The eight studies presented in this volume are put together to provide
a new insight into the design of risk-management models in emerging
markets. The objective is to identify the specific characteristics
of emerging markets and specify the most appropriate methods of
risk management that suits those markets. The chapters report on
empirical studies carried out on a number of countries in Asia, Eastern
Europe, North Africa and other emerging markets in various continents.
The immediate reason for the creation of this book has been the advent of Basel II.
This has forced many institutions with loan portfolios into building risk models, and,
as a consequence, a need has arisen to have these models validated both internally and
externally. What is surprising is that there is very little written that could guide consultants
in carrying out these validations. This book aims to fill that gap.
Given the considerable variation in deposit insurance arrangements and the relatively
large number of banking crises, it is possible to use this panel to test whether the nature of the
deposit insurance system has a significant impact on the probability of a banking crisis once
other factors are controlled for. We carry out these tests using the multivariate logit econometric
model developed in our previous work on the determinants of banking crises (Demirg†e-Kunt
and Detragiache, 1998).
But, if recessions are diﬀerent and shocks transmit both domestically and internationally in a
time varying fashion, should not we employ a broader set of regressors -and potentially models -to
better track this variability across time? For example, many recent approaches to forecasting consider
pooling the individual forecasts stemming from a large number of models, each diﬀering from the other
as concerns for example the lag speciﬁcation, the sample over which estimation is carried out, the
number of variables included.
Credit scores, as a quantitative shorthand for credit histories, increase the potential for
customized pricing of credit based on the risk an individual poses. Some argue that
charging more to consumers defined as higher risk would remove some of the cost of risk
carried by the general consumer population, and would allow for price reductions among
consumers who pose less risk.
The HEI draws up a self-evaluation report on the functioning of its quality
system in line with the guidelines provided in Appendix 3. The institution
chooses how to carry out its self-evaluation and write the report.
In its report, the institution is expected to carry out as reflective a self-
evaluation as possible, identify areas in need of development and provide a
concrete description of its practical measures related to the quality work. The
report must focus on evaluation rather than description.
In September 2001, a survey was carried out among members of the Mexican-
Swiss Business Association (Asociación Empresarial Mexicano-Suiza) in Mexico in
order to identify business opportunities for Swiss exporters in the Mexican market.
Many survey participants – mostly high ranking business executives with a good
knowledge of both the Swiss and the Mexican business environment – said they
saw good business opportunities for Swiss producers of high quality consumer
This was a prospectively designed cohort study carried out in the Hospital de Carabineros
de Chile (HOSCAR) and the Hospital de la Dirección de Previsión de Carabineros de Chile
(DIPRECA), the immunocytochemistry was performed at the Instituto de Bio-Oncology,
Santiago, Chile during the period January 2008 and December 2010. The study protocol and
written consent form was approved by the ethical committees of all three centers and all
patients signed a written consent form.
All men older than 40 years and attended at HOSCAR or DIPRECA, without a previous
history of prostate cancer and fulfilled the criteria’s for prostate cancer screening or a
prostate biopsy were invited to participate. Biopsy criteria were; serum PSA ≥4.0ng/ml and
/or digital rectal examination (DRE) abnormal. Exclusion criteria were older than 85 years
and a life expectancy of less than 5 years.
In modern usage, the term is used to describe devices capable of performing mechanical work, as in the original steam engine. In most cases the work is produced by exerting a torque or linear force, which is used to operate other machinery which can generate electricity, pump water, or compress gas. In the context of propulsion systems, an air-breathing engine is one that uses atmospheric air to oxidise the fuel carried rather than supplying an independent oxidizer
Savings banks’ commitment is expressed in different ways from one country to the other and
this reflects the diverse legal and social traditions across Europe. Socially responsible activities
are administered either by the savings banks directly or by other ad hoc vehicles set up for
this specific purpose.
Foundations for example were established by savings banks throughout Europe primarily to
undertake such tasks. In Italy, they play a major role in projects linked to the preservation and
promotion of cultural heritage.
From the viewpoint of business policy, the reform
law of 1999 eliminated the last hurdle which had
hitherto prevented the savings banks from con-
ducting business with companies listed on the
stock exchange. Regional savings banks can now
carry on all banking business stipulated in the law
on currency and finance8, with anyone, without
The first programmatic goal of the project is to provide additional and more
comprehensive information than is currently available to explain the nature and causes of
particulate concentrations and visibility impairment in and around Mexico City. This
information is needed to better understand the implications of currently planned emission
reduction strategies, and to focus future emissions reduction efforts in those areas where they
will have the greatest benefit on air quality for the least cost.
In a like sense the present is the age of business enterprise. Not that all industrial activity is carried
on by the rule of investment for profits, but an effective majority of the industrial forces are organized on that
basis. There are many items of great volume and consequence that do not fall within the immediate score of
these business principles. The housewife's work, e.g., as well as some appreciable portion of the work on
farms and in some handicrafts, can scarcely be classed as business enterprise.
Phenotypic characterization activities are technically and logistically challenging. Ensur-
ing that they are well targeted (collect data that are important to the country’s priority
AnGR- and livestock-development activities) and are carried out in an efficient and cost-
effective manner requires thorough planning and careful implementation. Valid compari-
sons among livestock breeds or populations, whether nationally or internationally, require
the development and use of standard practices and formats for describing their character-
This entry establishes the cost of the investment to LeBlanc, and will be the carrying
value of the investment. Changes in the value of the U.S. dollar in subsequent reporting
periods are irrelevant to the cost of an equity investment.
For debt instruments, the issue is a bit more complicated. Debt instruments, by definition,
are payable in a given amount of currency.When the debt is stated or denominated in a cur-
rency other than the investor’s reporting currency, the equivalent value of the instrument in
the reporting currency changes as the exchange rate changes.
The additional material includes a new Background section, intended
to provide a broad overview of breast cancer for non-clinicians; a
new Topic 1, Primary care and the management of women at high
risk; and a new Topic 8, Management of advanced, recurrent and
metastatic disease. The topic areas and numbers therefore differ from
the original Manual.
Material in the Evidence sections of the topic areas is based on
systematic reviews of research evidence carried out by the NHS
Centre for Reviews and Dissemination.
The purpose of this paper is to present in a uni¯ed context the reduced form modelling
approach, in which a credit event is modelled as a totally inaccessible stopping time. Once
the general framework is introduced (frequently referred to as \pure intensity" set-up), we
focus on the special case where the full information at the disposal of the traders may be
split in two sub-¯ltrations, one of them carrying the full information of the occurrence of
the credit event (in general referred to as \hazard process" approach).