Measuring the Degree of Currency Misalignment Using Offshore Forward Exchange Rates: The Case of the Korean Financial Crisis

This paper proposes a new method of measuring the degree of currency misalignment through the use of offshore forward exchange rates. Using default risk adjusted no­arbitrage conditions for forward exchange contracts, we calculate the spot exchange rates and the domestic interest rates that are implied from the observed forward exchange rates. The difference between the implied and the observed spot exchange rates is our measure of currency misalignment. Our methodology is based on the presumption that, during a currency crisis, offshore forward exchange rates reflect market sentiments more closely than onshore spot and forward exchange rates. The latter are usually tightly regulated and heavily affected by government intervention during a non­normal event such as a financial crisis. We apply the method to the Korean financial crisis in 1997 and discuss its implication for evaluating the IMF adjustment program and explaining foreign capital flows.currency misalignment, covered interest parity, non­deriverable forwards, Korean financial crisis

Monitoring The Evolutionary Patterns of Technological Advances Based On the Dynamic Patent Lattice: A Modified Formal Concept Analysis Approach

The strategic importance of monitoring changes in technology has been highlighted for achieving and maintaining firms’ competitive positions. In this respect, among others, patent citation analysis has been the most frequently adopted tool. However, it is subject to some drawbacks that stem from only consideration of citing-cited information and time lags between citing and cited patents. In response, we propose a modified formal concept analysis (FCA) approach to developing dynamic patent lattice that can analyze the complex relations among patents and evolutionary patterns of technological advances. The FCA is a mathematical tool for grouping objects with shared properties based on the lattice theory. The distinct strength of FCA, vis-á-vis other methods, lies in structuring and displaying the relations among objects in the amount of data. The FCA is modified to take time periods into account for the purpose of technology monitoring. Specifically, patents are first collected and transformed into structured data. Next, the dynamic patent lattice is developed by executing a modified FCA algorithm based on patent context. Finally, quantitative indexes are defined and gauged to conduct a more detailed analysis and obtain richer information. The proposed dynamic patent lattice can be effectively employed to aid decision making in technology monitoring

Population Aging and Financial Markets : A Cross-Country Study

Population aging may have different effects on different assets. We investigate the effect of population aging on financial markets by evaluating how population aging affects the size of asset markets. The regression analysis using a cross-country data reveals that although aggregate saving rates will decline significantly as the size of the elderly population continues to rise, aggregate savings themselves will keep increasing for a while as the working age population increases their savings in preparation for the elongated retirement life. The regression analysis also demonstrates that the proportion of the elderly population is positively correlated with the size of the bond market, while the positive relationship with the size of the stock market is not so evident. Such a finding implies that although a general asset price meltdown is not likely, some asset markets will be more adversely affected by population aging

In-situ study of rules of nanostructure evolution, severe plastic deformations, and friction under high pressure

Severe plastic deformations under high pressure are used to produce nanostructured materials but were studied ex-situ. We introduce rough diamond anvils to reach maximum friction equal to yield strength in shear and perform the first in-situ study of the evolution of the pressure-dependent yield strength and nanostructural parameters for severely pre-deformed Zr. {\omega}-Zr behaves like perfectly plastic, isotropic, and strain-path-independent. This is related to reaching steady values of the crystallite size and dislocation density, which are pressure-, strain- and strain-path-independent. However, steady states for {\alpha}-Zr obtained with smooth and rough anvils are different, which causes major challenge in plasticity theory.Comment: arXiv admin note: substantial text overlap with arXiv:2208.0802

Structure and Effective Pair Potentials of Molten CuBr Estimated from the Anomalous X-ray Scattering Measurements

The anomalous x-ray scattering (AXS) measurements for molten CuBr have been made using the energies close to the Cu K(8.980 keV) and Br K (13.470 keV) absorption edges for estimating three partial structural functions, Cu-Cu, Br-Br and Cu-Br pairs by combining with the intensity data obtained at the energy of 17.0 keV, which is far from both edges. The data processing for obtaining three partials includes the help of the reverse Monte Carlo (RMC) simulation technique. The resultant structure factor of a_(Q) for cation-cation pairs was found to be rather structureless and the closest Cu-Cu distance in molten CuBr was significantly smaller than that of a_(Q) for anion-anion pairs, suggesting the like-ion penetration into the first unlike-ion coordination shell, similar to the molten CuCl case. The effective pair potentials of molten CuBr were also estimated from these experimental partial structural data by applying the modified hypernetted-chain (MHNC) equation coupled with a "predictor-corrector method" originally proposed by Reatto et al. in 1986 for a single component liquid system. It may be worth mentioning that the resultant pair potential for Cu-Cu pairs shows remarkable shielding for the Coulomb repulsion in its nearest neighbor region

Prolonged mixed phase induced by high pressure in MnRuP

Hexagonally structured MnRuP was studied under high pressure up to 35 GPa from 5 to 300 K using synchrotron X-ray diffraction. We observed that a partial phase transition from hexagonal to orthorhombic symmetry started at 11 GPa. The new and denser orthorhombic phase coexisted with its parent phase for an unusually long pressure range, {\Delta}P ~ 50 GPa. We attribute this structural transformation to a magnetic origin, where a decisive criterion for the boundary of the mixed phase lays in the different distances between the Mn-Mn atoms. In addition, our theoretical study shows that the orthorhombic phase of MnRuP remains steady even at very high pressures up to ~ 250 GPa, when it should transform to a new tetragonal phase.Comment: 15 pages, 5 figures, supplementary materia

Deep-Sintered Copper Tracks for Thermal Oxidation Resistance Using Large Pulsed Electron Beam

Thermal oxidation resistance is an important property in printed electronics for sustaining electrical conductivity for long time and/or under harsh environments such as high temperature. This study reports the fabrication of copper nanoparticles (CuNPs)-based conductive tracks using large pulsed electron beam (LPEB) by irradiation on CuNPs to be sintered. With an acceleration voltage of 11 kV, the LPEB irradiation induced deep-sintering of CuNPs so that the sintered CuNPs exhibited bulk-like electrical conductivity. Consequently, the sintered Cu tracks maintained high electrical conductivity at 220 degrees C without using any thermal oxidation protection additive, such as silver, carbon nanotube, and graphene. In contrast, the films irradiated with an acceleration voltage of 8 kV and irradiated by intense pulsed light (IPL) showed fast oxidation characteristics and a corresponding reduction of electrical conductivities under high temperatures owing to a thin sintered layer. The performance of highly thermal oxidation-resistant Cu films sintered by LPEB irradiations was demonstrated through the device performance of a Joule heater

Prevalence of Pretransition Disordering in the Rutile-to-Cacl2 Phase Transition of Geo2

The ability to tailor a material\u27s electronic properties using density driven disordering has emerged as a powerful route to materials design. The observation of anomalous structural and electronic behavior in the rutile to CaCl2 phase transition in SnO2 led to the prediction that such behavior is inherent to all oxides experiencing such a phase transition sequence [Smith et al., J. Phys. Chem. Lett. 10, 5351 (2019)1948-718510.1021/acs.jpclett.9b01633]. Here, the ultrawide band gap semiconductor GeO2 is confirmed to exhibit anomalous behavior during the rutile to CaCl2 phase transition. A phase pure rutile GeO2 sample synthesized under high-pressure, high-temperature conditions is probed using synchrotron diffraction and x-ray and optical spectroscopy under high pressure conditions. Density functional theory calculations show that the enthalpic barrier to displacing an oxygen along the B1g librational mode decreases with pressure leading up to the rutile to CaCl2 phase transition. The band structure of the distorted state shows that such oxygen displacements form small polarons