Design Of Banks Research Articles

The political economy of reforms in Central Bank design: evidence from a new dataset

AbstractWhat explains the worldwide changes in central bank design over the past five decades? Using a new dataset on central bank institutional design, this paper investigates the timing, pace and magnitude of reforms in a sample of 154 countries over the period 1972–2017. I construct a new dynamic index of central bank independence (CBI) and show that past levels of independence, as well as regional convergence, represent important drivers of changes in central bank design. An external pressure, such as obtaining an IMF loan, or political events, such as democratic reforms and the election of nationalistic governments, also impact the reform process. Reforms also follow periods of high inflation rates suggesting an endogenous evolution of CBI. The results also reveal important heterogeneities in the reform process depending on the level of development, the size and direction of reforms, as well as the different dimensions along which central bank legislation can be amended.

Performance analysis of complex pseudo-spectrum based velocity filtering for fluctuating target track-before-detect

Complex pseudo-spectrum (CPS) based track-before-detect (TBD) method is capable of improving the detection performance through the use of phase information in integration process. However, existing CPS based approach is derived for non-fluctuating target detection. Its analysis and design are not suitable for fluctuating target detection. This paper considers multiframe detection of fluctuating targets via CPS based velocity filtering in complex Gaussian noise. The common Swerling 1 and 3 models are used to describe target amplitude fluctuation from scan to scan. The theoretical output envelope of the fluctuating target is derived in detail. The velocity filter bank of CPS based approach for fluctuating targets is investigated and designed according to the derived target envelope. A numerical strategy is provided for filter bank design in the case of target fluctuation. The theoretical receiver operating characteristic (ROC) curves in the case of Swerling 1 and 3 fluctuations are derived in detail, respectively. Simulation experiments are provided to evaluate the validity of CPS based TBD in dealing with Swerling 1 and 3 types of fluctuating targets.

Design of orthogonal filter banks using a multi-objective genetic algorithm for a speech coding scheme

In this work, we propose an optimization scheme based on a multi-objective Genetic Algorithm (GA) for the design of orthogonal filter banks for speech compression. A parameterization is adopted to assure that the resulting filter banks satisfy perfect reconstruction and have at least two vanishing moments. We search for a parameter set that optimizes the coding gain and the frequency selectivity. As the objectives are conflicting, we investigate the solution that realizes the best compromise between the objectives criteria using the Non-dominated Sorting Genetic Algorithm (NSGAIII). Experimental results have shown that the optimized filter banks provide a significant gain in coding performances when comparing with the Daubechies orthogonal filter banks for test speech signals.

Uniform and Nonuniform Filter Banks Design Based on Fusion Optimization

One of the important schemes for modern communication is Filter Bank Multi-Carrier with Offset Quadrature Amplitude Modulation (FBMC OQAM), as it provides better spectral efficiency with small inter-symbol and inter-carrier interference specially in data fusion platforms. Unfortunately, the design of filter banks in FBMC is difficult and complex to achieve the requirement due to complexity of handling the data fusion issues. This paper presents a proposed method to design a uniform and nonuniform filter banks using a data fusion optimization technique. The design process represented as an objective function describes the amplitude in the stop band, and the goal is to minimize the objective function. Different examples are provided to illustrate the efficiency of the proposed design method.

Maximin Joint Design of Transmit Waveform and Receive Filter Bank for MIMO-STAP Radar Under Target Uncertainties

This letter deals with the joint design of transmit waveform and receive filter bank for airborne multiple-input multiple-output (MIMO) radar under the target uncertainties. Assuming that the spatial angle and the Doppler frequency of the target are unknown, we formulate the maximin joint design problem by maximizing the worst-case signal-to-interference-plus-noise ratio (SINR) under the energy constraint, flexible modulus constraint, and similarity constraint on the transmit waveform. To tackle this problem, we develop a computationally efficient algorithm based on iterative feasible point pursuit successive convex approximation (FPP-SCA). Numerical results are provided to demonstrate the effectiveness and robustness of the proposed algorithm.

Switchable Capacitor Bank Coordination and Dynamic Network Reconfiguration for Improving Operation of Distribution Network Integrated with Renewable Energy Resources

Point of common coupling (PCC) arrays are the most prominent and widely-used intermittent distributed generations (DGs). Due to the right-of-way, environmental, economical and other restrictions, the connection of these types of DGs to the preferred point of the distribution network is very difficult or impossible in some cases. Therefore, because of non-optimal locations, they may cause a voltage rise at the PCC. In this paper, a coordinated design of switchable capacitor banks (SCBs) with dynamic reconfiguration of the distribution network is proposed to avoid low- and high-voltage violations. The distribution network reconfiguration is implemented to mitigate the voltage rise at PCCs and capacitor banks (CBs) to solve the low-voltage problem. A novel method is presented for determining the optimal size of CBs. The proposed capacitor sizing method (CSM) effectively determines the optimal values of reactive power for the given nodes. The optimal locations of SCB are determined using particle swarm optimization algorithm. The 24-hour reactive power curve optimized by the proposed method plays a pivotal role in designing SCBs. The simulation results show that the implementation of the dynamic network reconfiguration and the placement of SCB is required to maintain a standard voltage profile for better employment of DG embedded distribution networks.

Design, Development and Analysis of Variable Bandwidth Filter Bank for Enhancing the Performance of Hearing Aid System

Design, Development and Analysis of Variable Bandwidth Filter Bank for Enhancing the Performance of Hearing Aid System

Experimental analysis of the effects of supercapacitor banks in a renewable DC microgrid

This paper presents a comprehensive experimental analysis about the influence of supercapacitor banks as energy storage system (ESS) in renewable energy sources-based (RES-based) microgrids with high voltage DC bus. The analysis includes a comparison between the microgrid performance supported by conventional ESS such as batteries (lead-acid and lithium-ion) and in hybridization with supercapacitors. For this purpose, the design, development, integration and testing of a supercapacitor bank connected to an existing RES-based microgrid is carried out. The results of the study demonstrate a smoothed dynamic response of the microgrid, more efficient and flexible power management, greater voltage stability, longer battery bank lifespan, and operational protection of equipment affected by current peaks. Of course, this is achieved if the microgrid control system is capable of optimize the operation of each element that makes up the ESS. The availability of more degrees of freedom in the ESS allows different control strategies to be configured in the microgrid, which, as will be seen, are completely conditioned according to the elements of the ESS that come into play.

A Novel Unsupervised Spectral Clustering for Pure-Tone Audiograms towards Hearing Aid Filter Bank Design and Initial Configurations

The current practice of adjusting hearing aids (HA) is tiring and time-consuming for both patients and audiologists. Of hearing-impaired people, 40–50% are not satisfied with their HAs. In addition, good designs of HAs are often avoided since the process of fitting them is exhausting. To improve the fitting process, a machine learning (ML) unsupervised approach is proposed to cluster the pure-tone audiograms (PTA). This work applies the spectral clustering (SP) approach to group audiograms according to their similarity in shape. Different SP approaches are tested for best results and these approaches were evaluated by Silhouette, Calinski-Harabasz, and Davies-Bouldin criteria values. Kutools for Excel add-in is used to generate audiograms’ population, annotated using the results from SP, and different criteria values are used to evaluate population clusters. Finally, these clusters are mapped to a standard set of audiograms used in HA characterization. The results indicated that grouping the data in 8 groups or 10 results in ones with high evaluation criteria. The evaluation for population audiograms clusters shows good performance, as it resulted in a Silhouette coefficient >0.5. This work introduces a new concept to classify audiograms using an ML algorithm according to the audiograms’ similarity in shape.

Independence, conservatism, and beyond: Monetary policy, central bank governance and central banker preferences (1981–2021)

The aim of the paper is to offer a theoretical setting to shed light on how two factors – central bank design and central banker preferences – assumed progressively a crucial role in the evolution of monetary policy economics in the last four decades. After the seminal contributes of Sargent and Wallace (1981) and Barro and Gordon (1983) on central bank independence (CBI), and Rogoff (1985) on central banker conservatism (CBC), Eijffinger and Hoeberichts (1988) distinguished the two concepts and their relevance in shaping the monetary policy choices. Since then, CBI and CBC became the founding pillars of a growing strand of literature, where it has been recognized that on the one side the central bankers’ preferences, as well as their drivers, can be heterogeneous, while on the other side the analysis must be more granular, given that monetary policy decisions are made by committees. Moreover, it is shown how in this literature the political economy methodology has been enriched using insights from behavioural economics.

Central banks and civil war termination

The ability to finance conflict likely affects the odds of sustaining a war and succeeding in it. Recent literature explores rebel group funding, but far less is known about how states finance their own war efforts. This article posits that the design of central banks should affect civil war termination. In particular, it argues that central bank independence affects civil war termination through two channels. First, financial markets consider central bank independence as a good signal in terms of macroeconomic stability and debt repayment. In this way, independent central banks enhance the ability of the government to access credit to finance and end a civil war. Second, central bank independence is associated with lower inflation. Inflation control reduces one source of additional grievances that the civil war may impose on citizens. On a sample of civil wars between 1975 and 2009, central bank independence is associated with a substantial increase in the likelihood of war termination. When the form of termination is disaggregated, (higher) central bank independence is associated with a higher probability of government victory, relative to continued conflict and to other outcomes. Additional tests provide support for the argued mechanisms: during civil wars, countries with more independent central banks access international credit markets in better conditions – i.e. they pay lower interest rates, and receive longer grace and maturity periods on new debt. Furthermore, in countries experiencing civil wars, central bank independence is associated with lower inflation.

Does Reward Gamification Drive Brand Relationship Quality?: An Experimental Approach

This study examines the impact of reward gamification on brand relationship quality (BRQ) in the mobile banking (m-banking) context. The study also examines the mediating effect of brand engagement and how the effect varies at different levels of personal innovativeness. A scenario-based experimental design was used to examine the effect of reward gamification on BRQ. Data were collected from 259 m-banking users to examine the proposed hypotheses. The findings suggest that gamification has a significant impact on BRQ. This study contributes to the emerging gamification and m-banking literature and helps banks design gamified rewards programs to enhance BRQ.

Is language priced? evidence from bank loan contracting

ABSTRACT Previous studies document that firms in countries speaking languages with strong future time reference (FTR), which more sharply dissociates the future from the present, engage in less future-oriented corporate behaviors relating to their default and information risks. We find that strong FTR influences creditors’ pricing of bank loan contracts: banks design more unfavorable loan terms to strong-FTR borrowers, including larger loan spread, higher likelihood of collateral requirement, and more covenants. This effect can be mitigated by a country’s strong governance. We confirm that strong FTR is associated with higher default and information risks of borrowing firms. Overall, our findings suggest that language represents a distinctive risk to banks which is priced in the loan market.

Design and verification of a LO bank enabled by fixed-wavelength lasers and fast tunable silicon ring filters for creating large scale optical switches.

The fast and widely tunable wavelength bank is a key enabler in creating wavelength-routing optical switches that do not use fast wavelength tunable lasers. A cost-effective design criterion needs to be developed before it can be applied to intra data center networks. In this paper, we develop a systematic method for designing a wavelength bank that yields high port-count and fast wavelength-routing optical switches for intra data center application. The wavelength bank is created with fixed-wavelength laser sources and wavelength-tunable filters with rapid wavelength selectivity. To optimize the optical switching system that uses the wavelength bank for supplying local oscillator (LO) lights for coherent detection, various parameters are analyzed, including effective bandwidth, laser output power, loss distribution, splitter port count, and optical amplifier gain. We carry out numerical simulations for optimizing the tradeoff between system performance and cost. To verify the designed wavelength bank, a silicon ring filter is newly fabricated with an average fiber-to-fiber insertion loss of 5.3 dB over a 22-nm bandwidth. Using 256-Gb/s DP-QPSK signals, experiments demonstrate a 1,024×1,024 optical switch that uses a fabricated silicon ring filter. The effectiveness of the scalable and fast-tunable LO bank is verified by achieving 262.1-Tb/s switch throughput with switching time under 18 µs.

A digital bandwidth interleaved structure correction method based on itemized correction.

To satisfy the input bandwidth and sampling rate requirements of data acquisition systems, digital bandwidth-interleaved analog-to-digital converters (DBI-ADCs) offer a practical parallel structure. However, the existing DBI-ADC correction methods are broadly inadequate in terms of design, testing, and implementation. Moreover, the evaluation and correction of the most significant feature of the DBI-ADC structure-wideband acquisition performance-is also imperfect. This paper proposes an itemized correction method for DBI-ADC structures. The proposed method simplifies the complex correction filter bank designalgorithm into multiple simple correction filters and then separates and corrects the various errors of the DBI-ADC system. This dramatically simplifies the design, testing, and implementation process of the system, resulting in a highly convenient method for practical engineering. In addition, this method achieves a good correction effect, with an appropriate balance between the correction effect and the project implementation. Simulation results and experimental results verify the effectiveness of the proposed method.

DIGITAL CURRENCY OF THE CENTRAL BANK: RISKS AND WAYS OF GLOBALIZATION

The central bank's digital currency (CBDC) is a digital form of the country's currency that is regulated by the country's central currency. Although the central bank is the issuer of digital currency, this type of money carries certain risks for users / consumers, the financial / banking system and the state. However, the nature of the risks and their potential impact will be significantly different from the risks of circulation of individual cryptocurrencies. [1-4]. For commercial banks, the CBDC is a type of money that competes with bank accounts. In recent years, banks have begun to pay more attention to ensuring that their accounts can be used for money transfers, including among individuals. The growth rate of money transfers is compared with the growth rate of cash and card payment transactions at ATMs. Part of these remittances is payment for goods and services. If citizens are willing to use e-money for everyday needs, then the CBDC can also perform the function of storing value (such as cash and current accounts in banks). The competitiveness of the CBDC compared to banking systems may depend on the design of the central bank's retail digital currency. In recent years, significant changes have taken place in the field of money circulation, both in Kazakhstan and around the world. Many people today use non-cash forms of payment for goods and services. The idea of creating a national digital currency today. The day is one of the most topical topics.

Bank board changes in size and composition: Do they matter for investors?

AbstractResearch Question/IssueThis research seeks to explain whether changes in bank board size and/or composition signal the effectiveness of the board in terms of monitoring and advising.Research Findings/InsightsOur contribution provides empirical evidence on the negative reaction of investors to board changes, identifies the variables that explain this reaction, and finds that banks with experienced executive directors on their board are candidates to announce increases in board size. Our empirical analysis is based on 608 announcements by banks headquartered in 19 European countries over the period 2003–2015. We apply the Event Studies methodology, Heckman's analysis, system estimator regressions, and probit analysis.Theoretical/Academic ImplicationsOur results allow us to conclude that investors perceive changes in board composition as an ineffective response to bank problems, except when the changes increase the number of non‐executives. Bank shareholders positively value board changes when the bank has a powerful corporate executive officer and negatively value those banks with high dividends that announce these changes. Banks with higher interest margin and higher executive experience and seniority are more prone to make changes in board size and composition, while those with powerful corporate executive officers, executive directors distracted by their responsibilities on other boards, higher non‐executive attrition, where all non‐executives are male, with one‐tier boards, headquartered in a large country, or those delisting from stock markets will avoid changes in board size.Practitioner/Policy ImplicationsThis study offers insights to policy makers interested in enhancing banks' corporate governance. Boards should improve the information and transparency of their announcements to signal the effectiveness of board decisions. In addition, it provides insights about the influence of Board Chairs who hold the position of corporate executive officer in the design and effectiveness of banks' corporate governance.

Multiframe weak target track-before-detect based on pseudo-spectrum in mixed coordinates

Traditional multiframe Track-Before-Detect (TBD) may incur adverse integration loss resulting from model mismatch in sensor coordinates. Its suboptimal integration strategy may cause target envelope degradation. To address these issues, a pseudo-spectrum-based multiframe TBD in mixed coordinates is proposed firstly. The data search for energy integration is conducted based on an accurate model in the x-y plane while target energy is integrated based on pseudo-spectrum in sensor coordinates. The algorithm performance is improved since the model mismatch is eliminated, and the pseudo-spectrum based integration facilitates well maintained target envelope. The detailed multiframe integration procedure and theoretical target integrated envelope are derived. Secondly, to cope with the unknown target velocity, a velocity filter bank based on pseudo-spectrum in mixed coordinates is proposed. The effect of velocity mismatch on algorithm performance is analyzed and an efficient method for filter bank design is presented. Thirdly, a parameter estimation method using characteristics of integrated envelope is presented for improved target polar position and Cartesian velocity estimation. Finally, numerical results are provided to demonstrate the effectiveness of the proposed method.

Deriving structures of FFT based filter banks by signal flow graphs

The design of filter banks, which is a frequently used operator for many practical applications, has been widely reported in the literature. The requirements of using extensive mathematical manipulations for finding computationally efficient structures of filter banks have imposed severe difficulties for those who lack sufficient mathematical background. This paper is to report procedures of deriving computationally efficient filter bank structures by using a few graphic transformations of equivalent multi-rate operations. It is seen that these procedures used in the derivation process are elegantly simple and straight forwards in concept. In particular, these procedures can be flexibly used to find the computationally efficient structures of both maximally decimated (p=1) and non-maximally decimated (p>1) filter banks, where p is the oversampling factor. For the non-maximally decimated filter banks, the computational complexity needed by our derived structure is less than that needed by the structures reported in the literature.

The evolution of central bank communication as experienced by the South Africa Reserve Bank

ABSTRACT Communication has evolved into a cornerstone of central bank design and policy implementation. The South African Reserve Bank has been proactive in this regard as well – most notably with the adoption of inflation targeting in 2001. Using novel text-mining techniques, we evaluate the communication of the SARB, as presented via public speeches and monetary policy committee (MPC) statements, in the context of historical developments from 1994 to 2020. Our analysis focuses on the volume, complexity, scope, and sentiment of communication. We conclude that MPC statements are consistently and narrowly focused on the mandate, whereas speeches capture more detail about how the thinking of SARB policy makers evolves over time. In both cases, communication serves as a channel to reduce uncertainty and build credibility in the public domain.