Why Do Emerging Economies Borrow Short Term?

We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing long-term debt, the government lowers the probability of a rollover crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a trade-off between safer long-term debt and cheaper short-term debt. Second, we construct a new database of sovereign bond prices and issuance. We show that emerging economies pay a positive term premium (a higher risk premium on long-term bonds than on short-term bonds). During crises, the term premium increases, with issuance shifting towards shorter maturities. The evidence suggests that international investors' time-varying risk aversion is crucial to understand the debt structure in emerging economies.

Ethics of modifying the mitochondrial genome

Recent preclinical studies have shown the feasibility of specific variants of nuclear transfer to prevent mitochondrial DNA disorders. Nuclear transfer could be a valuable reproductive option for carriers of mitochondrial mutations. A clinical application of nuclear transfer, however, would entail germ-line modification, more specifically a germ-line modification of the mitochondrial genome. One of the most prominent objections against germ-line modification is the fear that it would become possible to alter 'essential characteristics' of a future person, thereby possibly violating the child's right to an open future. As only the nuclear DNA would contain the ingredients for individual characteristics, modification of the mtDNA is often considered less controversial than modification of the nuclear DNA. This paper discusses the tenability of this dichotomy. After having clarified the concept of germ-line modification, it argues that modification of the mtDNA is not substantively different from modification of the nuclear DNA in terms of its effects on the identity of the future person. Subsequently the paper assesses how this conclusion affects the moral evaluation of nuclear transfer to prevent mtDNA disorders. It concludes that the moral acceptability of germ-line modification does not depend on whether it alters the identity of the future child-all germ-line modifications do-but on whether it safeguards the child's right to an open future. If nuclear transfer to prevent mtDNA disorders becomes safe and effective, then dismissing it because it involves germ-line modification is unjustified

Why do emerging economies borrow short term?

The authors argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk-sharing problem between the government and bondholders. By issuing long-term debt, the government lowers the probability of a liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They show that emerging economies pay a positive term premium (a higher risk premium on long-term bonds than on short-term bonds). During crises, the term premium increases, with issuance shifting toward shorter maturities. This suggests that changes in bondholders'risk aversion are important to understand emerging market crises.Environmental Economics&Policies,International Terrorism&Counterterrorism,Economic Theory&Research,Payment Systems&Infrastructure,Banks&Banking Reform,Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Financial Intermediation,Public Sector Economics&Finance

Optimal Trajectories for Near-Earth-Objects Using Solar Electric Propulsion (SEP) and Gravity Assisted Maneuver

The future interplanetary missions will probably use the conventional chemical rockets to leave the sphere of influence of the Earth, and solar electric propulsion (SEP) to accomplish the other maneuvers of the mission. In this work the optimization of interplanetary missions using solar electric propulsion and Gravity Assisted Maneuver to reduce the costs of the mission, is considered. The high specific impulse of electric propulsion makes a Gravity Assisted Maneuver 1 year after departure convenient. Missions for several Near Earth Asteroids will be considered. The analysis suggests criteria for the definition of initial solutions demanded for the process of optimization of trajectories. Trajectories for the asteroid 2002TC70 are analyzed. Direct trajectories, trajectories with 1 gravity assisted from the Earth and with 2 gravity assisted from the Earth and either Mars are present. An indirect optimization method will be used in the simulations

A Generic Four-step Methodology For Institutional Analysis

The central hypothesis of this paper is that there may be situations in which the traditional approach to institutional analysis is of limited applicability. Such an approach, which has been called 'comparative institutional analysis', consists of comparing institutional environments and institutional arrangements in terms of specific economic or other efficiency criteria to see which one performs better. However, because of limitations to accurately predict the future performance of alternative institutional settings, comparisons are not always possible. Furthermore, in most cases the only information available is the performance of the current institutional setting. To account for this methodological deficiency, a generic methodology for institutional analysis, which consists of four steps (institutional structure, institutional efficiency, institutional choice, and institutional change), is proposed in this paper. Accordingly, the emphasis switches from evaluating alternative institutional choices to improving current scenarios. To show the validity of this methodology, some results of its application to a case study are presented. Although more research on this four-step methodology is needed, it proved to be robust when applied to the analysis of the governance of irrigated agriculture in the Peninsula of Santa Elena, Ecuador.New Institutional Economics, Governance structures, Institutional Change., Institutional and Behavioral Economics, B52, D02, Q25,

Spectra of ultrabroadband squeezed pulses and the finite-time Unruh-Davies effect

We study spectral properties of quantum radiation of ultimately short duration. In particular, we introduce a continuous multimode squeezing operator for the description of subcycle pulses of entangled photons generated by a coherent-field driving in a thin nonlinear crystal with second order susceptibility. We find the ultrabroadband spectra of the emitted quantum radiation perturbatively in the strength of the driving field. These spectra can be related to the spectra expected in an Unruh-Davies experiment with a finite time of acceleration. In the time domain, we describe the corresponding behavior of the normally ordered electric field variance.Comment: 11 pages, 5 figure

Circuit theory for decoherence in superconducting charge qubits

Based on a network graph analysis of the underlying circuit, a quantum theory of arbitrary superconducting charge qubits is derived. Describing the dissipative elements of the circuit with a Caldeira-Leggett model, we calculate the decoherence and leakage rates of a charge qubit. The analysis includes decoherence due to a dissipative circuit element such as a voltage source or the quasiparticle resistances of the Josephson junctions in the circuit. The theory presented here is dual to the quantum circuit theory for superconducting flux qubits. In contrast to spin-boson models, the full Hilbert space structure of the qubit and its coupling to the dissipative environment is taken into account. Moreover, both self and mutual inductances of the circuit are fully included.Comment: 8 pages, 3 figures; v2: published version; typo in Eq.(30) corrected, minor changes, reference adde

From research to farm : ex ante evaluation of strategic deworming in pig finishing

This paper upgrades generic and partial information from parasitological research for farm-specific decision support, using two methods from managerial sciences: partial budgeting and frontier analysis. The analysis focuses on strategic deworming in pig finishing and assesses both effects on economic performance and nutrient efficiency. The application of partial budgeting and frontier analysis is based on a production-theoretical system analysis which is necessary to integrate parasitological research results to assess aggregate economic and environmental impacts. Results show that both statistically significant and insignificant parasitological research results have to be taken into account. Partial budgeting and frontier analysis appear to be complementary methods: partial budgeting yields more discriminatory and communicative results, while frontier methods provide additional diagnostics through exploring optimization possibilities and economic-environmental trade-offs. Strategic deworming results in a win-win effect on economic and environmental performances. Gross margin increases with 3 to 12 € per average present finisher per year, depending on the cyclic pig price conditions. The impact on the nutrient balance ranges from +0.2 to –0.5 kg nitrogen per average present finisher per year. The observed efficiency improvements are mainly technical and further economic and environmental optimizations can be achieved through input re-allocation. A user-friendly spreadsheet is provided to translate the generic experimental information to farm-specific conditions

Microconfined flow behavior of red blood cells by image analysis techniques

This paper was presented at the 4th Micro and Nano Flows Conference (MNF2014), which was held at University College, London, UK. The conference was organised by Brunel University and supported by the Italian Union of Thermofluiddynamics, IPEM, the Process Intensification Network, the Institution of Mechanical Engineers, the Heat Transfer Society, HEXAG - the Heat Exchange Action Group, and the Energy Institute, ASME Press, LCN London Centre for Nanotechnology, UCL University College London, UCL Engineering, the International NanoScience Community, www.nanopaprika.eu.Red blood cells (RBCs) perform essential functions in human body, such as gas exchange between blood and tissues, thanks to their ability to deform and flow in the microvascular network. The high RBC deformability is mainly due to the viscoelastic properties of the cell membrane. Since an impaired RBC deformability could be found in some diseases, such as malaria, sickle cell anemia, diabetes and hereditary disorders, there is the need to provide further insight into measurement of RBC deformability in a physiologically-relevant flow field. Here, we report on an imaging-based in vitro systematic microfluidic investigation of RBCs flowing either in microcapillaries or in a microcirculation-mimicking device containing a network of microchannels of diameter comparable to cell size. RBC membrane shear elastic modulus and surface viscosity have been investigated by using diverging channels, while RBC time recovery constant have been measured in start-up experiments. Moreover, RBC volume and surface area have been measured in microcapillary flow. The comprehension of the single cell behavior led to the analysis of the RBC flow-induced clustering. Overall, our results provide a novel technique to estimate RBC deformability, that can be used for the analysis of pathological RBCs, for which reliable quantitative methods are still lacking

Assessing molecular outflows and turbulence in the protostellar cluster Serpens South

Molecular outflows driven by protostellar cluster members likely impact their surroundings and contribute to turbulence, affecting subsequent star formation. The very young Serpens South cluster consists of a particularly high density and fraction of protostars, yielding a relevant case study for protostellar outflows and their impact on the cluster environment. We combined CO $J=1-0$ observations of this region using the Combined Array for Research in Millimeter-wave Astronomy (CARMA) and the Institut de Radioastronomie Millim\'{e}trique (IRAM) 30 m single dish telescope. The combined map allows us to probe CO outflows within the central, most active region at size scales of 0.01 pc to 0.8 pc. We account for effects of line opacity and excitation temperature variations by incorporating $^{12}$CO and $^{13}$CO data for the $J=1-0$ and $J=3-2$ transitions (using Atacama Pathfinder Experiment and Caltech Submillimeter Observatory observations for the higher CO transitions), and we calculate mass, momentum, and energy of the molecular outflows in this region. The outflow mass loss rate, force, and luminosity, compared with diagnostics of turbulence and gravity, suggest that outflows drive a sufficient amount of energy to sustain turbulence, but not enough energy to substantially counter the gravitational potential energy and disrupt the clump. Further, we compare Serpens South with the slightly more evolved cluster NGC 1333, and we propose an empirical scenario for outflow-cluster interaction at different evolutionary stages.Comment: 26 pages, 15 figures, accepted for publication in the Astrophysical Journa