On the Fiscal Implications of Twin Crises

This paper explores the implications of different strategies for financng the fiscal costs of twin crises for inflation and depreciation rates. We use a first-generation type model of speculative attacks which has four key features: (i) the crisis is triggered by prospective deficits; (ii) there exists outstanding non-indexed government debt issued prior to the crisis; (iii) a portion of the government's liabilities are not indexed to inflation; (iv) there are nontradeable goods and costs of distributing tradeable goods, so that the purchasing power parity does not hold. We show that the model can account for the high rates of devaluation and the moderate rates of inflation often observed in the wake of currency crises. We use our model and the data to interpret the recent currency crises in mexico and Korea. Our analysis suggests that the Mexican government is likely to pay for the bulk of the fiscal costs of its crisis through seignorage revenues. in contrast, the Korean government is likely to rely more on a combination of implicit and explicit fiscal reforms.Currency crisis, banking crisis, speculative attacks, seignorage, fiscal reform bailouts

On the Fundamentals of Self-Fulfilling Speculative Attacks

This paper proposes a theory of twin banking-currency crises in which both fundamentals and self-fulfilling beliefs play crucial roles. Fundamentals determine whether crises will occur. Self-fulfilling beliefs determine when they occur. The fundamental that causes twin crises' is government guarantees to domestic banks' foreign creditors. When these guarantees are in place twin crises inevitably occur, but their timing is a multiple equilibrium phenomenon that depends on agents' beliefs. So while self-fulfilling beliefs have an important role to play, twin crises do not happen just anywhere. They happen in countries where there are fundamental problems - problems such as guarantees to the financial sector.

The identification of histidine ligands to cytochrome a in cytochrome c oxidase

A histidine auxotroph of Saccharomyces cerevisiae has been used to metabolically incorporate [1,3-15N2] histidine into yeast cytochrome c oxidase. Electron nuclear double resonance (ENDOR) spectroscopy of cytochrome a in the [15N]histidine-substituted enzyme reveals an ENDOR signal which can be assigned to hyperfine coupling of a histidine 15N with the low-spin heme, thereby unambiguously identifying histidine as an axial ligand to this cytochrome. Comparison of this result with similar ENDOR data obtained on two 15N-substituted bisimidazole model compounds, metmyoglobin-[15N]imidazole and bis[15N]imidazole tetraphenyl porphyrin, provides strong evidence for bisimidazole coordination in cytochrome a

Metal centers of cytochrome c oxidase: structures and interactions

Journal ArticleStudies directed toward the elucidation of the structures of the metal centers in cytochrome c oxidase are reviewed. Progress towards an understanding of the interactions between these centers and their spatial distributions within the protein will also be presented. Our studies are based primarily on optical and low-temperature electron paramagnetic resonance (EPR) spectroscopy. We have employed nitric oxide (NO), as well as other exogenous ligands, to probe the 0 2 reduction site of the enzyme. In addition, we have isolated auxotrophs of Saccharomyces cerevisiae in order to metabolically incorporate isotopically substituted amino acids into the ye double resonance (ENDOR) spectroscopic studies of these isotopically substituted derivatives have provided unambiguous information on the structure of two of the four metal centers. The degree to which metal centers within the protein interact with one another has been assessed by examining the extent to which redox changes of one metal center modulate changes in the EPR and optical characteristics of the other centers. Conceptions about the overall spatial distribution of the metal centers within the protein emerge from these data. The implications of our results with respect to the mechanisms of dioxygen reduction and energy conservation in cytochrome c oxidase will be discussed

On the Fundamentals of Self-Fulfilling Prophecies

This paper proposes a theory of twin banking-currency crisis in which both fundamentals and self-fulfilling beliefs play crucial roles. Fundamentals determine whether crises will occur. Self-fulfilling beliefs determine when they occur. The fundamental that causes 'twin crises' is government guarantees to domestic banks' foreign creditors. When these guarantees are in place twin crises inevitably occur, but their timing is a multiple-equilibrium phenomenon that depends on agents' beliefs. So while self-fulfilling beliefs have an important role to play, twin crises do not happen just anywhere. They happen in countries where there are fundamental problems- problems such as guarantees to the financial sector.Macroeconomics, International

The nature of CuA in cytochrome c oxidase

The isolation and purification of yeast cytochrome c oxidase is described. Characterization of the purified protein indicates that it is spectroscopically identical with cytochrome c oxidase isolated from beef heart. Preparations of isotopically substituted yeast cytochrome c oxidase are obtained incorporating [1,3-15N2]histidine or [beta,beta- 2H2]cysteine. Electron paramagnetic resonance and electron nuclear double resonance spectra of the isotopically substituted proteins identify unambiguously at least 1 cysteine and 1 histidine as ligands to CuA and suggest that substantial spin density is delocalized onto a cysteine sulfur in the oxidized protein to render the site Cu(I)-S

3\u27 end additions by T7 RNA polymerase are RNA self-templated, distributive and diverse in character––RNA-Seq analyses

Synthetic RNA is widely used in basic science, nanotechnology and therapeutics research. The vast majority of this RNA is synthesized in vitro by T7 RNA polymerase or one of its close family members. However, the desired RNA is generally contaminated with products longer and shorter than the DNA-encoded product. To better understand these undesired byproducts and the processes that generate them, we analyze in vitro transcription reactions using RNA-Seq as a tool. The results unambiguously confirm that product RNA rebinds to the polymerase and self-primes (in cis) generation of a hairpin duplex, a process that favorably competes with promoter driven synthesis under high yield reaction conditions. While certain priming modes can be favored, the process is heterogeneous, both in initial priming and in the extent of priming, and already extended products can rebind for further extension, in a distributive process. Furthermore, addition of one or a few nucleotides, previously termed ‘nontemplated addition,’ also occurs via templated primer extension. At last, this work demonstrates the utility of RNA-Seq as a tool for in vitro mechanistic studies, providing information far beyond that provided by traditional gel electrophoresis

Why José Mourinho’s protégés failed when they became managers

Martin Kilduff, Craig Crossland, Wenpin Tsai and Matthew T. Bowers discuss the acolyte effec

C3 Photosynthesis in the Gametophyte of the Epiphytic CAM Fern Pyrrosia Longifolia (Polypodiaceae)

This is the publisher's official version, also available at: http://www.jstor.org/stable/2445689Sporophytes of some epiphytic species in the fern genus Pyrrosia exhibit Crassulacean acid metabolism (CAM), generally considered to be a derived physiological response to xeric habitats. Because these species alternate between independent sporophytic and gametophytic generations yet only the sporophyte has been characterized physiologically, experiments were conducted to determine the photosynthetic pathways present in mature sporophytes, immature sporophytes, and gametophytes of Pyrrosia longifolia. Diurnal C 0 2 exchange and malic acid fluctuations demonstrated that although the mature sporophytes exhibited CAM, only C3 photosynthesis occurred in the gametophytes and young sporophytes. Consideration of the above results and those from previous studies, as well as the life cycle of ferns, indicates that the induction of CAM probably occurs at a certain developmental stage of the sporophyte and/or following exposure to stress. Elucidation of the precise mechanisms underlying this C^-CAM transition awaits further research