Caspi I.,Bank of Israel |
Caspi I.,Bar - Ilan University |
Katzke N.,Stellenbosch University |
Gupta R.,University of Pretoria
Energy Economics | Year: 2015
This paper sets out to date-stamp periods of historic oil price explosivity using the Generalized sup ADF (GSADF) test procedure developed by Phillips, Shi, and Yu (2013). The date-stamping procedure used in this paper is effective at identifying periodically collapsing bubbles; a feature found lacking with previous bubble detection methods. We set out to identify periods of oil price explosivity relative to the general price level and oil inventory supplies in the US since 1876 and 1920, respectively. The recursive identification algorithms used in this study identify multiple periods of price explosivity, and as such provides future researchers with a reference for studying the macroeconomic impact of historical periods of significant oil price build-ups. © 2015 Elsevier B.V.
News Article | December 5, 2016
UBPartner, a leading European provider of XBRL tools and services (http://www.ubpartner.com), announced today the addition of a new Portal capability to its XBRL Toolkit (XT). The XT Portal provides the same simple-to use and powerful XBRL tools to convert, validate and render XBRL documents, while further enhancing the usability of these tools by adding a new enterprise-level interface, flexible shared workflows, role-based access controls and enhanced performance through parallel document processing. The UBPartner XBRL Toolkit is already being used by hundreds of banks and insurance companies in Europe that need to submit CRD4 (COREP and FINREP) and Solvency II reports in XBRL format. These simple-to-use, yet powerful tools have also been adopted by industry and financial application suppliers, systems integrators and services firms to enable them deliver 100% compliance for their clients. UBPartner has further extended its support for XBRL by adding pre-mapped templates for local National Specific Templates (NSTs) to support additional XBRL reporting requirements in countries such as Ireland and France, plus new XBRL reporting frameworks, such as the Bank of Israel’s new Banking Supervision Directives. “The Bank of Israel’s adoption of XBRL reporting was totally new for us, so we needed a partner who had the specialist software and the expertise to provide the right support to our banking customers. UBPartner has an excellent reputation and its underlying XBRL technology is used around the world in major projects.” stated Reshef Radin, Board Member responsible for Partnerships and Banking Solutions at HMS (http://www.hms.co.il/en/), a leading Israeli systems integrator. “The partnership has worked well despite the BoI implementation being very difficult as the regulator, banks and local IT suppliers were learning as they went along”. “UBPartner’s XT Portal and pre-mapped templates removes the need to understand complex XBRL syntax. Our users can simply load the data into the template, then upload and run the XBRL conversion tools to generate a 100% compliant XBRL document. The system delivers a complete set of validation reports that alert the user to any errors in the report. They can then review any errors at a business level, by highlighting them in the template. Once the XBRL document is generated with no errors, it is ready to submit” he added. “Many of our customers across Europe were asking how they could utilize our XBRL Toolkit in a multi-user, multi-taxonomy environment. So we worked with them to define a set of capabilities that have become the XT Portal. They helped us to test and develop the core requirements and their feedback over 9 months has been invaluable in ensuring that the XT Portal meets exactly what users are looking for to extend their current XBRL systems and to integrate XBRL more fully into their reporting processes.” said Laetitia Boublil, Development Director at UBPartner. “In addition, we wanted to help firms who already have their own preferred Portal for reporting. So we have worked with a development partner to ensure that the same APIs for our tools that underpin the new XT Portal can also work with standard commercial Portal environments, such as Microsoft SharePoint.” she added. The UBPartner XBRL Reporting Toolkit does not require an extensive implementation phase over many months, nor does it require that confidential information is sent over networks to remote portals or services to convert or validate the data. “Tight deadlines, new technology and uncertain future requirements make the move to XBRL reporting potentially stressful for reporting banks and insurance companies” said Roger Haddad, President, UBPartner “We have used all our experience in implementing XBRL systems for national banking supervisors and working with major financial application vendors, to design a set of tools that are easy to integrate, simple to use, but also powerful and proven to work.” The latest version of the UBPartner XBRL Reporting Toolkit and the new XT Portal will be made available for download from the UBPartner download website in the coming weeks for customers and partners who have current agreements. XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies. The XBRL standard is maintained by XBRL International: http://www.xbrl.org HMS Consulting Group is a leading Israeli consulting firm serving the financial and banking sectors in the areas of consulting, professional services and information technology. The group, consisting of approximately 200 multi-disciplinary consultants, uses their expertise and leverages their abilities in the domains of accounting, information systems and the financial world, resulting in a continued business advantage for its customers. HMS possesses 20 years of experience gained from hundreds of projects, embracing consulting, development and integration of large information technology solutions for medium and large businesses. http://www.hms.co.il/en/ UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realize the benefits of XBRL – from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies. UBPartner technology and tools are used today in many advanced and demanding XBRL environments such as market regulators, government agencies and major corporations in France, Belgium, UK, Ireland, Poland, Norway, and Luxembourg and by leading software vendors, such as Oracle, SAP and Infor.
News Article | December 1, 2016
BOSTON--(BUSINESS WIRE)--Sapient Global Markets Extends CMRS Regulatory Reporting Platform for Bank of Israel Requirements
News Article | December 21, 2016
Advise Technologies, an industry leading provider of regulatory reporting software, is pleased to announce the addition of the Bank of Israel Derivatives Reporting module to the growing regulatory reporting capacity of the Consensus RMS platform. The Bank of Israel Derivatives Reporting module joins a list of over 20 global regulatory filing modules on the Consensus RMS platform, which covers regulations such as AIFMD Annex IV, Form PF, Form ADV, and PRIIPs KID. Consensus RMS allows firms to prepare, manage, and store all relevant regulatory information on one system. By enabling the use of one set of data across all filings and regulations, Consensus RMS ensures consistency and operational efficiency. It also includes assistive workflow processes, such as regulatory validations and electronic submission. “As new regulations come out and requirements change, Consensus RMS can calculate, format, and populate the data as the regulators expect. This can be done on all the forms we support, including Bank of Israel reporting,” says Roger van Elderen, business development manager at Advise Technologies. “Firms need a built-in workflow and a repeatable process.” The Bank of Israel reporting requirement, which goes into effect on January 1st, 2017, aims to gather detailed data on foreign currency, index, and interest rate derivative trades executed by relevant entities. In scope are all Israeli banks (including domestic branches of foreign banks), in addition to both Israeli financial institutions and non-Israeli firms whose foreign currency derivative trades in the preceding year exceeded a daily average of 15 million USD. Once the threshold is met, the reporting requirement applies to all executed trades. (Note that the reporting obligation also includes FX spot, which is not typically considered a derivative). Reports are to be submitted not later than one trading day after the trade was executed. A monthly report of the inventory of open such trades is to be submitted not later than one trading day after the end of the month being reported. Firms will need to submit these reports to the Bank of Israel for one year following when the 15 million USD threshold was met. More information about the new regulation is available on the Bank of Israel website: Consensus Regulatory Management System is an award-winning platform used by investment managers for a repeatable, reliable, and automated filing process. Consensus RMS includes filing capabilities for regulatory forms including AIFMD, CPO-PQR, Form PF, Open Protocol, Solvency II, 13F, and TIC. Advise Technologies is a premier provider of reporting and compliance software for investment managers. With four flagship products – Consensus, Notes, Signal, and Vault – it provides innovative solutions to the regulatory and operational challenges faced by clients. Advise was founded in 2010 and is headquartered in New York with offices in major European financial centers. For more information: http://www.AdviseTechnologies.com
Blumrosen L.,Hebrew University of Jerusalem |
Zohar O.,Bank of Israel
Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) | Year: 2015
We study the design of multilateral markets, where agents with several different roles engage in trade. We first observe that the modular approach proposed by D¨utting et al.  for bilateral markets can also be applied in multilateral markets. This gives a general method to design Deferred Acceptance mechanisms in such settings; these mechanisms, defined by Milgrom and Segal , are known to satisfy some highly desired properties. We then show applications of this framework in the context of supply chains. We show how existing mechanisms can be implemented as multilateral Deferred Acceptance mechanisms, and thus exhibit nice practical properties (as group strategy-proofness and equivalence to clock auctions). We use the general framework to design a novel mechanism that improves upon previous mechanisms in terms of social welfare. Our mechanism manages to avoid “trade reduction” in some scenarios, while maintaining the incentive and budget-balance properties. © Springer-Verlag Berlin Heidelberg 2015.
News Article | November 30, 2016
The Group of Thirty (G30) announces that Jacob A. Frenkel, Chairman of JP Morgan Chase International, and former Governor of the Bank of Israel, has been reappointed as Chairman of the G30 Board of Trustees, and Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore, and former chairman of the International Monetary and Financial Committee at the IMF, will become the next Chairman of the Group of Thirty (G30). Both terms will begin January 1, 2017 and run for five years. Tharman Shanmugaratnam succeeds Jean-Claude Trichet, former President of the European Central Bank, who will complete his five-year term as Chairman at the end of 2016. Mr. Frenkel said: “It is with great pleasure that the Group welcomes Tharman Shanmugaratnam as the next Chairman of the G30. We are confident that Tharman will successfully pursue the Group’s mission: to deepen understanding of key international economic and financial issues and, thereby, contribute to the quality of public policy decision making.” Mr. Frenkel added: “I extend our deep appreciation and gratitude to Jean-Claude Trichet who has led the G30 so skillfully and effectively over the last five years, and we look forward to his continued active engagement with and contributions to the G30 in the years to come.” Mr. Shanmugaratnam stated: “It will be a real privilege to succeed Jean-Claude Trichet, whose knowledge, wisdom and warmth have made him a role model for so many of us, in the G30 and beyond.” He added: “I look forward to working closely with my colleagues in the Group as we continue to inform and influence dialogue within the global economic and financial community.” Mr. Trichet commented: “It has been an honor to serve as Chairman of the G30 during my five years term. I am extremely pleased that the Trustees have decided to reappoint Jacob Frenkel, and have chosen Tharman Shanmugaratnam to lead the Group. The Group could not be in more experienced and capable hands. The G30 will continue to be a forum where leaders exchange views on the major economic and financial global governance issues. It has been my privilege to lead the G30 and I will continue to engage actively with the G30.” To see a full list of the G30 leadership and members, please visit http://www.group30.org.
Etkes H.,Bank of Israel
Peace Economics, Peace Science and Public Policy | Year: 2012
This study provides circumstantial evidence for the impact of permits for employment in Israel on the Palestinian labor force in the West Bank during the late Intifada period and its aftermath (2005-2008). The study utilizes a unique dataset that merges data from the Palestinian Labor Force Survey with Israeli administrative data on permits for employment in Israel. The study quantifies the increase in Palestinian employment in the Israeli and Palestinian economies and the decrease in Palestinian unemployment, as well as the drop in the return to schooling in a West Bank governorate, which coincided with an increase in the number of permits issued for residents of that governorate. These results reflect the short-run benefits for the un-skilled Palestinian labor force as well as the adverse long-run effects of Palestinian employment in Israel on human capital accumulation. Copyright © 2012 De Gruyter. All rights reserved.
Braude J.,Bank of Israel |
Menashe Y.,Bank of Israel
Journal of International Trade and Economic Development | Year: 2011
The Asian miracle has been the focus of much research seeking to understand this extraordinary phenomenon. Ventura (Quarterly Journal of Economics 112: 57-84.) offers an explanation for the success of the Asian Tigers in sustaining exceptional growth rates over an extended period based primarily on capital accumulation. He points to their ability as export-oriented economies to exploit the accumulated capital to reallocate from labor-intensive to capital-intensive sectors instead of raising the capital intensity within each sector. We test this argument using industry-level data on manufacturing in 33 countries over three decades. The evidence on the argument is mixed. We identify two stages in the evolution of the structural change in the Tigers. It was labor-intensive initially and became capital-intensive only in the 1980s. Compared to other countries, the Tigers are exceptional in the extent of their shift from a labor-intensive to a capital-intensive structural change during the sample period. However, structural change in the 1980s accounted for only a negligible part of capital accumulation in manufacturing. © 2011 Taylor & Francis.
Argov E.,Bank of Israel
Economic Modelling | Year: 2012
We estimate a small DSGE model by full information Bayesian techniques on the basis of Israeli data from 1995 to 2006. The model was first developed and estimated by means of classical GMM in Argov and Elkayam (2010), and since then it has been used at the Bank of Israel for monetary policy analysis. It is widely believed that in 2007 (out of sample year) as elsewhere worldwide, inflation rose in Israel due to high commodity prices in global markets. However, our baseline model attributes most of the high inflation in 2007 to supply shocks. One conjecture is that this model's result derives from the inappropriate original use of the unit value of imported consumer goods (which do not include unprocessed food and energy) as the main foreign price measure. We test this conjecture by re-estimating the model with various other foreign price measures that typically do reflect the global rise in commodity prices and compare the log-marginal likelihoods. We find that no other price measure outperforms the original choice in the sample period. Only the foreign trade-weighted CPI equals the performance of the original choice while improving the 2007 interpretation of inflation, and should therefore be considered the main foreign price measure. The proposed methodology for comparing the suitability of alternative measures for observable variables can be applied to any model with exogenous variables that are characterized by univariate equations. © 2011 Elsevier B.V.