Why do banks promise to pay par on demand?.

We survey the theories on why banks promise to pay par on demand and examine evidence on the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature is divided into four strands: liquidity provision; asymmetric information; legal restrictions; and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par if the deposits are used in transactions. We examine the history of banking in several countries in different eras: fourth century Athens, medieval Italy, Tokugawa Japan, and free banking and money market mutual funds in the United States. Each of the theories explains some of the observed banking arrangements and none explains all of them.Banking panics; Suspension of payments; Banking history; Money market funds;

The period of a classical oscillator

We develop a simple method to obtain approximate analytical expressions for the period of a particle moving in a given potential. The method is inspired to the Linear Delta Expansion (LDE) and it is applied to a large class of potentials. Precise formulas for the period are obtained.Comment: 5 pages, 4 figure

Experiences, Perceived Challenges, and Support Systems of Early College High School Students

In this qualitative study, the prior experiences, perceived challenges, and support systems of 17 Grade 12 Hispanic students at an early college high school were explored using the framework of social capital theory. Utilizing Moustakas’s phenomenological design, data were collected using focus group and individuals interviews. Several themes emerged and were related to the conceptual framework of social capital, such as the school environment, support from family and teachers, and the students’ identify and values. Understanding the experiences of the Grade 12 students can provide valuable information for high school and college administrators in an ECHS setting

Deterministic ratchet from stationary light fields

Ratchets are dynamic systems where particle transport is induced by zero-average forces due to the interplay between nonlinearity and asymmetry. Generally, they rely on the effect of a strong external driving. We show that stationary optical lattices can be designed to generate particle flow in one direction while requiring neither noise nor driving. Such optical fields must be arranged to yield a combination of conservative (dipole) and nonconservative (radiation pressure) forces. Under strong friction all paths converge to a discrete set of limit periodic trajectories flowing in the same direction.Comment: 6 pages, 4 figure

Why do banks promise to pay par on demand?

We survey the theories on why banks promise to pay par on demand and examine evidence on the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature is divided into four strands: liquidity provision; asymmetric information; legal restrictions; and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par if the deposits are used in transactions. We examine the history of banking in several countries in different eras: fourth century Athens, medieval Italy, Tokugawa Japan, and free banking and money market mutual funds in the United States. Each of the theories explains some of the observed banking arrangements and none explains all of them.Publicad

Gravitino Dark Matter and Neutrino Masses in Partial Split Supersymmetry

Partial Split Supersymmetry with bilinear R-parity violation allows to reproduce all neutrino mass and mixing parameters. The viable dark matter candidate in this model is the gravitino. We study the hypothesis that both possibilities are true: Partial Split Supersymmetry explains neutrino physics and that dark matter is actually composed of gravitinos. Since the gravitino has a small but non-zero decay probability, its decay products could be observed in astrophysical experiments. Combining bounds from astrophysical photon spectra with the bounds coming from the mass matrix in the neutrino sector we derive a stringent upper limit for the allowed gravitino mass. This mass limit is in good agreement with the results of direct dark matter searches.Comment: 22 pages, 3 figure

Relationship between rules and technical and tactical contents in minibasket

Las reglas condicionan el desarrollo del juego en cualquier deporte ya que delimita lo que se puede hacer. Se pretende conocer el orden de importancia de las reglas en minibasket, así como los medios técnico-tácticos que se derivan éstas. El método utilizado para la toma de datos ha sido el grupo nominal. Los participantes han sido siete expertos que cumplían unas condiciones mínimas. Con relación a la primera pregunta, el orden de importancia de las reglas ha sido: los pasos, dobles, líneas delimitadoras, faltas, árbitro, reglas de tiempo y puntuación. Con relación a los medios técnico-tácticos que se derivan de las reglas más importantes, a modo de ejemplo, a través de los pasos se aprende el bote, las arrancadas, las paradas, entradas, etc. Estos datos permiten organizar una programación basada en las reglasThe rules determine the development of the game in every sport because they put a limit to what you can do and what not. The aims of the research were to determine the order of importance of the basic basketball rules as well as the technical and tactical contents deriving from these rules. The method used for the data collection was that of the nominal group technique. The nominal group consisted of seven experts who fulfilled the minimum conditions. Regarding the first question, the order of importance of the rules was: steps, double dribble, lines, fouls, referee, rules regarding time limits and score. With regard to the technical and tactical contents deriving from the most important rules, for example, through the steps’ rules, players can learn starts, stops, lay-up, etc. These data allow organizing a program based on the rule

Impacto de las estrategias didácticas implementadas en lengua castellana a estudiantes de grado primero en tiempos de COVID-19

Ante el cierre preventivo de instituciones escolares producto de la emergencia por COVID-19, cientos de países definieron un plan para que la educación no se detenga. Sin embargo, asegurar la continuidad en el proceso educativo no es simple y lleva implícito grandes desafíos para docentes, padres de familia, cuidadores y estudiantes; aunque existen recomendaciones el tema se reconoce como “abierto” y lejos aún de evidencias concluyentes que puedan orientar las acciones pedagógicas, (Pimentel, 2020) el panorama de las políticas educativas se describe como emergente y fluido, la evidencia y documentación es poca generalmente carece de detalles, lo que hace difícil determinar que funciona y que no en esta etapa (Jyones Gibbs, Sims, Rodnet y 2020). En este contexto la investigación recogió información sobre el impacto de las estrategias didácticas implementadas por los docentes de la Institución Educativa Cedid Ciudad Bolívar Sede C Jornada Tarde a los estudiantes de grado 102 durante el confinamiento por COVID-19 en el II y III periodo académico 2020. De los resultados surgió una descripción de las herramientas utilizadas para la enseñanza y el aprendizaje orientadas a dar continuidad a la educación para ello los docentes combinaron estrategias tradicionales y digitales de segunda y tercera generación. De otro lado se encontró que las principales problemáticas a las que se enfrentaron son logísticas, tecnológicas y socioafectivas. En cuanto al uso de la tecnología para la comunicación utilizaron WhatsApp, para su trabajo académico Google Classroom, Wixsite y la plataforma institucional, para trabajo sincrónico las plataformas Zoom, Teams y Meet. La mayoría de los docentes refieren requerir apoyo tecnológico y asesoría didáctica para continuar los procesos académicos. (apartes del texto)Facing the preventive closure of school institutions as a result of the COVID-19 emergency, hundreds of countries defined a plan so that education does not stop. However, ensuring continuity in the educational process is not that simple and it implies great challenges for teachers, parents, caregivers and students. Although there are some recommendations, the subject is recognized as "open" and still far from conclusive evidence that can guide pedagogical actions, the panorama of educational policies is described as emerging and fluid, the evidence and documentation is scarce, generally lacks details, which makes hard to determine what works and what doesn't at this point. Having this in mind, this research collected information on the impact of the didactic strategies implemented by the teachers of the “Institución Educativa Cedid Ciudad Bolívar Sede C Jornada Tarde” to the students of grade 102 during the confinement by COVID-19 in the II and III academic period of2020. As a result, a description of the tools used for teaching and learning surged and this aimed at providing continuity to education, this is why the teachers combined traditional and digital second and third generation strategies. On the other hand, it was found that the main problems the teachers faced are logistical, technological and socio-affective. Regarding the use of technology for communication, they used WhatsApp, for their academic work Google Classroom, Wixsite and the institutional platform, for synchronous work the Zoom, Teams and Meet platforms. Most of the teachers report requiring technological support and didactic advice to continue the academic processes.Fundación Universitaria Los Libertadore

Rapid distortion theory for differential diffusion

Rapid distortion theory (RDT) is used to examine differential diffusion of active and passive scalars in unsheared, initially isotropic turbulence. RDT is well suited to study differential diffusion because it applies to strongly stratified flows with weak turbulence—that is, the conditions under which differential diffusion occurs. The theory reproduces several key features of the evolution of scalar fluxes and scalar flux spectra observed in direct numerical simulations (DNS). Predictions of the diffusivity ratio match laboratory results well when a parameter of the theory is related to a parameter of the experiments. RDT also allows parameters such as molecular diffusivities to be varied over a wider range than DNS can currently reach. RDT may prove to be a useful tool for computing mixing in weakly turbulent parts of the stratified ocean interior and possibly for parameterizing subgrid scale mixing in general circulation models