104,412 research outputs found
The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System
This paper analyzes the operation of the Suffolk System, an interbank note-clearing network operating throughout New England from the 1820s through the 1850s. Banks made markets in each other's notes at par, which allowed New England to avoid discounting of bank notes in trade. Privately enforced regu- lations prevented free riding in the form of excessive risk taking. Observers of the Suffolk System have been divided. Some emphasized the stability and effi these arrangements. Others argued that the arrangements were motivated by rent-seeking on the part of Boston banks, and were primarily coervice and exploitative. In the neighboring Mid-Atlantic states, regulations limited the potential for developing a regional clearing system centered in New York City on the model of the Suffolk System. This difference makes it possible to compare the performance of banks across regulatory regimes to judge the relative merits of the sanguine and jaundiced views of the Suffolk System. Evidence supports the sanguine view. New England's banks were able to issue more notes and these notes traded at uniform and low discount rates compared to those of other banks. An examination of the balance sheets and stock returns of Boston and New York City banks indicates that the stock market perceived that bank lending produced less risk for bank debt holders in Boston than in New York. The benefits of the system extended outside of Boston. Peripheral New England banks displayed high propensities to issue notes, and wer able to maintain low specie reserves. Boston banks did not show high profit rates or high ratios of market-to-book values of equity; thus there is no evidence that Boston banks extracted rents from their control of the payments system.
Spectroscopic Analysis of the Kinetics of Host-Guest Chemistry Abstract
Host-guest chemistry refers to the chemistry in which a host and a guest molecule come together to form an inclusion complex. These complexes are utilized in numerous fields, including pharmaceuticals, agriculture, and cosmetics. This study focuses on the kinetic and thermodynamic behavior of a guest molecule, Brooker\u27s merocyanine, in β-cyclodextrin and its different derivatives (the hosts) at a fundamental level in an attempt to increase stability of the complexes. UV-Vis spectroscopy was used to study the kinetic stability of Brooker\u27s merocyanine\u27s unique, energy dependent isomerization pathway inside the cavity of the host molecule in solution. It was found that when the guest molecule is in acidic conditions, it will isomerize more quickly from the trans form to the cis form when inside the cavity compared to solution; also, the cyclodextrin derivatives showed minimal differences on the rate of isomerization. Under basic conditions, it is well known that the guest molecule will isomerize from the cis form to the trans form with a required input of energy in solution; however, we found that no additional UV energy is needed for isomerization in complex. Fluorescence spectroscopy was used to study the thermodynamic stability of this system to determine how well the Brooker\u27s merocyanine interacts with different cyclodextrin derivatives
Murr-ky Waters: How Murr v. Wisconsin Creates Uncertainty in Attempting to Answer the “Denominator Question”
Cogeneration: A Successful Response to the Energy Crisis?
This article examines the concept of cogeneration, a term for the simultaneous production of both electricity and other useful energy in a single facility by a cascading use of heat energy. It analyzes the rise of cogeneration through the lens of the Public Utility Regulatory Policies Act of 1978 ( PURPA ), enacted by Congress to improve the distribution of electric energy and encourage the conservation of resources, as well as the efforts of the Federal Energy Regulatory Commission ( FERC ) to encourage cogeneration. This article discusses a number of the issues raised and left unresolved by this federal policy of encouraging the development of cogeneration energy sources. It describes the attraction of cogeneration in an era of rising energy costs, and then goes on to discuss the legislative and administrative responses to the prospect of expanded cogeneration. Finally, it explores the impact of cogeneration on utilities, as well as the efects of the policy on regulatory control of utilities
Cogeneration: A Successful Response to the Energy Crisis?
This article examines the concept of cogeneration, a term for the simultaneous production of both electricity and other useful energy in a single facility by a cascading use of heat energy. It analyzes the rise of cogeneration through the lens of the Public Utility Regulatory Policies Act of 1978 ( PURPA ), enacted by Congress to improve the distribution of electric energy and encourage the conservation of resources, as well as the efforts of the Federal Energy Regulatory Commission ( FERC ) to encourage cogeneration. This article discusses a number of the issues raised and left unresolved by this federal policy of encouraging the development of cogeneration energy sources. It describes the attraction of cogeneration in an era of rising energy costs, and then goes on to discuss the legislative and administrative responses to the prospect of expanded cogeneration. Finally, it explores the impact of cogeneration on utilities, as well as the efects of the policy on regulatory control of utilities
Recent experimental results on charmed baryons
This paper summarizes recent experimental results on charmed baryons. Two
main topics are covered: first, the spectroscopy of charmed baryon states;
second, the production of charmed baryons in the decays of B mesons and from
the e^+ e^- continuum.Comment: 8 pages, 10 figures; proceedings from Charm 200
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