The goal of the book is to present the latest research on the new challenges of data technologies. It will offer an overview of the social, ethical and legal problems posed by group profiling, big data and predictive analysis and of the... more
The goal of the book is to present the latest research on the new challenges of data technologies. It will offer an overview of the social, ethical and legal problems posed by group profiling, big data and predictive analysis and of the different approaches and methods that can be used to address them. In doing so, it will help the reader to gain a better grasp of the ethical and legal conundrums posed by group profiling. The volume first maps the current and emerging uses of new data technologies and clarifies the promises and dangers of group profiling in real life situations. It then balances this with an analysis of how far the current legal paradigm grants group rights to privacy and data protection, and discusses possible routes to addressing these problems. Finally, an afterword gathers the conclusions reached by the different authors and discuss future perspectives on regulating new data technologies.
In today’s world the possibility of competition in the money market is unthinkable, the central bank regime is thought as if it were the only viable. Historically this has not been the case: Most monetary economists of the past have... more
In today’s world the possibility of competition in the money market is unthinkable, the central bank regime is thought as if it were the only viable. Historically this has not been the case: Most monetary economists of the past have discussed the appropriate role of the state in the money market. In general terms it is possible to identify certain schools of thought through time. It is the aim of this thesis to accurately describe and analyze the main points of each one and to provide a rough classification of them: 1) First of all, from times of Plato and Aristotle to the XIV century we can acknowledge the existence of two postures – Free minting, which ascribes a mere supervisory role or no role at all to the state and State Minting which pronounces that the government has the duty and the obligation to intervene in the coinage trade; 1.1) A transitory period in the XV and XVI centuries in which the discussion is centered around the nature of “interest” and the banking industry; 2) A period that goes from the XVIII to the XIX centuries. The role of the banking business has been accepted and the debates are conformed around the inter dependence of the monetary and financial systems. Three different schools emerge: a Free Banking School which adheres to the principles of Laissez-faire in the money market; a Central Banking “rule bounded” School which states that it is necessary to have a central monopolist entity that could keep the national metallic reserves by which it could provide a stable and redeemable money supply ; a Central Banking “discretional” School that manifests that money is endogenous to the economy, yet a central bank is needed for financial stability purposes. 2.1) We can identify a second transitory period in times of the Belle Époque of capitalism (1870-1930) which correctly takes the name of “monetary orthodoxy” and accepts the need of a Central Bank both to provide sound money – via a gold standard- and because its role as the lender of last resort of the economy; 3) A third period comes about the end of the great depression to our own time. First, a renewed Central Banking “discretional” School gains prominence and articulates a second role for the Central Bank: to actively pursue policy objectives (economic activity and employment). For which it is necessary to adopt a fiat monetary system; given the 70´s stagflation problems, a rehabilitated Central Banking “rule bounded” school emerges and pin points the importance of stabilizing consumer prices via an unchanging fiat money supply; as alternative to this school, a Modern Laissez-Faire School appears which emphasizes the possibility of free market solutions to the money market via several options - Hayek-Klein , a fiat private competition system; Selgin-White, a modern free banking approach; and Salerno-Huerta de Soto and Greenfield-Yeager as heterodox approaches.
Exposure-at-default (EAD) is one of the most interesting and most difficult parameters to estimate in counterparty credit risk (CCR). Basel I offered only the non-internal Current Exposure Method (CEM) for estimating this quantity whilst... more
Exposure-at-default (EAD) is one of the most interesting and most difficult
parameters to estimate in counterparty credit risk (CCR). Basel I offered only the non-internal Current Exposure Method (CEM) for estimating this quantity whilst Basel II further introduced the Standardised Method (SM) and an Internal Model Method (IMM) [Tu 10]. The Basel Committee on Banking Supervision, however, forces Central Counterparties (CCPs) to use the CEM when calculating their exposures to counterparties. We suggest that the CEM can be used in estimating the size of the default fund. This discussion document explains how the CEM is used in quantifying the default fund. The soundness of the CEM answers is tested by implementing various other methods like Expected Shortfall (ES) and Value-at-Risk (VaR) in this regard. We use actual trading data as supplied by SAFCOM/JSE.
The article considers the concept of bank deposits protection mechanism and suggests approaches to their classification. Features of the bank deposit insurance systems are examined. The author analyses the international experience of... more
The article considers the concept of bank deposits protection mechanism and suggests approaches to their classification. Features of the bank deposit insurance systems are examined. The author analyses the international experience of deposit insurance schemes functioning and defines economic policy measures to improve the national private deposit guarantee system.
