Explaining banking stability in Sub-Saharan Africa

The study examined banking stability in Sub-Saharan Africa. The results reveal that banking spread (Net Interest Margin – NIM) is the main determinant of stability and the major means to achieve stability during crises periods. We however find the existence of a threshold effect in NIM.Crises in the banking sector consistently showed to reduce stability. While the results show that high percentage of foreign banks reduce stability, we find foreign banks help stabilize the banking sector in periods of crises. The results show that diversification could also have a positive impact on stability (Z-score) even though this relationship was not robust enough. The results also largely support the competition-fragility view. Particularly, we find that less competition during crises periods can help improve stability. Again, we find evidence for both concentration-stability and concentration-fragility hypotheses depending on the stability measure used. We however find that when large banks in concentrated markets are well regulated, stability could be improved. Weak regulatory environment reduces stability (Z-score) directly and matters during crises periods. Our results are robust to the use of different indicators of stability and estimation methods.     

关于构建企业维稳工作长效机制的思考

基于水务公司稳定发展的基本现状和主要不稳定因素分析,分别从生产经营、党建和人才队伍建设等方面探讨构建企业维稳长效机制的有效途径。     

BEHAVIORAL PORTFOLIO SELECTION: ASYMPTOTICS AND STABILITY ALONG A SEQUENCE OF MODELS

We consider a sequence of financial markets that converges weakly in a suitable sense and maximize a behavioral preference functional in each market. For expected concave utilities, it is well known that the maximal expected utilities and the corresponding final positions converge to the corresponding quantities in the limit model. We prove similar results for nonconcave utilities and distorted expectations as employed in behavioral finance, and we illustrate by a counterexample that these results require a stronger notion of convergence of the underlying models compared to the concave utility maximization. We use the results to analyze the stability of behavioral portfolio selection problems and to provide numerically tractable methods to solve such problems in complete continuous‐time models.     

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique aspects of the Islamic banking industry. In this paper, we calculated the modified NSFR of 136 Islamic banks from 30 jurisdictions between 2000 and 2013 and explored the potential impact the requirements of this ratio has on the financial stability of Islamic banks after controlling for bank, country, and market-specific variables. The empirical findings suggest that the modified NSFR has a positive impact on the financial stability of Islamic banks during the sample period. However, the marginal impact of the NSFR on stability diminishes as the size of the bank increases. The results remained robust after applying an alternative measure of stability and using an alternative estimation model based on an instrumental variable approach. These results validate the use of the IFSB’s modified NSFR for Islamic banks as a regulatory measure.     

绥芬河市新华街隧道围岩稳定分析

绥芬河市新华街隧道是目前黑龙江省最长的公路隧道,该隧道东起新华街,西至301国道,其最大埋深为101.1m,由于隧道穿越区域地质条件复杂,地应力较高,因此在前期施工过程中,已经出现了局部掉块现象。为了避免隧道在施工与运营期内出现大面积垮塌情况,本文对隧道的稳定性进行了分析评价,该隧道出现岩爆的可能极小,但是洞室围岩有塑性破坏的可能,为了防止由于塑性破坏诱发的塌落现象,建议采用4~5m的系统锚杆进行支护。     

基于金融稳定的货币政策框架修正研究

文章构造了一个四期二叉树模型,对货币稳定和金融稳定的关系进行了分析,发现仅以维护货币稳定为目标的货币政策无法同时实现金融稳定。基于此,文章对货币政策框架进行了修正,将货币稳定和金融稳定纳入统一的货币政策框架予以考察,并对我国货币政策的实践进行了实证分析。VAR检验结果表明,银行信贷增长率和房地产价格指数都是我国货币政策应当关注的金融稳定指标。货币政策应根据金融稳定指标进行逆周期调控,调控重点是金融稳定指标预期,而非稳定指标本身。     

新时期高校学生安全稳定工作标准化体系建设初探

高校的和谐发展与安全稳定是构建和谐社会的重要内容,维护高校的安全稳定是社会经济发展的需要,也是保持高等教育持续、快速、健康、协调发展的重要保证。但是,教育界目前还没有建立起一个完整的维护高校安全稳定的工作标准体系,因此,探索并构建一套高校安全稳定工作标准体系是高校安全稳定工作的重要依托,也是新时期高校健康发展的重要保证。