International Monetary Fund Resources and Contagion Mechanisms: A Hypothesis

This paper examines analytically the possibility that, due to the limitedness of its resources, the International Monetary Fund (IMF) could spread financial crises rather than preventing them, thus developing into a contagion channel. The model we build, based on the most recent global-games literature, allows us to show that this risk is sensible from a theoretical point of view. We conclude that the IMF, when planning its interventions, should take into account this kind of contagion it contributes in creating. Some policy implications are derived.

Consequences of Vertical Separation and Monopoly: Evidence from the Telecom Privatizations

Two common policy instruments used by governments around the world to increase the availability of basic telephony (i.e., local, long distance, and international service) have been: (1) award monopoly rights on basic services to cross-subsidize residential local telephony; and (2) separate vertically (i.e., structural separation) the owner of the local fixed network from the provider of long distance or international telephone services. I use data from a panel of 67 countries during the seven years following the privatization of the telephone monopoly and find that contrary to wide spread beliefs: (1) monopoly on basic services is not associated with lower residential telephony prices; quite the opposite, monopoly increases residential local prices; (2) monopoly does not help universal service provision and lowers the use of international telephony; and (3) mandatory vertical separation reduces international telephony usage and the number of fixed lines in service. In summary, monopoly and vertical separation harm those consumers that were precisely designed to help: the downstream (business) users of international telephony and the upstream users of residential local telephony.

Isochrones of M67 with an Expanded Set of Parameters

We create isochrones of M67 using the Yale Rotating Stellar Evolution Code. In addition to metallicity, parameters that are traditionally held fixed, such as the mixing length parameter and initial helium abundance, also vary. The amount of convective overshoot is also changed in different sets of isochrones. Models are constructed both with and without diffusion. From the resulting isochrones that fit the cluster, the age range is between 3.6 and 4.8 Gyr and the distance is between 755 and 868 pc. We also confirm Michaud et al. (2004) claim that M67 can be fit without overshoot if diffusion is included.Comment: 4 pages, 3 figures, to appear in the proceedings of the joint TASC2/KASC9/SPACEINN/HELAS8 conference "Seismology of the Sun and the Distant Stars 2016

Can Governments signal commitment in privatization sales?

The literature on staggered privatization sales suggests that governments can effectively signal commitment to not expropriate the future rents of privatized firms. The privatization of telephone firms around the world provides an excellent opportunity to test this theory. Using a sample of repeated privatization sales I test whether governments can effectively signal commitment by selling ownership gradually and transferring managerial control immediately. The use of panel data with fixed-effects provides consistent estimates when commitment is not observed and time-invariant. Unobserved commitment is rendered time-invariant by using repeated sales within a government administration, typically within two years. The results cast doubt on the ability of governments to effectively signal commitment and increase the market value of firms in privatization sales. These results hold for several signals tested.Privatization, signal, commitment

Shipowner Liability Under Section 905(b) of the Longshoremen\u27s and Harbor Workers\u27 Compensation Act: A Proposed Standard of Care

The 1972 Amendments to the Longshoremen\u27s and Harbor Workers\u27 Compensation Act (LWHCA) greatly increased the maximum benefits to be paid to an injured longshoreman by the shipowner and, nullifying two Supreme Court decisions, permitted an injured longshoreman to maintain an action against a shipowner premised upon the unseaworthiness of the shipowner\u27s vessel. A finding of unseaworthiness would render the shipowner fully liable for any injuries that occurred. As a result of the 1972 Amendments, section 905(b) of the LHWCA provides that an injured longshoreman can recover damages against a shipowner only upon a showing of negligence. This article identifies and explores the many differing opinions of what constitutes shipowner negligence; analyzes efforts to create a uniform standard of care for shipowners; and finally proposes a standard of care for shipowners

Legislators v. Regulators: The Case of Low Power FM Radio

The recent Federal Communications Commission rule making for low power FM radio has been widely reported as an instance where Congress sharply rebuked the Commission for enacting rules too favorable to entrants. Because rival policy optima are quantifiable in this case, the preferences of consumers, Congress and the Commission can be directly compared. While differences in policy preferences of Congress and the regulatory agency were visible to interest groups, they appear extremely modest when compared to the open entry (welfare maximizing) policy alternative. A financial event study reveals that incumbent broadcast station equity values were neither threatened by the Commission's low power FM rules, nor materially enhanced by their reversal in Congress. This lends empirical support to the Congressional Dominance view of regulation, and illustrates the margins on which blame- and credit-shifting strategies are utilized by policy makers.

PROSEDUR PENGELUARAN KAS PADA BADAN PERENCANAAN PEMBANGUNAN DAERAH ACEH

Tujuan dari penulisan Laporan Kerja Praktek ini adalah untuk mengetahui bagaimana prosedur pengeluaran kas yang terdapat pada Badan Perencanaan Pembangunan Daerah (BAPPEDA) Aceh dan dokumen yang terdapat dalam pengeluaran kas pada Badan Perencanaan Pembangunan Daerah (BAPPEDA) Aceh.Laporan Kerja Praktek ini telah diselesaikan dengan memperoleh informasi melalui metode wawancara dan observasi pada Kasubbag Keuangan serta Bendahara Pengeluaran Badan Perencanaan dan Pembangunan Daerah Aceh, juga metode dokumentasi dan studi kepustakaan untuk melengkapi penjelasan pada Laporan Kerja Praktek Ini.Prosedur pengeluaran kas pada Badan Perencanaan Pembangunan Daerah Aceh baik Surat Permintaan Pembayaran Uang Persedian (UP), Ganti Uang (GU), Tambahan Uang (TU) dan Belanja Lansung (LS) yaitu Pengguna Anggaran menyerahkan SPD kepada Bendahara Pengeluaran, lalu Bendahara Pengeluaran membuat SPP-UP/GU/TU/LS beserta dokumen lainnya, setelah itu Bendahara Pengeluaran menyerahkan SPP-UP/GU/TU/LS kepada PPK SKPA, kemudian PPK SKPA meneliti kelengkapan dokumen, apabila dokumen dinyatakan lengkap PPK SKPA membuat rancangan SPM dan menyerahkan SPM kepada Pengguna Anggara

A SVM-Based Multi-Resolution Procedure for the Estimation of the DOAS of Interfering Signals in a Communication System

In this work, the use of a planar antenna system for the estimation of the directions of arrivals (DOAs) of multiple signals impinging on the receiver has been considered. Towards this end, an efficient multi-resolution method based on a SVM-classifier is proposed for determining a probabilitic map of the DOAs of the unknown interfering signals. Numerical results dealing with multiple interferers scenarios in noisy environments are provided in order to assess the feasibility as well as the capability of the proposed approach

Elisa Moyano (coord.). La literatura de Salta. Espacios de reconocimiento y formas de olvido. Salta, Universidad Nacional de Salta, 2005, 210 p.

Fil: Zapata Viani, María Alejandra