Measuring the Degree of Currency Misalignment Using Offshore Forward Exchange Rates: The Case of the Korean Financial Crisis

This paper proposes a new method of measuring the degree of currency misalignment through the use of offshore forward exchange rates. Using default risk adjusted no­arbitrage conditions for forward exchange contracts, we calculate the spot exchange rates and the domestic interest rates that are implied from the observed forward exchange rates. The difference between the implied and the observed spot exchange rates is our measure of currency misalignment. Our methodology is based on the presumption that, during a currency crisis, offshore forward exchange rates reflect market sentiments more closely than onshore spot and forward exchange rates. The latter are usually tightly regulated and heavily affected by government intervention during a non­normal event such as a financial crisis. We apply the method to the Korean financial crisis in 1997 and discuss its implication for evaluating the IMF adjustment program and explaining foreign capital flows.currency misalignment, covered interest parity, non­deriverable forwards, Korean financial crisis

High-throughput three-dimensional lithographic microfabrication

A 3D lithographic microfabrication process has been developed that is high throughput, scalable, and capable of producing arbitrary patterns. It offers the possibility for industrial scale manufacturing of 3D microdevices such as photonic crystals, tissue engineering scaffolds, and microfluidics chips. This method is based on depth-resolved wide-field illumination by temporally focusing femtosecond light pulses. We characterized the axial resolution of this technique, and the result is consistent with the theoretical prediction. As proof-of-concept experiments, we demonstrated photobleaching of 3D resolved patterns in a fluorescent medium and fabricating 3D microstructures with SU-8 photoresist.Deshpande Center for Technological Innovation (Massachusetts Institute of Technology. School of Engineering)Singapore-MIT Alliance for Research and Technology (SMART

Cycles and Cliques in Steinhaus Graphs

In this dissertation several results in Steinhaus graphs are investigated. First under some further conditions imposed on the induced cycles in steinhaus graphs, the order of induced cycles in Steinhaus graphs is at most [(n+3)/2]. Next the results of maximum clique size in Steinhaus graphs are used to enumerate the Steinhaus graphs having maximal cliques. Finally the concept of jumbled graphs and Posa's Lemma are used to show that almost all Steinhaus graphs are Hamiltonian

Population Aging and Financial Markets : A Cross-Country Study

Population aging may have different effects on different assets. We investigate the effect of population aging on financial markets by evaluating how population aging affects the size of asset markets. The regression analysis using a cross-country data reveals that although aggregate saving rates will decline significantly as the size of the elderly population continues to rise, aggregate savings themselves will keep increasing for a while as the working age population increases their savings in preparation for the elongated retirement life. The regression analysis also demonstrates that the proportion of the elderly population is positively correlated with the size of the bond market, while the positive relationship with the size of the stock market is not so evident. Such a finding implies that although a general asset price meltdown is not likely, some asset markets will be more adversely affected by population aging

Dual-Channel Two-Photon Microscopy Study of Transdermal Transport in Skin Treated with Low-Frequency Ultrasound and a Chemical Enhancer

Visualization of transdermal permeant pathways is necessary to substantiate model-based conclusions drawn using permeability data. The aim of this investigation was to visualize the transdermal delivery of sulforhodamine B (SRB), a fluorescent hydrophilic permeant, and of rhodamine B hexyl ester (RBHE), a fluorescent hydrophobic permeant, using dual-channel two-photon microscopy (TPM) to better understand the transport pathways and the mechanisms of enhancement in skin treated with low-frequency ultrasound (US) and/or a chemical enhancer (sodium lauryl sulfate – SLS) relative to untreated skin (the control). The results demonstrate that (1) both SRB and RBHE penetrate beyond the stratum corneum and into the viable epidermis only in discrete regions (localized transport regions – LTRs) of US treated and of US/SLS-treated skin, (2) a chemical enhancer is required in the coupling medium during US treatment to obtain two significant levels of increased penetration of SRB and RBHE in US-treated skin relative to untreated skin, and (3) transcellular pathways are present in the LTRs of US treated and of US/SLS-treated skin for SRB and RBHE, and in SLS-treated skin for SRB. In summary, the skin is greatly perturbed in the LTRs of US treated and US/SLS-treated skin with chemical enhancers playing a significant role in US-mediated transdermal drug delivery

Wide-field two-photon microscopy with temporal focusing and HiLo background rejection

Scanningless depth-resolved microscopy is achieved through spatial-temporal focusing and has been demonstrated previously. The advantage of this method is that a large area may be imaged without scanning resulting in higher throughput of the imaging system. Because it is a widefield technique, the optical sectioning effect is considerably poorer than with conventional spatial focusing two-photon microscopy. Here we propose wide-field two-photon microscopy based on spatio-temporal focusing and employing background rejection based on the HiLo microscope principle. We demonstrate the effects of applying HiLo microscopy to widefield temporally focused two-photon microscopy

Conjugated linoleic acid supplementation enhances insulin sensitivity and peroxisome proliferator-activated receptor gamma and glucose transporter type 4 protein expression in the skeletal muscles of rats during endurance exercise

Objective(s):This study examined whether conjugated linoleic acid (CLA) supplementation affects insulin sensitivity and peroxisome proliferator-activated receptor gamma (PPAR-γ) and glucose transporter type 4 (GLUT-4) protein expressions in the skeletal muscles of rats during endurance exercise. Materials and Methods:Sprague-Dawley male rats were randomly divided into HS (high-fat diet (HFD) sedentary group, n = 8), CS (1.0% CLA supplemented HFD sedentary group, n = 8), and CE (1.0% CLA supplemented HFD exercise group, n = 8). The rats in the CE swam for 60 min a day, 5 days a week for 8 weeks. Results:The serum glucose and insulin contents and homeostasis model assessment of insulin resistance (HOMA-IR) value of the CS and CE were significantly decreased compared to those of the HS. The PPAR-γ protein expressions in the soleus muscle (SOM) and extensor digitorum longus muscle (EDL) were significantly higher in the CE than in the HS. In addition, the PPAR-γ protein expression in the SOM of the CS was significantly higher than that in the HS. On the other hand, the GLUT-4 protein expression of the SOM in the CE was significantly higher compared to that in the HS. However, there was no significant difference in GLUT-4 protein expression in the EDL among the groups. Conclusion:CLA supplementation with/without endurance exercise has role in improvement of insulin sensitivity. Moreover, when CLA supplementation was accompanied by endurance exercise, the PPAR-γ protein expression in SOM and EDL and the GLUT-4 protein expression in SOM were enhanced compared with the control group