In September 2008, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were placed into conservatorship and dividend payments on common and preferred shares were suspended. As a result, share prices fell to nearly zero and many banks across the country lost the value of their investments in the preferred shares. We estimate more than 600 depository institutions in the United ...

EGINNING WITH THE stock market crash in October 1929, the United States suffered a series of financial crises that mark the Great Depression. In each crisis, the number of bank failures and the declines in bank reserves, the money stock and economic activity were greater than in the preceding episodes. Many researchers investigating the causes of financial crises during the Great Depression hav...

Deposit insurance was introduced in the United States during the Great Depression primarily to promote financial stability. Stability is enhanced because deposit insurance reduces the likelihood of a bank run. During its first four decades, deposit insurance appeared to work well as few banks failed. But in the 1980s, a wave of financial troubles in the banking and thrift industry exposed an un...

The translation of Digital products applicable to military application has been affected by the DoD's need for lower cost products. Products developed for military application must retain robust mechanical characteristics; however, each product may be tailored to meet government specifications such as mean time between failure and temperature range. Design changes for military use have had a be...

In a previous paper Low91] we presented two new models of timed CSP. The rst model included biased operators in the syntax, which could be used to model diierent priorities on actions. The second model extended this by adding a probabilistic choice operator to the syntax; this allowed us to give a semantics which modelled the probabilities of diierent behaviours occurring. In Low92b] we present...

In order to create more comfortable and energy saving living spaces, we have to investigate what is comfortable and how to measure comfort of users in a living space. Some measures of thermal comfort have been defined as Predicted Mean Vote (PMV) and Predicted Percentage Dissatisfied (PPD) as an international standard. However, complex and high cost equipments are required to measure PMV by con...