Search results for "Quotation"

Pricing Sovereign Contingent Convertible Debt

2016

We develop a pricing model for sovereign contingent convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's credit default swap CDS spread. One innovation is the modeling of CDS spread regime switching which is prevalent during crises. Regime switching is modeled as a hidden Markov process and is integrated with a stochastic process of spread levels to obtain S-CoCo prices through simulation. The paper goes a step further and uses the pricing model in a Longstaff-Schwartz. American option pricing framework to compute state contingent S-CoCo prices at some risk horizon, thus facilitating risk management. Dual trigger pricing is also discussed using the idiosyncratic CD…

Resilience to flash floods in wetland communities of northeastern Bangladesh

2018

Globally, a number of catastrophic hydrometeorological hazards occurred in 2017 among which the monsoon floods in South Asia was particularly disastrous, killing nearly 1200 people in India, Nepal and Bangladesh. The wetland region (Haor) of northeastern (NE) Bangladesh was severely affected by flash floods early in 2017, affecting nearly 1 million households and damaging US $450 million worth of rice crops. This study investigates how the NE Bangladesh experienced the 2017 flash floods, and to what degree the wetland communities are vulnerable and resilience to flash floods. Focus group discussion, key informant interviews, and household questionnaire surveys (n = 80) were applied in the s…

2019

Final disposal of spent nuclear fuel (SNF) from nuclear power plants (NPPs) is an ethical issue with implications within and across generations. We address this issue from the perspective of nuclear communities that host nuclear waste disposal sites. These are primarily the communities that face injustice due to the potential radiological risks. A resident survey (n = 454) was conducted in two Finnish nuclear communities, i.e. Eurajoki and Pyhajoki, that are being considered as alternative sites for a second repository for SNF. The nuclear waste management (NWM) company Posiva is already building a repository in Eurajoki, the first in Finland. These communities are in different stages of th…

The Challenge of Coexistence in Socially Vulnerable Schools

2017

Abstract Society in general and schools in particular continue to express their concerns with regard to the many challenges posed nowadays by living in a globalized world, where learning to coexist involves knowing oneself and those around us. Therefore, the professionals from the education sector and specially from the most vulnerable contexts demand the necessity to know strategies and initiatives which enable them to build a democratic school, where learning to coexist is the key to educate engaged citizens living in an increasingly intercultural, changing world. The study presented here has been conducted in two differentiated, but complementary, phases. During the first phase a documen…

State effects and the effects of state building: institution building and the formation of state-centred societies

2016

AbstractThis article discusses the assumptions underlying state-building efforts and the effects of these efforts. It addresses two main questions: why has state building not led to the establishment of effective states? And what are the effects of statebuilding? It is argued that these efforts have been based on an institutionalist model of the state derived from a Weberian framework, and that the basic reason why state building has failed is that the creation of effective states requires the creation of state-centred societies, where both material and symbolic resources are concentrated in the state. This is very difficult to achieve for external actors. But, although state building has n…

The Impact of Regionalism on Democracy Building: An Examination of the Southern African Development Community (SADC)

2017

Since the early 1990s, the world has witnessed a new wave of regionalism and a mushrooming of regional integration organizations, particularly in the global South. Focusing on Africa, the Southern African Development Community (SADC) ranks among the most promising examples of regionalism on the continent. The SADC explicitly aims at building and advancing democracy in the region and its member states as part of its broader agenda on regional development. From a political science perspective, there is general agreement that regional integration and parallel institution building can be useful measures to promote and strengthen democratic rule, since an appropriate institutional “lock-in” impl…

Analyzing Cascading Effects in Interdependent Critical Infrastructures

2018

International audience; Critical Infrastructures (CIs) are resources that are essential for the performance of society, including its economy and its security. Large-scale disasters, whether natural or man-made, can have devastating primary (direct) effects on some CI and significant indirect effects (cascading effects) on other CIs, because CIs are interconnected and depend on each other’s services. Recent work by Laugé et al. expressed the dependency values among CIs as dependency matrices for various durations of the primary CI failure. For better preparedness and mitigation of CI failures knowledge of the weak points in CI interdependencies is crucial. To this effect, we have developed …

Connecting theories of cascading disasters and disaster diplomacy

2018

Abstract Disaster diplomacy examines how and why disaster-related activities (disaster risk reduction and post-disaster actions) do and do not influence peace and conflict processes, especially whether or not a causal chain can be established between dealing with disaster risk or a disaster and outcomes in peace or conflict. Cascading disasters might provide a useful theoretical framing for mapping out causal pathways for disaster diplomacy. In conceptually exploring the intersection between disaster diplomacy and cascading disasters, this paper concludes that both disaster diplomacy and cascading disasters have limitations because they try to develop focused causal chains which, when exami…

Making sense of crises: the implications of information asymmetries for resilience and social justice in disaster-ridden communities

2017

New information and communication technologies (ICT) have enabled communities to collect and share information and tap into a network of peers in unprecedented ways. For more than a decade, informa...

Can Gender Equality Be Institutionalized?

1999

Institutional innovation can be understood as launching an institution within an intact institutional and cultural context. Such attempts of guided institutionalization pose a crucial built-in problem. The goal of institutional innovation is to create new routine-reproduced, taken-for-granted behaviour patterns. The means to reach this goal is rational, purposive action, which is the very opposite of routinized enacting. This immanent contradiction of institutional innovation is discussed on the basis of a comparative study on the introduction of gender quotas in Norwegian and German political parties. The analysis draws on more than 50 qualitative interviews with parliamentarians from bot…