The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness

This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in countries with high domestic corporate short-term debt; (ii) is more credible and therefore more effective in countries with high-quality institutions; iii) is more credible and therefore more effective in countries with high external debt; and (iv) is less effective in countries with high capital account openness. We predict that monetary policy would have had the conventional supportive effect on the exchange rate during five of the crisis episodes in our sample, while it would have had the perverse effect during seven other episodes. For four episodes, we predict a statistically insignificant effect. Our results support the idea that the effect of monetary policy depends on its impact on fundamentals, as well as its credibility, as suggested in the recent theoretical literature. They also provide an explanation for the mixed findings in the empirical literature.Institutions;Capital Account Openness;Currency Crises;External Debt;Monetary Policy;Short-Term Debt

Metastability in the BCS model

We discuss metastable states in the mean-field version of the strong coupling BCS-model and study the evolution of a superconducting equilibrium state subjected to a dynamical semi-group with Lindblad generator in detailed balance w.r.t. another equilibrium state. The intermediate states are explicitly constructed and their stability properties are derived. The notion of metastability in this genuine quantum system, is expressed by means of energy-entropy balance inequalities and canonical coordinates of observables

The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness

This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in countries with high domestic corporate short-term debt; (ii) is more credible and therefore more effective in countries with high-quality institutions; iii) is more credible and therefore more effective in countries with high external debt; and (iv) is less effective in countries with high capital account openness. We predict that monetary policy would have had the conventional supportive effect on the exchange rate during five of the crisis episodes in our sample, while it would have had the perverse effect during seven other episodes. For four episodes, we predict a statistically insignificant effect. Our results support the idea that the effect of monetary policy depends on its impact on fundamentals, as well as its credibility, as suggested in the recent theoretical literature. They also provide an explanation for the mixed findings in the empirical literature

Hard X-ray techniques suitable for polymer experiments

Polymers have been studied since 1979 with 8-12 keV synchrotron radiation X-ray scattering methods and the number and sophistication of the experiments have rapidly grown ever since. More recently, new experimental techniques have been developed that use softer or harder X rays in less conventional ways. This article provides a brief overview of the possibilities of hard X-ray techniques and indicates some areas that might gain from further developments

Pengembangan Media Pembelajaran Berbasis Komputer pada Mata Kuliah Pastry di Jurusan Ilmu Kesejahteraan Keluarga Fakultas Pariwisata dan Perhotelan Universitas Negeri Padang

The aims of this study was to develop a computer-based learning media is valid and practical course on pastry in the ca of IKK FPP UNP. This study uses Research And Development (R & D) is the method used to produce a specific product and test the feasibility of the product. Products produced in the form of computer-based learning media in the Department of IKK FPP UNP. Data collection techniques in this study conducted using questionnaires given to lecturers caterers and questionnaire responses of students to the media developed and analyzed using analysis deskripstif which includes analysis of the validity, and analysis of the practicalities. The results of this study indicate that the validity of computer-based learning media on valid category (0.89). While the practicalities of the test, the lecturer / practitioner gives very practical category (92.7%) and students leave with a very practical category (88.7%). Based on these findings it can be concluded that computer-based learning media is valid and practical to be used as a medium of learning in the subject of Pastry

Quantum macrostatistical picture of nonequilibrium steady states

We employ a quantum macrostatistical treatment of irreversible processes to prove that, in nonequilibrium steady states, (a) the hydrodynamical observables execute a generalised Onsager-Machlup process and (b) the spatial correlations of these observables are generically of long range. The key assumptions behind these results are a nonequilibrium version of Onsager's regression hypothesis, together with certain hypotheses of chaoticity and local equilibrium for hydrodynamical fluctuations.Comment: TeX, 13 page

Isolation and characterisation of plant defensins from seeds of Asteraceae, Fabaceae, Hippocastanaceae and Saxifragaceae

AbstractFrom seeds of Aesculus hippocastanum, Clitoria ternatea, Dahlia merckii and Heuchera sanguinea five antifungal proteins were isolated and shown to be homologous to plant defensins previously characterised from radish seeds and γ-thionins from Poaceae seeds. Based on the spectrum of their antimicriobial activity and the morphological distortions they induce on fungi the peptides can be divided into two classes. The peptides did not inhibit any of three different α-amylases