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Trade-based Money Laundering, a new form of money laundering using international trade as a signboard, always appears along with speculative capital movement which has been accepted as the most concerned and consensus incentive giving rise to the collapse of the financial market. Unfortunately, preventing money laundering is very difficult since money laundering always has a plausible trade characterization. To reach this goal, supervision for regulator and financial institutions aims to effectively monitor micro entities’ behavior in financial markets. The main purpose of this paper is to establish a monitoring method including accurate recognition and classified supervision for Trade-based Money Laundering by means of knowledge-driven multi-class classification algorithms associated with macro and micro prudential regulation, such that the model can forecast the predicted class from the concerned management areas. Based on empirical data from China, we demonstrate the application and explain how the monitor method can help to improve management efficiency in the financial market. First published online 8 May 2019

How much capital should financial intermediaries hold? We propose a general equilibrium model with a financial sector that makes risky long-term loans to firms, funded by deposits from savers. Government guarantees create a role for bank capital regulation. The model captures the sharp and persistent drop in macro-economic aggregates and credit provision as well as the sharp change in credit spreads observed during financial crises. Policies requiring intermediaries to hold more capital reduce financial fragility, reduce the size of the financial and non-financial sectors, and lower intermediary profits. They redistribute wealth from savers to the owners of banks and non-financial firms. Pre-crisis capital requirements are close to optimal. Counter-cyclical capital requirements increase welfare.

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of credit are unable to offset changes in credit supply by affected banks. This paper examines micro evidence—lacking to date—on both questions, using a unique data set. In the UK, regulators have imposed time-varying, bank-specific minimum capital requirements since Basel I. It is found that regulated banks (UK-owned banks and resident foreign subsidiaries) reduce lending in response to tighter capital requirements. But unregulated banks (resident foreign branches) increase lending in response to tighter capital requirements on a relevant reference group of regulated banks. This \"leakage\" is substantial, amounting to about one-third of the initial impulse from the regulatory change.

In this paper, I argue for Fit, a prudential version of the claim that attitudes must fit their objects, the claim that there is an extra benefit when one's reactions fit their objects. I argue that Fit has surprising and powerful consequences for theories of well-being. Classic versions of the objective list theory, hedonism, desire views, and loving-the-good theories do not accommodate Fit. Suitable modifications change some of the views substantially. Modified views give reactions a robust role as sources of well-being, and they accept that objects call for some attitudes but not others. I argue that objective list theories and loving-the-good theories require the most minimal changes to accommodate Fit, so we have a pro tanto reason to favor these views over alternatives.

In recent times, there has been a surge of interest in, and enthusiasm for, contextualist views about prudential discourse—thought and talk about what has prudential value or contributes to someone’s well-being. In this paper, I examine and reject two cases for radical forms of prudential contextualism, proposed by Anna Alexandrova and Steve Campbell. Alexandrova holds that the semantic content of terms like ‘well-being’ and ‘doing well’ varies across contexts. Campbell proposes that there are plural prudential concepts at play in prudential discourse (and in philosophical reflection upon such discourse) and that we find evidence of this in the conflicting commitments of prudential discourse. The negative aim of the paper is to show that Alexandrova and Campbell have not given us a good case for ambitious forms of contextualism about prudential discourse. The positive aim of the paper is to provide alternative, aspectualist, explanations of the features of prudential discourse that their discussions highlight.

This article characterizes the efficiency properties of competitive economies with financial constraints, in which phenomena such as fire sales and financial amplification may arise. We show that financial constraints lead to two distinct types of pecuniary externalities: distributive externalities that arise from incomplete insurance markets and collateral externalities that arise from price-dependent financial constraints. For both types of externalities, we identify three sufficient statistics that determine optimal taxes on financing and investment decisions to implement constrained efficient allocations. We also show that fire sales and financial amplification are neither necessary nor sufficient to generate inefficient pecuniary externalities. We demonstrate how to employ our framework in a number of applications. Whereas collateral externalities generally lead to over-borrowing, the distortions from distributive externalities may easily flip sign, leading to either under- or over-borrowing. Both types of externalities may lead to under- or over-investment.

The article reflects modern approaches to the organization and implementation of prudential regulation in the sphere of insurance. From a scientific point, the expediency of taking the State regulatory measures to increase the business activity of participants in the insurance process and enhance the financial capacity of companies to fulfill their contractual obligations is specified. The article is aimed at a theoretical-methodological substantiation of prudential regulation processes in the insurance market of Ukraine. In the course of the research, a rather positive dynamics of the development of key indexers of the insurance services market for 2016-2020 is identified. This applies, first of all, to the indicators of total assets and the condition of formed insurance reserves, the identified tendency was observed against the background of a significant reduction in insurance companies in the market. Simultaneously, it is found that as of the beginning of 2021, three-quarters of insurance companies comply with solvency requirements and financial standards. It is emphasized that the current conditions of risk-causing market environment require the implementation of balanced regulatory and supervisory activities in the insurance market in accordance with the Pan-European requirements of «Solvency I» and «Solvency II». A critical analysis of key articles of the Law of Ukraine «On Insurance» (2021) on ensuring solvency and investment activity testifies to their innovative nature and direction of integration of the national market into the European insurance space. The authors’ own vision of prudential regulation is formulated, which consists in systematic coordination of actions of both the State-based and non-state institutions in the insurance market to effectively neutralize the possible risks associated with the livelihoods of society. A conceptual vision of further development of prudential regulation in Ukraine is defined, which is based on three following components: increasing transparency in the activities of insurance companies, increasing requirements for the solvency of insurers as a guarantee of their fulfillment of contractual obligations, improving the corporate governance system as a basis for ensuring the competitiveness of the insurer in the market. Prospects for further research are the digitalization of regulatory processes in the insurance market of Ukraine

In recent attempts to define “harm,” comparative accounts of harm, specifically counterfactual comparative accounts, have been touted as the most promising approaches to defining the concept. Nevertheless, such accounts face serious difficulties. This has led to the call for the concept to simply be dropped from the moral lexicon altogether. I reject this call, arguing that approaches to defining harm have not been sufficiently explored. I develop such an account and claim that it avoids the difficulties faced by comparative accounts while not presupposing a substantive theory of well-being, which is taken as a key failing of non-comparative accounts. I conclude that this definition renders a concept of harm that be meaningfully employed in our moral discourse.

We model the influence of sharing large exogeneous losses to the reinsurance market by a bipartite graph. Using Pareto-tailed claims and multivariate regular variation we obtain asymptotic results for the value-at-risk and the conditional tail expectation. We show that the dependence on the network structure plays a fundamental role in their asymptotic behaviour. As is well known in a nonnetwork setting, if the Pareto exponent is larger than 1, then for the individual agent (reinsurance company) diversification is beneficial, whereas when it is less than 1, concentration on a few objects is the better strategy. An additional aspect of this paper is the amount of uninsured losses that are covered by society. In our setting of networks of agents, diversification is never detrimental to the amount of uninsured losses. If the Pareto-tailed claims have finite mean, diversification is never detrimental, to society or individual agents. By contrast, if the Pareto-tailed claims have infinite mean, a conflicting situation may arise between the incentives of individual agents and the interest of some regulator to keep the risk for society small. We explain the influence of the network structure on diversification effects in different network scenarios.

Objectives Evaluate the effects that Prudential Center events had on crime in downtown Newark from 2007 to 2015 in terms of incident counts and spatial characteristics. Methods We evaluate the effects of events held at the Prudential Center on crime counts via negative binomial regression. Through the Fasano-Franceschini test, we assess whether crimes that occurred during events spatially differ compared to the incidents in no-event hours. Finally, we employ logistic regression to assess the correlation between crime locations and activity at the center. Results Five event types (out of nine) are statistically associated with increases in crime. Spatially, differences in the distribution of incidents when the facility is active partially emerge. Two out of six location types (streets and parking lots) correlate with activity at the center. Conclusions The complex array of crime-related effects that the center has on downtown Newark suggests tailored policies discriminating between event and location types for enhancing public safety.