571 research outputs found

    Interest rates in open economies : real interest rate parity, exchange rates, and country risk in industrial and developing countries

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    The paper tests for the relative importance of international capital market integration in determining interest rates in a broad sample of both industrial and developing countries. The recent turbulence in industrial country financial markets has underscored these concerns. One view holds that it is possible for countries to conduct an independent domestic interest rate policy. The other suggests that there is very little room for managing interest rates in open economies without destabilizing effects on exchange rates - given the massive volumes of capital market transactions that force interest rate parity across countries. Interest rate formation in developing countries has attracted much less attention. But it is an increasingly important issue as a growing number of them undertake financial liberalization. The central question for policy-makers is again the degree to which domestic interest rates are influenced by world interest rates. A separate concern is high domestic interest rates, relative to world interest rates, in some developing countries. A model of real interest rate parity is proposed as the main test for capital market integration - that is, that nominal interest rate differences across countries are largely explained by inflation differentials (rather than uncovered or covered nominal interest parity). The evidence suggests strongly that although domestic monetary policies play a significant role, real interest parity is a dominant factor, in both industrial and developing countries. However, expectations of exchange rate changes also significantly influence interest rates. A third key factor is the apparent presence of significant"country risk", unexplained by macroeconomic imbalances, for some developing countries (for example, Chile, Indonesia, Mexico, and the Philippines) pushing real domestic interest rates higher than what would be otherwise predicted. The concluding section discusses the possible reasons for such"country-risk"in the case of Indonesia.Banks&Banking Reform,Economic Theory&Research,Macroeconomic Management,Environmental Economics&Policies,Insurance&Risk Mitigation

    Bark Extract of Lantana camara in 1M HCl as Green Corrosion Inhibitor for Mild Steel

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    Lantana camara, an invasive species that adversely affects habitant, bioregions and environment has been studied as corrosion inhibitor. Methanolic extract of barks of Lantana camara in 1 M hydrochloric acid was tested as corrosion inhibitor on mild steel using potentiodynamic polarization technique. The corrosion inhibition efficiency of extract varied with concentration of extract and immersion of time. The inhibition was found to increase with increase in concentration of the extract. The polarization behavior of mild steel revealed that maximum inhibition efficiency is 97.33 % and 89.93 % respectively in the 1000 and 200 ppm concentration of the inhibitor respectively. The results showed that the extract of the barks of Lantana camara served as a mixed type inhibitor

    Measurement of the top quark forward-backward production asymmetry and the anomalous chromoelectric and chromomagnetic moments in pp collisions at √s = 13 TeV

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    Abstract The parton-level top quark (t) forward-backward asymmetry and the anomalous chromoelectric (d̂ t) and chromomagnetic (Ό̂ t) moments have been measured using LHC pp collisions at a center-of-mass energy of 13 TeV, collected in the CMS detector in a data sample corresponding to an integrated luminosity of 35.9 fb−1. The linearized variable AFB(1) is used to approximate the asymmetry. Candidate t t ÂŻ events decaying to a muon or electron and jets in final states with low and high Lorentz boosts are selected and reconstructed using a fit of the kinematic distributions of the decay products to those expected for t t ÂŻ final states. The values found for the parameters are AFB(1)=0.048−0.087+0.095(stat)−0.029+0.020(syst),Ό̂t=−0.024−0.009+0.013(stat)−0.011+0.016(syst), and a limit is placed on the magnitude of | d̂ t| < 0.03 at 95% confidence level. [Figure not available: see fulltext.

    Measurement of t(t)over-bar normalised multi-differential cross sections in pp collisions at root s=13 TeV, and simultaneous determination of the strong coupling strength, top quark pole mass, and parton distribution functions