Understanding the Forward Premium Puzzle: A Microstructure Approach

High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate.

A Double Myers-Perry Black Hole in Five Dimensions

Using the inverse scattering method we construct a six-parameter family of exact, stationary, asymptotically flat solutions of the 4+1 dimensional vacuum Einstein equations, with U(1)^2 rotational symmetry. It describes the superposition of two Myers-Perry black holes, each with a single angular momentum parameter, both in the same plane. The black holes live in a background geometry which is the Euclidean C-metric with an extra flat time direction. This background possesses conical singularities in two adjacent compact regions, each corresponding to a set of fixed points of one of the U(1) actions in the Cartan sub-algebra of SO(4). We discuss several aspects of the black holes geometry, including the conical singularities arising from force imbalance, and the torsion singularity arising from torque imbalance. The double Myers-Perry solution presented herein is considerably simpler than the four dimensional double Kerr solution and might be of interest in studying spin-spin interactions in five dimensional general relativity.Comment: 23 pages, 7 figures, LaTeX. v2: minor changes, references added; version published in JHE

Medicalization of Crime: The Florianopolis Penitentiary as a Space for Knowledge and Power (1933-1945)

Objectives: There are two central objectives of this article. One is to analyze how fears that affected urban centers after the 19th century have repercussions on Florianopolis; and the other is to understand the strategies created by their control, specifically in penitentiary centers

Inclusive tourism: Assessing the accessibility of Lisbon as a tourist destination

Full accessibility to people with reduced mobility, applied to tourism, is difficult to achieve and should not be seen in an absolute way, but as a concern to make tourism services more accessible and focused on the specific and individual needs of people as tourists. National and regional entities should adopt good practices to build a tourism of all, for all. The Delphi method was used in order to verify the accessibility and attractiveness of the city of Lisbon as a tourist destination by addressing the following objectives: to analyse the competitiveness of a destination for people with reduced mobility, to analyse if Lisbon is attractive and inclusive, considering its infrastructures, services, hospitality, tourist attractions and accessibility. The results obtained in the study show that Lisbon’s factors and resources are increasingly accessible to people with reduced mobility. Our findings reveal that entertainment, general and tourism infrastructures, accommodation, the various activities and cultural resources and the quality of services present greater accessibility for people with reduced mobility. The factors with less importance were: marketing of a destination, accessibilities, and natural resources.info:eu-repo/semantics/publishedVersio

Vibration of the railway track-viaduct system under moving vehicles taking into account the interaction effect

Vibration of the railway track-viaduct system under moving vehicles taking into account the interaction effec

Hedging and Financial Fragilities in Fixed Exchange Rate Regimes.

Currency crises that coincide with banking crises tend to share four elements. First, governments provide guarantees to domestic and foreign bank creditors. Second, banks do not hedge their exchange rate risk. Third, there is a lending boom before the crises. Finally, when the currency/banking collapse occurs interest rates rise and there is a persistent decline in output. This paper proposes an explanation for these regularities.BANKS ; EXCHANGE RATE ; FINANCIAL MARKET