Power plant investment decisions under carbon price uncertainty
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Ημερομηνία
2015-03-23
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Loulas, Minas D., Power plant investment decisions under carbon price uncertainty, International Hellenic University, Thessaloniki, 2011
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This study aims in two directions. First of all, it analyzes in a non technical way the main characteristics of the three Basel Accords since 1988 when the first accord was established. The accords are a set of agreements and their regulatory rules must be followed by the international banks and the financial institutions worldwide. The Basel Committee started with the implementation of the first accord, but due to the changes in the financial market in the 1990‟s, it decided to present a new updated framework. In December 2010 the implementation of the Basel III Accord came as a response to the recent financial crisis bringing innovations with regards to the various risks that an international bank may face. One form of these risks is market risk. The second part of this study in the second part aims to calculate the market risk of a portfolio of Greek bonds following the variance-covariance approach. Through this approach, it aims to answer if this model is operational. Last but not least, this study aims to connect the Basel Accord with the estimation of the risks and present the capital requirements that a bank can set aside by holding this portfolio.