Public Startup Crash-Courses by Startupper.gr #03 - Παναγιώτης Καραλίβανος - ...EMEAgr
Τα Public Stores και το Startupper.gr, η πρώτη ελληνική online έκδοση αφιερωμένη στις startup εταιρείες, συνεχίζουν με την υποστήριξη της Eurobank τις εκδηλώσεις για την startup επιχειρηματικότητα. Τρίτος προσκεκλημένος την Τρίτη 4 Νοεμβρίου στο Public Συντάγματος ήταν ο Παναγιώτης Καραλίβανος, διευθύνων σύμβουλος της εταιρείας ΝΗΡΗΙΣ ΑΕ, ο οποίος ανέλυσε το θέμα "Σκέψου ως Startup, Οργανώσου ως Μεγάλη Εταιρεία: Hands-on παραδείγματα".
Релаксация, Щастие, Удовлетворение - Сила за Успех с Ясен НиколовYasen Nikolov
Как да бъдем постоянно и нарастващо удовлетворени.
Как да правим другите около нас щастливи и удовлетворени.
Спокойни и създаващи спокойствие.
Практики, ноу-хау, ефективен коучинг и менторинг.
Практична насоченост и непосредствени резултати.
Η Ιταλική κουζίνα είναι από τις πιο φημισμένες και γνωστές κουζίνες σε εμάς στην Ελλάδα. Πληθώρα από διαφορετικά πιάτα και γεύσεις με κύρια χαρακτηριστικά το ελαιόλαδο, τα μακαρόνια, το ρύζι, τα τυριά και τα αλλαντικά, καθώς και πολύτιμες προσθήκες την τρούφα και τα μανιτάρια, η Ιταλική κουζίνα ξεχωρίζει για τα πανέμορφα πιάτα με κάθε είδους πρώτη ύλη. Πρωταγωνιστεί, βεβαίως, το τρίπτυχο «ζυμαρικά-πίτσα-ριζότο», που συνήθως απέχει από τις αυθεντικές εκδοχές και σίγουρα δεν εκπροσωπεί την κουζίνα αυτή στο σύνολό της.
Public Startup Crash-Courses by Startupper.gr #03 - Παναγιώτης Καραλίβανος - ...EMEAgr
Τα Public Stores και το Startupper.gr, η πρώτη ελληνική online έκδοση αφιερωμένη στις startup εταιρείες, συνεχίζουν με την υποστήριξη της Eurobank τις εκδηλώσεις για την startup επιχειρηματικότητα. Τρίτος προσκεκλημένος την Τρίτη 4 Νοεμβρίου στο Public Συντάγματος ήταν ο Παναγιώτης Καραλίβανος, διευθύνων σύμβουλος της εταιρείας ΝΗΡΗΙΣ ΑΕ, ο οποίος ανέλυσε το θέμα "Σκέψου ως Startup, Οργανώσου ως Μεγάλη Εταιρεία: Hands-on παραδείγματα".
Релаксация, Щастие, Удовлетворение - Сила за Успех с Ясен НиколовYasen Nikolov
Как да бъдем постоянно и нарастващо удовлетворени.
Как да правим другите около нас щастливи и удовлетворени.
Спокойни и създаващи спокойствие.
Практики, ноу-хау, ефективен коучинг и менторинг.
Практична насоченост и непосредствени резултати.
Η Ιταλική κουζίνα είναι από τις πιο φημισμένες και γνωστές κουζίνες σε εμάς στην Ελλάδα. Πληθώρα από διαφορετικά πιάτα και γεύσεις με κύρια χαρακτηριστικά το ελαιόλαδο, τα μακαρόνια, το ρύζι, τα τυριά και τα αλλαντικά, καθώς και πολύτιμες προσθήκες την τρούφα και τα μανιτάρια, η Ιταλική κουζίνα ξεχωρίζει για τα πανέμορφα πιάτα με κάθε είδους πρώτη ύλη. Πρωταγωνιστεί, βεβαίως, το τρίπτυχο «ζυμαρικά-πίτσα-ριζότο», που συνήθως απέχει από τις αυθεντικές εκδοχές και σίγουρα δεν εκπροσωπεί την κουζίνα αυτή στο σύνολό της.
This document provides an overview of meat including its structure, composition, aging methods, cuts, selection parameters, cooking methods, doneness levels, and storage. It discusses that meat is muscle tissue from animals, composed primarily of water, protein and fat. It also outlines various aging and cutting methods used for meat as well as factors to consider for cooking, doneness and properly storing meat.
Meat refers to the edible flesh of animals consumed as food. It is made up of water, protein, fat, and other components. There are two main types - red meat which is darker in color due to higher myoglobin content, and white meat which is lighter. Common meats include beef, pork, lamb, and poultry. The structure and composition of meat affects qualities like tenderness, juiciness and flavor. Proper cooking and storage methods help retain the best qualities of different cuts of meat.
The document provides information on meat and poultry including recommended servings, cuts of beef and pork, types of poultry, safe cooking temperatures, and storage guidelines. It discusses the importance of protein for the body and recommends removing skin from poultry and using cooking methods like broiling or grilling to reduce fat. Grading systems for beef and poultry are explained to indicate quality.
The document discusses meat and poultry, providing information on recommended intake, nutrition, types of meat including beef, pork and sheep, veal, wholesale and retail beef cuts, USDA beef grades, checking doneness, types of poultry including chicken and turkey, poultry nutrition and cuts, USDA poultry grades, cooking methods, and tips for purchasing and storage. The U.S. Dietary Guidelines recommend consuming 5-6 ounces of protein per day, which meat and poultry provide as excellent sources of protein, iron, and B vitamins that support health. Different meats come from various animals and have distinct flavors and textures.
Political risk in internationally diversified portfoliosStavros A. Zenios
We show that internationally diversified portfolios carry sizeable political risk premia. We propose a mean to conditional Value-at-Risk (MTC) optimization model for skewed frontiers to hedge global political risk, develop an inference test, and establish that diversification benefits persist with political risk hedging. The hedged international portfolio of US investors with no short sales outperforms the index in both MTC and Sharpe ratios. Gains persist when also hedging currency risk, diversifying in emerging markets only, and during the crisis period, and increase for long-horizon investors and with short sales.
The results have implications for the home equity puzzle.
The Cyprus National Initiative for Financial LiteracyStavros A. Zenios
Comments delivered at the panel discussion organized by Cyprus University of Technology. Offering suggestions on how to go about developing a national strategy and why it is important for Cyprus to do so.
Risk management for sovereign financing within a debt sustainability frameworkStavros A. Zenios
This is a presentation of my Working Paper with the ESM, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3250806
@techreport{ESM-DSA:2018,
Address = {Luxembourg},
Author = {Athanasopoulou, M. and Consiglio, A. and Erce, A. and Gavilan, A. and Moshammer, E. and Zenios, S.A.},
Date-Added = {2017-02-17 19:16:07 +0000},
Date-Modified = {2018-08-21 19:09:44 +0300},
Institution = {European Stability Mechanism},
Number = {31},
Title = {Risk management for sovereign financing within a debt sustainability framework},
Type = {Working Paper},
Year = {2018}}
Pricing and hedging GDP-linked bonds in incomplete marketsStavros A. Zenios
We model the super-replication of payoffs linked to a countryâs GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model we obtain a hedging portfolio. Using linear programming duality we compute also the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments, and carry out sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds.
Further results with calibrated instruments for Germany, Italy and South Africa shed light on a policy question, whether the risk premia of these bonds make them beneficial for sovereigns. Our findings affirm that designs are possible for both coupon-indexed and principal-indexed bonds that can benefit a sovereign, with an advantage for coupon-indexed bonds. This finding is robust, but a nuanced reading is needed due to the many inter-related risk factors and design parameters that affect prices and premia.
Designing and pricing guarantee options in defined contribution pension plansStavros A. Zenios
The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. For DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio of assets and we develop a discrete model that optimally selects the reference portfolio to minimise the cost of a guarantee. While the relation DB-DC is typically viewed as a binary one, the model can be used to price a wide range of guarantees creating a continuum between DB and DC. Integrating guarantee pricing with asset allocation decision is useful to both pension fund managers and regulators. The former are given a yardstick to assess if a given asset portfolio is fit-for-purpose; the latter can assess differences of specific reference funds with respect to the optimal one, signalling possible cases of moral hazard. We develop the model and report numerical results to illustrate its uses.
This document discusses approaches to managing risks in sovereign debt restructuring. It proposes using risk management tools ex post to optimize debt restructuring and restore sustainability, as well as implementing sovereign contingent debt (S-CoCo) instruments ex ante to address risks proactively. S-CoCo bonds would trigger a payment standstill and IMF assistance if crisis indicators exceed thresholds. The document also presents a Greece case study analyzing the potential impact of risk management and S-CoCo on its debt situation. Key challenges to S-CoCo adoption are ensuring a solid investor base and coordination with IMF/ESM programs.
The Case for Contingent Convertible Debt for SovereignsStavros A. Zenios
Presentation at Bank of England of the sovereign contingent debt design.
Full paper posted here http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2694973
Policy column posted at VoxEU http://www.voxeu.org/article/sovereign-contingent-debt-proposal
Three-day seminar given at the Central Bank of Thailand, December 18-20, 2015.
The material is based on my book published by Blackwell-Wiley Finance,
Practical Financial Optimization: Decision making for financial engineers.
Slides are available upon request (free).
Risk management optimization for sovereign debt restructuringStavros A. Zenios
This presentation discusses risk management optimization for sovereign debt restructuring. First, it introduced risk management metrics ---Debt-at-Risk and Conditional Debt-at-Risk--- in sovereign debt management. Second, is shows how to optimize debt restructuring. Third, it discusses the use of sovereign Contingent Debt (COCOs) in sovereign debt risk management.
It is based on work carried jointly with Andrea Consiglio and Ashoka Mody.
One paper is complete and posted at the SSRN link below as well as a Vox.eu editorial.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2478380
http://www.voxeu.org/article/greek-debt-sustainability-devil-tails
Presentation of a talk given at University of Luxembourg.
The Cyprus crisis is one of the most complex in the Eurozone, although in absolute terms the problem is insignificant. Inflows of foreign deposits in excess of 700% the island’s GDP allowed a «perfect crisis» to form and contagion from Greece destroyed overnight 23.6% of the GDP. Rescue efforts were (mis)guided by a confluence of European and local politics, conflicting analyses of the problems, and forbearance from the supervisors. Bank depositors were bailed-in, making international headlines. We will argue that the bail-in is a viable solution to banking crises but with potential significant adverse effects.
http://wwwen.uni.lu/universite/actualites/evenements/grande_conference_how_to_sink_an_island_mixing_politics_and_economics_in_the_cyprus_crisis
Transparency and Accountability: Civil society calls for reformsStavros A. Zenios
Presentation at the LSE-London School of Economics conference on "The Cyprus Recovery Plan: A Midterm Assessment".
Where I make two points: First that the narrative presenting Cyprus as a money-laundering-tax-haven is an unsubstantiated exaggeration used to facilitate depositor bail-in in dealings during the Cyprus crisis; second, that Cyprus civil society is mobilizing against corruption, demanding transparency and accountability from its political system. Concrete proposals made by civil society groups and the successes so far are discussed.
This is a review talk present at the 3rd Greek Public Policy Forum in Chania, Crete. A brief review of the state of the eurozone crisis countries highlights the problems created by the design of the common currency. Non-standard policies of the ECB are reviewed and their success, or lack thereof, explained. Some flawed decisions in handling the Cyprus crisis are also pointed out and the presentation concludes on how the banking union could overcome some of the current problems.
This document provides an overview of meat including its structure, composition, aging methods, cuts, selection parameters, cooking methods, doneness levels, and storage. It discusses that meat is muscle tissue from animals, composed primarily of water, protein and fat. It also outlines various aging and cutting methods used for meat as well as factors to consider for cooking, doneness and properly storing meat.
Meat refers to the edible flesh of animals consumed as food. It is made up of water, protein, fat, and other components. There are two main types - red meat which is darker in color due to higher myoglobin content, and white meat which is lighter. Common meats include beef, pork, lamb, and poultry. The structure and composition of meat affects qualities like tenderness, juiciness and flavor. Proper cooking and storage methods help retain the best qualities of different cuts of meat.
The document provides information on meat and poultry including recommended servings, cuts of beef and pork, types of poultry, safe cooking temperatures, and storage guidelines. It discusses the importance of protein for the body and recommends removing skin from poultry and using cooking methods like broiling or grilling to reduce fat. Grading systems for beef and poultry are explained to indicate quality.
The document discusses meat and poultry, providing information on recommended intake, nutrition, types of meat including beef, pork and sheep, veal, wholesale and retail beef cuts, USDA beef grades, checking doneness, types of poultry including chicken and turkey, poultry nutrition and cuts, USDA poultry grades, cooking methods, and tips for purchasing and storage. The U.S. Dietary Guidelines recommend consuming 5-6 ounces of protein per day, which meat and poultry provide as excellent sources of protein, iron, and B vitamins that support health. Different meats come from various animals and have distinct flavors and textures.
Political risk in internationally diversified portfoliosStavros A. Zenios
We show that internationally diversified portfolios carry sizeable political risk premia. We propose a mean to conditional Value-at-Risk (MTC) optimization model for skewed frontiers to hedge global political risk, develop an inference test, and establish that diversification benefits persist with political risk hedging. The hedged international portfolio of US investors with no short sales outperforms the index in both MTC and Sharpe ratios. Gains persist when also hedging currency risk, diversifying in emerging markets only, and during the crisis period, and increase for long-horizon investors and with short sales.
The results have implications for the home equity puzzle.
The Cyprus National Initiative for Financial LiteracyStavros A. Zenios
Comments delivered at the panel discussion organized by Cyprus University of Technology. Offering suggestions on how to go about developing a national strategy and why it is important for Cyprus to do so.
Risk management for sovereign financing within a debt sustainability frameworkStavros A. Zenios
This is a presentation of my Working Paper with the ESM, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3250806
@techreport{ESM-DSA:2018,
Address = {Luxembourg},
Author = {Athanasopoulou, M. and Consiglio, A. and Erce, A. and Gavilan, A. and Moshammer, E. and Zenios, S.A.},
Date-Added = {2017-02-17 19:16:07 +0000},
Date-Modified = {2018-08-21 19:09:44 +0300},
Institution = {European Stability Mechanism},
Number = {31},
Title = {Risk management for sovereign financing within a debt sustainability framework},
Type = {Working Paper},
Year = {2018}}
Pricing and hedging GDP-linked bonds in incomplete marketsStavros A. Zenios
We model the super-replication of payoffs linked to a countryâs GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model we obtain a hedging portfolio. Using linear programming duality we compute also the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments, and carry out sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds.
Further results with calibrated instruments for Germany, Italy and South Africa shed light on a policy question, whether the risk premia of these bonds make them beneficial for sovereigns. Our findings affirm that designs are possible for both coupon-indexed and principal-indexed bonds that can benefit a sovereign, with an advantage for coupon-indexed bonds. This finding is robust, but a nuanced reading is needed due to the many inter-related risk factors and design parameters that affect prices and premia.
Designing and pricing guarantee options in defined contribution pension plansStavros A. Zenios
The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. For DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio of assets and we develop a discrete model that optimally selects the reference portfolio to minimise the cost of a guarantee. While the relation DB-DC is typically viewed as a binary one, the model can be used to price a wide range of guarantees creating a continuum between DB and DC. Integrating guarantee pricing with asset allocation decision is useful to both pension fund managers and regulators. The former are given a yardstick to assess if a given asset portfolio is fit-for-purpose; the latter can assess differences of specific reference funds with respect to the optimal one, signalling possible cases of moral hazard. We develop the model and report numerical results to illustrate its uses.
This document discusses approaches to managing risks in sovereign debt restructuring. It proposes using risk management tools ex post to optimize debt restructuring and restore sustainability, as well as implementing sovereign contingent debt (S-CoCo) instruments ex ante to address risks proactively. S-CoCo bonds would trigger a payment standstill and IMF assistance if crisis indicators exceed thresholds. The document also presents a Greece case study analyzing the potential impact of risk management and S-CoCo on its debt situation. Key challenges to S-CoCo adoption are ensuring a solid investor base and coordination with IMF/ESM programs.
The Case for Contingent Convertible Debt for SovereignsStavros A. Zenios
Presentation at Bank of England of the sovereign contingent debt design.
Full paper posted here http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2694973
Policy column posted at VoxEU http://www.voxeu.org/article/sovereign-contingent-debt-proposal
Three-day seminar given at the Central Bank of Thailand, December 18-20, 2015.
The material is based on my book published by Blackwell-Wiley Finance,
Practical Financial Optimization: Decision making for financial engineers.
Slides are available upon request (free).
Risk management optimization for sovereign debt restructuringStavros A. Zenios
This presentation discusses risk management optimization for sovereign debt restructuring. First, it introduced risk management metrics ---Debt-at-Risk and Conditional Debt-at-Risk--- in sovereign debt management. Second, is shows how to optimize debt restructuring. Third, it discusses the use of sovereign Contingent Debt (COCOs) in sovereign debt risk management.
It is based on work carried jointly with Andrea Consiglio and Ashoka Mody.
One paper is complete and posted at the SSRN link below as well as a Vox.eu editorial.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2478380
http://www.voxeu.org/article/greek-debt-sustainability-devil-tails
Presentation of a talk given at University of Luxembourg.
The Cyprus crisis is one of the most complex in the Eurozone, although in absolute terms the problem is insignificant. Inflows of foreign deposits in excess of 700% the island’s GDP allowed a «perfect crisis» to form and contagion from Greece destroyed overnight 23.6% of the GDP. Rescue efforts were (mis)guided by a confluence of European and local politics, conflicting analyses of the problems, and forbearance from the supervisors. Bank depositors were bailed-in, making international headlines. We will argue that the bail-in is a viable solution to banking crises but with potential significant adverse effects.
http://wwwen.uni.lu/universite/actualites/evenements/grande_conference_how_to_sink_an_island_mixing_politics_and_economics_in_the_cyprus_crisis
Transparency and Accountability: Civil society calls for reformsStavros A. Zenios
Presentation at the LSE-London School of Economics conference on "The Cyprus Recovery Plan: A Midterm Assessment".
Where I make two points: First that the narrative presenting Cyprus as a money-laundering-tax-haven is an unsubstantiated exaggeration used to facilitate depositor bail-in in dealings during the Cyprus crisis; second, that Cyprus civil society is mobilizing against corruption, demanding transparency and accountability from its political system. Concrete proposals made by civil society groups and the successes so far are discussed.
This is a review talk present at the 3rd Greek Public Policy Forum in Chania, Crete. A brief review of the state of the eurozone crisis countries highlights the problems created by the design of the common currency. Non-standard policies of the ECB are reviewed and their success, or lack thereof, explained. Some flawed decisions in handling the Cyprus crisis are also pointed out and the presentation concludes on how the banking union could overcome some of the current problems.
This document outlines issues related to sovereign debt restructuring and re-profiling. It discusses historical sovereign debt crises, factors that make debt fragile, challenges of debt restructuring, and examples of Argentine and Greek debt restructurings. It proposes using scenario analysis and conditional value at risk to evaluate optimal debt restructuring plans over multiple periods. Charting potential debt profiles can help identify restructuring plans that establish long-term debt sustainability at least cost while considering risk. European stability bonds are also discussed as a way to ease sovereign debt pressures.
Που χάθηκε και πως θα ξαναβρεί η κυπριακή οικονομία την ανταγωνιστικότητα της, Ομιλία στο συνέδριο PWC Cyprus - με ανάλυση στοιχείων και προτάσεις στηριζόμενες στο βιβλίο "Δημιουργική Κύπρος. Πολιτική μεταρρύθμιση για την Κύπρο του 21ου αιώνα", Αθήνα: ΠΑΠΑΖΗΣΗΣ.
Financial engineering can backfire and potentially destroy the financial system when:
1) Models used in financial engineering ignore or mis-specify constraints and data errors, which magnifies errors through optimization.
2) Successful and large-scale applications of financial engineering can create a reflexive world where the models impact and change the system they are modeling.
3) To prevent financial engineering from destroying the system, approaches like robust optimization, stochastic programming and scenario modeling need to be used to account for uncertainty and adapt to it over time. Regulation may also need to restrict how far certain financial products can be designed.
Presentation at Columbia University School of International Affairs, April 22, 2013. Full details of the event here https://www.facebook.com/events/249889465155114/
The Cyprus crisis is one of the most complex in the Eurozone -although in absolute terms it is a minor crisis. An analysis of the ongoing developments from different perspectives leads to the conclusion that we are witnessing a «perfect crisis» at the confluence of sovereign debt and banking crisis together with debt overhang of business and households and a severe decline of competitiveness. As a result CY has amassed a large external debt that can not be repaid, no matter what fraction of the country’s real domestic economic output is appropriated through austerity measures. Hence, fiscal austerity leads to deflationary stagnation and alone does not work. We advocate a policy response that addresses multiple dimensions of the problem with policy options of (1) austerity deleveraging, (2) structural reforms, (3) financial innovations, (4) partial privatizations and (5) debt restructuring. These options are drawn from lessons of what worked well, and what not, in crises of other countries and these lessons are summarized in lieu of conclusions
Societies get into a vicious cycle of ambivalence, procrastination, fai;lures and lack of confidence. This circle lead to Diamond's "collapse trap". Can such a vicious cycle be reversed? The author, in this talk delivered to a TEDxNicosia even on Re-Act, Re-think, Re-Generates argues that Yes! Re- has the power to Re-verse a vicious circle.
Διδάγματα από τον Δεύτερο Παγκόσμιο Πόλεμο. Αξίες για μια δημιουργική Κύπρο.Stavros A. Zenios
Τι μπορούμε να προσθέσουμε εμείς-σήμερα στον πατριωτισμό, την υπευθυνότητα, την δύναμη της ελπίδας των πολεμιστών του Δευτέρου Παγκοσμίου πολέμου. Αν θέλουμε η μεγάλη κρίση που περνά η χώρα μας να είναι η αρχή μιας νέας εποχής αναγέννησης και δημιουργίας, πολλά έχουμε να προσθέσουμε.
Διδάγματα από τον Δεύτερο Παγκόσμιο Πόλεμο. Αξίες για μια δημιουργική Κύπρο.
Τα προγράμματα της Ευρωπαϊκής Κεντρικής Τράπεζας και αντιμετώπιση της κρίσης από ταμεία σύνταξης
1. Σταύρος Α. Ζένιος
Πανεπιστήμιο Κύπρου
Senior Fellow, The Wharton School, USA
Τα προγράμματα της
Ευρωπαϊκής Κεντρικής Τράπεζας και
αντιμετώπιση της κρίσης από ταμεία σύνταξης
2. Περιγραφή
Η προβληματική κατάσταση της ευρωζώνης
ABS -αγορά “τιτλοποιημένων απαιτήσεων” από ΕΚΤ
Τιτλοποιημένα προϊόντα για ταμεία σύνταξης
12. Προγράμματα της ΕΚΤ
LTRO –Long Term Refinancing Operation
TLTRO –Targeted Long Term Refinancing Operations
Πολύ λίγο αντίκτυπο
ΚΑΘΟΛΟΥ από Κυπριακές Τράπεζες
13. Asset Backed Securities
Αγορά τιτλοποιημένων απαιτήσεων
Τιτλοποίηση αποθεμάτων (assets) και όχι τίτλων
Ειδική μεταχείριση για Κύπρο και Ελλάδα
Εφόσον βρίσκονται σε πρόγραμμα
Με περιορισμούς
22. Βιβλιογραφία
Ευκαιρίες για αξιοποίηση προγραμμάτων ΕΚΤ
Zenios, S.A., The Cyprus debt: Perfect crisis and a way
forward.http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2233239
Zenios, S.A., Fairness and reflexivity in the Cyprus bail
inhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2409284
For ECB policies:
Whelan, K., The ECB and Non-Standard Policies: Too Little Too Late?, Report IP/A/ECON/NT/2014-02, 2014.
Bruegel blog, Fact: T.L.T.R.O. is Too Low To Resuscitate Optimism, Sept. 2014
For ABS Financing
KPMG Survey 2014
Deloitte report 2012
The Pensions Regulators Guidance 2013