2,562 research outputs found
Geometry of the Abel Equation of the first kind
We study the first kind Abel differential equation
where the functions
are real analytic. The first step of our analysis is through the Cartan
equivalence method, then we use techniques from representation theory; this
latter mean allows us to exhibit an affine connection and hence a covariant
derivative on the space of differential invariants of the Abel equation. In the
context of Abel equation, this affine connection is similar to the connection
(also called Frobenius-Stickelberger connexion) given by the quasi-modular
Eisenstein series , which permits to define a covariant derivative in the
space of modular forms and is a solution of a Chazy type equation.Comment: 12 page
Decentralized Managment of Irrigation Areas in the Sahel : Water User Associations in the Senegal River Valley
human development, water, sanitation
PUBLIC SPENDING AND REAL EXCHANGE RATE INSTABILITIES AND GROWTH IN AFRICA: EVIDENCE FROM PANEL DATA
The paper investigates the causes of AfricaÂĄÂŻs poor growth performance. It therefore focuses on the strand of literature that highlights the role of policy instability and uses the dependent economy model as the main theoretical framework. Results from the empirical work indicate that public spending instability increases real exchange rate instability, which in turn exerts a negative impact on both investment and total factor productivity. Further, the empirical investigation suggests partially that real exchange rate appreciation contributes to the decline of sectors with important positive externalities, thereby leading to persistent productivity losses and weak economic growth.Africa, Economic Growth, Macroeconomic Policy, Panel Data
A Model of the EFA Liabilities
The authors describe the liabilities model of the Exchange Fund Account (EFA). The EFA is managed using an asset-liability matching framework that requires currency and duration matching of both sides of the balance sheet. The model chooses the mix of liabilities across instruments and tenors that maximizes the return of the fund subject to a fixed asset-allocation rule and duration matching. The model considers two types of instruments: cross-currency swaps and global bonds. The main trade-off in the model is the cost advantage of cross-currency swaps relative to global bond issuance. Cross-currency swaps are, on average, a cheaper source of funding, but carry counterparty risk. The model penalizes a skewed maturity profile of liabilities because it carries rollover risks. The model also reports the implied asset-liability gap, which is a function of the total amount of cross-currency swaps.Debt Management; Foreign reserves management
I2PA : An Efficient ABC for IoT
Internet of Things (IoT) is very attractive because of its promises. However,
it brings many challenges, mainly issues about privacy preserving and
lightweight cryptography. Many schemes have been designed so far but none of
them simultaneously takes into account these aspects. In this paper, we propose
an efficient ABC scheme for IoT devices. We use ECC without pairing, blind
signing and zero knowledge proof. Our scheme supports block signing, selective
disclosure and randomization. It provides data minimization and transactions'
unlinkability. Our construction is efficient since smaller key size can be used
and computing time can be reduced. As a result, it is a suitable solution for
IoT devices characterized by three major constraints namely low energy power,
small storage capacity and low computing power
Buoyant Capital Spending and Worries over Real Appreciation: Cold Facts from Algeria
The Government of Algeria has pursed a relatively expansionary fiscal policy in recent years, thanks to rising oil prices and revenues. The paper explores the potential effects of such a stance on real exchange rate and uncovers a relatively small appreciating effect of increased government capital expenditure. This is explained by the fact that a significant share of capital spending falls into tradable imported goods. However, the envisaged increase in capital spending, if well designed and implemented, might in the long-run translate into rising operations and maintenance expenditureâmostly nontradable goodsâthereby causing a higher real appreciation. This implies that Algeria should carefully consider the implications of its public investment program on recurrent expenditure.Government capital expenditure;real exchange rate;oil
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