Financial market regulation in the wake of financial crises: the historical experience

The focus of the present volume - which originates from a workshop held at the Bank of Italy on 16 and 17 April 2009 - is the regulatory response given to financial crises in the past, across countries. Alongside the scholarly interest of such a review its aim is also to offer some insights that may be useful in re-designing regulation in the present time of distress. Financial crises have been examined under many perspectives, including that of regulatory failures. The studies assembled in this volume, which touch on a significant array of countries, can be viewed as part of a historical survey on this issue. The basic question is whether regulatory responses form a pattern, and more specifically, whether they tend to be biased with respect to an optimum, however defined. In the end, rather than finding one pattern of response, we were able to identify the "disturbances" which most often enter the post-crisis decisional process. The awareness of such factors, and some knowledge of their functioning, are instrumental in understanding (for academics) and in governing (for policy makers) the response to major financial crises.Financial crises, financial regulation, economic history

The Univalence Principle

The Univalence Principle is the statement that equivalent mathematical structures are indistinguishable. We prove a general version of this principle that applies to all set-based, categorical, and higher-categorical structures defined in a non-algebraic and space-based style, as well as models of higher-order theories such as topological spaces. In particular, we formulate a general definition of indiscernibility for objects of any such structure, and a corresponding univalence condition that generalizes Rezk's completeness condition for Segal spaces and ensures that all equivalences of structures are levelwise equivalences. Our work builds on Makkai's First-Order Logic with Dependent Sorts, but is expressed in Voevodsky's Univalent Foundations (UF), extending previous work on the Structure Identity Principle and univalent categories in UF. This enables indistinguishability to be expressed simply as identification, and yields a formal theory that is interpretable in classical homotopy theory, but also in other higher topos models. It follows that Univalent Foundations is a fully equivalence-invariant foundation for higher-categorical mathematics, as intended by Voevodsky.Comment: A short version of this book is available as arXiv:2004.06572. v2: added references and some details on morphisms of premonoidal categorie

Performance of multiphase packed-bed reactors and scrubbers on offshore floating platforms: hydrodynamics, chemical reaction, CFD modeling and simulation

Les systèmes flottants de production, stockage et de déchargement (FPSO) ont été introduits dans les secteurs d'exploitation des hydrocarbures offshore en tant qu'outils facilement déplaçables pour l’exploitation de champs de pétrole et de gaz de petites ‘a moyenne tailles ou lorsque ceux-ci sont éloignés des côtes ou en eaux profondes. Ces systèmes sont de plus en plus envisagés pour les opérations de traitement et de raffinage des hydrocarbures à proximité des sites d'extraction des réservoirs sous-marins en utilisant des laveurs et des réacteurs à lit fixe embarqués. De nombreuses études dans la littérature pour découvrir l'hydrodynamique de l'écoulement polyphasiques dans des lits garnis ont révélé que la maîtrise de tels réacteurs continue d’être un défi quant à leur conception /mise à l'échelle ou à leur fonctionnement. De plus, lorsque de tels réacteurs sont soumis à des conditions fluctuantes propres au contexte marin, l'interaction des phases devient encore plus complexe, ce qui entraîne encore plus de défis dans leur conception. Les travaux de recherche proposés visent à fournir des informations cruciales sur les performances des réacteurs à lit fixes à deux phases dans le cadre d'applications industrielles flottantes. Pour atteindre cet objectif, un simulateur de mouvement de navire de type hexapode avec des mouvements à six degrés de liberté a été utilisé pour simuler les mouvements des FPSO tandis que des capteurs à maillage capacitif (WMS) et un tomographe à capacitance électrique (ECT) couplés avec le lit garni ont permis de suivre en ligne les caractéristiques dynamiques locales des écoulements diphasiques. L'effet des inclinaisons et des oscillations de la colonne sur le comportement hydrodynamique des lits garnis biphasiques a été étudié, puis les résultats ont été comparés à leurs analogues terrestres correspondants (colonne verticale immobile). De plus, des stratégies opérationnelles potentielles ont été proposées pour atténuer la maldistribution des fluides résultant des oscillations du lit ainsi que pour intensifier le processus de réactions dans les réacteurs à lit fixe. Parallèlement aux études expérimentales, un modèle Eulérien CFD transitoire 3D a été développé pour simuler le comportement hydrodynamique de lits garnis polyphasiques sous des inclinaisons et des oscillations de colonnes. Enfin, pour compléter le travail expérimental, une étude systématique a été réalisée pour étudier les performances de capture de CO2 à base d'amines d’un laveur à garnissage (en vrac et structuré) émulant une colonne à bord des ...Floating production storage and offloading (FPSO) systems have been introduced to offshore hydrocarbon exploitation sectors as readily movable tools for development of small or remote oil and gas fields in deeper water. These systems are increasingly contemplated for onboard treatment and refining operations of hydrocarbons extracted from undersea reservoirs near extraction sites using embarked packed-bed scrubbers and reactors. Numerous efforts in the literature to uncover the hydrodynamics of multiphase flow in packed beds have disclosed that such reactors continue to challenge us either in their design/scale-up or their operation. Furthermore, when such reactors are subjected to marine conditions, the interaction of phases becomes even more complex, resulting in further challenges for design and scale-up. The proposed research aims at providing important insights into the performance of two-phase flow packed-bed reactors in the context of floating industrial applications. To achieve this aim, a hexapod ship motion simulator with six-degree-of-freedom motions was employed to emulate FPSO movements while capacitance wire mesh sensors (WMS) and electrical capacitance tomography (ECT) coupled with the packed bed scrutinized on-line and locally the two-phase flow dynamic features. The effect of column tilts and oscillations on the hydrodynamic behavior of multiphase packed beds was investigated and then the results were compared with their corresponding onshore analogs. Moreover, potential operational strategies were proposed to diminish fluid maldistribution resulting from bed oscillations as well as for process intensification of heterogeneous catalytic reactions in packed-bed reactors. In parallel with the experiment studies, a 3D transient Eulerian CFD model was developed to simulate the hydrodynamic behavior of multiphase packed beds under column tilts and oscillations. Ultimately, a systematic experimental study was performed to address the amine-based CO2 capture performance of packed-bed scrubbers on board offshore floating vessels/platforms. Apart from gaining a comprehensive knowledge on the influence of translational and rotational movements on multiphase flows in porous media, oil and gas sectors and ship industry would benefit from the results of this work for design and scale-up of industrial reactors and scrubbers.Unité flottante de production, de stockage et de déchargemen

Transformation Thermotics and Extended Theories

This open access book describes the theory of transformation thermotics and its extended theories for the active control of macroscopic thermal phenomena of artificial systems, which is in sharp contrast to classical thermodynamics comprising the four thermodynamic laws for the passive description of macroscopic thermal phenomena of natural systems. This monograph consists of two parts, i.e., inside and outside metamaterials, and covers the basic concepts and mathematical methods, which are necessary to understand the thermal problems extensively investigated in physics, but also in other disciplines of engineering and materials. The analyses rely on models solved by analytical techniques accompanied by computer simulations and laboratory experiments. This monograph can not only be a bridge linking three first-class disciplines, i.e., physics, thermophysics, and materials science, but also contribute to interdisciplinary development

Static and dynamic traversable wormholes

The aim of this work is to discuss the effects found in static and dynamic wormholes that occur as a solution of Einstein equations in general relativity. The ground is prepared by presentation of "faster than light" effects, historical perspective, wormhole definition and contemporary directions in wormhole research. Then the focus is narrowed to Morris-Thorne framework for static spherically symmetric wormhole. Energy conditions being a fundamental component in wormhole physics are discussed in detail, their definition, most common violations and attempts to exocit matter quantification. Two types of dynamic wormholes, evolving and rotating, together with their variations are considered. Computer algebra and Cartan calculus are used to obtain detailed solutions.Mathematical SciencesM.Sc. (Applied Mathematics

Transformation Thermotics and Extended Theories

This open access book describes the theory of transformation thermotics and its extended theories for the active control of macroscopic thermal phenomena of artificial systems, which is in sharp contrast to classical thermodynamics comprising the four thermodynamic laws for the passive description of macroscopic thermal phenomena of natural systems. This monograph consists of two parts, i.e., inside and outside metamaterials, and covers the basic concepts and mathematical methods, which are necessary to understand the thermal problems extensively investigated in physics, but also in other disciplines of engineering and materials. The analyses rely on models solved by analytical techniques accompanied by computer simulations and laboratory experiments. This monograph can not only be a bridge linking three first-class disciplines, i.e., physics, thermophysics, and materials science, but also contribute to interdisciplinary development

NBS monograph

From Introduction: "This report is the first of a series intended to provide a selective overview of research and development efforts and requirements in the somewhat overlapping fields of the computer and information sciences and technologies. The projected series of reports will attempt to outline the probable range of R & D activities in the computer and information sciences and technologies through selective reviews of the literature and to develop a reasonable consensus with respect to the opinions of workers in these and potentially related fields as to areas of continuing R & D concern for research program planning or review in these areas.

Uncatalysed steam pretreatment regimes for bagasse and harvest residues in a sugarcane biorefinery

ENGLISH ABSTRACT: Biorefining of sugarcane lignocellulosic wastes, i.e. bagasse and harvest residues, at existing cane sugar mills can diversify product ranges to potentially improve profitability. Bagasse is the fibrous residue after juice extraction from the cane and harvest residues are all agricultural wastes generated during sugarcane harvesting. Pretreatment, the first step in bioprocessing of lignocellulose, must ensure maximum yields of desired sugar intermediates (glucose, xylose and arabinose) according to lignocellulosic feedstock and downstream bioconversion requirements. This study chose steam pretreatment for its proven track record in largescale operations and availability of steam at sugar mills, and was studied uncatalysed to allow operation without chemicals addition. The originality of this study firstly included the direct comparison of bagasse and harvest residues pretreatment operability in the same equipment. Uncatalysed steam pretreatment of these feedstocks was optimised by response surface methodology in the ranges of 185 – 215 °C and 5 – 15 min for maximum digestibility (indication of cellulose accessibility to enzymes) of the solids, maximum combined sugar yield (CSY) and maximum hemicellulose recovery to identify preferred pretreatment operating regimes. Secondly, deacetylation (acetyl groups removed from lignocellulose with a mild alkaline extraction) upstream of uncatalysed steam pretreatment was proposed as a detoxification step to remove acetic acid in downstream fermentation. Uncatalysed steam pretreatment of raw and deacetylated bagasse and harvest residues was compared on digestibility, fermentability (portion of maximum theoretical ethanol yield that can be obtained) and dewaterability of the pretreated material. Thirdly, the contribution of the explosion step during steam pretreatment to improving digestibility of the pretreated solids was investigated by comparing material retained and released during the sudden depressurisation at the end of pretreatment. The most significant findings of this study included that sugarcane harvest residues were better suited than bagasse for biorefining via a sugar platform for the following reasons: (1) harvest residues allowed for robust uncatalysed steam pretreatment at a single condition (between 198 and 200 °C, and between 8 and 12 min) to obtain at least 95% of the maximum digestibility, CSY and hemicellulose recovery values, respectively; (2) maximum digestibility was obtained at lower severity (205.8 °C, 8.7 min as opposed to 215 °C, 15 min for bagasse); (3) pretreated harvest residues did not require detoxification at optimum pretreatment conditions; and (4) pretreated harvest residues displayed better dewaterability, especially when pretreated for maximum hemicellulose recovery, compared to bagasse. Furthermore, it was found that the mechanical impingement experienced by steam pretreated material as it is transported during depressurisation, has a significant contribution to improving digestibility. Also, it was found that deacetylation of feedstocks can be performed prior to uncatalysed steam pretreatment as a detoxification step that could potentially increase fermentability of pretreated pressed slurries (not washed). Consequently, it is proposed that bagasse continues to be used to generate steam and electricity in a sugar mill, while attention should be given to the recovery, collection and allocation of sugarcane harvest residues as an attractive sugarcane biorefinery feedstock.AFRIKAANSE OPSOMMING: Bioraffinering van suikerriet lignosellulose-afval, i.e. bagasse en oesreste, by bestaande suikermeulens kan produkreekse diversifiseer en winsgewendheid moontlik verbeter. Bagasse is die veselreste na ekstraksie van suikersap uit suikerriet, terwyl oesreste alle plantaardige afval wat gegenereer word gedurende die oes van suikerriet insluit. Voorbehandeling, die eerste stap in bioprossesering van lignosellulose, moet die maksimale opbrengs van die verlangde intermediêre suikers (glukose, xilose en arabinose) verseker na gelang van die lignosellulosevoer en stroomaf bio-omsettingvereistes. Hierdie studie het stoomvoorbehandeling gekies vir sy bewese prestasies in grootskaalse bedrywe, asook vir die beskikbaarheid van stoom by suikermeulens, en is ongekataliseerd ondersoek om voorsiening te maak vir bedryf sonder die toevoeging van chemikalië. Die oorspronklikheid van hierdie studie het eerstens die direkte vergelyking in voorbehandelingsbedryfbaarheid tussen bagasse en oesreste in dieselfde toerusting ingesluit. Ongekataliseerde stoomvoorbehandeling van hierdie voere is geoptimeer deur gebruik te maak van responsie-oppervlak metodologie in die bestekke 185 – 215 °C en 5 – 15 min vir maksimum verteerbaarheid (indikasie van sellulose toeganklikheid tot ensieme) van soliede, maksimum gekombineerde suikeropbrengs en maksimum hemisellulose herwinning om voorkeur voorbehandelingsbedryfsregimes te identifiseer. Tweedens, deasetilering (asetielgroep verwydering uit lignosellulose met ‘n matig alkaliese ekstraksie) stroomop van ongekataliseerde stoomvoorbehandeling is as detoksifiseringstap voorgestel vir die verwydering van asynsuur in stroomaf fermentasie. Ongekataliseerde stoomvoorbehandeling van rou en gedeasetileerde bagasse en oesreste is vergelyk op grond van verteerbaarheid, fermenteerbaarheid (gedeelte van maksimum teoretiese etanolopbrengs wat behaal kan word) en ontwatering van die voorbehandelde materiaal. Derdens, die bydra van die ontploffingstap gedurende stoomvoorbehandeling om verteerbaarheid van voorbehandelde materiaal te verbeter, is ondersoek deur materiaal te vergelyk wat teruggehou is en vrygelaat is gedurende die skielike drukontlasting aan die einde van voorbehandeling. Die mees beduidende bevindings van hierdie studie het ingesluit dat suikerriet oesreste meer geskik was as bagasse vir bioraffinering via ‘n suikerplatform weens die volgende redes: (1) oesreste het toegelaat vir robuuste ongekataliseerde stoomvoorbehandeling by ‘n enkele kondisie (tussen 198 en 200 °C, en tussen 8 en 12 min) om ten minste 95% van die maksimum verteerbaarheid, gekombineerde suikeropbrengs en hemisellulose herwinning waardes respektiewelik te behaal; (2) maksimum verteerbaarheid is by ‘n minder strawwe kondisie verkry (205.8 °C, 8.7 min teenoor 215 °C, 15 min vir bagasse); (3) voorbehandelde oesreste het nie detoksifisering by die optimale voorbehandelingskondisies benodig nie; en (4) voorbehandelde oesreste het beter ontwatering getoon, veral wanneer daar voorbehandel is vir hemisellulose herwinning, vergeleke met bagasse. Verder is daar gevind dat die meganiese botsing, soos ondervind deur die voorbehandelde materiaal wanneer dit vervoer word gedurende drukontlasting, beduidend bydra tot die verteerbaarheid. Ook is gevind dat deasetilering van die voerstowwe voor ongekataliseerde voorbehandeling uitgevoer kan word as ‘n detoksifiseringstap vir potensieel verbeterde fermenteerbaarheid van gepersde flodders (ongewas). Gevolglik word dit voorgestel dat bagasse steeds benut word vir die opwekking van stoom en eletrisiteit in ‘n suikermeul, terwyl aandag geskenk moet word aan die herwinning, versameling en toekenning van suikerrietoesreste as ‘n belowende voerstof tot ‘n suikerrietbioraffinadery.Doctora

The Global Environmental Moment: Sovereignty and American Science on Spaceship Earth, 1945-1974

This dissertation argues that the still-existent political contours of international engagement on global environmental issues were forged in the late 1960s and early 1970s, in what I call the global environmental moment, during planning for and in the actions taken surrounding the first intergovernmental conference on the world environment: the United Nations Conference on the Human Environment (UNCHE), held in Stockholm Sweden in June 1972. Throughout the prior years of planning for the UNCHE, relatively less developed nations of the global South, led by Brazil, demanded that all environmental efforts must support--not limit--endeavors toward economic development, and along with other members of the Unite Nations, refused to relinquish their national sovereignty for the sake of global environmental protection. Ultimately, the UNCHE produced a Declaration, an Action Plan, and a new United Nations Environment Program (UNEP) to coordinate environmental planning within the UN; yet these outward successes institutionalized non-binding, disjointed, and underfunded efforts that split the global North and South over the means for attaining global environmental protection. With the UN conference refusing to alter the status quo of geopolitical organization and impotent against stemming the environmental impact of economic development, large numbers of non-governmental organizations, politically active scientists, and environmental advocates of all stripes also descended on Stockholm to voice their own opinions on the causes and solutions to ongoing environmental degradation. Yet, the alternative conferences in Stockholm where these outliers met also fractured in political conflicts between advocates for the global South and those promoting environmental remedies popular in the global North. Collectively, the collapse of the global environmental moment amid these political and ideological differences created the historical ruts in which debate on global environmental issues have continued to tread ever since