On Partial Differential and Difference Equations with Symmetries Depending on Arbitrary Functions

In this note we present some ideas on when Lie symmetries, both point and generalized, can depend on arbitrary functions. We show on a few examples, both in partial differential and partial difference equations when this happens. Moreover we show that the infinitesimal generators of generalized symmetries depending on arbitrary functions, both for continuous and discrete equations, effectively play the role of master symmetries

Algebraic entropy, symmetries and linearization of quad equations consistent on the cube

We discuss the non autonomous nonlinear partial difference equations belonging to Boll classification of quad graph equations consistent around the cube. We show how starting from the compatible equations on a cell we can construct the lattice equations, its B\"acklund transformations and Lax pairs. By carrying out the algebraic entropy calculations we show that the $H^4$ trapezoidal and the $H^6$ families are linearizable and in a few examples we show how we can effectively linearize them

An Abstract Semantics for Inference of Types and Effects in a Multi-Tier Web Language

Comment: In Proceedings WWV 2011, arXiv:1108.208

Multinational Banking in Europe: Financial Stability and Regulatory Implications. Lessons from the Financial Crisis

This paper examines whether multinational banks have a stabilising or a destabilising role during times of financial distress. With a focus on Europe, it looks at how these banks‟ foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending of these foreign affiliates have been stable and even increasing between 2007 and 2009. This pattern is related to the functioning of the internal capital market through which these banks funnel funds across their units. The internal capital market has been an effective tool to support foreign affiliates in distress and to isolate their lending from the local availability of financial resources, notwithstanding the systemic nature of the recent crisis. This effect has been particularly large within the EU integrated financial market and for the EMU countries, thus showing complementarity between economic integration and multinational banks‟ internal capital markets. In light of these findings, this paper supports the call for an integration of the European supervisory and regulatory framework overseeing multinational banks. The analysis is based on an analytical framework which derives the main conditions under which the internal capital market can perform this support function under idiosyncratic and systemic stresses. The empirical evidence uses both aggregate evidence on foreign claims worldwide, and firm-level evidence on the behaviour of banking groups‟ affiliates, compared to standing alone national banks.multinational banking, financial stability, regulation and supervision, internal capital markets, financial crises

Informing the Financing of Universal Energy Access: An Assessment of Current Flows

Energy poverty is widely recognized as a major obstacle to economic and social development and poverty alleviation. To help inform the design of appropriate and effective policies to reduce energy poverty, we present a brief analysis of the current macro financial flows in the electricity and gas distribution sectors in developing countries. We build on the methodology used to quantify the flows of investment in the climate change area. This methodology relies on national gross fixed capital formation, overseas development assistance, and foreign direct investment. These high-level and aggregated investment figures provide a sense of scale to policy-makers, but are only a small part of the information required to design financial vehicles. In addition, these figures tend to mask numerous variations between sectors and countries, as well as trends and other temporal fluctuations. Nonetheless, for the poorest countries, one can conclude that the current flows are considerably short (at least five times) of what will be required to provide a basic level of access to clean, modern energy services to the “energy poor”.Energy Access, Energy Finance, Financial flows

Logic programs as specifications in the inductive verification of logic programs

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