Emerging Local Currency Bond Markets

We assess the development of local currency bond markets in emerging market economies (EMEs). Supported by policies and laws that helped to improve macroeconomic stability and creditor rights, many local currency EME bond markets have grown substantially over the past decade and have also provided USD-based investors with attractive returns. U.S. investors have responded by increasing their holdings of EME local currency bonds from less than $2 billion in 2001 to over$27 billion by end-2008. While the increase in U.S. investment spanned many EMEs, empirical tests suggest that relatively more went to those with identifiable investor-friendly institutions and policies.

External Capital Structures and Oil Price Volatility

This paper assesses the extent to which a country’s external capital structure can aid in mitigating the macroeconomic impact of oil price shocks. Two Caribbean economies highly vulnerable to oil price shocks are considered: an oil importer (Jamaica) and an oil exporter (Trinidad and Tobago). From a risk-sharing perspective, a desirable external capital structure is one that, through international capital gains and losses, helps offset responses of the current account balance to external shocks. It is found that both countries could alter their international portfolio to provide a better buffer against such shocks.Hedging, Oil, Foreign assets and liabilities, International portfolios

Local Currency Bond Markets

We analyze the development of 49 local bond markets. Our main finding is that policies and laws matter: Countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreign-currency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent upon foreign-currency debt. Rather, by improving policy performance and strengthening institutions they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises.

Local Currency Bond Markets

This paper analyzes the development of 49 local bond markets. The main finding is that policies and laws matter: countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreigncurrency-denominated bonds. The results suggest that "original sin" is a misnomer. Emerging economies are not inherently dependent on foreign currency debt. Rather, by improving policy performance and strengthening institutions, they may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood of future crises. Copyright 2006, International Monetary Fund

Foreign Participation in Local Currency Bond Markets

Countries that cannot attract foreigners to invest in their local currency bonds run the risk of currency mismatches that can result in painful crises. We analyze foreign participation in the bond markets of over 40 countries. Bond markets in less developed countries have returns characterized by high variance and negative skewness, factors that we show are eschewed by U.S. investors. While results based on a three-moment CAPM indicate that it is diversifiable idiosyncratic risk that U.S. investors shun, our analysis suggests that countries can improve foreign participation by reducing macroeconomic instability.

An examination of ongoing trends in airline ancillary revenues

The airline industry seems permanently embedded in producing thin margins and continuously combatting downward pressure on yields. To perpetuate the problem, the industry remains eclipsed with high cost structures and low barriers to entry. However, a new sizzling concept continues to counterbalance these effects in the form of ancillary revenues. Globally, these revenues have increased by 121% from 2010 to 2014 – and the trend is set to continue as carriers are quickly implementing structural changes to accommodate these revenues streams. This paper examines the performance of the two core classifications of ancillary revenues, which are unbundled products and commission based income. It also investigates the willingness of passengers to pay for these services together with what type of ancillary items are acceptable at a particular price point. The study found that passengers value a narrow range of perceived ‘necessity’ products and services such as food and drink, checked baggage and seat assignment as opposed to perceived ‘optional’ unbundled or commission based products/services. It also found significant differences in WTP for specific ancillary services based on carrier type (FSC/LCC/Charter), length of flight (long and short haul) and journey purpose (business, leisure, VFR)

Completeness and related topics in a quasi-uniform space

Completions and a strong completion of a quasi-uniform space are constructed and examined. It is shown that the trivial completion of a T₀ space is T₀ . Examples are given to show that a T₁ space need not have a T₁ strong completion and a T₂ space need not have a T₂ completion. The nontrivial completion constructed is shown to be T₁ if the space is T₁ and the quasi-uniform structure is the Pervin structure. It is shown that a space can be uniformizable and admit a strongly complete quasi-uniform structure and not admit a complete uniform structure. Several counter-examples are provided concerning properties which hold in a uniform space but do not hold in a quasi-uniform space. It is shown that if each member of a quasi-uniform structure is a neighborhood of the diagonal then the topology is uniformizable --Abstract, page ii

A hidden line algorithm for halftone picture representation

Journal ArticleIn exploring applications in computer graphics, one finds quickly that the representation of three dimensional objects in picture form is both a desirable and necessary capability. Applications dealing with any form of spatial design or with visual environment simulation need the ability to represent objects and their relationships to each other in three dimensional space. This capability is enhanced if the variety and complexity of pictures is great and if the pictures can be presented with a wide range of intensities or in color if possible. Other features that are desirable are the abilities to have more than one light source and, if possible, to consider secondary illumination on the objects viewed