Nonbanks in the payments system

Nonbanks have always been a key component of the nation's payments system. In recent years, however, nonbanks have become even more prominent. This heightened visibility raises several questions. In which payments activities are nonbanks engaged? What roles do nonbanks play in specific payments types? What types of risk are potentially associated with nonbank participation? This paper begins to address these questions. Preliminary findings include: (1) Nonbanks are involved in a myriad of activities and roles, both in traditional and emerging payments types; (2) Nonbank business relationships with banks and other participants in the payments systems are often highly complex and interrelated; (3) Nonbanks are rarely directly involved in settlement activities and, hence, appear to be associated with limited settlement and systemic risk; (4) Both nonbanks and banks appear to be increasingly susceptible to operational risk factors. ; Published as a book in 2003.Payment systems ; Nonbank financial institutions ; Nonbank activities

Book Reviews

Japan’s Security Renaissance: New Policies and Politics for the Twenty-First Century, by Andrew L. Oros. New York: Columbia Univ. Press, 2017. 320 pages. $90

CARBON DIOXIDE SEQUESTRATION: WHEN AND HOWMUCH?

We analyze carbon dioxide (CO sequestration as a strategy to manage future climate change in an optimal economic growth framework. We approach the problem in two ways: first, by using a simple analytical model, and second, by using a numerical optimization model which allows us to explore the problem in a more realistic setting. CO sequestration is not a perfect substitute for avoiding CO2 production because CO2 leaks back to the atmosphere and hence imposes future costs. The “efficiency factor” of CO2 sequestration can be expressed as the ratio of the avoided emissions to the economically equivalent amount of sequestered CO2 emissions. A simple analytical model in terms of a net-present value criterion suggests that short-term sequestration methods such as afforestation can be somewhat ( 60 %) efficient, while long term sequestration (such as deep aquifer or deep ocean sequestration) can be very ( 90%) efficient. A numerical study indicates that CO2 sequestration methods at a cost within the range of present estimates reduce the economically optimal CO2 concentrations and climate related damages. The potential savings associated with CO2 sequestration is equivalent in our utilitarian model to a one-time investment of several percent of present gross world product.

Spectral Line De-confusion in an Intensity Mapping Survey

Spectral line intensity mapping has been proposed as a promising tool to efficiently probe the cosmic reionization and the large-scale structure. Without detecting individual sources, line intensity mapping makes use of all available photons and measures the integrated light in the source confusion limit, to efficiently map the three-dimensional matter distribution on large scales as traced by a given emission line. One particular challenge is the separation of desired signals from astrophysical continuum foregrounds and line interlopers. Here we present a technique to extract large-scale structure information traced by emission lines from different redshifts, embedded in a three-dimensional intensity mapping data cube. The line redshifts are distinguished by the anisotropic shape of the power spectra when projected onto a common coordinate frame. We consider the case where high-redshift [CII] lines are confused with multiple low-redshift CO rotational lines. We present a semi-analytic model for [CII] and CO line estimates based on the cosmic infrared background measurements, and show that with a modest instrumental noise level and survey geometry, the large-scale [CII] and CO power spectrum amplitudes can be successfully extracted from a confusion-limited data set, without external information. We discuss the implications and limits of this technique for possible line intensity mapping experiments.Comment: 13 pages, 14 figures, accepted by Ap

The role of big trees and abundant species in driving spatial patterns of species richness in an Australian tropical rainforest

Big trees and abundant species dominate forest structure and composition. As a result, their spatial distribution and interactions with other species and individuals may contribute disproportionately to the emergence of spatial heterogeneity in richness patterns. We tested scale-dependent spatial patterning and species richness structures to understand the role of individual trees (big trees) and species (abundant species) in driving spatial richness patterns on a 25 ha plot in a diverse tropical forest of Australia. The individual species area relationship (ISAR) was used to assess species richness in neighborhoods ranging from 1 to 50 m radii around all big trees (≥70 cm dbh, n = 296) and all species with more than 100 individuals in the plot (n = 53). A crossed ISAR function was also used to compute species richness around big trees for trees of different size classes. Big individuals exert some spatial structuring on other big and mid-sized trees in local neighborhoods (up to 30 m and 16 m respectively), but not on small trees. While most abundant species were neutral with respect to richness patterns, we identified consistent species-specific signatures on spatial patterns of richness for 14 of the 53 species. Seven species consistently had higher than expected species richness in their neighborhood (species “accumulators”), and seven had lower than expected (species “repellers”) across all spatial scales. Common traits of accumulators and repeller species suggest that niche partitioning along disturbance gradients is a primary mechanism driving spatial richness patterns, which is then manifested in large-scale spatial heterogeneity in species distributions across the plot

The Origins Space Telescope

The Origins Space Telescope, one of four large Mission Concept Studies sponsored by NASA for review in the 2020 US Astrophysics Decadal Survey, will open unprecedented discovery space in the infrared, unveiling our cosmic origins

SPIFI: a Direct-Detection Imaging Spectrometer for Submillimeter Wavelengths

The South Pole Imaging Fabry-Perot Interferometer (SPIFI) is the first instrument of its kind -a direct-detection imaging spectrometer for astronomy in the submillimeter band. SPIFI ’s focal plane is a square array of 25 silicon bolometers cooled to 60 mK; the spectrometer consists of two cryogenic scanning Fabry-Perot interferometers in series with a 60-mK bandpass filter. The instrument operates in the short submillimeter windows (350 and 450 μm) available from the ground, with spectral resolving power selectable between 500 and 10,000. At present, SPIFI’s sensitivity is within a factor of 1.5-3 of the photon background limit, comparable with the best heterodyne spectrometers. The instrument ’s large bandwidth and mapping capability provide substantial advantages for specific astrophysical projects, including deep extragalactic observations. We present the motivation for and design of SPIFI and its operational characteristics on the telescope

Constraining the ISM Properties of the Cloverleaf Quasar Host Galaxy with Herschel Spectroscopy

We present Herschel observations of the far-infrared (FIR) fine-structure (FS) lines [C II]158 μm, [O I]63 μm, [O III]52 μm, and [Si II]35 μm in the z = 2.56 Cloverleaf quasar, and combine them with published data in an analysis of the dense interstellar medium (ISM) in this system. Observed [C II]158 μm, [O I]63 μm, and FIR continuum flux ratios are reproduced with photodissociation region (PDR) models characterized by moderate far-ultraviolet (FUV) radiation fields with G_0 = 0.3–1 × 10^3 and atomic gas densities n_H = 3–5 × 10^3 cm^(−3), depending on contributions to [C II]158 μm from ionized gas. We assess the contribution to the [C II]158 μm flux from an active galactic nucleus (AGN) narrow line region (NLR) using ground-based measurements of the [N II]122 μm transition, finding that the NLR can contribute at most 20%–30% of the observed [C II]158 μm flux. The PDR density and far-UV radiation fields inferred from the atomic lines are not consistent with the CO emission, indicating that the molecular gas excitation is not solely provided via UV heating from local star formation (SF), but requires an additional heating source. X-ray heating from the AGN is explored, and we find that X-ray-dominated region (XDR) models, in combination with PDR models, can match the CO cooling without overproducing the observed FS line emission. While this XDR/PDR solution is favored given the evidence for both X-rays and SF in the Cloverleaf, we also investigate alternatives for the warm molecular gas, finding that either mechanical heating via low-velocity shocks or an enhanced cosmic-ray ionization rate may also contribute. Finally, we include upper limits on two other measurements attempted in the Herschel program: [C II]158 μm in FSC 10214 and [O I]63 μm in APM 08279+5255

A Foreground Masking Strategy for [CII] Intensity Mapping Experiments Using Galaxies Selected by Stellar Mass and Redshift

Intensity mapping provides a unique means to probe the epoch of reionization (EoR), when the neutral intergalactic medium was ionized by the energetic photons emitted from the first galaxies. The [CII] 158$\mu$m fine-structure line is typically one of the brightest emission lines of star-forming galaxies and thus a promising tracer of the global EoR star-formation activity. However, [CII] intensity maps at $6 \lesssim z \lesssim 8$ are contaminated by interloping CO rotational line emission ($3 \leq J_{\rm upp} \leq 6$) from lower-redshift galaxies. Here we present a strategy to remove the foreground contamination in upcoming [CII] intensity mapping experiments, guided by a model of CO emission from foreground galaxies. The model is based on empirical measurements of the mean and scatter of the total infrared luminosities of galaxies at $z 10^{8}\,\rm M_{\rm \odot}$ selected in $K$-band from the COSMOS/UltraVISTA survey, which can be converted to CO line strengths. For a mock field of the Tomographic Ionized-carbon Mapping Experiment (TIME), we find that masking out the "voxels" (spectral-spatial elements) containing foreground galaxies identified using an optimized CO flux threshold results in a $z$-dependent criterion $m^{\rm AB}_{\rm K} \lesssim 22$ (or $M_{*} \gtrsim 10^{9} \,\rm M_{\rm \odot}$) at $z < 1$ and makes a [CII]/CO$_{\rm tot}$ power ratio of $\gtrsim 10$ at $k=0.1$ $h$/Mpc achievable, at the cost of a moderate $\lesssim 8\%$ loss of total survey volume.Comment: 14 figures, 4 tables, re-submitted to ApJ after addressing reviewer's comments. Comments welcom