Banking Sector Strength and the Transmission of Currency Crises

We show that, complementary to trade and financial linkages, the strength of the bankingsector helps explain the transmission of currency crises. Specifically, we demonstrate thatthe Mexican, Thai, and Russian crises predominantly spread to countries with weaknesses intheir banking sectors. At the same time, the role of banking sector strength varies per crisis;where the Mexican crisis spread to countries with a strong presence of foreign banks indomestic credit provision, the Thai crisis disproportionately contaminated countries wherethe banking sector was most sensitive to currency realignments, wh ile the Russian crisisspread to countries with inefficiencies in the banking sector.macroeconomics ;

Increased Sugar Concentration with PM-Cutting and Wide Swathing Improves Alfalfa Silage Fermentation

Extensive protein degradation during silage fermentation reduces the efficiency of N utilization by ruminants and excess N is excreted in the environment. Forage nonstructural carbohydrates (NSC) represent the main source of readily fermentable energy for lactic bacteria during silage fermentation. Increasing forage NSC concentration can enhance silage fermentation, lactic acid production, and the decline in pH with an overall reduction in the extent of protein degradation. The NSC concentration increases during the day in alfalfa (Medicago sativa L.) to reach a maximum by the end of the afternoon. Under good wilting conditions, PM-cut alfalfa wilted in wide swaths had a greater NSC concentration than AM-cut alfalfa (Morin et al. 2012). Our objective was to study the effect of PM cutting and wide swathing on alfalfa silage quality attributes

High-Sugar Alfalfa for Dairy Cows

Alfalfa proteins are extensively degraded during wilting, silage fermentation, and in the rumen. To efficiently use alfalfa non protein N, rumen microbes need a readily available energy source such as nonstructural carbohydrates (NSC); otherwise, surplus N in the form of rumen ammonia is converted into urea and excreted in the environment. Increasing the NSC concentration of alfalfa was thus the focus of our research program. Our objectives were to assess the impact of high NSC alfalfa on digestibility and microbial protein synthesis measured in vitro, and on ingestion, rumen metabolism, N use efficiency, and dairy cow performance. Increasing NSC concentration of alfalfa significantly enhanced in vitro dry matter (DM) digestibility and decreased NH3-N concentration in rumen fluid. An increase of 23 g/kg in alfalfa NSC concentration can improve forage DM intake (+5 %) and energy corrected milk production (+8 %). Feeding high-NSC alfalfa led to a higher rumen pH, suggesting that sugars do not cause rumen acidosis, and to a lower milk urea N (MUN) indicating an improvement in N utilization. Increasing NSC concentration of alfalfa is a low-cost tool to improve its utilisation in dairy rations and potentially mitigate the environmental footprint of milk production

Improving Forage Nonstructural Carbohydrates through Management and Breeding

Nonstructural carbohydrates (NSC) are an important source of readily fermentable energy available to rumen microbes. Limited concentrations of readily available energy in forages combined with fast and intensive protein degradation contribute to poor N use efficiency by dairy cows and other ruminants. Increasing NSC in forages has been shown to improve intake, milk yield, and N use efficiency (Brito et al. 2009). We assessed several strategies to increase forage NSC accumulation, including PM-cutting, species selection and genetic improvement

Weather on the Nearest Brown Dwarfs: Resolved Simultaneous Multi-Wavelength Variability Monitoring of WISE J104915.57-531906.1AB

We present two epochs of MPG/ESO 2.2m GROND simultaneous 6-band ($r'i'z'JHK$) photometric monitoring of the closest known L/T transition brown dwarf binary WISE J104915.57-531906.1AB. We report here the first resolved variability monitoring of both the T0.5 and L7.5 components. We obtained 4 hours of focused observations on the night of UT 2013-04-22, as well as 4 hours of defocused (unresolved) observations on the night of UT 2013-04-16. We note a number of robust trends in our light curves. The $r'$ and $i'$ light curves appear to be anticorrelated with $z'$ and $H$ for the T0.5 component and in the unresolved lightcurve. In the defocused dataset, $J$ appears correlated with $z'$ and $H$ and anticorrelated with $r'$ and $i'$, while in the focused dataset we measure no variability for $J$ at the level of our photometric precision, likely due to evolving weather phenomena. In our focused T0.5 component lightcurve, the $K$ band lightcurve displays a significant phase offset relative to both $H$ and $z'$. We argue that the measured phase offsets are correlated with atmospheric pressure probed at each band, as estimated from 1D atmospheric models. We also report low-amplitude variability in $i'$ and $z'$ intrinsic to the L7.5 component.Comment: 14 pages, 5 figures, accepted to ApJ Letter

HIP 38939B: A New Benchmark T Dwarf in the Galactic Plane Discovered with Pan-STARRS1

We report the discovery of a wide brown dwarf companion to the mildly metal-poor ([Fe/H]=-0.24), low galactic latitude (b = 1.88 deg) K4V star HIP 38939. The companion was discovered by its common proper motion with the primary and its red optical (Pan-STARRS1) and blue infrared (2MASS) colors. It has a projected separation of 1630 AU and a near-infrared spectral type of T4.5. As such it is one of only three known companions to a main sequence star which have early/mid-T spectral types (the others being HN Peg B and eps Indi B). Using chromospheric activity we estimate an age for the primary of 900{+1900,-600} Myr. This value is also in agreement with the age derived from the star's weak ROSAT detection. Comparison with evolutionary models for this age range indicates that HIP 38939B falls in the mass range 38+/-20 Mjup with an effective temperature range of 1090+/-60 K. Fitting our spectrum with atmospheric models gives a best fitting temperature of 1100 K. We include our object in an analysis of the population of benchmark T dwarfs and find that while older atmospheric models appeared to over-predict the temperature of the coolest objects compared to evolutionary models, more recent atmospheric models provide better agreement.Comment: ApJ, in press. Tiny changes incorporated into final version: added analysis of likelihood of companionship, clarified the fitting proceedure, and updated the benchmark analysis to highlight when the quoted evolutionary models use the atmospheric model they are being compared to as a boundary conditio

An Effective Temperature Scale for Late M and L Dwarfs, from Resonance Absorption Lines of CsI and RbI

We present Keck HIRES spectra of 6 late-M dwarfs and 11 L dwarfs. Our goal is to assign effective temperatures to the objects using detailed atmospheric models and fine analysis of the alkali resonance absorption lines of CsI and RbI. These yield mutually consistent results (+-150 K) when we use ``cleared-dust'' models, which account for the removal of refractory species from the molecular states but do not include dust opacities. We find a tendency for the RbI line to imply a slightly higher temperature, which we ascribe to an incomplete treatment of the overlying molecular opacities. The final effective temperatures we adopt are based on the CsI fits alone, though the RbI fits support the CsI temperature sequence. This work, in combination with results from the infrared, hints that dust in these atmospheres has settled out of the high atmosphere but is present in the deep photosphere. We also derive radial and rotational velocities for all the objects, finding that the previously discovered trend of rapid rotation for very low mass objects is quite pervasive. To improve on our analysis, there is a clear need for better molecular line lists and a more detailed understanding of dust formation and dynamics.Comment: 53 pages, including 20 figures and 2 Tables; accepted in Ap

Synthetic Stellar libraries and SSP simulations in the Gaia Era

AbstractThe Gaia mission will obtain accurate positions, parallaxes and proper motions for 109object all over the sky. In addition, it will collect low resolution spectroscopy in the optical range for ~109objects, stars, galaxies, and QSOs. Parameters of those objects are expected to be part of the final Catalog. Complete and up-to-date libraries of synthetic stellar spectra are needed to train the algorithms to classify this huge amount of data. Here we focus on the use of the synthetic libraries of spectra calculated by the Gaia community to derive grids of Single Stellar Populations as building blocks of population synthesis models