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"Oosterloo, Sander"
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The Emergence of Cross-Border Insurance Groups within Europe with Centralised Risk Management
This paper analyses the degree of internationalisation of insurance business. Using a novel data set of 25 large EU insurance groups, we find that the insurance industry has a strong international orientation. About 55 percent of the business of these large insurance groups is conducted abroad. The cross-border activities are predominantly within Europe (30-35 percent) and less so in the rest of the world (20-25 percent). Next, this paper examines the impact of internationalisation on the organisational structure. We find a clear trend towards centralising risk and capital management activities within large insurance groups, though insurance remains at the same time a local business. Applying the hub and spoke model, we identify which functions are executed at the centre (hub) and which functions are performed at the level of the local business units (spokes).
Journal Article
Transparency and accountability of central banks in their role of financial stability supervisor in OECD countries
We aim to get a better understanding of the accountability of central banks in their role of financial stability supervisors, distinguishing between three crucial elements: (1) the legal basis for the financial stability task, (2) providing of information on financial stability, and (3) the formal relationship between the accountable and the accountee. We conclude that in most OECD countries the law does not provide a clear objective for financial stability supervisors. Many central banks nowadays publish a stand-alone financial stability report. In most countries there are hardly any accountability measures in place regarding the objective of financial stability. [PUBLICATION ABSTRACT]
Journal Article
A Survey of Institutional Frameworks for Financial Stability
The aim of this study is to get a better understanding of which financial stability responsibilities have been delegated to central banks (CBs), how these responsibilities are executed, and whether accountability arrangements are in place. For this purpose, a questionnaire was sent to all CBs in the OECD area. We find that there is no unambiguous definition of financial stability or systemic risk, and that, generally, the responsibility for financial stability is not explicitly formulated in laws. However, there seems to be a gradual trend towards clarifying the powers and functions of the CB. Moreover, there is considerable heterogeneity in the way CBs pursue the financial stability objective. Our results suggest that the accountability of the financial stability function of central banks is often poorly arranged.
Paper
Arrangements for Financial Stability in OECD and EU countries
The following sections are included:
Introduction
Authorities Involved in Maintaining Financial Stability
Information Exchange
Decision-Making Process
Financial Stability Issues in the European Union
Deposit insurance in the EU
Emergency liquidity assistance
Conclusions
References
Book Chapter
A Review of Financial Stability Reports
The following sections are included:
Introduction
Central Banks That Publish a FSR
Which Factors Influence Publication of a FSR?
The Content of the FSRs: A Comparison
Relationship between Transparency and Financial Soundness
Concluding Comments
References
Book Chapter
Chromatic periodic activity down to 120 megahertz in a fast radio burst
Fast radio bursts (FRBs) are extragalactic astrophysical transients
1
whose brightness requires emitters that are highly energetic yet compact enough to produce the short, millisecond-duration bursts. FRBs have thus far been detected at frequencies from 8 gigahertz (ref.
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) down to 300 megahertz (ref.
3
), but lower-frequency emission has remained elusive. Some FRBs repeat
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–
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, and one of the most frequently detected, FRB 20180916B
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, has a periodicity cycle of 16.35 days (ref.
8
). Using simultaneous radio data spanning a wide range of wavelengths (a factor of more than 10), here we show that FRB 20180916B emits down to 120 megahertz, and that its activity window is frequency dependent (that is, chromatic). The window is both narrower and earlier at higher frequencies. Binary wind interaction models predict a wider window at higher frequencies, the opposite of our observations. Our full-cycle coverage shows that the 16.3-day periodicity is not aliased. We establish that low-frequency FRB emission can escape the local medium. For bursts of the same fluence, FRB 20180916B is more active below 200 megahertz than at 1.4 gigahertz. Combining our results with previous upper limits on the all-sky FRB rate at 150 megahertz, we find there are 3–450 FRBs in the sky per day above 50 Jy ms. Our chromatic results strongly disfavour scenarios in which absorption from strong stellar winds causes FRB periodicity. We demonstrate that some FRBs are found in ‘clean’ environments that do not absorb or scatter low-frequency radiation.
The fast radio burst FRB 20180916B repeats with a periodicity of 16 days, and is now found to emit down to a frequency of 120 MHz, much lower than previously observed.
Journal Article
The Apertif Radio Transient System (ARTS): Design, Commissioning, Data Release, and Detection of the first 5 Fast Radio Bursts
Fast Radio Bursts must be powered by uniquely energetic emission mechanisms. This requirement has eliminated a number of possible source types, but several remain. Identifying the physical nature of Fast Radio Burst (FRB) emitters arguably requires good localisation of more detections, and broadband studies enabled by real-time alerting. We here present the Apertif Radio Transient System (ARTS), a supercomputing radio-telescope instrument that performs real-time FRB detection and localisation on the Westerbork Synthesis Radio Telescope (WSRT) interferometer. It reaches coherent-addition sensitivity over the entire field of the view of the primary dish beam. After commissioning results verified the system performed as planned, we initiated the Apertif FRB survey (ALERT). Over the first 5 weeks we observed at design sensitivity in 2019, we detected 5 new FRBs, and interferometrically localised each of these to 0.4--10 sq. arcmin. All detections are broad band and very narrow, of order 1 ms duration, and unscattered. Dispersion measures are generally high. Only through the very high time and frequency resolution of ARTS are these hard-to-find FRBs detected, producing an unbiased view of the intrinsic population properties. Most localisation regions are small enough to rule out the presence of associated persistent radio sources. Three FRBs cut through the halos of M31 and M33. We demonstrate that Apertif can localise one-off FRBs with an accuracy that maps magneto-ionic material along well-defined lines of sight. The rate of 1 every ~7 days next ensures a considerable number of new sources are detected for such study. The combination of detection rate and localisation accuracy exemplified by the 5 first ARTS FRBs thus marks a new phase in which a growing number of bursts can be used to probe our Universe.
Paper
Chromatic periodic activity down to 120 MHz in a Fast Radio Burst
Fast radio bursts (FRBs) are extragalactic astrophysical transients whose brightness requires emitters that are highly energetic, yet compact enough to produce the short, millisecond-duration bursts. FRBs have thus far been detected between 300 MHz and 8 GHz, but lower-frequency emission has remained elusive. A subset of FRBs is known to repeat, and one of those sources, FRB 20180916B, does so with a 16.3 day activity period. Using simultaneous Apertif and LOFAR data, we show that FRB 20180916B emits down to 120 MHz, and that its activity window is both narrower and earlier at higher frequencies. Binary wind interaction models predict a narrower periodic activity window at lower frequencies, which is the opposite of our observations. Our detections establish that low-frequency FRB emission can escape the local medium. For bursts of the same fluence, FRB 20180916B is more active below 200 MHz than at 1.4 GHz. Combining our results with previous upper-limits on the all-sky FRB rate at 150 MHz, we find that there are 3-450 FRBs/sky/day above 50 Jy ms at 90% confidence. We are able to rule out the scenario in which companion winds cause FRB periodicity. We also demonstrate that some FRBs live in clean environments that do not absorb or scatter low-frequency radiation.
Paper