In these excerpts from "The Squam Lake Report", fifteen distinguished economists analyze where the global financial system failed, and how such failures might be prevented (or at least their damage ...better contained) in the future. Although there were many contributing factors to the crisis-including "agency" problems throughout the financial system and a bankruptcy code poorly suited for reorganizing financial firms-at the core of the problem is a potential conflict between the risk-taking proclivity of financial institutions and the interests of the economy at large that must be managed at least in part through more effective regulation. "The Squam Lake Report" provides a nonpartisan plan to transform the regulation of financial markets in ways designed to limit systemic risk while preserving-to the extent possible and prudent-the economies of scale and scope that justify the existence of today's large financial institutions. Copyright Copyright (c) 2010 Morgan Stanley.
Bank Runs, Deposit Insurance, and Liquidity Diamond, Douglas W.; Dybvig, Philip H.
Quarterly review - Federal Reserve Bank of Minneapolis,
01/2000, Letnik:
24, Številka:
1
Journal Article
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This article develops a model which shows that bank deposit contracts can provide allocation superior to those of exchange markets, offering an explanation of how banks subject to runs can attract ...deposits. Investors face privately observed risks which lead to demand for liquidity. Traditional demand deposit contracts which provide liquidity have multiple equilibria, one of which is a bank run. Bank runs in the model cause real economic damage, rather than simply reflecting other problems. Contracts which can prevent runs are studied, and the analysis shows that there are circumstances when government provision of deposit insurance can produce superior contracts.
Hypoxemia occurs during routine hemodialysis and may contribute to morbidity, but its cause is not well understood. We reasoned that patients with COPD would be more vulnerable to abnormalities in ...gas exchange with dialysis. Thus, to investigate the cause of dialysis-related hypoxemia, we measured gas exchange in a group of stable dialysis patients with normal pulmonary function (n=6) and a group of dialysis patients with COPD (n=6). Measurements were made predialysis, at 1 h, and postdialysis with both acetate and bicarbonate dialysates. Acetate dialysis decreased PaO2 in normal and COPD patients at 1 h and postdialysis. Acetate-induced hypoxemia was associated with reduced respiratory CO2 excretion and hypoventilation but PaCO2 did not change. This decrease in CO2 excretion resulted from CO2 fixation during acetate metabolism and modest CO2 loss across the dialyzer. Hypoxemia occurred only postdialysis with bicarbonate dialysate in normal and COPD patients. An increased P(A-a)O2 occurred postdialysis with both dialysates, and was most consistently observed in the COPD patients. In summary, at least two mechanisms contribute to dialysis hypoxemia. With acetate dialysate, alveolar hypoventilation from CO2 unloading occurs at 1 h and postdialysis due to acetate metabolism. However, abnormalities in ventilation/perfusion contribute to postdialysis hypoxemia observed with both dialysates. In addition, the decrement in PaO2 associated with dialysis is similar in normal and COPD patients, although preexisting COPD makes postdialysis changes more apparent.
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