There, they represent a local resource (freshwater supply, hydropower generation, irrigation), but in most cases also considerably influence the runoff regime of the downstream rivers and the related water availability. Such an influence is reflected mainly in the amount of surface water available for supplying irrigated agriculture and water supply systems, but also in the amount of groundwater recharge that can take place in river–fed aquifers. An increasing number of evidences of glacier retreats, permafrost reduction and snowfall decrease have been observed in many mountainous regions, thus suggesting that climate modifications may seriously affect streamflow regimes, in turn threatening the availability of water resources, increasing the downstream landslide and flood risk, impacting hydropower generation, agriculture, forestry, tourism and, last but not least the water dependent ecosystems. As a consequence, socio-economic structures of downstream living population will be also impacted, calling for better preparedness in developed countries and strategies to avoid the exacerbation of the already conflictual situation in many developing countries, like those in Central Asia and South America. Filippo Cardone Home
This distribution of risk was widelyperceived to reduce systemic risk, to promote efficiency, and to contribute to a better allocation of resources.However, instead of appropriately distributing risks, this process often concentrated risk in opaque and complex ways. Innovations occurred too rapidly for many financial institutions’ risk management systems; for the market infrastructure, which consists of payment, clearing and settlement systems; and for the nation’s financial supervisors.Securitization, by breaking down the traditional relationship between borrowers and lenders, created conflicts of interest that market discipline failed to correct.
Our current system already has strong procedures and expertise for handling the failure of banks, but when a bank holding company or other nonbank financial firm is in severe distress, there are currently only two options: obtain outside capital or file for bankruptcy. During most economic climates, these are suitable options that will not impact greater financial stability. However, in stressed conditions it may prove difficult for distressed institutions to raise sufficient private capital. Thus, if a large, interconnected bank holding company or othernonbank financial firm nears failure during a financial crisis, there are only two untenable options: obtain emergency funding from the US government as in the case of AIG, or file for bankruptcy as in the case of Lehman Brothers.
For the better part of the past decade, the world economy has been dominated by a unique geoeconomic constellation that the authors call "Chimerica": a world economic order that combined Chinese export-led development with U.S. overconsumption on the basis of a financial marriage between the world's sole superpower and its most likely future rival. For China, the key attraction of the relationship was its potential to propel the Chinese economy forward by means of export-led growth. For the United States, Chimerica meant being able to consume more, save less, and still maintain low interest rates and a stable rate of investment. Yet, like many another marriage between a saver and a spender, Chimerica was not destined to last. In this paper, economic historians Niall Ferguson of HBS and Moritz Schularick of Freie Universität Berlin consider the problem of global imbalances and try to set events in a longer-term perspective.
We do not propose disturbing these longstanding arrangements. In some cases we may seek
legislation to increase statutory damages.Various measures would help ensure that the CFPA’s rulemaking reflects an appropriate and balanced array of considerations. Promoting access to financial services is a core part of the CFPA’s mission. Therefore, our proposed legislation requires the CFPA to consider the costs to consumers of existing or new regulations, including any potential reduction in consumers’ access to financial services, as well as the benefits. It also requires the CFPA to review regulations periodically to assess whether they should be strengthened, adjusted, or scaled back. The CFPA would be required to consult with other federal regulators to promote consistency with prudential, market, and systemic objectives. Our proposal to allocate one of the CFPA’s five board seats to a prudential
regulator would facilitate appropriate coordination.
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