Sovereign debt and uncertainty in the Mozambican economy

This paper studies the impact of uncertainty and debt crisis on the dynamics of the Mozambican economy over the last two decades. Investment boom and accelerated growth did not take place until peace and economic reforms were assured, helped by the role of the Paris Club creditors as senior lenders, which averted the adverse impact of a debt overhang. Innovations to private consumption and to income are positively and strongly correlated. Current account has shown persistent deterioration while private consumption is not strongly correlated with uncertainty. These facts suggest that neither the permanent-income and life-cycle theories, nor the precautionary-saving and liquidity-constraint hypotheses can fully explain macroeconomic dynamics displayed by data. In light of this evidence, a simple dynamic model with stochastic income is presented. The model predicts that at low levels of wealth, uncertainty becomes unimportant in consumption decisions; and that when consumption is close to survival requirements, uncertainty drives the economy to wealth depletion

An International Regulatory Framework for Risk Governance of Carbon Capture and Storage

This essay was prepared as part of a workshop on carbon capture and sequestration held by the International Risk Governance Council (IRGC) in Washington, DC, from March 15–16, 2007. The goal of the workshop was to bring together researchers, practitioners, and regulators from Europe, the United States, and Australia to outline the attributes that an effective regulatory regime for carbon capture and storage should possess. This essay focuses specifically on providing an overview of eight fundamental elements that we believe any effective international and national regulatory structure must address: 1) classification of carbon dioxide (CO2); 2) oversight of CO2 capture and storage; 3) site ownership and storage rights; 4) site operation and management; 5) long-term management and liability; 6) regulatory compliance and enforcement; 7) links to CO2 markets and trading mechanisms; and 8) risk communication and public acceptance. This essay is one of 12 collected for the workshop, and the recommendations herein are the views of the authors and do not reflect the views of their agencies, the IRGC, or specific workshop discussions.carbon sequestration, geologic storage, risk, regulation

A Unified Valuation Framework for Dividends, Free Cash Flows, Residual Income, and Earnings Growth Based Models

Valuation techniques are important to practitioners and academics. Although theoretically equity value equals the present value of expected dividends, in practice, higher-level metrics such as free cash flows, earnings, and book values are used for valuation. This paper helps us understand these metrics by: (1) providing a common and simple theoretical framework that shows how these alternative valuation metrics can be used instead of dividends; (2) using the common framework to provide the theoretical underpinnings of earnings-based valuation

Pemulsaan Organik terhadap Intensitas Serangan Bercak Ungu Serta Produksi Bawang Putih Varietas Lumbu Putih dan Lumbu Hijau

Penggunaan mulsa umumnya dilakukan di daerah-daerah yang sering mengalami kekeringan dan rentan terhadap pertumbuhan gulma. Gutomo et. al, (1998) menyatakan bahwa mulsa daun cengkeh selain memiliki peran dalam menekan kehilangan air tanah yang mempertahankan kelembaban, menjaga suhu tanah, erosi menekan pukulan melalui reduksi langsung dari air hujan ke tanah juga dapat menekan intensitas jamur yang merupakan salah satu kendala dalam mencapai hasil yang optimal bawang putih dataran tinggi. Penelitian ini dilakukan dikampus III Universitas Widyagama Malang dengan menggunakan desain, percobaan faktorial dilakukan dalam rancangan acak yang terdiri dari dua faktor dan diulang 3 kali, antara faktor M0: tidak ada mulsa; M1: cengkeh mulsa daun: M2: kubis limbah daun mulsa sedangkan faktor kedua V1: kultivar Lumbu putih dan V2: Lumbu kultivar hijau. Variabel pengamatan adalah jumlah siung, berat kering umbi dan tingkat serangan dengan menggunakan skor 0-6. Hasil analisis varians menunjukkan jumlah umbi M1V1 12,5 cengkeh / tanaman. Sementara itu, berat kering 9,82 g / tanaman. Kemudian pengamatan bercak ungu dengan tingkat serangan tertinggi pada perlakuan M2V1 (daun limbah mulsa kubis menggunakan Lumbu kultivar putih) yaitu dengan tingkat serangan 2.67%. Key word : bawang putih, daun cengkeh dan kubi

Ideology of Translation Concept Approach on Determining a Decision by the Translator

The current study is aimed at exploring the ideology of the translation concept approach to determining a decision by the translator. The translator has faced the issues on how the way to determining a perspective view to adapt to domestication or foreignization to complete their job as a translator. We here provide some concepts that can be used for that. Ideology is considered highly important in a wide range of academic disciplines including cultural studies, communications, linguistics, and translation studies. Ideology and its effect on translation have long become a research focus in the field of translation studies. If we advocate the theories on the relationship between translation and ideology, then we would witness many cultural clashes revealing the distance between the source text and the ideological encounters it creates in the translated text

Studies on heterotrophic nitrification in a lake. [Translation from: Z.allg.Mikrobiol. 12 567-574, 1973. ]

In a lake the nitrogen compounds are liable to regular cycling in which nitrate is reduced and ammonium oxidised. As a nitrate maximum is regularly established in the upper part of the hypolimnion of a stratified summer lake, the authors have dealt in particular with the oxidising side of the nitrogen cycle. Described here are partial results of the nitrification in Plusssee. The Plusssee was chosen, since it is almost entirely without inflows, and, lying in a wooded basin, is well protected from the wind, and therefore stably stratified. In order to determine the number of autotrophic nitrificants the distribution of the Nitrosomonas and Nitrobacter spores in the lake were analysed. From the estimates on the determination of spore numbers of the heterotrophic nitrificants, 14 species in the pure culture were isolated and examined from morphological, biochemical and taxonomic viewpoints

Ergodic transition in a simple model of the continuous double auction

We study a phenomenological model for the continuous double auction, whose aggregate order process is equivalent to two independent M/M/1 queues. The continuous double auction defines a continuous-time random walk for trade prices. The conditions for ergodicity of the auction are derived and, as a consequence, three possible regimes in the behavior of prices and logarithmic returns are observed. In the ergodic regime, prices are unstable and one can observe a heteroskedastic behavior in the logarithmic returns. On the contrary, non-ergodicity triggers stability of prices, even if two different regimes can be seen