Financial Integration and Common Payment Systems:

Fragmented payment systems are a major obstacle to financial integration at the regional and international levels. The European Union has launched ambitious policies for the ceation of common payment systems among its country members. Significant results have been achieved in some aspects, but one can say that the European Union is still largely caracterised by fragmented payment systems. This means that one of the basic conditions for financial integration is not fullfilled in the European Union. The purpose of this paper is, in the first place, to present the situation of the different payment systems in the European Union (I), and then, to draw lessons from the European experience for financial integration and payment systems in Asia (II).Financial Integration, payment systems, European Union, Asia

Revenue diversification in emerging market banks: implications for financial performance

Shaped by structural forces of change, banking in emerging markets has recently experienced a decline in its traditional activities, leading banks to diversify into new business strategies. This paper examines whether the observed shift into non-interest based activities improves financial performance. Using a sample of 714 banks across 14 East-Asian and Latin-American countries over the post 1997-crisis changing structure, we find that diversification gains are more than offset by the cost of increased exposure to the non-interest income, specifically by the trading income volatility. But this diversification performance's effect is found to be no linear with risk, and significantly not uniform among banks and across business lines. An implication of these findings is that banking institutions can reap diversification benefits as long as they well-studied it depending on their specific characteristics, competences and risk levels, and as they choose the right niche

Revenue diversification in emerging market banks: implications for financial performance

Shaped by structural forces of change, banking in emerging markets has recently experienced a decline in its traditional activities, leading banks to diversify into new business strategies. This paper examines whether the observed shift into non-interest based activities improves financial performance. Using a sample of 714 banks across 14 East-Asian and Latin-American countries over the post 1997-crisis changing structure, we find that diversification gains are more than offset by the cost of increased exposure to the non-interest income, specifically by the trading income volatility. But this diversification performance's effect is found to be no linear with risk, and significantly not uniform among banks and across business lines. An implication of these findings is that banking institutions can reap diversification benefits as long as they well-studied it depending on their specific characteristics, competences and risk levels, and as they choose the right niche.Diversification revenue; non-interest income; bank performance; emerging markets

Double layer formation in the expanding region of an inductively coupled electronegative plasma

Double-layers (DLs) were observed in the expanding region of an inductively coupled plasma with $\text{Ar}/\text{SF}\_6$ gas mixtures. No DL was observed in pure argon or $\text{SF}\_6$ fractions below few percent. They exist over a wide range of power and pressure although they are only stable for a small window of electronegativity (typically between 8\% and 13\% of $\text{SF}\_6$ at 1mTorr), becoming unstable at higher electronegativity. They seem to be formed at the boundary between the source tube and the diffusion chamber and act as an internal boundary (the amplitude being roughly 1.5$\frac{kT\_e}{e}$)between a high electron density, high electron temperature, low electronegativity plasma upstream (in the source), and a low electron density, low electron temperature, high electronegativity plasma downstream

Interest of the dual hybrid control scheme for teleoperation with time delays

A new scheme of teleoperation called "dual hybrid control" is described. It is shown that telepresence is increased compared to traditional force feedback schemes. It is particulary well suited for time delay teleoperation

The Future of Financial Markets and Regulation: What Strategy for Europe?

This article provides insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. To preserve financial stability, Europe has to choose between financial opening and independently determining how to regulate finance. Among the five scenarios we defined, three achieve financial stability both inside and outside Europe. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: (i) this level of coordination seems much more realistic than the global one; (ii) the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the "European government" might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world.Financial Stability, Supervision and Regulation, Financial Integration

Experimental investigation of double layers in expanding plasmas

Double layers (DLs) have been observed in a plasma reactor composed of a source chamber attached to a larger expanding chamber. Positive ion beams generated across the DL were characterized in the low plasma potential region using retarding field energy analyzers. In electropositive gases, DLs were formed at very low pressures between 0.1 and 1 mTorr with the plasma expansion forced by a strongly diverging magnetic field. The DL remains static, robust to changes in boundary conditions, and its position is related to the magnetic field lines. The voltage drop across the DL increases with decreasing pressure, i.e., with increasing electron temperature around 20 V at 0.17 mTorr. DLs were also observed in electronegative gases without a magnetic field over a greater range of pressure 0.5 to 10 mTorr. The actual profile of the electronegative DL is very sensitive to external parameters and intrusive elements, and they propagate at high negative ion fraction. Electrostatic probes measurements and laser-induced photodetachment show discontinuities in all plasma parameters electron density, electron temperature, negative ion fraction at the DL position. The voltage drop across the electronegative DL is about 8 V, is independent of the gas pressure and therefore of the electron temperature

The Future of Financial Markets and Regulation: What Strategy for Europe?

This article provides insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. To preserve financial stability, Europe has to choose between financial opening and independently determining how to regulate finance. Among the five scenarios we defined, three achieve financial stability both inside and outside Europe. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: (i) this level of coordination seems much more realistic than the global one; (ii) the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the "European government" might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world

Method Enhancement by Scenario Based Techniques

International audienceScenarios have proven useful to elicit, validate and document requirements but cannot be used in isolation. Our concern in this paper is to integrate scenario-based techniques in existing methods. We propose a set of operators to support such an integration. This set is classified in two sub-sets: the one dealing with the integration of the product models of the two initial methods and the one concerned with the integration of their process models. The operators are used to integrate the CREWS-L'Ecritoire approach with the OOSE method. This leads to enhance the use case model construction of the OOSE method with on one hand, the linguistic techniques for scenario authoring and formalisation and on the other hand, the discovery strategies to elicit requirements by scenario analysis of the CREWS-L'Ecritoire approach