Deposit insurance in developing countries

About a dozen developing countries have deposit insurance systems and several others are considering establishing them. These systems are typically created to prevent contagious bank runs, to provide a formal national mechanism for handling failing banks, and to protect small depositors from losses when banks fail. Without a deposit insurance system, many developing nations in recent years have extended implicit deposit protection to depositors on a discretionary, ad hoc basis. Deposit insurance systems have several advantages over these implicit protection schemes. Deposit insurance probably gives the banking system more protection against bank runs, provides more protection for small depositors, and provides a faster, smoother administrative process. On the other hand, deposit insurance probably creates more moral hazard for depositors, thereby contributing to the erosion of market discipline and increased bank risk-taking. Deposit insurance also tends to be a more expensive mechanism for protecting depositors because it offers less freedom of action to policymakers than an implicit scheme. Finally, developing countries often do not adequately fund their deposit insurance schemes. As a result, the systems often lack credibility in the marketplace and bank supervisors may be unable to close insolvent banks because the insurer would be unable to pay off insured depositors.Banks&Banking Reform,Financial Crisis Management&Restructuring,Insurance&Risk Mitigation,Financial Intermediation,Insurance Law

Calibration of star formation rate tracers for short- and long-lived star formation episodes

To derive the history of star formation in the Universe a set of calibrated star formation rate tracers at different wavelengths is required. The calibration has to consistently take into account the effects of extinction, star formation regime (short or long-lived) and evolutionary state to avoid biases at different redshift ranges. We use evolutionary synthesis models optimized for intense episodes of star formation in order to compute a consistent calibration of the most usual star formation rate tracers at different energy ranges, from X-ray to radio luminosities. Nearly-instantaneous and continuous star formation regimes, and the effect of interstellar extinction are considered, as well as the effect of metallicity on the calibration of the different estimators. A consistent calibration of a complete set of star formation rate tracers is presented, computed for the most usual star-forming regions conditions: evolutionary state, star formation regime, interstellar extinction and initial mass function. We discuss the validity of the different tracers in different star formation scenarios and compare our predictions with previous calibrations of general use. Nearly-instantaneous and continuous star formation regimes must be distinguished. While the Star Formation Strength (\msun) should be used for the former, the more common Star Formation Rate (\msun yr$^{-1}$) is only valid for episodes forming stars at a constant rate during extended periods for time. Moreover, even for the latter, the evolutionary state should be taken into account, since most SFR tracers stabilize only after 100 Myr of evolution.Comment: Accepted for publication in A&A, webtool in http://www.laeff.cab.inta-csic.es/research/sfr/, 19 pages, 10 figures, 14 tables. New version including language style revisio

The impact of export tax incentives on export performance : evidence from the automotive sector in South Africa

The original goal of the Motor Industry Development Program was to help the automotive industry in South Africa adjust to trade liberalization and become internationally competitive. In simple terms, it consists of an import/export complementation arrangement, whereby the local value-added of components or built-up vehicles exported earns credits that can be used to rebate import duties on components and vehicles. This study provides a first attempt at a quantitative analysis of the Motor Industry Development Program using the difference-in-difference methodology, in order to assess to what extent the program was effective in improving South Africa's automotive export performance during 1996-2006. The authors take a two-tier approach. First, they perform a comparative study using different manufacturing sectors within South Africa; second, they apply this methodology to analyze South Africa and a number of comparator countries that are automotive producers and exporters. The analysis finds that the impact of the program on automotive exports in South Africa is positive and significant. In particular, (i) the largest response to the program in terms of improved manufacturing exports occurs with a delay after the adoption of the law, suggesting that exports need time to fully react to the incentives; and (ii) in turn, the effectiveness of the tax incentives fades in time, reaffirming the common belief that tax incentives may affect some business decisions particularly in the short run, but they are not a primary consideration for investors in the long run.Economic Theory&Research,Transport Economics Policy&Planning,Free Trade,Debt Markets,Tax Law

An Innovative Methodology to Optimize Aerospace Eco-efficiency Assembly Processes

Sustainability and eco-efficiency have been researched in multiple scientific papers since the last years. However the literature is not so abundant when applying those concepts to industrial assembly processes. This paper presents an innovate methodology to optimize aerospace assembly processes. Authors propose the introduction of a new element, the eco-efficiency, along with the traditional criteria, cost and time, currently used for optimization. Using a large Aero-Structure as an industrial case of study, the methodology analyzes the eco-efficiency of an assembly process in connection with a Life Cycle Assessment (LCA) to compute the environmental impact. Results are shown in a dashboard along with the relevant Key Process Indicator (KPI) to help the engineers to select the best assembly processEuropean Union (UE). H2020 DILECO 785367European Union H2020-EU.3.4.5.4-IT

Multiwavelength analysis of the Lyman alpha emitting galaxy Haro 2: relation between the diffuse Lyman alpha and soft X-ray emissions

In order to use Lyman alpha (Lya) emission as star formation tracer in cosmological studies, we must understand how the resonant scattering affects the escape fraction of the Lya photons. Thus, high spatial resolution multiwavelength studies of nearby Lya emitters, like Haro 2, are highly needed. For that purpose, we have used Chandra X-ray and HST (UV, optical and NIR) images of Haro 2, and STIS and ground-based spectral images along its major and minor axes, to characterize the Lya emission and the properties of the stellar population. The UV, Ha (Halpha) and FIR luminosities of the Haro 2 nuclear starburst are reproduced using evolutionary synthesis models assuming a young stellar population with ages ~3.5-5.0 Myr, affected by differential interstellar extinctions. The observed X-ray emission is attributed to gas heated by the mechanical energy released by the starburst (soft component) and a Ultra-Luminous X-ray source candidate (hard). Both compact and diffuse Lya components are observed. Whereas Lya is spatially decoupled from Balmer lines emission, Balmer decrement and UV continuum, the diffuse Lya component is spatially correlated with the diffuse soft X-ray emission. Moreover, unlike the compact one, diffuse Lya shows luminosities larger than predicted from Ha, assuming case B recombination and dust extinction as derived from Ha/Hbeta. We propose that, whereas the compact Lya emission is associated to the massive stellar clusters and is affected by outflows and dust extinction, the diffuse Lya originates in gas ionized by the hot plasma responsible for the soft X-ray radiation, as suggested by their spatial correlation and by the measured L(Ha)/LsoftX ratios. Calibration of Lya as star formation rate tracer should therefore include both effects (destruction vs. enhancement) to avoid biases in the study of galaxies at cosmological distances.Comment: Accepted for publication in A&A, 18 pages, 8 figures, 9 tables. If problems with quality of images, see http://www.cab.inta-csic.es/users/otih/haro2-v63.clean.pd

Physical properties and evolutionary state of the Lyman alpha emitting starburst galaxy IRAS 08339+6517

Though Lyman alpha emission (Lya) is one of the most used tracers of massive star formation at high redshift, a correct understanding of radiation transfer effects by neutral gas is required to properly quantify the star formation rate along the history of the Universe. We are embarked in a program to study the properties of the Lya emission (spectral profile, spatial distribution, relation to Balmer lines intensity,...) in several local starburst galaxies. We present here the results obtained for IRAS 08339+6517. Using evolutionary population synthesis models, we have characterized the properties of the starburst (UV continuum, Halpha, total infrared and X-ray emissions, etc.), which transformed 1.4e+8 Mo of gas into stars around 5-6 Myr ago. In addition to the central compact emission blob, we have identified a diffuse Lya emission component smoothly distributed over the whole central area of IRAS 08339+6517. This diffuse emission is spatially decoupled from the UV continuum, the Halpha emission or the Halpha/Hbeta ratio. Both locally and globally, the Lya/Halpha ratio is lower than the Case B predictions, even after reddening correction, with an overall Lya escape fraction of only 4%. We conclude that in IRAS 08339+6517 the resonant scattering of Lya photons by an outflowing shell of neutral gas causes their highly-efficient destruction by dust, which explains the low Lya escape fraction measured. These results stress again the importance of a proper correction of scattering and transfer effects when using Lya to derive the star formation rate in high-redshift galaxies.Comment: Accepted for publication in A&A, 17 pages, 13 figures, 8 tables. If problems with quality of images, see https://cloud.cab.inta-csic.es/public.php?service=files&file=%2Fotih%2Ffiles%2Foti_mas%2Firas%2Firas-v53.ack_referee.pd

An Index Of Management Intensity For Coffee Agroecosystems To Evaluate Butterfly Species Richness

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/117238/1/eap20031351491.pd