Coordinating public debt management with fiscal and monetary policies : an analytical framework

This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.Debt Markets,External Debt,Emerging Markets,Public Sector Economics&Finance,Economic Theory&Research

Bulk etch rate measurements and calibrations of CR39 and Makrofol nuclear track detectors

We developed a new method for determining the bulk etch rate velocity based on both cone height and base diameter measurements of the etched tracks. This method is applied here for the calibration of CR39 and Makrofol nuclear track detectors exposed to 158 A GeV In^{49+} and Pb^{82+} ions, respectively. For CR39 the peaks corresponding to indium ions and their different fragments are well separated from Z/beta = 7 to 49: the detection threshold is at REL ~ 50 MeV cm^2 g^{-1}, corresponding to a nuclear fragment with Z/beta = 7. The calibration of Makrofol with Pb^{82+} ions has shown all peaks due to lead ions and their fragments from Z/beta ~ 51 to 83 (charge pickup). The detection threshold of Makrofol is at REL ~ 2700 MeV cm^2 g^{-1}, corresponding to a nuclear fragment with Z/beta = 51.Comment: 4 pages, 6 eps figures. Talk given at the 24th ICNTS, Bologna, Italy (1-5 Sept. 2008

Anticipatory synergy adjustments reflect individual performance of feedforward force control

We grasp and dexterously manipulate an object through multi-1 digit synergy. In the framework of the uncontrolled manifold (UCM) hypothesis, multi-digit synergy is defined as the coordinated control mechanism of fingers to stabilize variable important for task success, e.g., total force. Previous studies reported anticipatory synergy adjustments (ASAs) that correspond to a drop of the synergy index before a quick change of the total force. The present study compared ASA’s properties with individual performances of feedforward force control to investigate a relationship of those. Subjects performed a total finger force production task that consisted of a phase in which subjects tracked target line with visual information and a phase in which subjects produced total force pulse without visual information. We quantified their multi-digit synergy through UCM analysis and observed significant ASAs before producing total force pulse. The time of the ASA initiation and the magnitude of the drop of the synergy index were significantly correlated with the error of force pulse, but not with the tracking error. Almost all subjects showed a significant increase of the variance that affected the total force. Our study directly showed that ASA reflects the individual performance of feedforward force control independently of target-tracking performance and suggests that the multi-digit synergy was weakened to adjust the multi-digit movements based on a prediction error so as to reduce the future error

Changes in motor synergies for tracking movement and responses to perturbations depend on task-irrelevant dimension constraints

We investigated the changes in the motor synergies of target-tracking movements of hands and the responses to perturbation when the dimensionalities of target positions were changed. We used uncontrolled manifold (UCM) analyses to quantify the motor synergies. The target was changed from one to two dimensions, and the direction orthogonal to the movement direction was switched from task-irrelevant directions to task-relevant directions. The movement direction was task-relevant in both task conditions. Hence, we evaluated the effects of constraints on the redundant dimensions on movement tracking. Moreover, we could compare the two types of responses to the same directional perturbations in one- and two-dimensional target tasks. In the one-dimensional target task, the perturbation along the movement direction and the orthogonal direction were task-relevant and -irrelevant perturbations, respectively. In the two-dimensional target task, the both perturbations were task-relevant perturbations. The results of the experiments showed that the variabilities of the hand positions in the two-dimensional target-tracking task decreased, but the variances of the joint angles did not significantly change. For the task-irrelevant perturbations, the variances of the joint angles within the UCM that did not affect hand position (UCM component) increased. For the task-relevant perturbations, the UCM component tended to increase when the available UCM was large. These results suggest that humans discriminate whether the perturbations were task-relevant or -irrelevant and then adjust the responses of the joints by utilizing the available UCM

The New Model of Foreign Aid Drawn from the Experiences of Japan and the United States

This paper compares Japan and the US as they provide different types of capital to the developing world, focusing especially on foreign aid and, to some extent, also on remittances and the role of NGOs. The main focus is on the quality of aid and on past conceptual differences and on an emerging convergence between these two major donors, with Japan having the potential advantage of being able to bring its own historical experience in development to bear.foreign aid, remittances, NGO, Japan, U.S.

Crisis preparedness and debt management in low income countries : strengthening institutions and policy frameworks

The magnitude of the public liabilities incurred as a result of the unprecedented government action in the wake of the financial crisis of 2008-2009, and the consequences of exiting from the projected high debt scenario, have become a major source of concern about a future sovereign debt crisis. As Low-Income Countries (LICs) face unique challenges in debt management (DeM) due to their more limited financing sources and higher capacity constraints, their ability to successfully manage their public debt burdens effectively through a crisis of this magnitude is far from assured. Therefore, the challenges of the last two years will require a re-evaluation of existing DeM strategies in LICs, focusing on the identification of institutional weaknesses and the assessment and mitigation of potential risk. It is in this context that this paper examines the application of two global public goods in LICs: the Debt Management Performance Assessment (DeMPA) and the Medium-Term Debt Management Strategy (MTDS) tools. The results of the application of these tools from 2007-2009 provide valuable information to policymakers and other stakeholders on the development of sound public DeM practices and analytical capacity, with the goal of strengthening the public balance sheet and reducing vulnerability to financial crises.Debt Markets,External Debt,Access to Finance,Emerging Markets,Banks&Banking Reform

Popoia te reo kia penapena: Nurture the language

Research to develop a Māori language screening tool (Specialist Education Services, 2001), identified that students entering Māori Medium at five, could be classified into one of four Māori language competency, groups. Concurrently, teachers raised their need to identify the Māori language proficiency of five year olds entering Māori Medium so that more appropriate teaching strategies could be incorporated in preparation for literacy. Accordingly, three Māori oral-language assessment tools, to help identify the Māori language competency of students entering Māori Medium settings at five years of age and provide formative information, were developed in response to this need. This paper details the development and trial of these tools