The traditional approach to the stress testing of financial institutions focuses on capital adequacy and solvency. Liquidity stress tests have been applied in parallel to and independently from solvency stress tests, based on scenarios which may not be consistent with those used in solvency stress tests. We propose a structural framework for the joint stress testing of solvency and liquidity: our approach exploits the mechanisms underlying the solvency-liquidity nexus to derive relations between solvency shocks and liquidity shocks. These relations are then used to model liquidity and solvency risk in a coherent framework, involving external shocks to solvency and endogenous liquidity shocks arising from these solvency shocks. We define the concept of ‘Liquidity at Risk’, which quantifies the liquidity resources required for a financial institution facing a stress scenario. Finally, we show that the interaction of liquidity and solvency may lead to the amplification of equity losses due to funding costs which arise from liquidity needs. The approach described in this study provides in particular a clear methodology for quantifying the impact of economic shocks resulting from the ongoing COVID-19 crisis on the solvency and liquidity of financial institutions and may serve as a useful tool for calibrating policy responses.
WINNER of a Riskbook.com Best of 2004 Book Award! During the last decade, financial models based on jump processes have acquired increasing popularity in risk management and option pricing. Much has been published on the subject, but the technical nature of most papers makes them difficult for nonspecialists to understand, and the mathematic
This volume contains lecture notes from the courses given by Vlad Bally and Rama Cont at the Barcelona Summer School on Stochastic Analysis (July 2012). The notes of the course by Vlad Bally, co-authored with Lucia Caramellino, develop integration by parts formulas in an abstract setting, extending Malliavin's work on abstract Wiener spaces. The results are applied to prove absolute continuity and regularity results of the density for a broad class of random processes. Rama Cont's notes provide an introduction to the Functional Itô Calculus, a non-anticipative functional calculus that extends the classical Itô calculus to path-dependent functionals of stochastic processes. This calculus leads to a new class of path-dependent partial differential equations, termed Functional Kolmogorov Equations, which arise in the study of martingales and forward-backward stochastic differential equations. This book will appeal to both young and senior researchers in probability and stochastic processes, as well as to practitioners in mathematical finance.
This textbook aims to provide a clear understanding of the various tools of analysis and design for robust stability and performance of uncertain dynamic systems. In model-based control design and analysis, mathematical models can never completely represent the “real world” system that is being modeled, and thus it is imperative to incorporate and accommodate a level of uncertainty into the models. This book directly addresses these issues from a deterministic uncertainty viewpoint and focuses on the interval parameter characterization of uncertain systems. Various tools of analysis and design are presented in a consolidated manner. This volume fills a current gap in published works by explicitly addressing the subject of control of dynamic systems from linear state space framework, namely using a time-domain, matrix-theory based approach. This book also: Presents and formulates the robustness problem in a linear state space model framework. Illustrates various systems level methodologies with examples and applications drawn from aerospace, electrical and mechanical engineering. Provides connections between lyapunov-based matrix approach and the transfer function based polynomial approaches. Robust Control of Uncertain Dynamic Systems: A Linear State Space Approach is an ideal book for first year graduate students taking a course in robust control in aerospace, mechanical, or electrical engineering.
This book examines VOX, the first major and electorally successful populist radical right-wing party to emerge in Spain since the death of General Franco, and the restoration of parliamentary democracy in the late 1970s. In December 2018, VOX, a new party on the populist radical right, entered the Andalusian regional parliament, and played the role of kingmaker in the ensuing government formation discussions. Since then, under the leadership of Santiago Abascal, VOX has earned political representation in numerous local, regional and national elections. The party attracted more than 3.6 million votes in the November 2019 general election, making VOX the third largest party in the Spanish Congress. In two years, the party has become a key political challenger and an important player in Spanish politics. This book explains the origins of the party, its ideology and relationship with democracy, its appeal with voters, and its similarities with (and differences from) other populist radical right parties in Europe. It draws upon a rich source of domestic as well as cross-national survey data and a systematic analysis of party manifestos which provide a detailed account of the rise of VOX and what its emergence means for Spanish politics. This volume will be of interest to scholars of comparative politics, political parties, voters and elections, Spanish politics, the populist radical right and populism in general.
Optimal State Estimation for Process Monitoring, Fault Diagnosis and Control presents various mechanistic model based state estimators and data-driven model based state estimators with a special emphasis on their development and applications to process monitoring, fault diagnosis and control. The design and analysis of different state estimators are highlighted with a number of applications and case studies concerning to various real chemical and biochemical processes. The book starts with the introduction of basic concepts, extending to classical methods and successively leading to advances in this field. Design and implementation of various classical and advanced state estimation methods to solve a wide variety of problems makes this book immensely useful for the audience working in different disciplines in academics, research and industry in areas concerning to process monitoring, fault diagnosis, control and related disciplines. - Describes various classical and advanced versions of mechanistic model based state estimation algorithms - Describes various data-driven model based state estimation techniques - Highlights a number of real applications of mechanistic model based and data-driven model based state estimators/soft sensors - Beneficial to those associated with process monitoring, fault diagnosis, online optimization, control and related areas
Environmental Metagenomics, Water Quality and Suggested Remediation Measures of Polluted Waters: A Combined Approach is a reference handbook for scientists, engineers and early-career researchers seeking guidance in the areas of water quality, and remediation studies. The comprehensive book, which includes case studies and applications from a range of contributors in the field, offers an essential resource in the science of water quality assessment. - Includes a range of applications and case studies in wetland, riverine, drinking, and groundwater metagenomics, along with approaches for the remediation of pollutants from wastewater - Offers the latest updates on environmental metagenomics and its correlation with water environments, remediation measures, and SDGs - Provides key contributions from global researchers in the fields of water chemistry, environmental science, engineering, and public health
This book explores the significance of soil microbial diversity to understand its utility in soil functions, ecosystem services, environmental sustainability, and achieving the sustainable development goals. With a focus on agriculture and environment, the book highlights the importance of the microbial world by providing state-of-the-art technologies for examining the structural and functional attributes of soil microbial diversity for applications in healthcare, industrial biotechnology, and bioremediation studies. In seven chapters, the book will act as a primer for students, environmental biotechnologists, microbial ecologists, plant scientists, and agricultural microbiologists. Chapter 1 introduces readers to the soil microbiome, and chapter 2 discusses the below ground microbial world. Chapter 3 addresses various methods for exploring microbial diversity, chapter 4 discusses the genomics methods, chapter 5 provides the metaproteomics and metatranscriptomics approaches and chapter 6 details the bioinformatics tools for soil microbial community analysis, and chapter 7 concludes the text with future perspectives on further soil microbial uses and applications.
Flight Vehicle Dynamics and Control Rama K. Yedavalli, The Ohio State University, USA A comprehensive textbook which presents flight vehicle dynamics and control in a unified framework Flight Vehicle Dynamics and Control presents the dynamics and control of various flight vehicles, including aircraft, spacecraft, helicopter, missiles, etc, in a unified framework. It covers the fundamental topics in the dynamics and control of these flight vehicles, highlighting shared points as well as differences in dynamics and control issues, making use of the ‘systems level’ viewpoint. The book begins with the derivation of the equations of motion for a general rigid body and then delineates the differences between the dynamics of various flight vehicles in a fundamental way. It then focuses on the dynamic equations with application to these various flight vehicles, concentrating more on aircraft and spacecraft cases. Then the control systems analysis and design is carried out both from transfer function, classical control, as well as modern, state space control points of view. Illustrative examples of application to atmospheric and space vehicles are presented, emphasizing the ‘systems level’ viewpoint of control design. Key features: Provides a comprehensive treatment of dynamics and control of various flight vehicles in a single volume. Contains worked out examples (including MATLAB examples) and end of chapter homework problems. Suitable as a single textbook for a sequence of undergraduate courses on flight vehicle dynamics and control. Accompanied by a website that includes additional problems and a solutions manual. The book is essential reading for undergraduate students in mechanical and aerospace engineering, engineers working on flight vehicle control, and researchers from other engineering backgrounds working on related topics.
The recognition of humans and their activities from video sequences is currently a very active area of research because of its applications in video surveillance, design of realistic entertainment systems, multimedia communications, and medical diagnosis. In this lecture, we discuss the use of face and gait signatures for human identification and recognition of human activities from video sequences. We survey existing work and describe some of the more well-known methods in these areas. We also describe our own research and outline future possibilities. In the area of face recognition, we start with the traditional methods for image-based analysis and then describe some of the more recent developments related to the use of video sequences, 3D models, and techniques for representing variations of illumination. We note that the main challenge facing researchers in this area is the development of recognition strategies that are robust to changes due to pose, illumination, disguise, and aging. Gait recognition is a more recent area of research in video understanding, although it has been studied for a long time in psychophysics and kinesiology. The goal for video scientists working in this area is to automatically extract the parameters for representation of human gait. We describe some of the techniques that have been developed for this purpose, most of which are appearance based. We also highlight the challenges involved in dealing with changes in viewpoint and propose methods based on image synthesis, visual hull, and 3D models. In the domain of human activity recognition, we present an extensive survey of various methods that have been developed in different disciplines like artificial intelligence, image processing, pattern recognition, and computer vision. We then outline our method for modeling complex activities using 2D and 3D deformable shape theory. The wide application of automatic human identification and activity recognition methods will require the fusion of different modalities like face and gait, dealing with the problems of pose and illumination variations, and accurate computation of 3D models. The last chapter of this lecture deals with these areas of future research.
This text deals with the methods of obtaining numerical solutions to engineering problems. The topics discussed are those that are normally covered in undergraduate engineering programs. This includes an introduction to digital computers, function representation using Taylor's series, error considerations in iterative type computations, searching for roots of equations in a single variable, solution of simultaneous equations, function approximation and interpolation, numerical integration and differentiation, matrix eigenvalue problems, solution of nonlinear system of equations, and solution of ordinary and partial differential equations.
For more than 40 years, IBM® mainframes have supported an extraordinary portion of the world's computing work, providing centralized corporate databases and mission-critical enterprise-wide applications. The IBM System z®, the latest generation of the IBM distinguished family of mainframe systems, has come a long way from its IBM System/360 heritage. Likewise, its IBM z/OS® operating system is far superior to its predecessors in providing, among many other capabilities, world-class and state-of-the-art support for the TCP/IP Internet protocol suite. TCP/IP is a large and evolving collection of communication protocols managed by the Internet Engineering Task Force (IETF), an open, volunteer organization. Because of its openness, the TCP/IP protocol suite has become the foundation for the set of technologies that form the basis of the Internet. The convergence of IBM mainframe capabilities with Internet technology, connectivity, and standards (particularly TCP/IP) is dramatically changing the face of information technology and driving requirements for even more secure, scalable, and highly available mainframe TCP/IP implementations. The z/OS Communications Server TCP/IP Implementation series provides understandable, step-by-step guidance about how to enable the most commonly used and important functions of z/OS Communications Server TCP/IP. This IBM Redbooks® publication is for people who install and support z/OS Communications Server. It introduces z/OS Communications Server TCP/IP, discusses the system resolver, showing implementation of global and local settings for single and multi-stack environments. It presents implementation scenarios for TCP/IP base functions, connectivity, routing, virtual MAC support, and sysplex subplexing.
Introductory Guide on the Design of Aerospace Structures Developed from a course taught at Concordia University for more than 20 years, Principles of Aeroelasticity utilizes the author’s extensive teaching experience to immerse undergraduate and first-year graduate students into this very specialized subject. Ideal for coursework or self-study, this detailed examination introduces the concepts of aeroelasticity, describes how aircraft lift structures behave when subjected to aerodynamic loads, and finds its application in aerospace, civil, and mechanical engineering. The book begins with a discussion on static behavior, and moves on to static instability and divergence, dynamic behavior leading up to flutter, and fluid structure interaction problems. It covers classical approaches based on low-order aerodynamic models and provides a rationale for adopting certain aeroelastic models. The author describes the formulation of discrete models as well as continuous structural models. He also provides approximate methods for solving divergence, flutter, response and stability of structures, and addresses non-aeroelastic problems in other areas that are similar to aeroelastic problems. Topics covered include: The fundamentals of vibration theory Vibration of single degree of freedom and two degrees of freedom systems Elasticity in the form of an idealized spring element Repetitive motion Flutter phenomenon Classical methods, Rayleigh-Ritz techniques, Galerkin’s technique, influential coefficient methods, and finite element methods Unsteady aerodynamics, and more
For more than 40 years, IBM® mainframes have supported an extraordinary portion of the world's computing work, providing centralized corporate databases and mission-critical enterprise-wide applications. The IBM System z®, the latest generation of the IBM distinguished family of mainframe systems, has come a long way from its IBM System/360 heritage. Likewise, its IBM z/OS® operating system is far superior to its predecessors in providing, among many other capabilities, world class and state-of-the-art support for the TCP/IP Internet protocol suite. TCP/IP is a large and evolving collection of communication protocols managed by the Internet Engineering Task Force (IETF), an open, volunteer organization. Because of its openness, the TCP/IP protocol suite has become the foundation for the set of technologies that form the basis of the Internet. The convergence of IBM mainframe capabilities with Internet technology, connectivity, and standards (particularly TCP/IP) is dramatically changing the face of information technology and driving requirements for even more secure, scalable, and highly available mainframe TCP/IP implementations. The z/OS Communications Server TCP/IP Implementation series provides understandable, step-by-step guidance about how to enable the most commonly used and important functions of z/OS Communications Server TCP/IP. In this IBM Redbooks® publication, we provide an introduction to z/OS Communications Server TCP/IP. We then discuss the system resolver, showing the implementation of global and local settings for single and multi-stack environments. We present implementation scenarios for TCP/IP Base functions, Connectivity, Routing, Virtual MAC support, and sysplex subplexing.
Concentrating on the post-Vatican II revisions of its teachings, this book tells the story of the destruction of the Roman Catholic tradition, a defining event of the twentieth century.
A complete guide to environmental remediation technologies, techniques, and regulations This practical resource offers comprehensive coverage of the latest environmental codes alongside step-by-step remediation procedures. The book features information on all segments of the market, including water, air quality, and hazardous wastes, and enables you to ensure compliance with federal regulations. Handbook of Environmental Engineering fully explains engineering methods and technologies and directly connects them to applicable standards. You will get details on environmental tools such as sensors and monitoring, toxicity controls and treatments, and waste disposal. Measurement data, environmental impact assessments, and real-world examples demonstrate how to apply each technique in the field.
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