Hong Kong's Currency Board and Changing Monetary Regimes

The paper discusses the historical background and institutional details of Hong Kong's currency board. We argue that its experience provides a good opportunity to test the macroeconomic implications of the currency board regime. Using the method of Blanchard and Quah (1989), we show that the parameters of the structural equations and the characteristics of supply and demand shocks have significantly changed since adopting the regime. Variance decomposition and impulse response analyses indicate Hong Kong's currency board is less susceptible to supply shocks, but demand shocks can cause greater short-term volatility under the system. The decent performance of Hong Kong's currency board is due mainly to the stable fiscal policy of its government. Counter-factual exercises also show that three-fourths of the reduction in observed output volatility and two-thirds of that in observed inflation volatility are explained by the adoption of the currency board, while the remainder is explained by changes in the external environment. The improvement in stability does not rule out the possibility of monetary collapse, however.

Neutrinos from Cosmic Ray Accelerators in the Cygnus Region of the Galaxy

While supernova remnants have been identified as the most likely sources of the galactic cosmic rays, no conclusive observational evidence for this association exists. We show here that IceCube has the possibility of producing incontrovertible evidence by detecting neutrinos produced by the cosmic ray beam interacting with the hydrogen in the vicinity of the supernova shock expanding into the interstellar medium. We show that the observational information on gamma ray fluxes from the Cygnus region, although limited, is sufficient to pinpoint the expected event rate of the neutrinos associated with a single source of 0.5 Crab at the TeV level to within a factor of two, between 2 and 3.8 neutrinos per year. Finally, we note that recent gamma-ray observations reveal the presence of at least three and possibly up to eight such sources, raising the possibility of seeing more than 10 neutrinos per year from these sources alone.Comment: Latex, 16 pages, uses pdproc.sty (included), 7 postscript figures. Talk presented at the XII International Workshop on Neutrino Telescopes, Istituto Veneto di Scienze, Lettere ed Arti, Venice, Italy, March 6-9, 2007. Version with added text and reference

Mars simulated exposure and the characteristic Raman biosignatures of amino acids and halophilic microbes

Though Raman bands of α-amino acids (AA) are well documented, often only the strongest intensity bands are quoted as identifiers (e.g. Jenkins et al., 2005; De Gelder et al., 2007; Zhu et al., 2011). Unknown regolith mixtures on Mars-sampling missions could obscure these bands. Here the case is made for determining, via a statistical method, sets of characteristic bands to be used as identifiers, independent of band intensity or number of bands (Rolfe et al., 2016). AA have upwards of 25 potentially identifying bands and this method defines sets of 10–19 bands per AA. Examination of AA-doped Mars-like basalt resulted in a maximum of eight bands being identified, as some characteristic bands were obscured by mineral bands, including the strongest intensity band in some cases. This proved the need for characteristic bands to be defined, enabling successful identification of AA. The ESA ExoMars Rover mission will crush and then pass the sample to the Raman Laser Spectrometer. We crushed a Mars-like basalt to a similar grain size expected to be created by the rover. Our samples were doped with 1 % (by weight) AA samples, resulting in no detection of AA, because of loss of original spatial context and spaces between the grains. We recommend that Raman spectroscopy on future missions should be conducted before the sample is crushed. Halite-entombed halophilic microbes, known to survive being entombed, were exposed to Mars-like surface (including temperature, pressure, atmospheric composition and UV) and freeze-thaw cycle (plus pressure and atmospheric composition) conditions. This test on the survival of the microbes showed that survival rates quickly deteriorated in surface conditions, but freeze-thaw cycle samples had well preserved Raman biosignatures, indicating that similar signatures could be detectable on Mars if similar life persists in evaporitic material or brines today

A continental rift model for the La Grande greenstone belt

Stratigraphic relationships and the geochemistry of volcanic rocks contrain the nature and timing of the tectonic and magmatic processes in the pre-deformational history of the La Grande greenstone belt in the Superior Province of north-central Quebec. The lowermost supracrustals in this belt are obscured by syntectonic granitoid intrusives. The supracrustal succession in the western part of the belt consists of a lower sequence of immature clastic sediments and mafic volcanoclastics, overlain by pillowed and massive basalts. Further east, along tectonic strike, a lower sequence of mafic volcanoclastics and immature clastic sediments is overlain by a thick sequence of pillowed and massive basalts, and resedimented coarse clastic sediments and banded iron formation. These are overlain by assive basaltic andesites, andesites and intermediate volcanoclastics intercalated with immature clastic sediments. In contrast, in the eastern part of the belt lenses of felsic volcanics and volcanoclastics occur at the base of the succession and pillowed and massive basalts are overlain by komatiites at the top. The La Grande greenstone belt can be explained as the product of continental rifting. The restricted occurence of komatiites, and eastwardly directed paleocurrents in clastic sediments in the central part of the belt are consistent with rifting commencing in the east and propagating westward with time. The increase in depth of emplacement and deposition with time of the lower three units in the central part of the belt reflects deposition in a subsiding basin. These supracrustal rocks are believed to represent the initial rift succession

Measuring attitude toward theistic faith : assessing the Astley-Francis Scale among Christian, Muslim and secular youth in England

Empirical research within the social scientific study of religion in general and within the psychology of religion in particular remains very conscious of the complex nature of its subject matter. Empirical research in this field needs to take cognisance of the many forms in which religion is expressed (say, Buddhism, Christianity, Hinduism, Islam, Judaism, and Sikhism) and the many facets within the forms (say, beliefs, behaviours and affiliation). Working in the 1970s, Francis (1978a; 1978b) advanced the view that the attitudinal dimension of religion offered a particularly fruitful basis for coordinating empirical enquiry into the correlates, antecedents and consequences of religiosity across the life span