Latin American Central Bank Reform: Progress and Challenges

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.Central banks independence, monetary policy, inflation, Latin America

Accounts of the Commissioners of the Continental Congress

The material being examined in this paper consists of certain accounting records: the Household accounts of Benjamin Franklin and John Adams at Passy, for the period from 9 April to 24 August 1778, in English, and the accounts of the Commissioners (Franklin, Adams, and Lee) with the Swiss banker Ferdinand Grand of Paris, from 30 March to 12 November 1778, in French, along with some of the letters written by and received by John Adams during this same period. These documents are now available to scholars in the recently published Papers of John Adams. It should be noted that larger sums relating to personal expenditures were often paid through the banker Grand rather than from the household accounts, which were used for general living expenses, smaller personal expenditures, and as a sort of petty cash fund for official business

Characterization of sequences and mechanisms through which ISE/ISS-3 regulates FGFR2 splicing

Alternative splicing of fibroblast growth factor receptor-2 (FGFR2) mutually exclusive exons IIIb and IIIc results in highly cell-type-specific expression of functionally distinct receptors, FGFR2-IIIb and FGFR2-IIIc. We previously identified an RNA cis-element, ISE/ISS-3, that enhanced exon IIIb splicing and silenced exon IIIc splicing. Here, we have performed comprehensive mutational analysis to define critical sequence motifs within this element that independently either enhance splicing of upstream exons or repress splicing of downstream exons. Such analysis included use of a novel fluorescence-based splicing reporter assay that allowed quantitative determination of relative functional activity of ISE/ISS-3 mutants using flow cytometric analysis of live cells. We determined that specific sequences within this element that mediate splicing enhancement also mediate splicing repression, depending on their position relative to a regulated exon. Thus, factors that bind the element are likely to be coordinately involved in mediating both aspects of splicing regulation. Exon IIIc silencing is dependent upon a suboptimal branchpoint sequence containing a guanine branchpoint nucleotide. Previous studies of exon IIIc splicing in HeLa nuclear extracts demonstrated that this guanine branchsite primarily impaired the second step of splicing suggesting that ISE/ISS-3 may block exon IIIc inclusion at this step. However, results presented here that include use of newly developed in vitro splicing assays of FGFR2 using extracts from a cell line expressing FGFR2-IIIb strongly suggest that cell-type-specific silencing of exon IIIc occurs at or prior to the first step of splicing

Non-Coexistence of Infinite Clusters in Two-Dimensional Dependent Site Percolation

This paper presents three results on dependent site percolation on the square lattice. First, there exists no positively associated probability measure on {0,1}^{Z^2} with the following properties: a) a single infinite 0cluster exists almost surely, b) at most one infinite 1*cluster exists almost surely, c) some probabilities regarding 1*clusters are bounded away from zero. Second, we show that coexistence of an infinite 1*cluster and an infinite 0cluster is almost surely impossible when the underlying probability measure is ergodic with respect to translations, positively associated, and satisfies the finite energy condition. The third result analyses the typical structure of infinite clusters of both types in the absence of positive association. Namely, under a slightly sharpened finite energy condition, the existence of infinitely many disjoint infinite self-avoiding 1*paths follows from the existence of an infinite 1*cluster. The same holds with respect to 0paths and 0clusters.Comment: 17 pages, 1 figur

Aspekte van nasionale en kulturele identiteit van 'n verenigende Europa sedert 1958 : enkele gevallestudies

Thesis (MA)--University of Stellenbosch, 2003.ENGLISH ABSTRACT: In a globalizing world it follows that the identity of individuals will come under scrutiny as borders between states fade. It is exactly for this reason that so many people feel uncomfortable within themselves and become involved in a desperate search for new terms of reference and value systems. By virtue of this, history is utilized to explore the problem by tracing circumstances on a continent where the issue is currently very topical. Certain facets of Europe, which was the axis of the catastrophic Second World War but simultaneously the cradle of an Eurocentrism which has evolved gradually over centuries, is carefully scrutinized in order to determine what tendencies are becoming noticeable. This investigation cannot ignore the demise of the Soviet Empire and the burgeoning nation states of Eastern Europe since it represents an important divide in the European history of the twentieth century. A unifying Europe is embodied in various institutions which have sprung up since the Second World War, partially due to efforts of Europeans to organise themselves or alternatively, as a consequence of the Atlantic allies' attempts to present a united front to Soviet Russia. With the demise of the Soviet Republic in 1989, the concept underwent a further change when the Eastern European countries joined the institutional structures of a unifying nature such as the Council of Europe. It is exactly because of this that the identity issue came to the fore. The only realistic and pragmatic yardstick to measure national and cultural identity within the defined period is by employing the sovereignty of the nation state. Concurrently with this yardstick is the realisation that the protection or loss of sovereignty occurs within the upper constitutional or political levels where the public is seldom involved, but ultimately as a consequence affected. This reflects a democratic deficit. Seen from the angle of the early protagonists of Eurocentrism as well as the USA, there were conflicting views on the protection or loss of sovereignty, but an admission that greater unity could lead to the loss of some sovereignty. Britain, without publicly acknowledging it, had indeed surrendered some of its sovereignty during the 1970's when it became a member of the European Economic Community, by subjecting itself to the ruling that European Union legislation would be superior to that of Britain in the event of a conflict. Britain had thus, with regard to national and cultural identity, already proceeded to a new relationship. This new relationship was reinforced by Britain's under-writing of the principle of subsidiarity which ultimately promotes a dual identity of being British and European. The same tendency was noticeable in the institutional arrangements and programmes of the Council of Europe and the European Union. On investigating the viewpoints and role which Belgium, as one of the founder members of the European Economic Community, and simultaneously a small nation, this tendency also becomes very apparent, but possibly with greater emphasis of the regional role as a result of strong identity forming influences. In conclusion, it is thus apparent that being a European, and British or Flemish simultaneously, is currently becoming the vogue. However, being European is currently of a consumer-goods nature. It does not embrace a vibrant European identity particularly as a consequence of the language difference which limit the Europeanisation of national and cultural identities. Attempts to resolve the problem through adages such as "unity in diversity" has not produced the expected results.AFRIKAANSE OPSOMMING: In 'n globaliserende wêreld volg dit dat die identiteit van individue onder druk sal kom omdat die grense tussen state neig om te vervaag. Dit is juis as gevolg hiervan dat soveel mense ongemaklik voel met hulself en betrokke raak by 'n desperate soeke na nuwe punte van verwysing en nuwe waardestelsels. Gedagtig hieraan word die geskiedenis ingespan om die problematiek te verken deur ondersoek in te stel na die verloop van omstandighede op 'n kontinent waar die kwessie inderdaad tans uiters aktueel is. Sekere aspekte van Europa, wat die spilpunt van die katastrofale Tweede Wêreld Oorlog was, maar terselfdertyd ook die bakermat van 'n Eurosentrisme wat geleidelik oor eeue ontluik het, word onder die vergrootglas geplaas ten einde te bepaal watter neigings te bespeur is. Hierdie ondersoek kon ook nie die val van die Sowjet-ryk en die opkomende nasiestate in Oos-Europa ignoreer nie, omdat dit 'n belangrike breuklyn in die Europese geskiedenis van die twintigste eeu verteenwoord ig. 'n Verenigende Europa word vergestalt in verskeie organisasies wat sedert die Tweede Wêreld Oorlog ontstaan het enersyds vanweë pogings van Europeërs om hulself te orden, of andersyds, vanweë pogings van die Atlantiese bondgenote om 'n verenigende front jeens Sowjet-Rusland te vorm. Met die val van die Sowjet-Republiek in 1989, het die begrip 'n verdere verandering ondergaan toe Oos-Europese lande aangesluit het by institusionele strukture van 'n verenigende aard soos die Raad van Europa. Juis as gevolg hiervan het die identiteitskwessie sterker na vore getree. Die enigste realistiese en pragmatiese norm om dit te meet binne die gegewe tydsgewrig was aan die hand van die soewereiniteit van die nasiestate. Die meting gaan egter gepaard met die wete dat soewereiniteitsbeskerming of -verlies plaasvind op hoë politieke of konstitusionele vlakke waarby die algemene publiek selde betrek, maar inderdaad as uitvloeisel, geaffekteer word. Dit lei dus tot 'n gebrekkige demokratiseringsproses. Gesien vanuit die oogpunt van die vroeër denkers van Europeanisering asook die VSA, was daar botsende menings oor die verlies of beskerming van soewereiniteit, maar 'n erkenning dat groter eenheid tog tot "n mate van soewereiniteitsverlies kon lei. Brittanje het inderdaad, sonder om dit openlik te erken, reeds met sy aansluiting in die 1970's afstand gedoen van "n gedeelte van haar soewereiniteit deur die aanvaarding van die toetredingsvoorwaarde dat, waar Britse en Europese Ekonomiese Gemeenskap wetgewing bots, laasgenoemde sou oorheers. Gedagtig hieraan, is dit dus duidelik dat wat nasionale en kulturele identiteit betref, Brittanje reeds haarself begeef het in "n nuwe verhouding. Die nuwe verhouding versterk deur Brittanje se onderskrywing van die beginsel van subsidiariteit, kom eintlik daarop neer dat "n persoon terselfdertyd Brits en Europeër kan wees. Dieselfde tendens is te bespeur in die institusionele reëlings en programme van die Raad van Europa asook die Europese Unie. Wanneer die standpunte en rol van België as een van die stigterlande van die Europese Ekonomiese Gemeenskap, maar terselfdertyd "n kleinstaat, ondersoek word, kom die verskynselook sterk na vore, moontlik egter met nog meer beklemtoning van die streeksrolle van gebiede as gevolg van sterk identiteitsvormende invloede. Ten laaste word dit dus duidelik dat "n gelyktydige Europees-wees asook Brits-wees, of Vlaams-wees, nou aan die orde van die dag begin kom. Die Europees-wees is egter nog van "n verbruikersgoedere aard. Dit omvat nog nie "n lewenskragtige Europese identiteit nie veral as gevolg van die taalverskille wat belemmerend inwerk op die Europeanisering van nasionale en kulturele identiteite. Pogings om die probleem op te los deur slagspreuke soos "eenheid in diversiteit" werp nog nie die nodige vrugte af nie

Effects of urodilatin on natriuresis in cirrhosis patients with sodium retention

BACKGROUND: Sodium retention and ascites are serious clinical problems in cirrhosis. Urodilatin (URO) is a peptide with paracrine effects in decreasing sodium reabsorption in the distal nephron. Our aim was to investigate the renal potency of synthetic URO on urine sodium excretion in cirrhosis patients with sodium retention and ascites. METHODS: Seven cirrhosis patients with diuretics-resistant sodium retention received a short-term (90 min) infusion of URO in a single-blind, placebo-controlled cross-over study. In the basal state after rehydration the patients had urine sodium excretion < 50 mmol/24 h. RESULTS: URO transiently increased urine sodium excretion from 22 ± 16 μmol/min (mean ± SD) to 78 ± 41 μmol/min (P < 0.05) and there was no effect of placebo (29 ± 14 to 44 ± 32). The increase of URO's second messenger after the receptor, cGMP, was normal. URO had no effect on urine flow or on blood pressure. Most of the patients had highly elevated plasma levels of renin, angiotensin II and aldosterone and URO did not change these. CONCLUSION: The short-term low-dose URO infusion increased the sodium excretion of the patients. The increase was small but systematic and potentially clinically important for such patients. The small response contrasts the preserved responsiveness of the URO receptors. The markedly activated systemic pressor hormones in cirrhosis evidently antagonized the local tubular effects of URO

Parallel and I/O-efficient randomisation of massive networks using global curveball trades

Graph randomisation is a crucial task in the analysis and synthesis of networks. It is typically implemented as an edge switching process (ESMC) repeatedly swapping the nodes of random edge pairs while maintaining the degrees involved [23]. Curveball is a novel approach that instead considers the whole neighbourhoods of randomly drawn node pairs. Its Markov chain converges to a uniform distribution, and experiments suggest that it requires less steps than the established ESMC [6]. Since trades however are more expensive, we study Curveball’s practical runtime by introducing the first efficient Curveball algorithms: the I/O-efficient EM-CB for simple undirected graphs and its internal memory pendant IM-CB. Further, we investigate global trades [6] processing every node in a single super step, and show that undirected global trades converge to a uniform distribution and perform superior in practice. We then discuss EM-GCB and EMPGCB for global trades and give experimental evidence that EM-PGCB achieves the quality of the state-of-the-art ESMC algorithm EM-ES [15] nearly one order of magnitude faster

Discussion of "Accelerated motion of a spherical particle"

In considering the accelerated motion of spheres in a viscous fluid, the author has restricted himself to consideration of only simple harmonic motions of the fluid field and the sphere. The author's equation of motion (Eq. 11) for a suspended sphere is true only when the solution yields a relative displacement (x- a) which is sinusoidal in time. Otherwise, the apparent mass factor k, and the damping coefficient A have no meaning, because they are both based on the Stokes solution for an oscillating sphere given in LAMB (1945, see References at end of published paper, p. 721}. Both k and A are functions of the circular frequency ω as they are defined by (1), (2), and (3)