Financial Cycles
Sovereigns, Bankers, and Stress Tests
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Dimitris N. Chorafas
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Ethical Values, Efficiency, and Effectiveness
To the ancient Greek philosophers areté (virtue) meant excellence, bound with the fulfillment of purpose or function. The way of reaching one’s full potential is efficiency, and efficiency depends on the job one ...
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Science
The word science does not date back to antiquity. It has been coined relatively recently though its concepts, theories, and rules have been classically part of philosophy. In 1660, when the Royal Society, the wor...
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Social Ethics and Rising Corruption
Nearly all governments are involved in providing health services, pensions, disability compensation, and unemployment insurance to the citizens of their country. Western nations are heavily committed along the...
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Parmalat: The Hedge Fund with Dairy Products on the Side
Theoretically, Parmalat was a fast-rising dairy products company accepted as being one of the stars of the so-called Italian economic miracle. Practically, more than anything else, its business was speculation...
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The Physicist’s Method
Experimentation is a highway to knowledge as well as the best-known method for confirming or rejecting tentative statements made about physical phenomena. Successful experiments are able to either support or d...
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Be Ready for the “Unthinkable”
Part of the basic philosophy of sound management is that moment by moment every “good thing,” every acquired asset, every business relationship stands on the razor’s edge of change. Often, though by no means a...
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Ethics, Opportunities, and Risks with Information Technology
Albert Einstein once said he feared the day that technology will surpass our human interaction; when this happens the world will have a generation of idiots. While that day has not yet arrived, what confronts ...
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Education for Science and Technology
According to Socrates, knowledge does not depend on our use of names but on our relationship with things and even more so with ideas. Logos is the world of ideas, and nothing was nearer to the ancient philosopher...
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Financial Cycles
Ancient Egyptian mythology spoke of seven fat cows followed by seven lean ones. Unlike other accounts based on hearsay and traditions, this one had an evidence. The fat cows represented the good years when the...
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Libor Scandal, Derivatives, Gold Deceits, and the ETFs
Libor stands for the London Interbank Offered Rate, which has been, for years, a generally accepted interest rate benchmark. Unveiled in 2012, the scandal associated with it caused turmoil in the financial indust...
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Technology and the Political Challenge of Energy Supply
Albert Einstein has said that the significant problems that we face cannot be solved at the same level of thinking we were at when we created them. Steady and dependable energy supply at an affordable cost is ...
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Dismantling Globalization by Changing the Rules
Monetary history suggests that, at least in the West, the first dominant reserve currency has been the Roman aureus. Eventually it was replaced by another Roman currency, the solidus, a gold coin that managed to ...
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Barings: The Crashing of a Venerable Bank
The most depressing thing about the crushing of Barings is that while the bank’s derivatives exposure had reached for the stars its top management believed that it had finally discovered a risk-free way of mak...
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Challenges of Nuclear Power Production
According to the World Nuclear Association, there are currently 436 nuclear reactors with a total capacity of over 370 GW globally. The largest nuclear capacities are in the USA (104 reactors, 101 GW), in Fran...
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Debt and Democracy
A stark contract between ancient times when democracy first saw the light and the twenty-first century is that the population of people with the privilege of voting has radically changed. The citizens of ancie...
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What Is Special about Banks?
After a period of seven years spent in an economic and financial crisis, bank regulators look forward to a stronger industry by way of improved capital positions, a reduction in risk-weighted assets (RWA, chap...
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The Hydra of Financial Exposure
All financial transactions have risks attached to them, including the conventional, widely used instruments like equities, bonds, and mutual funds. The debtor can get into difficulties and be unable or even un...
