116 research outputs found
Efficiency and Competition in Canadian Banking
No full textAllen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada.
Financial Developments in Canada: Past Trends and Future Challenges
No full textFreedman and Engert focus on the changing pattern of lending and borrowing in Canada in the past thirty to forty years, including the types of financial instruments used and the relative roles of financial institutions and financial markets. They examine how borrowing mechanisms have changed over time and consider the challenges facing the Canadian financial sector, including whether our financial markets are in danger of disappearing because of the size and pre-eminence of U.S. financial markets. Some of the trends examined here include syndicated lending, securitization, and credit derivatives, a form of financial engineering that has become increasingly important in the last few years. They also study bond and equity markets to determine whether Canadian capital markets have been hollowed out or abandoned by Canadian firms and conclude that the data do not provide much support for that view.
The Large-Value Payments System: Insights from Selected Bank of Canada Research
No full textGiven the Bank of Canada's strong interest in the safe and efficient operation of major clearing and settlement systems, the Bank maintains a rigorous research agenda as a means of informing payments system policy and oversight. In this article, Arjani and Engert review recent research undertaken by Bank staff concerning the risk and efficiency of the Large Value Transfer System (LVTS). Based on the findings from this research, the authors conclude that the design of the LVTS strikes an effective balance between risk and efficiency. The article also demonstrates the increased use of simulation analysis as a tool for conducting payments system research. A brief summary of the Bank's oversight strategy for systemically important payments systems is also provided. Goals for future research are noted as well, including modelling of participant behaviour and continued external collaboration with other researchers.
Engineering of cartilage tissue constructs in a 3-dimensional perfusion bioreactor culture system under controlled oxygen tension
No full textThe most relevant results generated in this thesis can be summarized as follow:
· Adult human articular chondrocytes (AHAC) from elderly individuals expanded in culture
medium supplemented with the growth factors TGFβ-1, FGF-2 and PDGF and subsequently
cultured in 3-d pellets had an enhanced chondrogenic capacity when exposed to more
physiological (i.e. 5%) oxygen levels.
· In correlation with the enhanced tissue forming capacity of AHAC from elderly donors under
low oxygen tension, the mRNA expression levels of selective matrix degrading enzymes
were reduced as compared to conventional in vitro oxygen culture condition.
· We developed an integrated bioreactor system, which streamlines within a single device the
phases of perfusion cell seeding and prolonged perfusion culture of cell seeded scaffolds in
vitro.
· The culturing of uniformly seeded adult human articular chondrocytes under direct perfusion,
where cells are continuously exposed to a normoxic range of oxygen levels, can maintain a
uniform distribution of viable cells throughout thick porous scaffolds as compared to
statically cultured constructs.
· The culturing of constructs uniformly seeded with adult human articular chondrocytes under
a more physiological range of oxygen resulted in a higher chondrogenic differentiation as
compared to culture under normoxic levels. Anyhow, this effect was less pronounced as
compared to statically cultured cell constructs or micromass cell pellets, possibly due to the
flow induced shear forces.
· Reduced perfusion flow rates applied to chondrocytes on porous scaffolds significantly
induced more cartilaginous tissue in the presents of low vs. high oxygen levels. However the
effects of low oxygen were not as marked as in pellet culture
Verschiedene Personen
No full textDokumente zu Cornelius van H. Engert, Friedrich Everling, Nikolaus von Fabricius, Mignon Eberhard, Walter Hasenclever, Johannes von Guenther, Rudolf Großmann, Marie Glogau, Irene Harand, Alfred B. Hecker, Tatiana Hecker, B. Brajnikov, Alexander Brailow, Familie Flatow, Giulio Rispol
Contractual Freedom vs. Contractual Justice – §§ 5 and 6 of the General Part of the Civil Code of the People’s Republic of China
No full textDer Beitrag beleuchtet das Verhältnis zwischen den Prinzipien der Vertragsfreiheit und Vertragsgerechtigkeit, wie sie im neuen Allgemeinen Teil des chinesischen Zivilrechts verankert sind. Dazu wird die Vertragstheorie des deutschen Juristen Walter Schmidt-Rimpler herangezogen. Die Vertragsfreiheit ist danach ein bloßes Mittel, um eine „richtige“ (gerechte) Regelungen für den Austausch zwischen den Parteien zu erreichen. Allerdings bietet das freie Aushandeln des Vertrags keine vollständige Gewähr für die Gerechtigkeit der getroffenen Regelung. Auf den ersten Blick liegt es deshalb nahe, die vereinbarte Regelungen einer umfassenden gerichtlichen Inhaltskontrolle zu unterwerfen. Solchen weitreichenden Eingriffen hielt bereits Schmidt-Rimpler entgegen, sie gefährdeten die Rechtssicherheit. Der Beitrag arbeitet diesen Einwand genauer heraus. Er liefert damit eine Begründung, weshalb eine Gerechtigkeitskontrolle des privatautonom geschlossenen Vertrags sogar dann eng begrenzt bleiben muss, wenn man die Vertragsfreiheit der Vertragsgerechtigkeit dienend unterordnet.The article examines the relationship between the principles of contractual freedom and justice as enshrined in the new General Part of the Chinese Civil Code. To this end, it considers the contract theory of German legal scholar Walter Schmidt- Rimpler. According to this theory, contractual freedom is merely a means of creating a “correct” (just) regulation of a contractual exchange between parties. However, the free bargaining process does not guarantee that the resulting contract will be perfectly just. Therefore, it seems obvious at first glance that the contract should be subject to comprehensive judicial review. Schmidt-Rimpler objected to such far-reaching interventions as a serious threat to legal certainty. The article elaborates on this claim in more detail. It thus provides a reason why judicial review of a contract must remain narrowly limited even if freedom of contract is only a means to the end of contractual justice
Unanticipated Defaults and Losses in Canada's Large-Value Payments System, Revisited
No full textRecent work at the Bank of Canada studied the impact of default in Canada's large-value payments system, and concluded that participants could readily manage their potential losses (McVanel 2005). In an extension of that work, the authors use a much larger set of daily payments data - with three times as many observations - to examine the simulated losses of private sector participants and the Bank from defaults in the payments system. They also gauge the upper bound of possible losses in the period April 2004 to April 2006. The authors conclude that losses from a participant failure in the large-value payments system are very likely to be small and readily manageable, as in McVanel (2005). For one or two small participants, under some (probably extreme) conditions, losses could be significant, but not solvency threatening. In sum, the risk controls of the large-value payments system allow and encourage participants to keep potential losses manageable.Financial institutions; Payment, clearing, and settlement systems
Uncertainty and Multiple Paradigms of the Transmission Mechanism
No full textAn important challenge facing central banks is making decisions under uncertainty about the dynamic effects of monetary policy actions. The authors stress the importance of explicitly recognizing uncertainty about the transmission mechanism when formulating policy advice. They argue that one way to manage monetary policy under uncertainty is to draw on both an output-gap paradigm and a money paradigm of the transmission mechanism to inform decision-making. Taking an eclectic, diversified approach to guide policy judgements could improve the policy outcome.Monetary policy framework; Uncertainty and monetary policy
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