Why is financial stability a goal of public policy?

A number of developments in recent years have combined to put the issue of financial stability at the top of the agenda, not just of supervisory authorities, but of public policymakers more generally. These developments include: the explosive growth in the volume of financial transactions, the increased complexity of new instruments, costly crises in national financial systems, and several high-profile mishaps at individual institutions.> Policymakers care about financial instability because of the close linkages between financial stability and the health of the real economy. Recent examples of these linkages include the banking crises in Scandinavia and Japan, the 1995 peso crisis in Mexico, and the current exchange rate and banking problems in the emerging market economies of Southeast Asia.> In remarks made before the Federal Reserve Bank of Kansas City’s 1997 symposium, “Maintaining Financial Stability in a Global Economy,” Mr. Crockett examines the role of public policy in maintaining financial stability. In particular, he addresses the following questions: What do we mean by financial stability? Why should official intervention (as opposed to reliance on market forces) be required to promote stability? And what concrete approaches can be employed?Public policy ; Financial institutions

Market liquidity and financial stability.

Stability in financial institutions and in financial markets are closely intertwined. Banks and other financial institutions need liquid markets through which to conduct risk management. And markets need the back-up liquidity lines provided by financial institutions. Market liquidity depends not only on objective, exogenous factors, but also on endogenous market dynamics. Central banks responsible for systemic stability need to consider how far their traditional responsibility for the health of the banking system needs to be adapted to promote stability in the relevant financial markets.

Solid Freeform Fabrication Research In Engineering Education

Because Solid Freeform Fabrication (SFF) has an extremely wide range of potential applications, crossing traditional engineering and science boundaries, it is a technology that lends itself to multi-disciplinary activities and projects. SFF is an ideal mechanism to present scientific concepts including materials science and mechanics, as well as larger-scope engineering topics such as agile manufacturing. At Milwaukee School of Engineering (MSOE), we are using SFF technologies as a means to teach engineering concepts to undergraduate students through multidisciplinary research. MSOE was awarded a five-year grant under the NSF Research Experiences for Undergraduates Program (EEC-9619715) to facilitate student exploration in the field of Solid Freeform Fabrication. Sixty undergraduates will participate in summer and academic year programs by the year 2001. Eighteen students from around the country have participated in the program to date, bringing with them a diverse background of university experience, skill level, and interests. Working closely with a faculty advisor possessing expertise in a particular research area, they have performed research on Solid Freeform Fabrication applications in the biomedical, aerospace, architectural, manufacturing, and electronics industries. Some ofthe keys to the success of this program include: • Hands-on access to Solid Freeform Fabrication equipment through the facilities ofthe MSOE Rapid Prototyping Center (SLA 250, LOM 2030, and FDM 1650). • Close partnerships of the students with faculty and industry mentors in specialized areas of expertise. • Teaming with other educational institutions. • Significant cross-pollination between projects; faculty from diverse departments. • Encouraging students to publish and present results at national conferences and symposia.Mechanical Engineerin

Performance of FORTRAN floating-point operations on the Flex/32 multicomputer

A series of experiments has been run to examine the floating-point performance of FORTRAN programs on the Flex/32 (Trademark) computer. The experiments are described, and the timing results are presented. The time required to execute a floating-point operation is found to vary considerbaly depending on a number of factors. One factor of particular interest from an algorithm design standpoint is the difference in speed between common memory accesses and local memory accesses. Common memory accesses were found to be slower, and guidelines are given for determinig when it may be cost effective to copy data from common to local memory

SRM attrition rate study of the aft motor case segments due to water impact cavity collapse loading

The attrition assessment of the aft segments of Solid Rocket Motor due to water impact requires the establishment of a correlation between loading occurrences and structural capability. Each discrete load case, as identified by the water impact velocities and angle, varies longitudinally and radially in magnitude and distribution of the external pressure. The distributions are further required to be shifted forward or aft one-fourth the vehicle diameter to assure minimization of the effect of test instrumentation location for the load determinations. The asymmetrical load distributions result in large geometric nonlinearities in structural response. The critical structural response is progressive buckling of the case. Discrete stiffeners have been added to these aft segments to aid in gaining maximum structural capability for minimum weight addition for resisting these loads. This report presents the development of the attrition assessment of the aft segments and includes the rationale for eliminating all assessable conservatisms from this assessment

Theory of the pulse response from a small antenna in a magnetized plasma

The electrostatic plasma response to a small pulsed antenna in a magnetic field is analyzed. The ringing of the plasma at three discrete frequencies--the upper-hybrid frequency and two resonance cone branch frequencies--is evidenced, and the amplitudes of these frequency responses is determined as a function of the characteristic plasma frequencies, the angle of observation with respect to the magnetic field, and the pulse length. Applications to plasma diagnostics are discussed. It is shown that the upper hybrid response and the response at either of the resonance cone branch frequencies is adequate information to determine the plasma density, and the magnetic field magnitude and angle