-off…
The Global Crisis and Alternative Scenarios to Save the Euro: A Spanish Perspective
2013
That the euro was in trouble became evident after the financial markets' turmoil the summer of 2007. The global financial crisis called into question some of the dogma propounded by the champions of liberal capitalism, such as the efficiency of financial markets. Whereas in the US several banks went bankrupt, in the EU the banking sector was recapitalised, and fiscal measures were taken to support companies and families, and to stimulate the economy; moreover, an institutional framework was set up to improve financial regulation and supervision. The banking and financial crisis was followed, as usual, by a debt crisis. In 2010–11, successive European Summits accelerated the creation of fina…
Effects of dietary administration of fenugreek seeds, alone or in combination with probiotics, on growth performance parameters, humoral immune respo…
2016
The use of immunostimulants is considered a promising preventive practice that may help to maintain animal welfare and a healthy environment, while increasing production and providing higher profits. The purpose of this study was to evaluate the effects on gilthead seabream (Sparus aurata L.) of the dietary administration of fenugreek (Trigonella foenum graecum) seeds, alone or combined with one of the following probiotic strains: Bacillus licheniformis (TSB27), Lactobacillus plantarum or Bacillus subtilis (B46). Gilthead seabream were fed a control or one of the supplemented diets for 3 weeks. The effects of these supplemented diets on growth performance parameters and the humoral immune r…
Chemistry and functional properties in prevention of neurodegenerative disorders of five Cistus species essential oils.
2013
The chemical composition of Cistus creticus, Cistus salvifolius, Cistus libanotis, Cistus monspeliensis and Cistus villosus essential oils has been examined by GC and GC–MS analysis. Height-nine constituents were identified in C. salvifolius oil, sixty in C. creticus, fifty-six in C. libanotis, fifty-four in C. villosus, forty-five in C. monspeliensis. Although the five species belong to the same genus, the composition showed interesting differences. Essential oils were screened also for their potential antioxidant effects (by DPPH, ABTS, FRAP and b-carotene bleaching test) and their acetylcholinesterase (AChE) and butyrylcholinesterase (BChE) inhibitory activity, useful for prevention and …
An Outline for Funding Adaptation and Disaster Management Schemes
2012
This paper develops further a proposal to split continued climate negotiations into two separate blocks. The first block deals with historical emissions of greenhouse gases, including a mutual debt cancellation: the accumulated carbon debts of developed countries up to a cut-off year would be swapped for conventional monetary debts of developing countries. The second block deals with future emissions and how to finance adaption to climate change. Following the “polluter pays” principle, the funds should be collected in proportion to the responsibility for climate change and redistributed in proportion to the needs for adaption and management of climate-related risks. A system based on separ…
Optical sectioning by two-pinhole confocal fluorescence microscopy.
2003
A two-pinhole axially superresolving confocal fluorescence imaging system is presented. Based on the concept of subtractive incoherent imaging, the system described here is equipped with a zero-focus complex-transmittance pupil filter in one of the collector paths. The optical sectioning capacity of the system is 25% superior to that of a free-pupil one-pinhole instrument.
Inactivation of dried spores of Bacillus subtilis 168 by a treatment combining high temperature and pressure
2019
International audience; Specific treatments combining high temperatures of up to 150 °C and moderate pressure of up to 0.6 MPa have been applied to Bacillus subtilis 168 spores conditioned at different aw levels (between 0.10 and 0.70) corresponding to different residual water contents within the spore core. The spores were treated as a dry powder in a pressurized nitrogen environment or in water/glycerol solutions.These thermodynamic conditions were intended to prevent any water evaporation from the spore core during time/temperature treatments.Our results clearly show that retaining liquid water in the core by applying pressure during the treatment resulted in greater spore destruction (b…