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This paper analyzes the bail-in tool under the Bank Recovery and Resolution Directive (BRRD) and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector involvement (PSI). From this analysis, the key features for an effective bail-in tool can be derived.
These insights serve as the background to make the case that the European resolution framework is likely ineffective in establishing adequate market discipline through risk-reflecting prices for bank capital. The main reason for this lies in the avoidable embeddedness of the BRRD’s bail-in tool in the much broader resolution process, which entails ample discretion of the authorities also in forcing private sector involvement. Moreover, the idea that nearly all positions on the liability side of a bank’s balance sheet should be subjected to bail-in is misguided. Instead, a concentration of PSI in instruments that fall under the minimum requirements for own funds and eligible liabilities (MREL) is preferable.
Finally, this paper synthesized the prior analysis by putting forward an alternative regulatory approach that seeks to disentangle private sector involvement as a precondition for effective bank-resolution as much as possible form the resolution process as such.
This paper analyses the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory PSI. From this analysis the key features for an effective bail-in tool can be derived. These insights serve as the background to make the case that the European resolution framework is likely ineffective in establishing adequate market discipline through risk-reflecting prices for bank capital. The main reason for this lies in the avoidable embeddedness of the BRRD’s bail-in tool in the much broader resolution process which entails ample discretion of the authorities also in forcing private sector involvement. Finally, this paper synthesized the prior analysis by putting forward an alternative regulatory approach that seeks to disentangle private sector involvement as a precondition for effective bank-resolution as much as possible form the resolution process as such.
Bevor ich mich im Folgenden von Spinoza ausgehend der Frage des 'mischpat ivri' zuwende und die Frage stelle, welche Rolle die Idee der Torah als Staatsrecht im modernen Israel spielt, möchte ich kurz in Erinnerung rufen, was wir historisch über die Torah im Alten Israel und aus dem antiken bzw. spätantiken Judentum wissen. Ich beginne also bei Spinoza, gehe dann kurz in die tiefere Vergangenheit und wende mich dann der zionistischen und israelischen Beschäftigung mit dem hebräischen Recht zu. Der Bezug auf die Torah als Staatsrecht bewegt sich sowohl im Fall der Staatstheorie der Frühen Neuzeit als auch im Fall des 'mischpat ivri' auf der dreifachen Grenze von Religionsquelle, Gelehrtentradition und Politik bzw. Entwürfen der Gesellschaftsgestaltung. Ohne das hier weiter theoretisch reflektieren zu können, gehören diese Beobachtungen meines Erachtens in den Bereich der hier verhandelten Fragen um das Verhältnis von Religion und Kulturwissenschaft.
Tortonian teleost otoliths from northern Italy: taxonomic synthesis and stratigraphic significance
(2017)
The Tortonian fish otoliths of northern Italy have been studied for more than a century and represent one of the best known otolith-based teleost faunas in the Miocene of the Mediterranean Basin. Yet with the growing knowledge on Recent otoliths, an updated taxonomic overview of this fauna is needed. Moreover, new material from hemipelagic Tortonian marls sampled at nine localities is described herein, revealing 109 taxa of which 88 are recognised at species level. Four of these are new: Coryphaenoides biobtusus sp. nov., “Merluccius” rattazzii sp. nov., Neobythites auriculatus sp. nov. and Lesueurigobius stironensis sp. nov. The compilation of previously studied and newly acquired material revealed a total of 118 nominal Tortonian species. At generic level, the fauna is characterised by many modern forms; more than 90% can be assigned to present day genera. At species level, however, more than half of the represented taxa are extinct. Based on the fossil otolith record, the Tortonian fauna of the Mediterranean is most similar to that of the Langhian (Badenian) of the Central Paratethys by sharing many extinct Miocene species, but it is also very close to that of the Pliocene Mediterranean, by sharing many modern Atlantic-Mediterranean forms. The Tortonian fauna is further characterised by many species that are apparently confined to the upper Miocene, resulting in a unique combination of its taxonomic composition.
El texto se propone exponer críticamente algunos contenidos fundamentales del concepto de totalidad y su importancia para el pensamiento dialéctico. Partiendo de una crítica de la concepción hegeliana de totalidad, busca sin embargo defender este concepto, aunque reconstruido desde un giro materialista a partir de la filosofía desarrollada por Theodor W. Adorno. El concepto de totalidad cambiaría su significado y función a partir de la crítica materialista, pasando de la idea de un todo determinado y definitivo, a un criterio epistemológico y normativo para oponerse con efectividad a la imposición de una totalidad social.
The object of this study is one of the most ambitious projects of twentieth-century art history: Aby Warburg's 'Atlas Mnemosyne', conceived in the summer of 1926 – when the first mention of a 'Bilderatlas', or "atlas of images", occurs in his journal – and truncated three years later, unfinished, by his sudden death in October 1929. Mnemosyne consisted in a series of large black panels, about 170x140 cm., on which were attached black-and-white photographs of paintings, sculptures, book pages, stamps, newspaper clippings, tarot cards, coins, and other types of images. Warburg kept changing the order of the panels and the position of the images until the very end, and three main versions of the Atlas have been recorded: one from 1928 (the "1-43 version", with 682 images); one from the early months of 1929, with 71 panels and 1050 images; and the one Warburg was working on at the time of his death, also known as the "1-79 version", with 63 panels and 971 images (which is the one we will examine). But Warburg was planning to have more panels – possibly many more – and there is no doubt that Mnemosyne is a dramatically unfinished and controversial object of study.
It has been noted (Perkins, 2009; Zwaan, 1999; Zwaan & Radvansky, 1998) that causality, character, location, and time are the four main aspects of narrative discourse, even if not attended to by listeners or readers in equal ways. For example, character is highly ranked, and the locational/spatial components have often been underestimated for English narratives (see Perkins, 2009, for a review). Relative to the ranking, there is no inherent reason why character needs to be highly ranked, and locational/spatial information is in fact important in English narrative discourse (Perkins, 2009). I instead suggest that there are linguistic and cultural factors in the ranking of these aspects of discourse. Specifically, I suggest that causality is (probably) the highest ranked component, in languages that have a ranking, with the other three elements being linked to causality more or less strongly, depending on linguistic and cultural factors; it is possible that some languages do not rank narrative elements or that some elements are ranked as highly as others. In English, the strongest link is between causality and character. However, this is not universal.
In a survey of fifty-eight languages from thirty language families, including an in-depth study of Hobongan, an Austronesian language spoken by approximately two thousand people on the island of Borneo that I am in the process of describing, it is found that there is a great deal of cross-linguistic variation, to the extent that it is possible that each logically possible combination of narrative elements is present in the world’s languages.
Land surface and hydrologic models (LSM/HM) are used at diverse spatial resolutions ranging from 1-10 km in catchment-scale applications to over 50 km in global-scale applications. Application of the same model structure at different spatial scales requires that the model estimates similar fluxes independent of the model resolution and fulfills a flux-matching condition across scales. An analysis of state-of-the-art LSMs and HMs reveals that most do not have consistent and realistic parameter fields for land surface geophysical properties. Multiple experiments with the mHM, Noah-MP, PCR-GLOBWB and WaterGAP models are conducted to demonstrate the pitfalls of poor parameterization practices currently used in most operational models, which are insufficient to satisfy the flux-matching condition. These examples demonstrate that J. Dooge’s 1982 statement on the unsolved problem of parameterization in these models remains true. We provide a short review of existing parameter regionalization techniques and discuss a method for obtaining seamless hydrological predictions of water fluxes and states across multiple spatial resolutions. The multiscale parameter regionalization (MPR) technique is a practical and robust method that provides consistent (seamless) parameter and flux fields across scales. A general model protocol is presented to describe how MPR can be applied to a specific model, with an example of this application using the PCR-GLOBWB model. Applying MPR to PCR-GLOBWB substantially improves the flux-matching condition. Estimation of evapotranspiration without MPR at 5 arcmin and 30 arcmin spatial resolutions for the Rhine river basin results in a difference of approximately 29%. Applying MPR reduce this difference to 9%. For total soil water, the differences without and with MPR are 25% and 7%, respectively.
Land surface and hydrologic models (LSMs/HMs) are used at diverse spatial resolutions ranging from catchment-scale (1–10 km) to global-scale (over 50 km) applications. Applying the same model structure at different spatial scales requires that the model estimates similar fluxes independent of the chosen resolution, i.e., fulfills a flux-matching condition across scales. An analysis of state-of-the-art LSMs and HMs reveals that most do not have consistent hydrologic parameter fields. Multiple experiments with the mHM, Noah-MP, PCR-GLOBWB, and WaterGAP models demonstrate the pitfalls of deficient parameterization practices currently used in most operational models, which are insufficient to satisfy the flux-matching condition. These examples demonstrate that J. Dooge's 1982 statement on the unsolved problem of parameterization in these models remains true. Based on a review of existing parameter regionalization techniques, we postulate that the multiscale parameter regionalization (MPR) technique offers a practical and robust method that provides consistent (seamless) parameter and flux fields across scales. Herein, we develop a general model protocol to describe how MPR can be applied to a particular model and present an example application using the PCR-GLOBWB model. Finally, we discuss potential advantages and limitations of MPR in obtaining the seamless prediction of hydrological fluxes and states across spatial scales.
The special set of papers entitled “DNA Library of Life” constitutes an outcome of the project “Bibliothèque du vivant” (BdV), which aims to promote the molecular taxonomy of eukaryotes by offering research teams the possibility to produce and manage a molecular library linked with specimens deposited in natural history museums. The project was funded by three French institutions (the CNRS, INRA and MNHN), and provided access to the sequencing power offered by the Genoscope for 105 teams between 2011 and 2013. It was subsequently supported by the CNRS through the “Groupement de Recherche Génomique Environnementale”. The scientific objectives of this programme were threefold: 1) species delimitation among species complexes; 2) phylogenetic reconstruction (including phylogenomics); and 3) metabarcoding and improving NGS methods for systematic purposes. Within the present collection, 19 papers contribute to these objectives across a large taxonomic range and a worldwide geographic coverage. These papers propose taxonomic novelties (22 new species and 3 new genera) in both animal and plant taxa.