Second thoughts on second moments : panel evidence on asset-based models of currency crises

The literature on speculative attacks has been given new impetus by the collapse of the European currency arrangements beginning in 1992, by the Mexican peso crisis and after-effects in 1994, and most recently by speculative attacks across Asia. One stand of this literature stresses the importance of imbalances in stocks of monetary and financial aggregates rather than traditional"flow"factors, arguing that massive, volatile capital flows have become a dominant feature of the global landscape, and that exchange-rate levels and current accounts have not proved convincing as proximate causes of crises. The authors test two popular asset-based models of speculative attacks -- Krugman and Rotemberg (1992) and Calvo and Mendoza (1995) -- especially their emphasis on the second moments of monetary aggregates. Analyzing monthly panels of appropriate countries in three regions, they find evidence for the importance of money/reserve ratios predicted by both models, and their variance as predicted by Calvo and Mendoza. But the variance of velocity does not appear to be important, casting some doubt on the Krugman-Rotemberg target zone framework and the interpretation of the Calvo-Mendoza results.Fiscal&Monetary Policy,Payment Systems&Infrastructure,Environmental Economics&Policies,Insurance&Risk Mitigation,Economic Theory&Research,Economic Theory&Research,Fiscal&Monetary Policy,Macroeconomic Management,Environmental Economics&Policies,Economic Stabilization

A clinical and experimental study of infantile diarrhoea from a dietetic and therapeutic point of view

Symptomatology: Initial Stage. Acute Stage: Diarrhoea, Vomiting, Collapse, Meningism • Subacute Stage: Wasting, Subnormal Temperature, OedemaPathology: Intestines, Liver, KidneyBacteriology: Classification: Clinical, Dry Form, Escherich's Gaertner • Gaertner's Infection: Introduction, Case 1: History, Pathology, Bacteriology; Case 2; Case 3; Case 4; Case 5; ResumeTreatment : Stimulant: Hypodermic Injection; Hot Baths; Infusion: Saline, Saline & Adrenalin, New Infusing ApparatusCurative: Stomach Lavage • Rectal Lavage • Drugs • Lactated Milk: Introduction, Composition & Preparation, Cases 1. Cured, Cases 2. Temporarily Improved, Cases 3. Unaffected, Cases 4. Made worse • Normal Horse Serum: OpsoninsEtiology:- Age; Seasonal Incidence; Social Conditions and other factorsMortalityProphylaxis: Medical Supervision • Analysis of Human Milk • Methods • Results • Excess of lactose as a cause of Diarrhoea in infants • Analysis of Paris Milk • Analysis of London Milk • Budin's Methods and Results.Summary of cases not already detailed (cases 30/80

The Effect of Risk on the Firm's Optimal Capital Stock: A Note

In this paper we extend the recent work on the choice of input mix under uncertainty. In particular, we demonstrate that the qualitative nature of the disturbance term, along with the decision sequence, is a crucial determinant of the overall effect of uncertainty on the optimal input mix of a firm. Using general demand and production functions in conjunction with a mean-variance framework for financial valuation, we demonstrate the differential effects of systematic and non-systematic risk on the firm's choice of an optimal input mix. Consistent with earlier work in economics, this analysis demonstrates that uncertainty, regardless of the source, has important implications for the firm's choice of technology.

The Roles of PPARs in the Fetal Origins of Metabolic Health and Disease

Beyond the short-term effects on fertility, there is increasing evidence that obesity or the consumption of an inappropriate diet by the mother during pregnancy adversely affects the long-term health of her offspring. PPAR and RXR isotypes are widely expressed in reproductive tissues and in the developing fetus. Through their interactions with fatty acids, they may mediate adaptive responses to the changes in the maternal diet. In the maturing follicle, PPAR-γ has an important role in the granulosa cells that surround the maturing oocyte. After fertilisation, PPAR-γ and PPAR-β/δ are essential regulators of placentation and the subsequent development of key metabolic tissues such as skeletal muscle and adipose cells. Activation of PPAR-γ and PPAR-β/δ during fetal development has the potential to modify the growth and development of these tissues. PPAR-α is expressed at low levels in the fetal liver, however, this expression may be important, as changes in the methylation of DNA in its promoter region are reported to take place during this period of development. This epigenetic modification then programmes subsequent expression. These findings suggest that two separate PPAR-dependent mechanisms may be involved in the fetal adaptations to the maternal diet, one, mediated by PPAR-γ and PPAR-β/δ, regulating cell growth and differentiation; and another adapting long-term lipid metabolism via epigenetic changes in PPAR-α to optimise postnatal survival

CD24 enrichment protects while its loss increases susceptibility of juvenile chondrocytes towards inflammation

Supplemental methods. (DOCX 73 kb

Atomic Resonance and Scattering

Contains research objectives, summary of research and reports on six research projects.Joint Services Electronics Programs (U. S. Army, U. S. Navy, and U. S. Air Force) under Contract DA 28-043-AMC-02536(E)National Science Foundation (Grant GP-13633)National Bureau of Standards (Grant NBS(G)-269

Ecodemocracy in practice: exploration of debates on limits and possibilities of addressing environmental challenges within democratic systems

This article examines the practical implications of ecological democracy or ecodemocracy, inquiring how capable democratic societies are of addressing environmental challenges. It asks: What is needed to secure democratic legitimacy for policy measures to benefit nonhuman species? What would ecodemocracy look like in practice? Different types of existing and possible types of representation are discussed, including the expansion of the precautionary principle, the Council of All Beings or Parliament of Things, and representation through the Parties for Animals. A possible approach in the form of a mandate for proxy eco-representation similar to civil rights through continuous affirmative action is investigated.  Limitations and possibilities of each approach for nature representation are weighed. Key words. anthropocentrism, democracy, ecocentrism, ecological democracy, ecodemocracy, ecological justice, environmental justice, multispecies justice, rights of natur

Excavations at the site of Vasino, Lautem District, Timor-Leste

This chapter explores the archaeology and ethnohistory of one of the distinctive fortified settlements in the eastern part of Timor-Leste. In 2009, a team from The Australian National University (ANU), together with local people, partially excavated the site of Vasino, located close to the north coast of Timor-Leste, above the modern village of Moro-Parlamento (Figure 4.1). The site had been fortified with large stone walls and the aim was to provide more data on when, how and why these fortifications were used in the region. Two related questions guided the research. First, when was the main period of fort construction initiated? Secondly, what were the prevailing environmental and social conditions of those times