Self-fulfilling and Fundamental Banking Crises: A Multinomial Logit Approach

This paper uses a multinomial logit model to examine the factors associated with the occurrence of both self-fulfilling and fundamental banking crises. We find evidence indicating that the two types of crises are indeed different, and are explained by different variables. Self-fulfilling crises tend to occur when bank liabilities relative to reserves are high, when the financial system is liberalized, and for high levels of short-term debt relative to total debt. They are also associated with lending booms and government surpluses. In contrast, fundamental crises are linked to depreciations of the local currency, to financial liberalization and are negatively related to the country's level of development and quality of institutions. Also, countries that experienced multiple crises are more likely to experience fundamental crises.

Public Infrastructure and Economic Growth in Mexico

We develop a model where investment in infrastructure complements private investment. We then provide time series evidence for Mexico on both the impact of public infrastructure on output, and on the optimality with which levels of infrastructure have been set. In particular, we look at the long-run effects of shocks to infrastructure on real output. We compute Long-Run Derivatives for kilowatts of electricity, roads and phone lines, and find that shocks to infrastructure have positive and significant effects on real output for all three measures of infrastructure. For electricity and roads, the effect becomes significant after 7 and 8 years, respectively, whereas for phones, the effect on growth is significant only after 13 years. These effects of infrastructure on output are in agreement with growth models where long-run growth is driven by endogenous factors of production. However, our results indicate that none of these variables seem to be set at growth maximizing levels.

The Solar Radius in the EUV during the Cycle XXIII

Aims. To determine the solar transition region and coronal radius at EUV wavelengths and its time evolution during Solar Cycle XXIII. Methods. We use daily 30.4 and 17.1 nm images obtained by the Extreme Ultraviolet Imager (EIT) aboard the SoHO satellite and derive the solar radius by fitting a circle to the limb brightness ring. Results. The weighted mean of the temporal series gives (967''.56 +/- 0''.04) and (969''.54 +/- 0''.02) at 30.4 and 17.1 nm respectively. No significant correlation was found with the solar cycle at any of the two wavelengths. Conclusions. Since the temperature formation of the 30.4 nm line is between (60 - 80) 10^3 K (Transition Region), the obtained result is bigger than that derived from present atmospheric models. On the contrary this height is compatible with radio models.Comment: accepted for publication in Astronomy & Astrophysics minor changes introduced during review proces

Are Recessions Good for Everyone's Health? The Association Between Mortality and the Business Cycle by Race in the U.S.

In this paper we study the effect of the business cycle on the mortality rate of the major racial groups in the U.S. Using county-level data from 1999 to 2005, we find that the unemployment rate is negatively related to mortality for whites and latinos but that there is not a statistically significant relationship for blacks. Moreover, the magnitude of this relationship is larger for latinos than for whites. Finally, the relationship becomes more pronounced for latinos and whites as the proportion of population of that race increases. Taken together, these findings suggest that the procyclical association between mortality and the business cycle identified in previous studies of the general U.S. population may vary by race.

The 3-D description of vertical current sheets with application to solar flares

Following a brief review of the processes which have been suggested for explaining the occurrence of solar flares we suggest a new scenario which builds on the achievements of the previous suggestion that the current sheets, which develop naturally in 3-D cases with gravity from impacting independent magnetic structures (i.e., approaching current systems), do not consist of horizontal currents but are instead predominantly vertical current systems. This suggestion is based on the fact that as the subphotospheric sources of the magnetic field displace the upper photosphere and lower chromosphere regions, where plasma beta is near unity, will experience predominantly horizontal mass motions which will lead to a distorted 3-D configurations of the magnetic field having stored free energy. In our scenario, a vertically flowing current sheet separates the plasma regions associated with either of the subphotospheric sources. This reflects the balanced tension of the two stressed fields which twist around each other. This leads naturally to a metastable or unstable situation as the twisted field emerges into a low beta region where vertical motions are not inhibited by gravity. In our flare scenario the impulsive energy release occurs, initially, not by reconnection but mainly by the rapid change of the magnetic field which has become unstable. During the impulsive phase the field lines contort in such way as to realign the electric current sheet into a minimum energy horizontal flow. This contortion produces very large electric fields which will accelerate particles. As the current evolves to a horizontal configuration the magnetic field expands vertically, which can be accompanied by eruptions of material. The instability of a horizontal current is well known and causes the magnetic field to undergo a rapid outward expansion. In our scenario, fast reconnection is not necessary to trigger the flare, however, slow reconnection would occur continuously in the current layer at the locations of potential flaring. During the initial rearrangement of the field strong plasma turbulence develops. Following the impulsive phase, the final current sheet will experience faster reconnection which we believe responsible for the gradual phase of the flare. The reconnection will dissipate part of the current and will produce sustained and extended heating in the flare region and in the postflare loops

Lyman alpha SMM/UVSP absolute calibration and geocoronal correction

Lyman alpha observations from the Ultraviolet Spectrometer Polarimeter (UVSP) instrument of the Solar Maximum Mission (SMM) spacecraft were analyzed and provide instrumental calibration details. Specific values of the instrument quantum efficiency, Lyman alpha absolute intensity, and correction for geocoronal absorption are presented

The role of particle diffusion in the lower transition region: Revised interpretation of emission measures

Our energy-balance models of the lower transit ion region were presented in a previous paper (New Models of the Chromosphere and Transition Region). Here we show the influence of particle diffusion on the calculated hydrogen and helium number densities for a given temperature-density model (model C in the preceding paper). We have also solved the statistical equilibrium and radiative transfer equations for a 13-level He I atom (22 radiative transitions) and a 6-level He II ion (15 radiative transitions) together with He III. The resulting He I and He II level-1 number densities and He III density are shown as functions of temperature. Diffusion substantially increases eta(sub HeI) for T greater than 35,000 K and decreases eta(sub HeI) (while increasing eta(sub(HeII)) between 9,000 and 25,000 K. Including the effects of diffusion also increases eta(sub HeIII) for T less than 60,000 K

Cosmovision and myth: notes for a philosophical approach to the andean world

Un acercamiento filosófico al mundo de los saberes andinos representa un desafío teórico enorme. Sus contenidos, mayormente desconocidos para la circulación universitaria, pero también en la educación primaria y secundaria, implican un abordaje necesariamente interdisciplinario que, a medida que aborda filosóficamente los conocimientos, discursos y categorías que componen elpensamiento indígena, reconstruye unas memorias, historias y culturas oprimidas, unos lenguajes desconocidos y unas formas de conceptualizar y configurar la realidad diferentes a las transitadas en la filosofía occidental, pero también, en el sentido común y cotidiano que organiza el mundo de nuestras relaciones sociales. En este contexto, el presente artículo se propone analizar algunascategorías e ideas centrales para acercarse al complejo mundo andino desde una perspectiva filosófica.A philosophical approach to the world of Andean knowledge represents a huge theoretical challenge. Its contents, mostly unknown to the university circulation, but also in primary and secondary education, imply a necessarily interdisciplinary approach that, as it philosophically approaches the knowledge, discourses and categories that make up indigenous thought, reconstructs memories, histories and cultures oppressed, some unknown languages and some ways of conceptualizing and configuring reality, different from those transited in Western philosophy, but also, in the common and everyday sense that organizes the world of our social relations. In this context, this article aims to analyze some categories and central ideas to approach the complex Andean world, from a philosophical perspective.Fil: Fontenla, Manuel. Universidad Nacional de Córdoba. Facultad de Filosofía y Humanidades. Centro de Investigaciones María Saleme Burnichón; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Instituto de Humanidades. Universidad Nacional de Córdoba. Instituto de Humanidades; Argentin

Radiative emission of solar features in the Ca II K line: comparison of measurements and models

We study the radiative emission of various types of solar features, such as quiet Sun, enhanced network, plage, and bright plage regions, identified on filtergrams taken in the Ca II K line. We analysed fulldisk images obtained with the PSPT, by using three interference filters that sample the Ca II K line with different bandpasses. We studied the dependence of the radiative emission of disk features on the filter bandpass. We also performed a NLTE spectral synthesis of the Ca II K line integrated over the bandpass of PSPT filters. The synthesis was carried out by utilizing both the PRD and CRD with the most recent set of semi empirical atmosphere models in the literature and some earlier atmosphere models. We measured the CLV of intensity values for various solar features identified on PSPT images and compared the results obtained with those derived from the synthesis. We find that CRD calculations derived using the most recent quiet Sun model, on average, reproduce the measured values of the quiet Sun regions slightly more accurately than PRD computations with the same model. This may reflect that the utilized atmospheric model was computed assuming CRD. Calculations with PRD on earlier quiet Sun model atmospheres reproduce measured quantities with a similar accuracy as to that achieved here by applying CRD to the recent model. We also find that the median contrast values measured for most of the identified bright features, disk positions, and filter widths are, on average, a factor 1.9 lower than those derived from PRD simulations performed using the recent bright feature models. The discrepancy between measured and modeled values decreases by 12% after taking into account straylight effects on PSPT images. PRD computations on either the most recent or the earlier atmosphere models of bright features reproduce measurements from plage and bright plage regions with a similar accuracy.Comment: 14 pages, 18 figures, accepted by A&