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<DIV dir=ltr><FONT size=2 face=Arial>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Gunnar Tómasson <gunnar.tomasson@verizon.net><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> gang8@yahoogroups.com <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Thursday, 6 September 2012, 13:07<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [gang8] interbank settlement etc.<BR></FONT></DIV><BR>
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<DIV>Thanks for sharing these links, Richard.</DIV>
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<DIV>I will be interested to see whether the international banking system may have moved towards what I have been toying with since the 1980s, namely the idea of automatic overdraft facilities within a computerized international banking network for banking units that follow certain (still-to-be-specified) macro-prudential guidelines for their loan operations.</DIV>
<DIV> </DIV>
<DIV>I have in mind an updated version of Keynes's bancor concept/international financial framework.</DIV>
<DIV> </DIV>
<DIV>Of course, it is not a practical concept as of now - but once the post-Bretton Woods international monetary non-system runs out of operational steam, Keynes's thinking may serve as a guide to a sustainable system.</DIV>
<DIV> </DIV>
<DIV>Gunnar<BR><BR><BR>Sep 6, 2012 04:27:20 AM, gang8@yahoogroups.com wrote:<BR></DIV>
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<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt" lang=DE>Dear All,</SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt" lang=DE></SPAN></FONT> </div>
<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Robert Fischer wants to draw our attention to three articles about the web of interbank connections, and implications, namely</SPAN></FONT></div>
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<div class=yiv859741265MsoNormal><FONT size=3 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 12pt">1. Stefano Battiston et al. in Nature (Aug 2012): </SPAN></FONT><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"></SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"></SPAN></FONT> </div>
<div class=yiv859741265MsoNormal><I><FONT size=3 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 12pt"><BR></SPAN></FONT></I><I><FONT color=#222222 size=5 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; COLOR: #222222; FONT-SIZE: 16pt">DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk</SPAN></FONT></I><I><FONT size=5 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 16pt"> </SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt"><BR><BR> </SPAN></FONT><I><FONT size=4 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 14pt">Abstract</SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><I><FONT color=#333333 size=3 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; COLOR: #333333; FONT-SIZE: 12pt">Systemic risk, here meant as the risk of default of a large portion of the financial system, depends on the network of financial exposures among institutions. However, there is no widely accepted methodology to determine the systemically important nodes in a network. To fill this gap, we introduce, DebtRank, a novel measure of systemic impact inspired by feedback-centrality. As an application, we analyse a new and unique dataset on the USD 1.2 trillion FED emergency loans program to global financial institutions during 2008–2010. We find that a group of 22 institutions, which received most of the funds, form a strongly connected graph where each of the nodes becomes systemically important at the peak of the crisis. Moreover, a systemic default could have been triggered even by small
dispersed shocks. The results suggest that the debate on too-big-to-fail institutions should include the even more serious issue of too-central-to-fail.</SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><I><FONT size=3 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 12pt"> </SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><I><FONT size=3 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 12pt" lang=FR>Source: </SPAN></FONT></I><I><FONT face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica" lang=DE><A title=blocked::http://www.nature.com/srep/2012/120802/srep00541/full/srep00541.html href="http://www.nature.com/srep/2012/120802/srep00541/full/srep00541.html" rel=nofollow target=_blank></SPAN><SPAN lang=FR>http://www.nature.com/srep/2012/120802/srep00541/full/srep00541.html</A></SPAN></FONT></I><SPAN lang=FR></div>
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<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt">2. Working paper Nr 321 of the Bank of England:</SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt">On which he comments: “an interesting thought, IMHO related with the work of Stefano Battiston et al.; i.e. the <B><SPAN style="FONT-WEIGHT: bold">netting matrix for bank systems</SPAN></B> (see page 11). On page 17 there is an important math formula regarding netting ratio between interbank and centrally settled banking networks: </SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt">A-network: That means correspondent banking, i.e. Transactions in system between “n” international banks <U>without</U> Central Bank, (I call that decentral netting or clearing) </SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt"><BR> <BR>B-network: Transaction of “n” Banks <U>with</U> a clearing center (I call that central netting or clearing) </SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt">Theoretically the netting ratio of an A-Network of “n” Banks is sqrt(n-1) times larger then in a B-network. In other words: In case of a global systemic crisis, the “n” banks interconnected in the A-network <B><SPAN style="FONT-WEIGHT: bold">would</SPAN></B> need theoretically sqrt(n-1) times more central bank money for the the settlement of their open net debit-credit-positions then in a B-Network. Nota bene: Actually the <B><SPAN style="FONT-WEIGHT: bold">unsettled</SPAN></B> debit-credit positions of “our” worldwide A-network mount to 21 Trillion (10^12) $. (See BIS, quarterly review)</SPAN></FONT></div>
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<div class=yiv859741265MsoNormal><FONT size=3 face=Helvetica><SPAN style="FONT-FAMILY: Helvetica; FONT-SIZE: 12pt">3. </SPAN></FONT><FONT face=Arial><SPAN style="FONT-FAMILY: Arial"> </SPAN></FONT><I><FONT face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica">Stefania Vitali, James B. Glattfelder and Stefano Battiston</SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><I><FONT size=5 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 16pt">The network of global corporate control<BR></SPAN></FONT></I><I><FONT size=2 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 10pt"><BR></SPAN></FONT></I><I><FONT size=4 face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica; FONT-SIZE: 14pt"><BR>Abstract<BR></SPAN></FONT></I><I><FONT face=Helvetica><SPAN style="FONT-STYLE: italic; FONT-FAMILY: Helvetica">The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. We find that
transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions.<BR>This core can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers.</SPAN></FONT></I></div>
<div class=yiv859741265MsoNormal><FONT size=3 face="Times New Roman"><SPAN style="FONT-SIZE: 12pt"></SPAN></FONT> </div>
<div class=yiv859741265MsoNormal><FONT size=3 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 12pt">The paper is available at: </SPAN></FONT><FONT face=Arial><SPAN style="FONT-FAMILY: Arial" lang=DE><A title=blocked::http://arxiv.org/pdf/1107.5728v2.pdf href="http://arxiv.org/pdf/1107.5728v2.pdf" rel=nofollow target=_blank></SPAN><SPAN lang=EN-GB>http://arxiv.org/pdf/1107.5728v2.pdf</A></SPAN></FONT><FONT face=Arial><SPAN style="FONT-FAMILY: Arial"> or </SPAN></FONT><FONT face=Arial><SPAN style="FONT-FAMILY: Arial" lang=DE><A title=blocked::http://www.plosone.org/article/info:doi/10.1371/journal.pone.0025995 href="http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0025995" rel=nofollow target=_blank></SPAN><SPAN lang=EN-GB>http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0025995</A></SPAN></FONT><FONT face=Arial><SPAN style="FONT-FAMILY: Arial" lang=DE> </SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=3 face="Times New Roman"><SPAN style="FONT-SIZE: 12pt"><BR><BR>Thanks Robert for passing these on with your comments.</SPAN></FONT><FONT size=2><SPAN style="FONT-SIZE: 10pt"></SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Warm regards,</SPAN></FONT></div>
<div class=yiv859741265MsoNormal><FONT size=2 face=Arial><SPAN style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Richard</SPAN></FONT></div></SPAN></DIV></DIV>
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