Since every Safety Management System (SMS) is intended to provide a framework by which an organisation manages risk, it is inevitable that accident investigators will take a close interest. The good investigator will always want to understand how the SMS was intended to control risk and how this...

This paper discusses obstacles faced in implementing SMS and uses concrete examples to show how to overcome them across all modes of transport (air, maritime, rail and road) in leading countries, particularly ITF member countries. The difficulties and problems in implementing SMS can originate...

In almost all cases, the transport industry has adopted safety management systems (SMS) in response to a regulatory initiative. SMS vary dramatically across transport modes and jurisdictions - often because of the influence of different legacy regulatory programmes, and the attendant cultures....

This discussion paper presents an introduction to safety management systems (SMS) as they apply to transportation organisations across modes and industries, and provides a broad overview of SMS and its processes, activities and tools. The discussion is grounded on conceptual foundations, but...

System resilience is the ability for complex, dynamic-adaptive socio-technical systems to absorb and rebound from trauma or stress, and to avoid "jousting with dragons" where results are uncertain and often fatal. In a safety context, the term "dragons" originates from Professor David Woods at...

In Deutschland ist das Interesse an (neuen) Risikomanagementinstrumenten für die Landwirtschaft in letzter Zeit stark gestiegen. Vor diesem Hintergrund erfolgt in diesem Working Paper eine systematische Zusammenstellung und Bewertung ausgewählter Instrumente zum Risikomanagement in der...

Commodity prices are an important driver of fiscal policy and the business cycle in many developing economies. We analyze a dynamic stochastic small-open-economy model of sovereign default, featuring endogenous fiscal policy and stochastic commodity revenues. The model accounts for a positive...

Marktpreisrisiken von industriellen Verbrauchsgütern oder, nach Gutenberg (1983) und Heinen (1992), Repetierfaktoren waren schon immer ein zentrales Thema in der wirtschaftswissenschaftlichen Diskussion. Eine zunehmende Intensität von Marktpreisrisiken, wie sie in den letzten Jahren beobachtet...

In a repeated unobserved endowment economy in which agents negotiate long-term contracts with a financial intermediary, we study the implications of the interaction between incentive compatibility and participation constraints for risk sharing. In particular, we assume that after a default...

We prove that the Omega measure, which considers all moments when assessing portfolio performance, is equivalent to the widely used Sharpe ratio under jointly elliptic distributions of returns. Portfolio optimization of the Sharpe ratio is then explored, with an active-set algorithm presented...

Sind Finanzinstitute wie Banken, welche sich auf Dienstleitungen im Wealth Management fokussieren, tatsächlich risikoaverser und deren Manager weniger risikoaffin (Bicker, 1996; Eichhorn, 1996; Bessis, 2015; Stulz, 2015)? Die vorliegende Dissertation versucht einen Einblick in den oft als undurchsichtig...

This paper highlights Tajikistan's macroeconomic environment and gives an overview of the financial sector and its stability, and discusses its regulatory, supervisory, crisis prevention, and management framework. The economy of Tajikistan is entering a downturn, and the banking sector is...

In this paper, we focus on the liquidity characteristics (stability and maturity) of retail deposits in the Czech Republic and changes in the structure of retail deposit products that occurred because of low interest-rate environment. Retail deposits are a primary source of funding for banks in...

How does business complexity affect risk management in financial institutions? The commonly used risk measures rely on either balance-sheet or market-based information, both of which may suffer from identification problems when it comes to answering this question. Balance-sheet measures, such as...

Financialization is persuading academics and policy-makers that the growth of SMEs can be unleashed by promoting their quotation on stock markets. Is that true? Answering this can give clues on the functions that stock markets actually perform in the financialized world. The market may allow...

We discuss how cross-country unemployment insurance can be used to improve international risk sharing. We use a two-country business cycle model with incomplete financial markets and frictional labor markets where the unemployment insurance scheme operates across both countries. Cross-country...