Actual stage of development for basel ii and effects on romanian financial system soundness
This article draws attention to the actual stage of Basel II implementation in Romania and its effects on financial system stability. An overview of the Basel I and II Accords and their possible future outcomes are debated. Some significant features of the law that approves Basel II framework in Romania are taken into discussion.
Capital Adequacy and Risk Management - Premises for Strengthening Financial System Stability
In the last decades, we have witnessed the progressive integration of European financial system, as a result of the cumulative effect of markets' liberalization, innovation and globalisation, and of harmonization of the regulations and implementation of financial reforms by the EU Member States. In this context, increased risk of financial instability necessarily requires the development of standards and codes of best practices in order to improve financial system integrity and stability, and to insure the health of the global banking and financial markets. From this perspective, the Basel II Accord represents a true revolution, aiming the improvement of the consistency of capital regulations internationally and better operational risk management practices. As a member of the EU, Romania is currently through the stages of implementation of Basel II, starting 1st of January 2008. As a central bank, NBR main objectives are: to adapt national legislation; to coordinate the efforts of credit institutions to develop new strategies regarding solvency, capital adequacy and measurement system for each risk category; to impose the disclosure requirements for financial reports and to adapt the IT system.
THE RELIGIOUS SITES DURING THE CHINESE CULTURAL REVOLUTION, 1966-1976
This study presents a thought-provoking picture of statistical data regarding the growth patterns of the religious sites for five main Chinese religions during the Cultural Revolution from 1966 to 1976. Applying comparative and quantitative lenses, this paper addresses the diE™erent growth rates of religious sites during the four diE™erent periods from 1949 to 2004 to test the relative growth pace of religious sites during the Cultural Revolution. To understand the patterns of growing religious sites from 1966 to 1976, this study also compares the diE™erent growth rates of religious sites between the first phase (1966 to 1970) and the second phase (1971-1976) of the Cultural Revolution. Furthermore, it provides detailed information concerning the year of building new religious sites for all five major religions that hold more than 2,500 new religious sites during the Cultural Revolution. In addition, the study shows the top five provinces which built the most new religious sites while denoting their respective rural and urban locations in an eE™ort to demonstrate their geographical expansion during the period. Finally, this study addresses the growth rates of the national population and per capita GDP as compared to the growth of the religious sites during the period of national disaster (1966-1976).