Intellectual challenges to financial stability analysis in the era of macroprudential oversight.

This article discusses the main intellectual challenges related to the conceptual foundations, analytical models and regulatory assessment tools in the field of financial stability analysis. The focus is on ways to detect and contain systemic risk. The article also tries to point in directions that could be helpful in resolving these intellectual challenges. The article starts with a discussion of the nature and origins of financial stability and systemic risk. It then goes through four areas in which lessons from the present crisis have illustrated major analytical challenges in enhancing the understanding of financial stability and systemic risk. The article concludes that 1) the understanding of the fundamental working of financial systems and the risks they generate needs to be deepened, in particular in relation to financial innovation and the role of nonbank financial intermediaries, 2) better insights need to be developed about when and how financial systems migrate from stability to instability, 3) models need to be developed that capture the interactions between widespread financial instability and the performance of the economy at large (including the related amplification effects and nonlinearities), and 4) such models need to be further extended to be able to assess the effectiveness and efficiency of macroprudential regulatory policies in containing systemic risks. Meeting this agenda will require reorienting significant resources in academia, central banks and supervisory authorities in these directions. It will also require enriching the way of thinking in economics and finance. New approaches should be considered that do not necessarily rely only on the notions of equilibrium, universal rationality and efficiency, but go beyond those concepts. Approaches that have been used successfully in other fields, such as the natural sciences, may be a helpful source of inspiration.

Monetary policy strategies : a central bank panel

Greenspan, Alan ; Monetary policy ; Banks and banking, Central

Issues related to central counterparty clearing: concluding remarks

Banks and banking, Central

Keynote Adress by Jean-Claude Trichet

Finanzmarktkrise; Konjunktur; Weltwirtschaft

La gestion de la transition vers la monnaie unique et l'etablissement de la crédibilité de l'euro. = Managing the transition to the single currency and the establishment of the credibility of the euro. Bruges European Economic Policy (BEEP) Briefing 12/2005

No abstract

MIMAC : Detection of low energy recoils for Dark Matter search

The MIMAC project is based on a matrix of Micro Time Projection Chambers (micro-TPC) for Dark Matter search, filled with He3 or CF4 and using ionization and tracks. The first measurement of the energy resolution of this micro-TPC is presented as well as its low thresholdComment: Dark Energy and Dark Matter conference, Lyon : France (2008

Analyse Sémantique des Réseaux Sociaux d'Usages et d'Opinions

International audienceNos travaux s'inscrivent dans le cadre d'une Plateforme Régionale d'In-novation dédiée au tourisme du futur. Ils visent à développer un modèle d'analyse sémantique de réseaux sociaux et d'analyse d'opinions destiné à la représentation et à la compréhension des usages territoriaux restitués via des traces numériques, ainsi qu'un système décisionnel basé sur ce modèle. Intégré au sein d'un Système d'In-formation Touristique, ce système de veille et d'analyse constitue un outil d'aide à la gouvernance et à l'identification des produits et services touristiques de demain qui contribueront à l'essor économique territorial