Design of algorithms for a dispersive hyperbolic problem

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/76793/1/AIAA-1991-1535-868.pd

Changing Rules of the Game of Global Finance: Glimpses from a Sovereign Debt Restructuring Episode

Sovereign debt restructuring refers to debt workout procedures for sovereigns which involve reduction in the nominal value of the old debt instruments when the debt burden of a country becomes unsustainable. Debt restructuring is required in any debtor-creditor relationship since any financial contract has to take the possibility of default into account. As far as corporations are concerned, the idea that the debt burden of the corporations may become unsustainable and in which case it may require restructuring is not new. Corporations in the US have access to legal remedies if they want to restructure their debts or go for liquidation. But when it comes to sovereigns, the international financial architecture lacks any mechanism to take care of the “debt overhang” of sovereigns. Literature in this area has tried to model the incentives which would lead the sovereign debtor towards repayment. The two main incentives are direct punishments (such as trade embargoes) and reputation concerns (fear of loss of access to international capital markets). The basic assumption in all these models is that creditors only have limited powers to enforce repayments since the sovereign debtor cannot be ordered to repay by the courts of the creditors‟ country of origin because of the sovereign immunity laws. The focus of this paper is on the recently concluded Argentine debt restructuring where the sovereign debtor was forced to make repayments to the “vulture funds” after an order for repayment was passed by the US courts, thus making the assumption of non-enforceability of sovereign debt untenable. This is a real threat because 70% of the sovereign bond documentation is under the US law at present and many debt restructuring exercises are on in countries around the globe. The paper also looks at two different sovereign debt crisis resolution episodes from history – the first one is the Barings‟ Crisis of 1890 when Britain was the centre of international finance and the other episode is from the inter-war period when USA had overtaken Britain. The attempt is to see if history has some lessons to offer for an orderly debt workout

Changing Rules of the Game of Global Finance: Glimpses from a Sovereign Debt Restructuring Episode

Sovereign debt restructuring refers to debt workout procedures for sovereigns which involve reduction in the nominal value of the old debt instruments when the debt burden of a country becomes unsustainable. Debt restructuring is required in any debtor-creditor relationship since any financial contract has to take the possibility of default into account. As far as corporations are concerned, the idea that the debt burden of the corporations may become unsustainable and in which case it may require restructuring is not new. Corporations in the US have access to legal remedies if they want to restructure their debts or go for liquidation. But when it comes to sovereigns, the international financial architecture lacks any mechanism to take care of the “debt overhang” of sovereigns. Literature in this area has tried to model the incentives which would lead the sovereign debtor towards repayment. The two main incentives are direct punishments (such as trade embargoes) and reputation concerns (fear of loss of access to international capital markets). The basic assumption in all these models is that creditors only have limited powers to enforce repayments since the sovereign debtor cannot be ordered to repay by the courts of the creditors‟ country of origin because of the sovereign immunity laws. The focus of this paper is on the recently concluded Argentine debt restructuring where the sovereign debtor was forced to make repayments to the “vulture funds” after an order for repayment was passed by the US courts, thus making the assumption of non-enforceability of sovereign debt untenable. This is a real threat because 70% of the sovereign bond documentation is under the US law at present and many debt restructuring exercises are on in countries around the globe. The paper also looks at two different sovereign debt crisis resolution episodes from history – the first one is the Barings‟ Crisis of 1890 when Britain was the centre of international finance and the other episode is from the inter-war period when USA had overtaken Britain. The attempt is to see if history has some lessons to offer for an orderly debt workout

Reasons for extraction in primary teeth among 5-12 years school children in Haryana, India- A cross-sectional study

Due to high prevalence of oral diseases extraction of primary teeth is a common and a major concern in developing countries. These teeth are given least importance as they are believed to shed off automatically, thus leading to serious problems like crowding and malocclusion. A cross sectional study was carried out among children aged 5 to 12 years among 1347 children. The data was recorded on a prestructured questionnaire. Reasons for extraction of teeth were based on Kay and Blinkhorn criteria. 20.4% children were having tooth loss due to various reasons. The main reason for extraction was found to be caries in 64.3% followed by trauma in maxillary teeth among 43.02% of children. Presence of early loss of primary teeth result in occlusal disturbances and space loss among children. Hence, proper treatment regimens must be followed by the dental professionals and should be the need of the hour

PM2.5-related health and economic loss assessment for 338 Chinese cities

China is in a critical stage of ambient air quality management after global attention on pollution in its cities. Industrial development and urbanization have led to alarming levels of air pollution with serious health hazards in densely populated cities. The quantification of cause-specific PM2.5-related health impacts and corresponding economic loss estimation is crucial for control policies on ambient PM2.5 levels. Based on ground-level direct measurements of PM2.5 concentrations in 338 Chinese cities for the year 2016, this study estimates cause-specific mortality using integrated exposure-response (IER) model, non-linear power law (NLP) model and log-linear (LL) model followed by morbidity assessment using log-linear model. The willingness to pay (WTP) and cost of illness (COI) methods have been used for PM2.5-attributed economic loss assessment. In 2016 in China, the annual PM2.5 concentration ranged between 10 and 157 μg/m3 and 78.79% of the total population was exposed to >35 μg/m3 PM2.5 concentration. Subsequently, the national PM2.5-attributable mortality was 0.964 (95% CI: 0.447, 1.355) million (LL: 1.258 million and NPL: 0.770 million), about 9.98% of total reported deaths in China. Additionally, the total respiratory disease and cardiovascular disease-specific hospital admission morbidity were 0.605 million and 0.364 million. Estimated chronic bronchitis, asthma and emergency hospital admission morbidity were 0.986, 1.0 and 0.117 million respectively. Simultaneously, the PM2.5 exposure caused the economic loss of 101.39 billion US$, which is 0.91% of the national GDP in 2016. This study, for the first time, highlights the discrepancies associated with the three commonly used methodologies applied for cause-specific mortality assessment. Mortality and morbidity results of this study would provide a measurable assessment of 338 cities to the provincial and national policymakers of China for intensifying their efforts on air quality improvement

Open vertical sagittal fracture patella with fracture lateral condyle femur: approach to a rare injury

Patellar fracture is a relatively uncommon fracture especially the vertical sagittal type. In cases of high energy trauma injury, it is usually associated with fracture of ipsilateral distal femur or proximal tibia. However, the combination of vertical sagittal fracture patella and ipsilateral fracture lateral condyle is very rare. This necessitates judicious diagnosis and appropriate management to ensure optimal functional outcome. Open reduction and internal fixation is the treatment of choice in managing these types of injuries. This should be followed by gradual mobilization of the affected knee joint. Weight bearing can be started once the fracture starts showing signs of union on X-rays. Literature search shows only one case report describing this pattern. The aim of this case report is to highlight the rarity of this injury, to understand the injury mechanism and surgical approach used for these injuries. The knowledge of this combination will help us manage these injuries so that good functional outcome is achieve

Modified dual osteotomy for Madelung’s deformity

Madelung’s deformity is one of the rare congenital deformities of the forearm and wrist, typically seen as positive ulnar variance and increased volar tilt due to the “Vickers” ligament. Different corrective surgical methods for this have been done in the literature. In this case of a 9-year-old Madelung’s like deformity, we have performed a modified dual osteotomy with periosteal preservation allowing natural articulation and bone to be modified, especially in a younger child. This article gives the surgical option to orthopedics for the future, especially in a younger child with severe deformity. This is a level V evidence-based therapeutic study