Hafnium iridide as a component of materials for extreme applications

Iridium-based intermetallics have high melting points, high hardness, good erosion and oxidation resistance. Compared with UHT ceramics iridium intermetallics have crack resistance and high thermal conductivity. These features are necessary for design of UHT materials. Among iridium-based intermetallics, the hafnium-iridium system is the most attractive one in terms of the oxidation resistance. Indeed, hafnium dioxide has the lowest vapor pressure at high temperatures among refractory oxides. Iridium has very high melting point, non-reactive with carbon below the eutectic temperature and has very low solubility in carbon. Oxidation mass loss rates for iridium are extremely low, therefore, it can be served as an effective diffusion barrier for inward oxygen. The aim of this work was to study the possibility of HfIr3 formation via direct reaction of hafnium carbide and iridium. Hafnium carbide and iridium powders were mixed in different ratios and heated in the 1000 - 1600°C temperature range. The products were analyzed by different analytical techniques including SEM/EDS, quantitative XRD analysis, Raman spectroscopy. The results showed that solid-state reaction between HfC and iridium starts at temperature as low as 1000°C and proceeds with the formation of HfIr3 - based solid solutions. The lattice parameter of HfC was not changed, therefore, it was concluded that there are no any Hf-C-Ir solid solutions. Disordered carbon phase as sheets was detected in products. The HfIr3-based materials were tested using arc-jet. The behavior of materials at high temperatures is discussed

Path dependence: the trajectory of post-Soviet economies

В статье возникновение плит на постсоветском пространстве рассматривается как результат переформатирования советских и партийных структур в олигархические группы. Исследуются властные отношения, сложившиеся на базе корпоративной собственности. Проанализировано соотношение между властью и бизнесом на постсоветском пространстве. При этом выявлено различие между траекториями развития постсоветских стран. Доказано, что «критической развилкой», определяющей траекторию дальнейшего развития, является склонность к демократическим преобразованиям. Сделан вывод о зависимости экономических реформ от состояния политических институтов в условиях институциональной неустойчивости.У статті виникнення еліт на пострадянському просторі розглядається як результат переформатування радянських відомчих і партійних структур в олігархічні групи. Досліджуються владні відносини, що склалися на базі корпоративної власності. Проаналізовано співвідношення між владою і бізнесом на пострадянському просторі. При цьому виявлено розходження між траєкторіями розвитку пострадянських країн. Доведено, що «критичною розвилкою», яка визначає траєкторію подальшого розвитку, є схильність до демократичних перетворень. Зроблено висновок про залежність економічних реформ від стану політичних інститутів і умовах інституціональної нестійкості.In the article the emergence of elite in the post-treated as a result of reformatting Soviet departmental and party structure in the oligarchic groups. Explores power relations established on the basis of corporate ownership. Analyzed the relationship between in the former Soviet space. At the same time revealed the difference between the trajectories for pos-Soviet countries. Proved that the “critical junction”, which determines the trajectories of further development, is the tendency for democratic reforms. It is concluded that depending on the state of the economic reforms of political institutions in terms of institutional instability

Money market funds in the US and the EU: a legal and comparative analysis

The failure of the Reserve Primary Fund, a US money market fund, in September 2008 triggered a widespread withdrawal of assets from other money market funds in the US. The withdrawals led the US Government to adopt emergency measures to maintain market stability. The ability of money market funds to rapidly withdraw funding from the financial system also showed during the European sovereign debt crisis in the summer of 2011. The crisis prompted further regulatory debate on both sides of the Atlantic on how to make money market funds more resilient to investors’ runs and systemic shocks. The solutions that are currently discussed propose to eliminate the essential bank-like feature of money market funds – their ability to transact at a stable share price – and thereby reduce their attractiveness to investors seeking cash management options outside the banking system. This thesis detaches from those discussions originally enquiring on how should money market funds be regulated in the US and in the EU. As a theoretical premise, this research identifies two overarching goals for money market funds regulation, namely, investor protection and systemic stability. The prevalent proposals for regulation are thus seen as misguided because the change in money market funds pricing mechanisms and the accounting convention would demonstrably not satisfy these goals. In order to formulate the new propositions for the regulation of money market funds in the US and the EU, therefore, this thesis first critically evaluates the existing US and EU regulatory frameworks applicable to money market funds from the standpoint of the dual policy goal of investor protection and systemic stability. Secondly, it introduces an alternative path for achieving this dual goal. It is argued that the blueprint of the international money market fund regulation ought to focus on full disclosure of the funds’ assets and liabilities – portfolio holdings and fund investors – as the primary measure of investor protection. Such disclosure also addresses systemic stability concerns by empowering regulators to properly monitor the transmission channels of funding risk. While my study does not purport to do away with risk limiting rules for money market funds, it cautions against copying the US-centric view of the investment standards to the much shallower European markets under the banners of harmonisation. Instead, this thesis advocates a harmonised international approach to the transparency of money market fund activities and the creation of a global database of market 5 exposures that would subject asset managers to public scrutiny and enable regulators to monitor the major risk transmitting channels. By these means the dual regulatory goal in money market fund regulation – investor protection and systemic stability – shall be upheld

Optimizing the Conditions of Mechanochemical Synthesis of LiAl Layered Hydroxides

AbstractLiAl layered double hydroxides (LDH) are the promising compounds for application in base catalysis and as precursors of the supports for platinum catalysts. In the work, such systems were synthesized by mechanochemical method. The effect of composition of the initial mixture (Al(OH)3, Al(NO3)3, LiOH, LiNO3), material of milling bodies (steel or ceramic), and activation conditions (centripetal acceleration and activation time) on the properties of LiAl-LDH were studied. It was found that each of the synthesized systems is a polyphase one and contains not only the LDH phase but also the side phase of aluminum trihydroxide. In addition, the samples obtained with the use of steel milling bodies have a substantial amount of iron. The use of ceramic milling bodies makes it possible to obtain the LiAl-LDH phase under relatively mild conditions (acceleration of 300 m/s2 and activation time of 15min)