How Effective is China’s Monetary Policy? An assessment of the link between the growth of monetary aggregates and inflation during the 2000s

The effectiveness of China’s monetary policy hinges on the existence of a robust link between the growth of monetary aggregates and inflation. This paper considers this link during the 2000s using Structural VAR models and simulated out-of-sample forecasting techniques. The results indicate that the link is far from robust. Such findings serve to underscore the importance of institutional reforms that will enable interest rates to play a more prominent role as an instrument of monetary policy.

Independence and Alpern Multitowers

Let $T$ be any invertible, ergodic, aperiodic measure-preserving transformation of a Lebesgue probability space (X, \calB, \mu), and \P\, any finite measurable partition of $X$. We show that a (finite) Alpern multitower may always be constructed whose base is independent of \P

Perfection and Enforcement of a Mechanic\u27s Lien in Virginia: A Defense Lawyer\u27s Perspective

The right to a mechanic\u27s lien in Virginia is statutorily created and the Supreme Court of Virginia requires strict adherence to these statutes. During mechanic\u27s lien litigation, the validity of the underlying indebtedness to the claimant or the quality of the claimant\u27s work often has little bearing on whether the lien is valid or enforceable. Rather, the question revolves around whether the claimant or his attorney substantially complied with the procedures mandated by the statutes as interpreted by the courts. These procedural or technical defenses are usually raised in the initial or preliminary stages of the litigation, long before any issue regarding whether the amounts claimed by the claimant are properly due are addressed

Paul and the Vocation of Israel: How Paul's Jewish Identity Informs his Apostolic Ministry, with Special Reference to Romans

This dissertation argues that Paul’s apostolic mission to the Gentiles was the definitive expression of his divine vocation as an Israelite, and thus of his Jewish identity. For many of Paul’s Jewish contemporaries, Israel’s divine vocation was to keep and to teach the precepts of the Law of Moses as an exemplary witness to God’s power and wisdom. For Paul, however, Jewish identity was expressed primarily by preaching the gospel of Christ, as the fulfilment of the Law of Moses, to the Gentiles. This is seen most clearly in Paul’s letter to the Romans. In chapter 1, we summarize our methodology: we are seeking to examine Paul’s Jewish identity by reading Paul’s letters (especially Romans), in light of other second-temple Jewish texts, using certain insights from social identity theory. We show that the concept of vocation is an important dimension of Jewish identity, especially in Paul’s letters. We also discuss some prior approaches to the question of Paul’s Jewishness, demonstrating both their value and also their limitations for our purposes. In chapter 2, we survey three key aspects of Paul’s explicit language of Jewish identity in his letters: Jewish distinctiveness, divine revelation and divine vocation. In chapter 3, we demonstrate that Paul deliberately frames his letter to the Romans (Rom 1:1–15, 15:14–33) by presenting his apostolic ministry as the fulfilment of positive scripturally-based eschatological expectations concerning Israel’s divine vocation with respect to the nations. We also compare Paul’s self-presentation in the outer frame of Romans with other first-century expressions of Jewish vocation. In chapter 4, we concentrate on Rom 2:17–29. Contrary to most interpretations which read this passage as a discussion about the nature of (Jewish or Christian) salvation, we argue that Paul deliberately sets this passage in the context of the mainstream Jewish synagogue, in order to contest the nature of Jewish vocation. In chapter 5, we examine Rom 9–11 from the perspective of Jewish vocation. We demonstrate that in Rom 9–11, Paul presents his own apostolic vocation, in various ways, as a contrast to, a fulfilment of, and a means of hope for Israel’s place and role in God’s worldwide purposes

Endocrine disruption in aquatic systems: up-scaling research to address ecological consequences

Endocrine-disrupting chemicals (EDCs) can alter biological function in organisms at environmentally relevant concentrations and are a significant threat to aquatic biodiversity, but there is little understanding of exposure consequences for populations, communities and ecosystems. The pervasive nature of EDCs within aquatic environments and their multiple sub-lethal effects make assessments of their impact especially important but also highly challenging. Herein, we review the data on EDC effects in aquatic systems focusing on studies assessing populations and ecosystems, and including how biotic and abiotic processes may affect, and be affected by, responses to EDCs. Recent research indicates a significant influence of behavioural responses (e.g. enhancing feeding rates), transgenerational effects and trophic cascades in the ecological consequences of EDC exposure. In addition, interactions between EDCs and other chemical, physical and biological factors generate uncertainty in our understanding of the ecological effects of EDCs within aquatic ecosystems. We illustrate how effect thresholds for EDCs generated from individual-based experimental bioassays of the types commonly applied using chemical test guidelines [e.g. Organisation for Economic Co-operation and Development (OECD)] may not necessarily reflect the hazards associated with endocrine disruption. We argue that improved risk assessment for EDCs in aquatic ecosystems urgently requires more ecologically oriented research as well as field-based assessments at population-, community- and food-web levels

The Food Security Challenge for the Buffalo Meat Industry: Perspectives from Lao PDR

The Asiatic swamp buffalo (Bubalus bubalis) is an important livestock species in the Lao People's Democratic Republic (Laos), with smallholder farmers owning the majority of an estimated 774,200 buffalo. Of the estimated 226,400 farm households with buffalo, 78% have a herd size of four or fewer, kept as a storage of wealth, sale for beef, for manure as fertilizer, and decreasingly, draught power. The total meat consumption in Laos and China was approximately 21 kg and 58 kg per capita in 2009, with an annual growth rate forecast of 4.5% and 3.1%. Increasing demand for meat in both domestic and neighboring markets offers opportunities for smallholders to gain more income from their livestock, particularly buffalo. However improving buffalo production requires numerous management constraints to be addressed, including: health issues (parasites and endemic diseases, particularly Toxocara vitulorum and Haemorrhagic Septicaemia control), biosecurity and transboundary disease (Foot and Mouth Disease control), nutritional deficits, low reproductive performance, high slaughter rates of pregnant cows, undeveloped trade and marketing systems, limited veterinary and extension service capacity, and potentially climate change and policy impacts. This paper reviews available information on these constraints to identify remaining gaps in knowledge and offer potentially suitable strategic interventions aimed at increasing the supply of buffalo in Laos. With the current rapid rate of economic development expected to continue in Laos and the Greater Mekong Subregion, expansion of the domestic and regional markets for food requires a more biosecure and sustainable supply of safe meat. Improving livestock health, productivity, processing and marketing, particularly of buffalo, is critical to ensuring poor smallholder communities can participate in and access these growing markets, providing improved rural livelihoods, poverty reduction and increased food security

WISEA J114724.10-204021.3: A Free-Floating Planetary Mass Member of the TW Hya Association

We present WISEA J114724.10−204021.3, a young, low-mass, high probability member of the TW Hya association. WISEA J114724.10−204021.3 was discovered based on its red AllWISE color (W1−W2 = 0.63 mag) and extremely red 2MASS J−K_S color (> 2.64 mag), the latter of which is confirmed with near-infrared photometry from the VISTA Hemisphere Survey (J−K_S = 2.57±0.03). Follow-up near-infrared spectroscopy shows a spectral type of L7 ± 1 as well as several spectroscopic indicators of youth. These include a peaked H-band shape and a steeper K-band slope, traits typically attributed to low surface gravity. The sky position, proper motion, and distance estimates of WISEA J114724.10−204021.3 are all consistent with membership in the ∼10 Myr old TW Hya association. Using the age of the TW Hya association and evolutionary models, we estimate the mass of WISEA J114724.10−204021.3 to be 5−13 M_(Jup), making it one of the youngest and lowest mass free-floating objects yet discovered in the Solar neighborhood