The Use and Abuse of Special-Purpose Entities in Public Finance

States increasingly are raising financing indirectly through special-purpose entities (SPEs), variously referred to as authorities, special authorities, or public authorities. Notwithstanding their long history and increasingly widespread use, relatively little is known or has been written about these entities. This article examines state SPEs and their functions, comparing them to SPEs used in corporate finance. States, even more than corporations, use these entities to reduce financial transparency and avoid public scrutiny, seriously threatening the integrity of public finance. The article analyzes how regulation could be designed in order to control that threat while maintaining the legitimate financing benefits provided by these state entities

Dynamics of the formation of a hydrogel by a pathogenic amyloid peptide: islet amyloid polypeptide

Many chronic degenerative diseases result from aggregation of misfolded polypeptides to form amyloids. Many amyloidogenic polypeptides are surfactants and their assembly can be catalysed by hydrophobic-hydrophilic interfaces (an air-water interface in-vitro or membranes in-vivo). We recently demonstrated the specificity of surface-induced amyloidogenesis but the mechanisms of amyloidogenesis and more specifically of adsorption at hydrophobic-hydrophilic interfaces remain poorly understood. Thus, it is critical to determine how amyloidogenic polypeptides behave at interfaces. Here we used surface tensiometry, rheology and electron microscopy to demonstrate the complex dynamics of gelation by full-length human islet amyloid polypeptide (involved in type II diabetes) both in the bulk solution and at hydrophobic-hydrophilic interfaces (air-water interface and phospholipids). We show that the hydrogel consists of a 3D supramolecular network of fibrils. We also assessed the role of solvation and dissected the evolution over time of the assembly processes. Amyloid gelation could have important pathological consequences for membrane integrity and cellular functions

Regulating Systemic Risk: Towards an Analytical Framework

The global financial crisis demonstrated the inability and unwillingness of financial market participants to safeguard the stability of the financial system. It also highlighted the enormous direct and indirect costs of addressing systemic crises after they have occurred, as opposed to attempting to prevent them from arising. Governments and international organizations are responding with measures intended to make the financial system more resilient to economic shocks, many of which will be implemented by regulatory bodies over time. These measures suffer, however, from the lack of a theoretical account of how systemic risk propagates within the financial system and why regulatory intervention is needed to disrupt it. In this Article, we address this deficiency by examining how systemic risk is transmitted. We then proceed to explain why, in the absence of regulation, market participants cannot be relied upon to disrupt or otherwise limit the transmission of systemic risk. Finally, we advance an analytical framework to inform systemic risk regulation

Universal Conductance Distribution in the Quantum Size Regime

We study the conductance (g) distribution function of an ensemble of isolated conducting rings, with an Aharonov--Bohm flux. This is done in the discrete spectrum limit, i.e., when the inelastic rate, frequency and temperature are all smaller than the mean level spacing. Over a wide range of g the distribution function exhibits universal behavior P(g)\sim g^{-(4+\beta)/3}, where \beta=1 (2) for systems with (without) a time reversal symmetry. The nonuniversal large g tail of this distribution determines the values of high moments.Comment: 13 pages+1 figure, RevTEX

Competing for Refugees: A Market-Based Solution to a Humanitarian Crisis

The current refugee crisis demands novel legal solutions, and new ways of summoning the political will to implement them. As a matter of national incentives, the goal must be to design mechanisms that discourage countries of origin from creating refugees, and encourage host countries to welcome them. One way to achieve this would be to recognize that persecuted refugee groups have a financial claim against their countries of origin, and that this claim can be traded to host nations in exchange for acceptance. Modifications to the international apparatus would be necessary, but the basic legal elements of this proposal already exist. In short, international law can and should give refugees a legal asset, give host nations incentives to accept them, and give oppressive countries of origin the bill

Potentiality in Biology

We take the potentialities that are studied in the biological sciences (e.g., totipotency) to be an important subtype of biological dispositions. The goal of this paper is twofold: first, we want to provide a detailed understanding of what biological dispositions are. We claim that two features are essential for dispositions in biology: the importance of the manifestation process and the diversity of conditions that need to be satisfied for the disposition to be manifest. Second, we demonstrate that the concept of a disposition (or potentiality) is a very useful tool for the analysis of the explanatory practice in the biological sciences. On the one hand it allows an in-depth analysis of the nature and diversity of the conditions under which biological systems display specific behaviors. On the other hand the concept of a disposition may serve a unificatory role in the philosophy of the natural sciences since it captures not only the explanatory practice of biology, but of all natural sciences. Towards the end we will briefly come back to the notion of a potentiality in biology

Critical phenomenon of the order-disorder transition in incompressible active fluids

We study incompressible systems of motile particles with alignment interactions. Unlike their compressible counterparts, in which the order-disorder (i.e., moving to static) transition, tuned by either noise or number density, is discontinuous, in incompressible systems this transition can be continuous, and belongs to a new universality class. We calculate the critical exponents to $\mathcal{O}(\epsilon )$ in an $\epsilon =4-d$ expansion, and derive two exact scaling relations. This is the first analytic treatment of a phase transition in a new universality class in an active system

Fundamental Aspects of the ISM Fractality

The ubiquitous clumpy state of the ISM raises a fundamental and open problem of physics, which is the correct statistical treatment of systems dominated by long range interactions. A simple solvable hierarchical model is presented which explains why systems dominated by gravity prefer to adopt a fractal dimension around 2 or less, like the cold ISM and large scale structures. This has direct relation with the general transparency, or blackness, of the Universe.Comment: 6 pages, LaTeX2e, crckapb macro, no figure, uuencoded compressed tar file. To be published in the proceeedings of the "Dust-Morphology" conference, Johannesburg, 22-26 January, 1996, D. Block (ed.), (Kluwer Dordrecht

Drawbacks of ovarian ablation with goserelin in women with breast cancer

In the last few years, ovarian ablation with GnRH agonists has been used as first-line adjuvant therapy in pre and perimenopausal breast cancer. These drugs suppress ovarian function in the hypothalamic-pituitary axis and they have adverse effects in other end-organs. A retrospective study was conducted on 35 premenopausal women, with breast cancer, and treated with goserelin, in order to investigate the effects of iatrogenic estrogen suppression. All women complaint of amenorrhea and only half of them referred hot-flashes, weight gain or arthralgias. Hot-flushes and arthralgias remit spontaneously in the end of the treatment. Osteodensitometry was used to access bone mass. There was a reduction in mineral bone mass and T-score at femoral neck and lumbar spine after the treatment with goserelin, but without statistical significance, except for the T-score in lumbar spine

Protection of Fundamental Rights Post-Lisbon:The Interaction between the EU Charter of Fundamental Rights, the European Convention on Human Rights (ECHR) and National Constitutions (FIDE National Report for the United Kingdom)

This is the United Kingdom national report for the FIDE XXV Congress on the 'Protection of Fundamental Rights Post-Lisbon'. The national report consist of answers from a UK perspective to questions posed by the general rapporteur on the following general topics: Nature and scope of fundamental rights protected; Horizontal Effect and Collision of rights; Consequences of the entry into force of the EU Charter of Fundamental Rights; Consequences of the accession of the EU to the ECHR; The future of fundamental rights protection, national and European, in the EU as an ‘area of fundamental rights’