An energy-based state observer for dynamical subsystems with inaccessible state variables

This work presents an energy-based state estimation formalism for a class of dynamical systems with inaccessible/ unknown outputs, and systems at which sensor utilization is impractical, or when measurements can not be taken. The power-conserving physical interconnections among most of the dynamical subsystems allow for power exchange through their power ports. Power exchange is conceptually considered as information exchange among the dynamical subsystems and further utilized to develop a natural feedback-like information from a class of dynamical systems with inaccessible/unknown outputs. This information is used in the design of an energybased state observer. Convergence stability of the estimation error for the proposed state observer is proved for systems with linear dynamics. Furthermore, robustness of the convergence stability is analyzed over a range of parameter deviation and model uncertainties. Experiments are conducted on a dynamical system with a single input and multiple inaccessible outputs (Fig. 1) to demonstrate the validity of the proposed energybased state estimation formalism

An Energy-Based State Observer for Dynamical Subsystems with Inaccessible State Variables

This work presents an energy-based state estimation formalism for a class of dynamical systems with inaccessible/ unknown outputs, and systems at which sensor utilization is impractical, or when measurements can not be taken. The power-conserving physical interconnections among most of the dynamical subsystems allow for power exchange through their power ports. Power exchange is conceptually considered as information exchange among the dynamical subsystems and further utilized to develop a natural feedback-like information from a class of dynamical systems with inaccessible/unknown outputs. This information is used in the design of an energybased state observer. Convergence stability of the estimation error for the proposed state observer is proved for systems with linear dynamics. Furthermore, robustness of the convergence stability is analyzed over a range of parameter deviation and model uncertainties. Experiments are conducted on a dynamical system with a single input and multiple inaccessible outputs (Fig. 1) to demonstrate the validity of the proposed energybased state estimation formalism

Subnational insolvency : cross-country experiences and lessons

Subnational insolvency is a reoccurring event in development, as demonstrated by historical and modern episodes of subnational defaults in both developed and developing countries. Insolvency procedures become more important as countries decentralize expenditure, taxation, and borrowing, and broaden subnational credit markets. As the first cross-country survey of procedures to resolve subnational financial distress, this paper has particular relevance for decentralizing countries. The authors explain central features and variations of subnational insolvency mechanisms across countries. They identify judicial, administrative, and hybrid procedures, and show how entry point and political factors drive their design. Like private insolvency law, subnational insolvency procedures predictably allocate default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment. Policymakers'desire to mitigate the tension between creditor rights and the need to maintain essential public services, to strengthen ex ante fiscal rules, and to harden subnational budget constraints are motivations specific to the public sector.Bankruptcy and Resolution of Financial Distress,Debt Markets,Banks&Banking Reform,Strategic Debt Management

The Case for Limited Enforceability of a Pre-Petition Waiver of the Automatic Stay

This Article explores whether a pre-petition waiver of the automatic stay in a bankruptcy proceeding is enforceable. Courts that analyze the enforceability of such waivers address the question of whether a debtor and its creditors should be allowed to opt out of this provision of the Bankruptcy Code. Based on conflict within the bankruptcy courts, the author explores the rationale for such conflict among the courts. He then proposes an approach for resolving this conflict consistent with the various statutory and public policy considerations. He concludes that courts should enforce pre-petition waivers of the automatic stay under limited circumstances

The Euro Area Crisis Management Framework – Consequences and Institutional Follow-ups

The current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management framework one has to ask what follows after the EFSF and the EFSM expire in 3 years time. In this vein, this briefing paper addresses the question of the political and economic medium- to long-term consequences of the recent decisions. Moreover, we assess what needs to be done using this window of opportunity of the coming 3 years. Which institutions need to be formalized, into what format, in order to achieve a coherent whole structure? This briefing paper presents and evaluates alternatives as regards the on-going debate on establishing permanent instruments to support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact combined with the introduction of a “European semester” and a macroeconomic surveillance and crisis mechanism, fiscal limits hard-coded into each country’s legislation in the form of automatic, binding and unchangeable rules and, as the preferred solution, the European Monetary Fund.EU governance; European Financial Stability Facility; European Financial Stabilisation Mechanism; European Monetary Fund; policy coordination; Stability and Growth Pact

The Euro Area Crisis Management Framework: Consequences and Institutional Follow-Ups

The current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management framework one has to ask what follows after the EFSF and the EFSM expire in 3 years time. In this vein, this briefing paper addresses the question of the political and economic medium-to long-term consequences of the recent decisions. Moreover, we assess what needs to be done using this window of opportunity of the coming 3 years. Which institutions need to be formalized, into what format, in order to achieve a coherent whole structure? This briefing paper presents and evaluates alternatives as regards the on-going debate on establishing permanent instruments to support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact combined with the introduction of a "European semester" and a macroeconomic surveillance and crisis mechanism, fiscal limits hard-coded into each country's legislation in the form of automatic, binding and unchangeable rules and, as the preferred solution, the European Monetary Fund.EU governance, European Financial Stability Facility, European Financial Stabilisation Mechanism, European Monetary Fund, policy coordination, Stability and GrowthPact

Developing commercial law in transition economies : examples from Hungary and Russia

Implementing decentralized legal frameworks requires reasonable laws, adequate institutions, and market-oriented incentives. All three must exist together. In transition economies, not only must new laws be drafted but they must be accompanied by the growth of supportive institutions. And they must be accompanied by economic reforms - whether privatization or banking reforms - that separate actors from the state and reinforce market-based incentives. The authors of this paper use two case studies - Hungarian bankruptcy law and Russian company law - to illustrate the interaction of these three elements in practice. These cases illustrate their general view that Central Europe is somewhat further along on all three dimensions than Russia. As for incentives, in both countries relevant actors exert weaker demand for proper implementation of thelaws on the books than one would expect in more mature market economies. The cases belie any simplistic notion that the rule of law can be mechanically dictated from above. Top-down reform of bankruptcy law in Hungary appears to have been at least marginally successful in changing expectations and behavior, partly because it stimulated the growth of new supporting institutions. Finally, top-down reform of company law in Russia has had little impact to date on either institutional development or firm behavior.Legal Institutions of the Market Economy,Legal Products,Environmental Economics&Policies,Banks&Banking Reform,Judicial System Reform,Legal Products,Banks&Banking Reform,Environmental Economics&Policies,National Governance,Legal Institutions of the Market Economy

How Registries Can Help Performance Measurement Improve Care

Suggests ways to better utilize databases of clinical information to evaluate care processes and outcomes and improve measurements of healthcare quality and costs, comparative clinical effectiveness research, and medical product safety surveillance