The Fight Against Money Laundering (2004), and Inflation Targeting

in the World Economy (2003). Authors ’ note: We thank Steve Weisman for very helpful comments on an earlier draft. This revision refl ects the 2011 replacement of Iran’s Oil Stabilization Fund with its National Development Fund as a member of the International Forum of Sovereign Wealth Funds. We have scored the latter as the successor of the former. © Peterson Institute for International Economics. All rights reserved. The term sovereign wealth fund (SWF) had not been coined a decade ago. By 2007, economists and the financial world were alternatively excited about or alarmed by the growing influence of these institutions, though in fact many of them had been around for decades. Politicians in countries in which the funds invested generally welcomed the additional financial resources from abroad while expressing concern about the motivations of investors and what they feared could be threat

Herbivory and Drought Generate Short‐Term Stochasticity and Long‐Term Stability in A Savanna Understory Community

Rainfall and herbivory are fundamental drivers of grassland plant dynamics, yet few studies have examined long‐term interactions between these factors in an experimental setting. Understanding such interactions is important, as rainfall is becoming increasingly erratic and native wild herbivores are being replaced by livestock. Livestock grazing and episodic low rainfall are thought to interact, leading to greater community change than either factor alone. We examined patterns of change and stability in herbaceous community composition through four dry periods, or droughts, over 15 years of the Kenya Long‐term Exclosure Experiment (KLEE), which consists of six different combinations of cattle, native wild herbivores (e.g., zebras, gazelles), and mega‐herbivores (giraffes, elephants). We used principal response curves to analyze the trajectory of change in each herbivore treatment relative to a common initial community and asked how droughts contributed to community change in these treatments. We examined three measures of stability (resistance, variability, and turnover) that correspond to different temporal scales and found that each had a different response to grazing. Treatments that included both cattle and wild herbivores had higher resistance (less net change over 15 years) but were more variable on shorter time scales; in contrast, the more lightly grazed treatments (no herbivores or wild herbivores only) showed lower resistance due to the accumulation of consistent, linear, short‐term change. Community change was greatest during and immediately after droughts in all herbivore treatments. But, while drought contributed to directional change in the less grazed treatments, it contributed to both higher variability and resistance in the more heavily grazed treatments. Much of the community change in lightly grazed treatments (especially after droughts) was due to substantial increases in cover of the palatable grass Brachiaria lachnantha. These results illustrate how herbivory and drought can act together to cause change in grassland communities at the moderate to low end of a grazing intensity continuum. Livestock grazing at a moderate intensity in a system with a long evolutionary history of grazing contributed to long‐term stability. This runs counter to often‐held assumptions that livestock grazing leads to directional, destabilizing shifts in grassland systems

Adult beginner distance language learner perceptions and use of assignment feedback

This qualitative study examines perceptions and use of assignment feedback among adult beginner modern foreign language learners on higher education distance learning courses. A survey of responses to feedback on assignments by 43 Open University students on beginner language courses in Spanish, French, and German indicated that respondents can be classified into three groups: those who use feedback strategically by integrating it into the learning process and comparing it with, for example, informal feedback from interaction with native speakers, those who take note of feedback, but seem not to use it strategically, and those who appear to take little account of either marks or feedback. The first group proved to be the most confident and most likely to maintain their motivation in the longer term. The conclusion discusses some of the pedagogical and policy implications of the findings

A method to extract slip system dependent information for crystal plasticity models

A tool to implement a length scale dependency to classical crystal plasticity simulations is presented. Classical crystal plasticity models do not include a size effect; therefore, the size of the grain does not influence the simulated deformation. Classical crystal plasticity advancements have been through the inclusion of stress or strain gradient based constitutive models to improve the simulation of length scale dependent deformation. However, this tool presents an alternative to implementing a length scale, where the influence of slip pile-up in the form of dislocations at grain boundaries as a potential to explaining the Hall-Petch effect in materials. This is achieved by calculating the slip distance in adjacent grains for each slip system, by assuming the total slip length spans the grain in the slip direction. These calculations can occur in two ways. The first is the analysis occurs at the start of the simulation, therefore, only occurs once. If this approach is used, the computational cost of this tool is minute. However, if the simulations consider large deformations, during which it is expected that the grains are going to undergo large rotations, then it would be advantageous to the have the tool recalculate the information during the analysis. Consequently, the computational cost would depend on the resolution of the modelled geometry, the number of grains, and the number of slip systems. The tool also provides a capability to develop constitutive models based on complex grain boundary features which can be implemented in classical crystal plasticity models and gradient based crystal plasticity models. The described calculation process is implemented through a Fortran subroutine, which has been designed to be easily used in crystal plasticity simulations. The presented tool also includes Python code designed to link with microstructures built using DREAM.3D to extract the required input data to the Fortran subroutine. The proposed tool is not limited to classical crystal plasticity formulations, instead the data extracted and outputted from the Fortran subroutine can be used to serve alternative purposes in both stress and strain gradient crystal plasticity models. The proposed tool can be modified to extract additional data to that presented. The slip distance in the adjacent grain, the distance from the grain boundary of the current calculation point, and the interaction between slip systems between grains can be used in any crystal plasticity constitutive models

Necessary and sufficient conditions for path-independence of Girsanov transformation for infinite-dimensional stochastic evolution equations

Based on a recent result on linking stochastic differential equations on ℝ d to (finite-dimensional) Burger-KPZ type nonlinear parabolic partial differential equations, we utilize Galerkin type finite-dimensional approximations to characterize the path-independence of the density process of Girsanov transformation for the infinite-dimensional stochastic evolution equations. Our result provides a link of infinite-dimensional semi-linear stochastic differential equations to infinite-dimensional Burgers-KPZ type nonlinear parabolic partial differential equations. As an application, this characterization result is applied to stochastic heat equation in one space dimension over the unit interval

Rethinking the social impacts of the arts

The paper presents a critical discussion of the current debate over the social impacts of the arts in the UK. It argues that the accepted understanding of the terms of the debate is rooted in a number of assumptions and beliefs that are rarely questioned. The paper goes on to present the interim findings of a three‐year research project, which aims to rethink the social impact of the arts, with a view to determining how these impacts might be better understood. The desirability of a historical approach is articulated, and a classification of the claims made within the Western intellectual tradition for what the arts “do” to people is presented and discussed