1. Monitoring Systemic Institutions for the Analysis of Micro-macro Linkages and Network Effects

    TISSOT Bruno1, BESE GOKSU Evrim2

    1.BIS, Basel, Switzerland
    2.IMF, Washington D.C.

    Abstract: In the aftermath of the Global Financial Crisis (GFC) of 2007-09, the G-20 endorsed the collection and sharing of data on global systemically important financial institutions (G-SIFIs). This initiative started with the collection of data on global systemically important banks (G-SIBs). It set in motion the first large-scale initiative to collect and regularly share among national jurisdictions – as well as with relevant international institutions to some extent – granular information on a selected panel of individual institutions that play a systemic role in global financial markets. This is a key initiative to better understand the various and complex linkages between micro, institution-level information and the macro, system-wide environment as well as network effects. This paper discusses the key objectives of this international exercise, the main features of the initiative that have been implemented thus far, the challenges faced and the related lessons that can be drawn.

    Keywords: financial stability, systemic institution, data sharing, granular data.

    Pages: 129 – 136 | Full PDF Paper

  2. Sentiment Surveys in Portugal – Description and Empirical Analysis

    Lígia Maria Nunes, António Jorge Silva, André Cardoso Dias

    Banco de Portugal, Lisboa, Portugal

    Abstract:

    Sentiment surveys are a powerful tool to capture economic agents’ expectations and activities, which makes them particularly useful for policy makers in interpreting and analysing economic conditions, especially since the global financial crisis, often labelled as a “confidence crisis”.

    This paper empirically assesses the role of confidence in explaining private consumption and analyses to what extent the Portuguese consumer confidence index can bring additional information beyond variables which are usually found to have some power in explaining the real expenditure of households. When relevant, we draw some comparisons of this phenomena in the euro area through similar studies previously conducted.

    Keywords: statistical surveys, consumer confidence, economic expectations.

    Pages: 137 – 144 | Full PDF Paper

  3. Why do External Statistics Matter? – A Multidimensional Approach in a Context of Macroeconomic Imbalances

    João Cadete de Matos, Paula Menezes, Lígia Maria Nunes

    Banco de Portugal, Lisboa, Portugal

    Abstract: The recent financial crisis highlighted the importance of an early detection and mitigation of macroeconomic vulnerabilities. In this context statistical compilers and analysts were challenged to develop enhanced methodologies and indicators, namely under the scope of external statistics. This paper proposes a multidimensional assessment of the external debt imbalances achieving a comprehensive and consistent approach by analysing not only the decomposition of the current and capital account balances but also how the economy is financed. This is possible through a deep insight of the financial account. Due to the existent interconnections one might analyse the current and capital account and whether a given deficit or surplus is explained by the component of goods and services or by the component of current income generated by the direct or portfolio investment, as an example. Simultaneously it is possible to observe in more detail the type of financial instruments; identifying if the net acquisition or disposal of financial assets is explained by the behaviour of a given institutional sector; detecting risk exposure of investment by country or identifying bilateral asymmetries that might exist with other commercial partners. It is a comprehensive and integrated approach rich of a variety of dimensions.

    Keywords: external statistics, balance of payments, imbalances, direct investment, portfolio investment, income.

    Pages: 145 – 152 | Full PDF Paper

  4. The Impact of Institutional Quality on Foreign Direct Investment in Burkina Faso

    Zakaya RAMDE

    Statistician engineer, Macroeconomist, Chamber of commerce and industry of Burkina Faso

    Abstract:

    This study examined the impact of institutional quality on the attraction of foreign direct investment in Burkina Faso over the period 1985-2005.

    Different analyzes on variables allowed use of error correction modeling (VECM). The results reveal a long-term relationship between foreign direct investment (FDI), corruption, external conflicts and socio-economic conditions. They show that corruption and external conflicts are determinants of the attractiveness of FDIin the country.

    Therefore, there is a need to develop appropriate policies such as strengthening judicial governance and improving existing anti-corruption strategies in Burkina Faso. The country must also be involved in the appropriate way of resolution of external conflicts that keep potential investors away, especially in the West African sub region.

    Keywords: Institutional quality – Foreign direct investment – VECM – Burkina Faso.

    Pages: 153 – 162 | Full PDF Paper

  5. e*-Almost Compactness via α-shading

    Anjana Bhattacharyya

    Department of Mathematics, Victoria Institution (College), 78 B, A.P.C. Road, Kolkata – 700009, India.

    Abstract: This paper deals with a new type of compactness viz., α–e*-almost compactness for crisp subsets of a space X where the underlying structure on X is a fuzzy topology. Several characterizations are made by using ordinary net and power set filterbases as basic tools. It is shown that α–e*-almost compactness implies α-almost compactness but the converse is true only in α–e*-regular space.

    Keywords: α-e*–almost compactness, α-e*–almost compact set, α-e*–regularity, αe*–adherent point of net and filterbase, α-e*–interiorly finite intersection property.

    Pages: 163 – 176 | Full PDF Paper