H. Kokame

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The derivative feedback is a classical but representative means in the design of control systems, and for practical reasons it is often replaced by its difference approximation. As the resulting closed-loop system involves a time-delay, it does not necessarily preserve stability however accurate the approximation is. Following the terminology of Palmor(More)
This paper examines a banking regime similar to the " convoy " scheme which prevailed in Japan through most of the 1990s. Insolvent banks are merged with solvent banks rather than closed, with the acquiring banks required to accept negative value banks at zero value. I demonstrate that a convoy scheme effectively taxes the acquiring bank and increases moral(More)
This paper studies a banking industry subject to common and idiosyn-cratic shocks. We compare two types of regulatory closure rules: (1) an 'absolute closure rule', which closes banks when their asset/liability ratios fall below a given threshold, and (2) a 'relative closure rule', which closes banks when their asset/liability ratios fall sufficiently below(More)
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