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Alternative Channels (alternative + channel)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	50%

Selected Abstracts

The Choice Among Interbank Settlement Systems: The European Experience

ECONOMIC NOTES, Issue 1 2003
Angelo Baglioni
This paper addresses the choice of banks between alternative channels for interbank payments. The conventional view assumes a tradeoff between the safety of real-time gross settlement (RTGS) and the liquidity savings of multilateral netting. Moreover, correspondent banking is believed to be inefficient, both in terms of liquidity and of administrative costs. In the last decade, however, the impulse of the Committee on Payment and Settlement Systems, technological changes and the management of RTGS systems by central banks have reduced the difference between the various systems. This is especially true for risk, whereas liquidity cost crucially depends on the refinancing policy adopted by the central bank and the co-ordination among the participants. On the basis of the recent evolution of payment systems in Europe, we verify the importance of liquidity, as well as other variables like transaction costs, for the choice of banks among different settlement systems. Cost factors imply that the nature of payments flows (value, commercial versus financial) and some structural features of the banking systems (dimension of the intermediaries, concentration of the banking sector) become important. The analysis is carried out both through a theoretical model and a cross-country comparison based on three data sources: ECB (European Central Bank, EBA (Euro Banking Association) and SWIFT (Society for Worldwide Interbank Financial Telecommunication). [source]

Track three diplomacy and human rights in Southeast Asia: the Asia Pacific Coalition for East Timor

GLOBAL NETWORKS, Issue 1 2002
Herman Joseph S. Kraft
Transnational networks of non-government organizations are increasingly becoming a fixture in international relations, particularly their contribution to traditional notions of diplomacy and its objectives. Less noticed, however, is the involvement of transnational NGO networks in alternative channels for diplomatic exchange, which have been referred to as ,track three diplomacy'. Described as a form of civil society that transcends borders and nationalities, track three networks and activities involve NGO networks that are movement based, and concerned primarily with raising public consciousness over issues. While their direct influence on formal processes of foreign policy-making has been limited, they have contributed to expanding both the scope of debate in international relations and the breadth of participation in those debates. Track three networks provide a forum for those communities marginalized by an international system that gives primacy of place to states and their officially-declared concerns. Their impact is limited, however, by their lack of institutionalization and their reluctance to cooperate with government agencies , an issue that goes towards both their effectiveness and their identity in the long-term. [source]

Theoretical approach to the mechanism of reactions between halogen atoms and unsaturated hydrocarbons: The Cl + propene reaction

JOURNAL OF COMPUTATIONAL CHEMISTRY, Issue 16 2003
Pedro Braña
Abstract The potential energy surface for the Cl + propene reaction was analyzed at the MP2 level using Pople's 6-31G(d,p) and 6-311+G(d,p), and Dunning's cc-pVDZ and aug-cc-pVDZ basis sets. Two different channels for the addition reaction leading to chloroalkyl radicals and five alternative channels for the abstraction reaction leading to C3H + HCl were explored. The corresponding energy profiles were computed at the QCISD(T)/aug-cc-pVDZ//MP2/aug-cc-pVDZ level of theory. Theoretical results suggest that the previously established mechanism consisting of (1) direct abstraction and (2) addition,elimination steps is instead made up of (1) addition through an intermediate and (2) two-step abstraction processes. No direct abstraction mechanism exists on the potential energy surface. The kinetic equations derived for the new mechanism are consistent with the pressure dependence experimentally observed for this reaction. © 2003 Wiley Periodicals, Inc. J Comput Chem 24: 2044,2062, 2003 [source]

The Hazard Rate of Foreign Direct Investment: A Structural Estimation of a Real-option Model,

OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 5 2006
Enrico Pennings
Abstract The hazard rate of investment is derived within a real-option model, and its properties are analysed so as to directly study the relation between uncertainty and investment. Maximum likelihood estimates of the hazard are calculated using a sample of multinational enterprises (MNEs) that invested in Central and Eastern Europe over the period 1990,98. Employing a standard, non-parametric specification of the hazard, our measure of uncertainty has a negative effect on investment, but the reduced-form model is unable to control for nonlinearities in the relationship. The structural estimation of the option-based hazard is instead able to account for the nonlinearities and exhibits a significant value of waiting, although the latter is independent of our measure of uncertainty. This finding supports the existence of alternative channels through which uncertainty can affect investment. [source]