Mr Samuel A Malone's Books

A Risk-Based Debt Sustainability Framework

Incorporating Balance Sheets and Uncertainty

By: Ms.Elena Loukoianova,Cheng Hoon Lim,Samuel W. Malone,Mr.Dale F. Gray

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A Risk-Based Debt Sustainability Framework

Incorporating Balance Sheets and Uncertainty

By: Ms.Elena Loukoianova,Cheng Hoon Lim,Samuel W. Malone,Mr.Dale F. Gray

This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to provide a clear and workable complement to traditional debt sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default probabilities and credit spreads. Importantly, this new framework can be adapted for policy analysis, including debt and reserve management.

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International Monetary Fund

Published Date

ISBN 10

1451869029

ISBN 13

9781451869026

How to Set Up and Manage a Corporate Learning Centre

By: Mr Samuel A Malone

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How to Set Up and Manage a Corporate Learning Centre

By: Mr Samuel A Malone

Few corporate initiatives of the last ten years have been more influential in the development of a learning culture at work than the corporate learning centre. The first edition of Sam Malone's book quickly established itself as the definitive concise guide to best practice. The second edition reflects the lessons learned since that time, along with the developments in learning technology. Setting up and sustaining a successful centre involves strategic skills such as planning and championing; technical skills, including budgeting, marketing and evaluation; and the people skills of communicating, influencing and managing change. There are chapters in the book for all the stakeholders involved, including the learners themselves. How to Set Up and Manage a Corporate Learning Centre offers definitive advice on all of these areas. Sam Malone demystifies what is a difficult, expensive and long term project for any organization.

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Page Count

172

Publisher

Gower Publishing, Ltd.

Published Date

ISBN 10

1409462757

ISBN 13

9781409462750

Systemic Contingent Claims Analysis

Estimating Market-Implied Systemic Risk

By: Mr.Andreas A. Jobst,Mr.Dale F. Gray

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Systemic Contingent Claims Analysis

Estimating Market-Implied Systemic Risk

By: Mr.Andreas A. Jobst,Mr.Dale F. Gray

The recent global financial crisis has forced a re-examination of risk transmission in the financial sector and how it affects financial stability. Current macroprudential policy and surveillance (MPS) efforts are aimed establishing a regulatory framework that helps mitigate the risk from systemic linkages with a view towards enhancing the resilience of the financial sector. This paper presents a forward-looking framework ("Systemic CCA") to measure systemic solvency risk based on market-implied expected losses of financial institutions with practical applications for the financial sector risk management and the system-wide capital assessment in top-down stress testing. The suggested approach uses advanced contingent claims analysis (CCA) to generate aggregate estimates of the joint default risk of multiple institutions as a conditional tail expectation using multivariate extreme value theory (EVT). In addition, the framework also helps quantify the individual contributions to systemic risk and contingent liabilities of the financial sector during times of stress.

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International Monetary Fund

Published Date

ISBN 10

1475557531

ISBN 13

9781475557534

Assessing Default Risks for Chinese Firms

A Lost Cause?

By: Daniel Law,Mr.Shaun K. Roache

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Assessing Default Risks for Chinese Firms

A Lost Cause?

By: Daniel Law,Mr.Shaun K. Roache

Assessing default risks for Chinese firms is hard. Standard measures of risk using market indicators may be unreliable because of implicit guarantees, the large role played by less-informed investors, and other market imperfections. We test this assertion by estimating stand-alone 1-year default probabilities for non-financial firms in China using an equity-based structural model and debt costs. We find evidence that the equity measure of default risk is sensitive to a firm’s balance sheet health, profitability, and ownership; specifically, default probabilities are higher for weaker, less profitable, and state-owned firms. In contrast, measures based on the cost of debt seem largely detached from fundamentals and instead determined by implicit guarantees. We conclude that for individual firms, equity-based measures, while far from perfect, provide a better measure of stand-alone default risks than borrowing costs.

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International Monetary Fund

Published Date

ISBN 10

1513597582

ISBN 13

9781513597584

From Subprime Loans to Subprime Growth? Evidence for the Euro Area

By: Mr.Martin Cihak,Ms.Petya Koeva Brooks

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From Subprime Loans to Subprime Growth? Evidence for the Euro Area

By: Mr.Martin Cihak,Ms.Petya Koeva Brooks

The global financial crisis has highlighted the potential of financial conditions for influencing real economic activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the banking, corporate, and public sectors show an improvement beginning in 2002–03, followed by a major deterioration since 2007. These estimates imply that the currently estimated bank losses would subtract some 2 percentage points from the euro area output (but with considerable uncertainty around the estimates).

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International Monetary Fund

Published Date

ISBN 10

145187216X

ISBN 13

9781451872163

A Framework for Macroprudential Bank Solvency Stress Testing

Application to S-25 and Other G-20 Country FSAPs

By: Mr.Andreas A. Jobst,Ms.Li L. Ong,Mr.Christian Schmieder

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A Framework for Macroprudential Bank Solvency Stress Testing

Application to S-25 and Other G-20 Country FSAPs

By: Mr.Andreas A. Jobst,Ms.Li L. Ong,Mr.Christian Schmieder

The global financial crisis has placed the spotlight squarely on bank stress tests. Stress tests conducted in the lead-up to the crisis, including those by IMF staff, were not always able to identify the right risks and vulnerabilities. Since then, IMF staff has developed more robust stress testing methods and models and adopted a more coherent and consistent approach. This paper articulates the solvency stress testing framework that is being applied in the IMF’s surveillance of member countries’ banking systems, and discusses examples of its actual implementation in FSAPs to 18 countries which are in the group comprising the 25 most systemically important financial systems (“S-25”) plus other G-20 countries. In doing so, the paper also offers useful guidance for readers seeking to develop their own stress testing frameworks and country authorities preparing for FSAPs. A detailed Stress Test Matrix (STeM) comparing the stress test parameters applie in each of these major country FSAPs is provided, together with our stress test output templates.

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International Monetary Fund

Published Date

ISBN 10

1475573928

ISBN 13

9781475573923

Sovereign Risk and Asset and Liability Management

Conceptual Issues

By: Mr.Udaibir S Das,MissYinqiu Lu,Mr.Michael G. Papaioannou,Iva Petrova

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Sovereign Risk and Asset and Liability Management

Conceptual Issues

By: Mr.Udaibir S Das,MissYinqiu Lu,Mr.Michael G. Papaioannou,Iva Petrova

Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial risk management. This paper discusses some salient features embedded in in the current generation of sovereign asset and liability management (SALM) approaches, including objectives, definitions of relevant assets and liabilities, and methodologies used in obtaining optimal SALM outcomes. These elements are used in developing an analytical SALM framework which could become an operational instrument in formulating asset management and debtor liability management strategies at the sovereign level. From a portfolio perspective, the SALM approach could help detect direct and derived sovereign risk exposures. It allows analyzing the financial characteristics of the balance sheet, identifying sources of costs and risks, and quantifying the correlations among these sources of risk. The paper also outlines institutional requirements in implementing an SALM framework and seeks to lay the ground for further policy and analytical work on this topic.

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International Monetary Fund

Published Date

ISBN 10

1475511833

ISBN 13

9781475511833

Fiscal Sustainability

A 21st Century Guide for the Perplexed

By: Mr.Evan Tanner

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Fiscal Sustainability

A 21st Century Guide for the Perplexed

By: Mr.Evan Tanner

This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.

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International Monetary Fund

Published Date

ISBN 10

1484351495

ISBN 13

9781484351499

Shakespeare's Companies

William Shakespeare's Early Career and the Acting Companies, 1577–1594

By: Mr Terence G Schoone-Jongen

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Shakespeare's Companies

William Shakespeare's Early Career and the Acting Companies, 1577–1594

By: Mr Terence G Schoone-Jongen

Focusing on a period (c.1577-1594) that is often neglected in Elizabethan theater histories, this study considers Shakespeare's involvement with the various London acting companies before his membership in the Lord Chamberlain's Men in 1594. Locating Shakespeare in the confusing records of the early London theater scene has long been one of the many unresolved problems in Shakespeare studies and is a key issue in theatre history, Shakespeare biography, and historiography. The aim in this book is to explain, analyze, and assess the competing claims about Shakespeare's pre-1594 acting company affiliations. Schoone-Jongen does not demonstrate that one particular claim is correct but provides a possible framework for Shakespeare's activities in the 1570s and 1580s, an overview of both London and provincial playing, and then offers a detailed analysis of the historical plausibility and probability of the warring claims made by biographers, ranging from the earliest sixteenth-century references to contemporary arguments. Full chapters are devoted to four specific acting companies, their activities, and a summary and critique of the arguments for Shakespeare's involvement in them (The Queen's Men, Strange's Men, Pembroke's Men, and Sussex's Men), a further chapter is dedicated to the proposition Shakespeare's first theatrical involvement was in a recusant Lancashire household, and a final chapter focuses on arguments for Shakespeare's membership in a half dozen other companies (most prominently Leicester's Men). Shakespeare's Companies simultaneously opens up twenty years of theatrical activity to inquiry and investigation while providing a critique of Shakespearean biographers and their historical methodologies.

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459

Publisher

Ashgate Publishing, Ltd.

Published Date

ISBN 10

1409475131

ISBN 13

9781409475132

Zero Waste Engineering

A New Era of Sustainable Technology Development

By: M. M. Khan,M. R. Islam

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Zero Waste Engineering

A New Era of Sustainable Technology Development

By: M. M. Khan,M. R. Islam

Is "zero waste engineering" possible? This book outlines how to achieve zero waste engineering, following natural pathways that are truly sustainable. Using methods that have been developed in various areas for sustainability purposes, such as new mathematical models, recyclable material selection, and renewable energy, the authors probe the principles of zero waste engineering and how it can be applied to construction, energy production, and many other areas of engineering. This groundbreaking new volume: Explores new scientific principles on which sustainability and zero waste engineering can be based Presents new models for energy efficiency, cooling processes, and natural chemical and material selection in industrial applications and business Explains how "green buildings" and "green homes" can be efficiently built and operated with zero waste Offers case histories and successful experiments in sustainability and zero-waste engineering Ideal for: Engineers and scientists of all industries, including the energy industry, construction, the process industries, and manufacturing. Chemical engineers, mechanical engineers, electrical engineers, petroleum engineers, process engineers, civil engineers, and many other types of engineers would all benefit from reading this exciting new volume.

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Page Count

650

Publisher

John Wiley & Sons

Published Date

ISBN 10

1119184940

ISBN 13

9781119184942

Book's by Mr Samuel A Malone

A Risk-Based Debt Sustainability Framework

A Risk-Based Debt Sustainability Framework

How to Set Up and Manage a Corporate Learning Centre

How to Set Up and Manage a Corporate Learning Centre

Systemic Contingent Claims Analysis

Systemic Contingent Claims Analysis

Assessing Default Risks for Chinese Firms

Assessing Default Risks for Chinese Firms

From Subprime Loans to Subprime Growth? Evidence for the Euro Area

From Subprime Loans to Subprime Growth? Evidence for the Euro Area

A Framework for Macroprudential Bank Solvency Stress Testing

A Framework for Macroprudential Bank Solvency Stress Testing

Sovereign Risk and Asset and Liability Management

Sovereign Risk and Asset and Liability Management

Fiscal Sustainability

Fiscal Sustainability

Shakespeare's Companies

Shakespeare's Companies

Zero Waste Engineering

Zero Waste Engineering

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