Sovereign debt and its restructuring framework in the Euro area. Bruegel Working Paper 2013/05, August 2013

To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in public debt levels; but because austerity also weakens growth, public debt ratios have barely budged. Austerity has also implied continued high private debt ratios. And these debt burdens have perpetuated economic stasis. Economic theory,history, and the recent experience all call for a principled debt restructuring mechanism as an integral element of the euro area’s design. Sovereign debt should be recognised as equity (a residual claim on the sovereign), operationalised by the automatic lowering of the debt burden upon the breach of contractually-specified thresholds. Making debt more equity-like is also the way forward for speedy private deleveraging. This debt-equity swap principle is a needed shock absorber for the future but will also serve as the principle to deal with the overhang of ‘legacy’ debt

Transparent restructuring of pointer-linked data structures

In contemporary computer systems, data layout has great influence on performance. Traditionally, automatic restructuring in type-unsafe languages has been hard, especially in the presence of pointers. In this thesis, the foundations are laid for successful restructuring of pointer linked data structures in type-unsafe languages such as C.UBL - phd migration 201

MultiView : a methodology for supporting multiple view schemata in object-oriented databases

It has been widely recognized that object-oriented database (OODB) technology needs to be extended to provide a mechanism similar to views in relational database systems. We define an object-oriented view to be an arbitrarily complex virtual schema graph with possibly restructured generalization and decomposition hierarchies - rather than just one virtual class as has been proposed in the literature. In this paper, we propose a methodology, called MultiView, for supporting multiple such view schemata. MultiView breaks the schema design task into the following independent and well-defined subtasks: (1) the customization of type descriptions and object sets of existing classes by deriving virtual classes, (2) the integration of all derived classes into one consistent global schema graph, and (3) the definition of arbitrarily complex view schemata on this augmented global schema. For the first task of MultiView, we define a set of object algebra operators that can be used by the view definer for class customization. For the second task of MultiView, we propose an algorithm that automatically integrates these newly derived virtual classes into the global schema. We solve the third task of MultiView by first letting the view definer explicitly select the desired view classes from the global schema using a view definition language and then by automatically generating a view class hierarchy for these selected classes. In addition, we present algorithms that verify the closure property of a view and, if found to be incomplete, transform it into a closed, yet minimal, view. In this paper, we introduce the fundamental concept of view independence and show MultiView to be view independent. We also outline implementation techniques for realizing MultiView with existing OODB technology

Reverse Engineering from Assembler to Formal Specifications via Program Transformations

The FermaT transformation system, based on research carried out over the last sixteen years at Durham University, De Montfort University and Software Migrations Ltd., is an industrial-strength formal transformation engine with many applications in program comprehension and language migration. This paper is a case study which uses automated plus manually-directed transformations and abstractions to convert an IBM 370 Assembler code program into a very high-level abstract specification.Comment: 10 page

Technology and restructuring the social field of dairy farming : hybrid capitals, ‘stockmanship’ and automatic milking systems

This paper draws on research exploring robotic and information technologies in livestock agriculture. Using Automatic Milking Systems (AMS) as an example we use the work of Bourdieu to illustrate how technology can be seen as restructuring the practices of dairy farming, the nature of what it is to be a dairy farmer, and the wider field of dairy farming. Approaching technology in this way and by drawing particularly upon the ‘thinking tools’ (Grenfell, 2008) of Pierre Bourdieu, namely field, capital and habitus, the paper critically examines the relevance of Bourdieu’s thought to the study of technology. In the heterogeneous agricultural context of dairy farming, we expand on Bourdieu’s types of capital to define what we have called ‘hybrid’ capital involving human-cow-technology collectives. The concept of hybrid capital expresses how the use of a new technology can shift power relations within the dairy field, affecting human-animal relations and changing the habitus of the stock person. Hybrid capital is produced through a co-investment of stock keepers, cows and technologies, and can become economically and culturally valuable within a rapidly restructuring dairying field when invested in making dairy farming more efficient and changing farmers’ social status and work-life balance. The paper shows how AMS and this emergent hybrid capital is associated with new but contested definitions of what counts as ‘good’ dairy farming practice, and with the emergence of new modes of dairy farmer habitus, within a wider dairy farming field whose contours are being redrawn through the implementation of new robotic and information technologies

Hungary's bankruptcy experience, 1992-93

Hungary adopted a tough new bankruptcy law in late 1991 that took effect on January 1, 1992. It required managers of firms with arrears over 90 days to any creditor to file for either reorganization or liquidation within eight days (the so-called"automatic trigger") and provided a rather sympathetic framework in which to do so. The result: since January 1992, more than 25,000 cases have been filed - far beyond lawmakers'expectations. Both positive and negative views about the law have been expressed, but details about how the process has actually worked have been scarce. The authors help fill this information gap by providing detailed data on a randomly selected stratified sample of actual cases filed in 1992-93, supplemented by information gained through interviews with judges, liquidations, and firms involved in bankruptcy. Their conclusions are as follows. First, the bankruptcy process appears to have had some degree of economic logic in 1992 and 1993. Better firms were more likely to enter and emerge"successfully"from reorganization, while worse firms were more likely either to fail in reorganization or to file directly for liquidation. Second, judicial reorganization need not be slow and costly. The first wave of reorganizations was handled surprisingly quickly, especially considering the sheer number of cases, the novelty of the process, and the shortage of trained judges. This quickness was possible largely because of the decentralized design of the process. Once the court approved a case, the court had little role. (Amendments added in 1993 may have made the process more bureaucratic and expensive). Third, in this sample, major delays occurred not in reorganization but in liquidation. Creditors will do almost anything to avoid filing for liquidation, and once firms enter liquidation they are still likely to be kept alive indefinitely. In the end, this lack of a viable creditor-led"exit"and debt collection mechanism harms firms by increasing the cost and reducing the flow of credit. Fourth, although the bankruptcy process displays some degree of economic logic, one should not assume that it operates as a similar law would in a market economy. In particular, a likely source of private gain in Hungary appears to be asset or other value diversion (or"value-stripping) before bankruptcy. Fifth, the main need is to strengthen the incentives of creditors to monitor the process closely and to improve their ability to do so.Banks&Banking Reform,International Terrorism&Counterterrorism,Strategic Debt Management,Small Scale Enterprise,Small and Medium Size Enterprises,Banks&Banking Reform,Strategic Debt Management,Legal Products,International Terrorism&Counterterrorism,Economic Theory&Research

Explicitness and ellipsis as features of conversational style in British English and Ecuadorian Spanish

In this article I examine differences in conversational style between British English and Ecuadorian Spanish which can be the source of communication conflict among speakers of these two languages in telephone conversations, and, presumably in other types of interaction. I look at the language of mediated and non-mediated telephone conversations and examine one feature that interacts with indirectness, i.e., the degree of explicitness participants employ to realize similar acts or moves in the two languages. In non-mediated telephone interactions both British English and Ecuadorian Spanish speakers appear to display a preference for the use of explicitness in formulating various telephone management moves. On the other hand, in mediated interactions, while the British appear to favour explicitness, Ecuadorians in the present study, make use of elliptical forms. The latter, however, tend to be accompanied by deference markers. Differences in the use of explicit and elliptical utterances are interpreted as reflecting that, in certain types of interactions, Ecuadorians favour a style that can be characterized as fast and deferential, but possibly rather abrupt to the English, whereas the latter appear to favour a less hurried style which emphasizes the expression of consideration rather than deference

Bioinformatics service reconciliation by heterogeneous schema transformation

This paper focuses on the problem of bioinformatics service reconciliation in a generic and scalable manner so as to enhance interoperability in a highly evolving field. Using XML as a common representation format, but also supporting existing flat-file representation formats, we propose an approach for the scalable semi-automatic reconciliation of services, possibly invoked from within a scientific workflows tool. Service reconciliation may use the AutoMed heterogeneous data integration system as an intermediary service, or may use AutoMed to produce services that mediate between services. We discuss the application of our approach for the reconciliation of services in an example bioinformatics workflow. The main contribution of this research is an architecture for the scalable reconciliation of bioinformatics services

Overcoming the gridlock in EMU decision-making. CEPS Policy Insights No 2020-03 / March 2020

The completion of EMU, and banking union as its critical component, requires that certain taboos in the policy debate are brought out in the open. First, the Commission must stop pretending that Italian public debt is sustainable under current policies and shift from politically motivated forbearance to serious implementation of the SGP and notably its debt rule. Second, it is necessary to acknowledge that crisis management by the ESM is crippled as long as its financial assistance can only be granted after the country in need is close to losing market access and, in addition, this threatens the financial stability of the entire euro area. The already-existing alternative to assist a country that is not respecting the SGP is to utilise the enhanced conditional credit line (ECCL) introduced by the ESM reform, approved by the European Council and awaiting national ratifications, in order to agree on a full-fledged adjustment programme before any euro area member (Italy) comes to the brink again – without any preventive conditions on the sustainability of public debt. And, third, the completion of the banking union requires a reduction of banks’ home sovereign portfolios, that can be incentivised by the introduction of mild concentration charges. However, the system will not work without simultaneously offering the banks and financial investors in general a true European safe asset, fully guaranteed by its member states. Our proposal is that such a safe asset could be offered by the ESM, which would purchase in exchange the sovereigns held by the ESCB as a result of the quantitative easing asset purchase programme. The risk of losses on these sovereigns would continue to lie with the national central banks, thus avoiding the transfer of new risks to the ESM