Implications of globalisation for financial stability.

Asia’s share of world trade has expanded constantly over the last two decades. This increase reflects, inter alia, the considerable strengthening of trade links between the countries of the region, fostered by the vertical specialisation of the Asian economies. In the 1980s, the most advanced economies in the region, e.g. Japan, relocated the most labour-intensive stages of their production processes to the newly-industrialised Asian economies like South Korea and Singapore and then, in the 1990s, to emerging Asia, i.e. Indonesia, Malaysia, the Philippines and Thailand. The emergence of China has also given signifi cant impetus to regional trade integration. Surging intra-regional direct investment fl ows have accompanied and shored up trade fl ows, however, portfolio investment fl ows and cross-border bank loans have remained limited. Given that production processes within the region are complementary and that the final destination for exports is outside the region, the lack of a regional exchange rate arrangement in Asia does not appear to be a concern in the short term. Indeed, the regional integration initiatives adopted in Asia in the aftermath of the 1997-1998 financial crisis aim to build further resilience to fi nancial market turbulence. Firstly, deeper and more liquid local bond markets should make it possible to reduce the double financial mismatch, i.e. the currency mismatch and maturity mismatch, which largely sustained the crisis. In this regard, the ASEAN+3 Asian Bond Market Initiative examines the supply-side issues while the Asian Bond Funds initiative of the Executives’ Meeting of East Asia-Pacifi c Central Banks (EMEAP) deals with demand-side issues via the pooling of resources to buy bonds issued by member countries. Secondly, the Chiang Mai Initiative, which consists in a network of currency swap arrangements between the central banks of the ASEAN+3 member states, provides these countries with a regional fi nancial assistance mechanism in the event of a liquidity crisis. The Asian vertical model of production appears to have reached its limit and is evolving towards a more “horizontal” model in terms of both production (substitutability of production processes as a result of the shift towards higher value-added activities) and consumption (expansion of the regional market linked to the growth potential of domestic Chinese demand). Regional monetary co-operation could therefore aim in the future at curbing intra-regional exchange rate fl uctuations in order to promote trade and investment within the region.

Field Driven Thermostated System : A Non-Linear Multi-Baker Map

In this paper, we discuss a simple model for a field driven, thermostated random walk that is constructed by a suitable generalization of a multi-baker map. The map is a usual multi-baker, but perturbed by a thermostated external field that has many of the properties of the fields used in systems with Gaussian thermostats. For small values of the driving field, the map is hyperbolic and has a unique SRB measure that we solve analytically to first order in the field parameter. We then compute the positive and negative Lyapunov exponents to second order and discuss their relation to the transport properties. For higher values of the parameter, this system becomes non-hyperbolic and posseses an attractive fixed point.Comment: 6 pages + 5 figures, to appear in Phys. Rev.

Professional Development On-line

Continuing Professional Development (CPD) is making increased use of the Web to develop and support communities of professionals. This paper outlines the factors driving the adoption of CPD and highlights areas where the Web can aid in the development of successful professional communities. Current work to provide on-line support for approximately 500 teachers of computing is then presented, highlighting those aspects of the Web site designed to foster and engage participants in the professional development activity

Two-step rocket engine bipropellant valve Patent

Solenoid two-step valve for bipropellant flow rate control to rocket engin

Two-step rocket engine bipropellant valve concept

Initiating combustion of altitude control rocket engines in a precombustion chamber of ductile material reduces high pressure surges generated by hypergolic propellants. Two-step bipropellant valve concepts control initial propellant flow into precombustion chamber and subsequent full flow into main chamber

Electric field induced charge noise in doped silicon: ionization of phosphorus donors

We report low frequency charge noise measurement on silicon substrates with different phosphorus doping densities. The measurements are performed with aluminum single electron transistors (SETs) at millikelvin temperatures where the substrates are in the insulating regime. By measuring the SET Coulomb oscillations, we find a gate voltage dependent charge noise on the more heavily doped substrate. This charge noise, which is seen to have a 1/f spectrum, is attributed to the electric field induced tunneling of electrons from their phosphorus donor potentials.Comment: 4 page, 3 figure

The Behavior of Soluble Salt in Sharkey Clay

Soluble salt problems do exist and are significant in Arkansas. Studies have been conducted on Crowley silt loam (Typic Albaqualfs) which have established the behavior of soluble salt in that soil. The major objective of this study was to quantify the behavior of soluble salt in a second important Mississippi River Delta soil - the Sharkey (Vertic Haplaquepts). To this end, estimation of the downward redistribution of salt and the estimation of various components of the water balance for this soil served as specific objectives. Field studies were designed to monitor the movement of salt in the Sharkey soil and to characterize selected components of the water balance. In total, three tentative conclusions may be drawn from the data. First, the infiltration for the Sharkey soil was approximately three times that of the Crowley silt loam. The average value was 29 cm for the rice season. Second, levee seepage, while significant for small plots, was shown to be small for production-sized fields. Levee seepage remained relatively constant throughout the season and averaged 0.025 nvfym/d. And third, downward redistribution of salt was large and appeared to follow a pattern where a peak occurred at the surface and, possibly, at the lower soil depths