Foreign Bond Markets and Financial Market Development: International Perspectives

The domestic bond markets of the Asia and Pacific region have grown considerably since the Asian financial crisis of 1997, although they remain undeveloped relative to the region's weight in the world economy. This paper proposes that in order to encourage further development of these markets, regulators should make them more accessible to foreign borrowers. To that end we offer insights into the nature and mechanics of foreign bond issuance by investigating the key characteristics of 3,132 foreign bonds issued in 14 countries (other than the United States) between July 1928 and June 2009. We found that the foreign borrowers that tap domestic markets are overwhelmingly of high credit quality and comprise sovereigns, supranationals, and major financial institutions. There is a preference for simple fixed-rate payment structures, which can then be swapped into the currency and coupon type of choice using currency and interest rate derivatives. On the whole, the long-term viability of foreign bond markets appears linked to the presence of highly liquid foreign exchange and derivatives markets that facilitate risk management and transformation, enabling regulation that facilitates cooperation with market participants, the presence of benchmark issues, and competitive pricing between alternate market segments.bond markets; financial market development; foreign bonds

An assessment of inductive coupling roadway powered vehicles

The technical concept underlying the roadway powered vehicle system is the combination of an electrical power source embedded in the roadway and a vehicle-mounted power pickup that is inductively coupled to the roadway power source. The feasibility of such a system, implemented on a large scale was investigated. Factors considered included current and potential transportation modes and requirements, economics, energy, technology, social and institutional issues. These factors interrelate in highly complex ways, and a firm understanding of each of them does not yet exist. The study therefore was structured to manipulate known data in equally complex ways to produce a schema of options and useful questions that can form a basis for further, harder research. A dialectical inquiry technique was used in which two adversary teams, mediated by a third-party team, debated each factor and its interrelationship with the whole of the known information on the topic

Power struggles and playing politics: an application of Bourdieu's cultural intermediation theory to place marketing

Place branding strategies contribute to policy decisions that shape a city. Little research, however, investigates how place marketers influence the decision-making of those higher up in the value chain. Drawing upon Bourdieu's theory of cultural intermediation, we identify where these professionals exhibit influence in a city branding endeavour and what impact they have on policy decisions. We report results of semi-structured interviews with senior place marketers at 13 cities around the world and find that policy decisions are influenced in unofficial, hidden and non-systemic ways, including identifying and working with key stakeholders behind the scenes, playing politics, and applying a promotional lens to policy endeavours. We discuss these findings and their implications on theory and practice

The use of the Continuously Regenerating Trap (CRT^TM) and SCRT^TM Systems to meet future emissions legislation

The progressive tightening of particulate matter (PM) legislation presents challenges to the engine development and aftertreatment communities. The Continuously Regenerating Trap (CRTTM) has been developed to enable diesel engines to meet the proposed future legislation. This passive filter system combines an oxidation catalyst with a Diesel Particulate Filter (DPF); the filter traps the PM and the oxidation catalyst generates NO2 which combusts the trapped PM at substantially lower temperatures than is possible using oxygen. This paper outlines the operating principle of the CRTTM, and describes the performance of the system. It has been shown that the very high PM conversions obtained with the CRTTM can enable even Euro 1 engines to meet the PM limits proposed for introduction in Europe in 2005. In addition, the system removes PM across the whole particle size range, including ultrafine particulates. These results will be discussed, as will in-field durability studies which have shown that the system is still capable of converting 90% of PM after very high mileage operation (up to 600,000 km). In addition to requiring very high PM conversion, the proposed future legislation requires substantial reductions in NOx emissions form heavy duty diesel vehicles. To meet these challenges the SCRTTM has been developed. This combines the CRTTM with SCR (Selective Catalytic Reduction) technology, and enables very high simultaneous conversions of CO, HC, PM and NOx to be achieved. The SCRTTM system is described, and its operating characteristics are discussed. It has been shown that the SCRTTM can potentially meet the legislative limits proposed for introduction in Europe in 2008

Deepest Near-IR Surface Photometry of Galaxies in the Local Sphere of Influence

We present near-IR, deep (4 mag deeper than 2MASS) imaging of 56 Local Volume galaxies. Global parameters such as total magnitudes and stellar masses have been derived and the new near-IR data combined with existing 21cm and optical B-band data. We present multiwavelength relations such as the HI mass-to-light ratio and investigate the maximum total baryonic mass a galaxy can have.Comment: 4 pages, 3 figures, To be published in the proceedings of "Galaxies in the Local Volume", ed. B. Koribalski, H. Jerje

Gas rich galaxies from the FIGGS survey

The FIGGS (Faint Irregular Galaxy GMRT Survey) is aimed at creating a multi-wavelength observational data base for a volume limited sample of the faintest gas rich galaxies. In this paper we discuss two very gas rich galaxies that were observed as part of the FIGGS survey, viz. NGC 3741 and And IV. These galaxies are unusual in that they have extremely extended gas disks and very high ratios of dark to luminous matter. The very extended HI disks provide an unique opportunity to trace the extended distribution of dark matter around faint galaxies. We compare the baryon fraction of these galaxies with a sample of galaxies with well measured rotation curves and discuss whether extremely gas rich dwarf galaxies have abnormally small baryon fractions.Comment: 5 Pages, 4 Figures. To be published in the proceedings of "Galaxies in the Local Volume", ed. B. Koribalski, H. Jerje