The European Bond Markets under EMU

In this paper, we document how in the wake of monetary unification the markets for Euro-area sovereign and private-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the Euro-area bond market as a single one. Primary and secondary bond markets have become increasingly integrated on a pan-European scale. Issuance of corporate bonds has taken off on an unprecedented scale in continental Europe. In the process, both investors and issuers have reaped the considerable benefits afforded by greater competition in the underwriting of private bonds and auctioning of public ones, and by the greater liquidity of secondary markets. Bond yields have converged dramatically in the transition to EMU. The persistence of small and variable yield differentials for sovereign debt under EMU indicates that Euro-area bonds are still not perfect substitutes. However, to a large extent this does not reflect persistent market segmentation but rather small differentials in fundamental risk. Liquidity differences play at most a minor role, and this role appears to arise partly from their interaction with fundamental risk. The challenges still lying ahead are numerous. They include the unbalance between the German-dominated futures and the underlying cash market; the vulnerability of the cash markets' prices to free-riding and manipulation by large financial institutions; the possibility of joint bond issuance by Euro-area countries; the integration of clearing and settlement systems in the Euro-area bond market, and the participation of new accession countries' issuers to this market.Euro, bond market, financial integration, bond yield differential

Spin--spin critical point correlation functions for the 2D random bond Ising and Potts models

We compute the combined two and three loop order correction to the spin-spin correlation functions for the 2D Ising and q-states Potts model with random bonds at the critical point. The procedure employed is the renormalisation group approach for the perturbation series around the conformal field theories representing the pure models. We obtain corrections for the correlations functions which produce crossover in the amplitude but don't change the critical exponent in the case of the Ising model and which produce a shift in the critical exponent, due to randomness, in the case of the Potts model. Comparison with numerical data is discussed briefly.Comment: 10pp, latex, PAR--LPTHE 94/1

Randomly coupled minimal models

Using 1-loop renormalisation group equations, we analyze the effect of randomness on multi-critical unitary minimal conformal models. We study the case of two randomly coupled $M_p$ models and found that they flow in two decoupled $M_{p-1}$ models, in the infra-red limit. This result is then extend to the case with $M$ randomly coupled $M_p$ models, which will flow toward $M$ decoupled $M_{p-1}$.Comment: 12 pages, latex, 1 eps figures; new results adde

Multiwinding based Semi-Dual Active Bridge Converter

Modular converter structures are state of the art for fast charging, since high power and short charging times are required. Multiwinding converter structures can bring several positive advantages, like cost and space reduction. However, the increased complexity due to the magnetically coupled ports needs to be handled. This paper introduces a multiwinding based Semidual-Active-Bridge converter with separated output voltages. The related design challenges in terms of independent charging voltage regulation are evaluated and design guidelines for the medium frequency transformer are presented. The theoretical analysis is validated experimentally

Isolated Multiport Converter as Cost Efficient Solution for DC-Fast Charger of Electric Vehicle

The ongoing electrification of the transport sector raises demands for new power electronic solutions. As a consequence, modular converter structures are state of the art for fast charging, since high power and short charging times are required. This work presents a modular multiport DC-DC converter which has the capability to decrease the cost and size of the required charging station. Furthermore, design guidelines for the investigated topology are presented. The analysis is validated with a three port isolated DC-DC converter with separated loads

How does liquidity affect government bond yields?

The paper explores the determinants of yield differentials between sovereign bonds, using euro-area data. There is a common trend in yield differentials, which is correlated with a measure of aggregate risk. In contrast, liquidity differentials display sizeable heterogeneity and no common factor. We propose a simple model with endogenous liquidity demand, where a bond’s liquidity premium depends both on its transaction cost and on investment opportunities. The model predicts that yield differentials should increase in both liquidity and risk, with an interaction term of the opposite sign. Testing these predictions on daily data, we find that the aggregate risk factor is consistently priced, liquidity differentials are priced for a subset of countries, and their interaction with the risk factor is in line with the model’s prediction and crucial to detect their effect

Evaluation of skin temperature change as stress indicator in rabbit through infrared thermography

AbstractStress-induced reactions in animals include behavioural and physiological modifications aiming at coping towards the stressor, such as manipulations. Thermography, that is the detection of ..