Bond Yield Compression in the Countries Converging to the Euro

We demonstrate that bond yield compression is under way in the countries converging to the euro and that German yields are significant drivers of local currency yields. Based on the evidence from Poland, Hungary and the Czech Republic, we conclude that these new Member States of the European Union are ready to adopt the euro without risking a disruptive shock to their financial stability. This message transpires from investigating the daily volatility dynamics of local bond yields as a function of German yields, conditional on changes in local term spreads, exchange rates and adjustments to central bank reference rates. Similar results of high sensitivity of local currency bond yields to changes in German yields are obtained from testing monthly series of macroeconomic fundamentals. These findings provide evidence of the potential usefulness of term spreads as indicators of monetary convergence.http://deepblue.lib.umich.edu/bitstream/2027.42/40185/3/wp799.pd

Distribution of solar wind implanted noble gases in lunar samples

The distribution of solar wind implanted noble gases in lunar samples depends on implantation energy, fluence, diffusion, radiation damage and erosion. It is known that at least the lighter rare gases are fractionated after implantation, but the redistribution processes, which mainly drive the losses, are not well understood. Some information about this one can get by looking at the concentration profiles of solar wind implanted He-4 measured by the Gas Ion Probe in single lunar grains. The observed profiles were divided in three groups. These groups are illustrated and briefly discussed

Bond Yield Compression in the Countries Converging to the Euro

We demonstrate that bond yield compression is under way in the countries converging to the euro and that German yields are significant drivers of local currency yields. Based on the evidence from Poland, Hungary and the Czech Republic, we conclude that these new Member States of the European Union are ready to adopt the euro without risking a disruptive shock to their financial stability. This message transpires from investigating the daily volatility dynamics of local bond yields as a function of German yields, conditional on changes in local term spreads, exchange rates and adjustments to central bank reference rates. Similar results of high sensitivity of local currency bond yields to changes in German yields are obtained from testing monthly series of macroeconomic fundamentals. These findings provide evidence of the potential usefulness of term spreads as indicators of monetary convergence.term spread, term premium, yield compression, monetary convergence, new Member States, EMU, conditional volatility, asymmetric GARCH models

Automatic Classification and Speaker Identification of African Elephant (\u3cem\u3eLoxodonta africana\u3c/em\u3e) Vocalizations

A hidden Markov model (HMM) system is presented for automatically classifying African elephant vocalizations. The development of the system is motivated by successful models from human speech analysis and recognition. Classification features include frequency-shifted Mel-frequency cepstral coefficients (MFCCs) and log energy, spectrally motivated features which are commonly used in human speech processing. Experiments, including vocalization type classification and speaker identification, are performed on vocalizations collected from captive elephants in a naturalistic environment. The system classified vocalizations with accuracies of 94.3% and 82.5% for type classification and speaker identification classification experiments, respectively. Classification accuracy, statistical significance tests on the model parameters, and qualitative analysis support the effectiveness and robustness of this approach for vocalization analysis in nonhuman species

Search for Neutrinoless Double Beta Decay with NEMO 3 and SuperNEMO

Since 2003 the NEMO~3 experiment has been searching for neutrinoless double beta decay using about 10 kg of enriched isotopes. A limit of T_(1/2)(0nu) > 5.8 10**23 years at 90 % CL has been obtained for 100-Mo from the first two years of data. Several measurements of two-neutrino double beta decays have also been performed. A first NEMO 3 measurement of the half-life of 130-Te is presented, giving a value of T_(1/2)(2nu) = (7.6 +- 1.5 (stat) +- 0.8 (syst)) 10**20 years. In parallel, there is an active R&D programme for the SuperNEMO experiment which is expected to commence data taking in 2012-2013 with 100-200 kg of enriched isotopes.Comment: 6 pages, 3 figures, Proceedings of the 2007 Europhysics Conference on High Energy Physics, in Manchester, England, 19-25 July 200

Modelling the impact of the ‘Fast Track’ land reform policy on Zimbabwe’s maize sector

This paper attempts to analyze the impacts of the ‘fast track’ land reform policy on maize production in Zimbabwe through the construction of a partial equilibrium model that depicts what could have happened if no further policy shifts had taken place after 2000. The resimulated baseline model was used to make projections based on the various trends of exogenous variables in 2000. This means that the model generated an artificial data set based on what the maize market would have looked like under a set of the pre-2000 existent policy conditions. The ‘fast track’ land reform policy was thus assessed based on the performance of the baseline model using a range of “what if” assumptions. Commercial area harvested was 39 % less than what could have been harvested in 2001, and declining by negative 80.57 % in 2007. Results showed total maize production was 61.85 % and 43.88 % less than what could have been produced in the 2002 and 2005 droughts, respectively. This may imply that droughts would have been less severe if the ‘fast track’ land reform was not implemented. Therefore, the ‘fast track’ land reform had a negative effect on maize production. Thus, the econometric model system developed provided a basis through which the effects of the FTLRP on the maize market may be analyzed and understood.‘fast track’ land reform programme, partial equilibrium model, maize, Zimbabwe, Crop Production/Industries, Land Economics/Use,

Neo-Colonial Relationships Gone Wrong: French Leaders Should Be Held Legally Responsible for their Role in the Rwandan Genocide

This article explores the role of outside government intervention in civil war conflicts and the ability of these government actors to be held responsible for crimes committed by association and assistance to war criminals. By using the example of the French/Rwandan relationship and the criminal responsibility that France may have for its association and assistance to the Hutu majority government, it looks to the pitfalls that many western countries could find themselves in by assuming similar roles with other repressive and unstable regimes. This analysis proves particularly timely as lawyers for six Rwandan citizens recently filed a lawsuit with the Army Tribunal of Paris alleging that French soldiers had a role in the 1994 Rwanda genocide. Exploring various contemporary theories of criminal responsibility including complicity and other forms of indirect criminal responsibility, the analysis shows that if the allegations against French officials responsible for Operation Turquoise and the accompanying diplomatic and arms support are true, they could be held criminally liable for their participation in the Rwandan genocide of 1994. Beginning by laying the foundation of the history of the conflict and subsequent genocide as well as the facts surrounding France’s role before and during this conflict, the article sets out a case for the culpability of France. Briefly exploring jurisdictional issues, the analysis moves on to examine three theories of culpability; complicity in genocide, joint criminal enterprise, and command responsibility. Upon making a strong case under each of these international legal theories the paper then compares the Rwandan incident with other incidences of neo-colonialism or imperialism both in past and present times. Finally, the article concludes by stating the need for global accountability in our responsibility to not participate in actions against humanity

Physical activity and hypertension in South African adults

This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 South Africa LicenseEstimates suggest that approximately 6-million South Africans have hypertension, with half classified as stage 1 (mild). Mindful of the cost of lifelong drug therapy, the South African Hypertension Society guidelines suggest delaying drug therapy through lifestyle modification (increased physical activity and weight management) in all but those with the highest risk. This pilot study examined the relationship of BP with physical activity and bodyweight in black South African adults employed in physical occupationsNon peer reviewe