Implementing a WTO agreement on trade facilitation : what makes sense ?

Contrary to the prevailing view that the Doha negotiations have achieved little, the authors find that on trade facilitation much progress has been made. This is particularly true in regard to action by development banks and bilateral development agencies to meet client demand for assistance in reform. Active private sector participation has been an important factor driving change. Many agencies have been involved in this work. The authors find that their roles have been consistent with their comparative advantages. As to how the international community can best support continued progress, the authors conclude in favor of a cautious approach to the imposition of new WTO obligations in the area of trade facilitation. On the whole, this is the approach the WTO has taken, for example, by limiting its negotiations on trade facilitation to several specific provisions of the GATT. The WTO can continue to function as a catalyst for reform. It is perhaps uniquely placed to relate the trade facilitation agenda to the overall trade agenda. On design and construction of the relevant infrastructures and capacities to spur development, the development institutions, including bilateral agencies, should continue to lead. The authors find little evidence to support the need for a comprehensive new"platform"or mechanism to channel trade-related aid as part of implementation of any new agreement at the WTO on trade facilitation. They recommend, however, that an innovative approach to using the well established, but under utilized Trade Policy Review Mechanism be considered to increase transparency on where new aid is going over time and to expand understanding of where and how country-based progress has been achieved.Economic Theory&Research,Trade Law,Trade Policy,Common Carriers Industry,Transport and Trade Logistics

Monitoring Cen X-3 with BATSE

The eight uncollimated BATSE Large Area Detectors (LAD's) provide the ability to monitor pulsed hard x ray sources on a nearly continuous basis. Using data from the LAD's, the pulse timing and pulsed flux of the 4.8 second period binary x ray pulsar Centaurus X-3 was analyzed over a two month period. The methods and initial results of this analysis, which includes both data folded onboard GRO and 1.024 second resolution discriminator rates folded on the ground, are presented

Imaging and burst location with the EXIST high-energy telescope

The primary instrument of the proposed EXIST mission is a coded mask high energy telescope (the HET), that must have a wide field of view and extremely good sensitivity. It will be crucial to minimize systematic errors so that even for very long total integration times the imaging performance is close to the statistical photon limit. There is also a requirement to be able to reconstruct images on-board in near real time in order to detect and localize gamma-ray bursts. This must be done while the spacecraft is scanning the sky. The scanning provides all-sky coverage and is key to reducing systematic errors. The on-board computational problem is made even more challenging for EXIST by the very large number of detector pixels. Numerous alternative designs for the HET have been evaluated. The baseline concept adopted depends on a unique coded mask with two spatial scales. Monte Carlo simulations and analytic analysis techniques have been used to demonstrate the capabilities of the design and of the proposed two-step burst localization procedure

The Outbursts and Orbit of the Accreting Pulsar GS 1843-02 = 2S 1845-024

We present observations of a series of 10 outbursts of pulsed hard X-ray flux from the transient 10.6 mHz accreting pulsar GS 1843-02, using the Burst and Transient Source Experiment on the Compton Gamma Ray Observatory. These outbursts occurred regularly every 242 days, coincident with the ephemeris of the periodic transient GRO J1849-03 (Zhang et al. 1996), which has recently been identified with the SAS 3 source 2S 1845-024 (Soffitta et al. 1998). Our pulsed detection provides the first clear identification of GS 1843-02 with 2S 1845-024. We present a pulse timing analysis which shows that the 2S 1845-024 outbursts occur near the periastron passage of the neutron star's highly eccentric (e = 0.88+-0.01) 242.18+-0.01 day period binary orbit about a high mass (M > 7 solar masses) companion. The orbit and transient outburst pattern strongly suggest the pulsar is in a binary system with a Be star. Our observations show a long-term spin-up trend, with most of the spin-up occurring during the outbursts. From the measured spin-up rates and inferred luminosities we conclude that an accretion disk is present during the outbursts.Comment: Accepted for publication in Astrophysical Journa

NuSTAR discovery of a cyclotron absorption line in the transient X-ray pulsar 2S 1553-542

We report results of a spectral and timing analysis of the poorly studied transient X-ray pulsar 2S 1553-542 using data collected with the NuSTAR and Chandra observatories and the Fermi/GBM instrument during an outburst in 2015. Properties of the source at high energies (>30 keV) are studied for the first time and the sky position had been essentially improved. The source broadband spectrum has a quite complicated shape and can be reasonably described by a composite model with two continuum components - a black body emission with the temperature about 1 keV at low energies and a power law with an exponential cutoff at high energies. Additionally an absorption feature at $\sim23.5$ keV is discovered both in phase-averaged and phase-resolved spectra and interpreted as the cyclotron resonance scattering feature corresponding to the magnetic field strength of the neutron star $B\sim3\times10^{12}$ G. Based on the Fermi/GBM data the orbital parameters of the system were substantially improved, that allowed us to determine the spin period of the neutron star P = 9.27880(3) s and a local spin-up $\dot P \simeq -7.5\times10^{-10}$ s s$^{-1}$ due to the mass accretion during the NuSTAR observations. Assuming accretion from the disk and using standard torque models we have estimated the distance to the system $d=20\pm4$ kpc.Comment: 10 pages, 9 figures, 2 tables, accepted for publication in MNRA

Polarised target for Drell-Yan experiment in COMPASS at CERN, part I

In the polarised Drell-Yan experiment at the COMPASS facility in CERN pion beam with momentum of 190 GeV/c and intensity about $10^8$ pions/s interacted with transversely polarised NH$_3$ target. Muon pairs produced in Drel-Yan process were detected. The measurement was done in 2015 as the 1st ever polarised Drell-Yan fixed target experiment. The hydrogen nuclei in the solid-state NH$_3$ were polarised by dynamic nuclear polarisation in 2.5 T field of large-acceptance superconducting magnet. Large helium dilution cryostat was used to cool the target down below 100 mK. Polarisation of hydrogen nuclei reached during the data taking was about 80 %. Two oppositely polarised target cells, each 55 cm long and 4 cm in diameter were used. Overview of COMPASS facility and the polarised target with emphasis on the dilution cryostat and magnet is given. Results of the polarisation measurement in the Drell-Yan run and overviews of the target material, cell and dynamic nuclear polarisation system are given in the part II.Comment: 4 pages, 2 figures, Proceedings of the 22nd International Spin Symposium, Urbana-Champaign, Illinois, USA, 25-30 September 201

Moody's Correlated Binomial Default Distributions for Inhomogeneous Portfolios

This paper generalizes Moody's correlated binomial default distribution for homogeneous (exchangeable) credit portfolio, which is introduced by Witt, to the case of inhomogeneous portfolios. As inhomogeneous portfolios, we consider two cases. In the first case, we treat a portfolio whose assets have uniform default correlation and non-uniform default probabilities. We obtain the default probability distribution and study the effect of the inhomogeneity on it. The second case corresponds to a portfolio with inhomogeneous default correlation. Assets are categorized in several different sectors and the inter-sector and intra-sector correlations are not the same. We construct the joint default probabilities and obtain the default probability distribution. We show that as the number of assets in each sector decreases, inter-sector correlation becomes more important than intra-sector correlation. We study the maximum values of the inter-sector default correlation. Our generalization method can be applied to any correlated binomial default distribution model which has explicit relations to the conditional default probabilities or conditional default correlations, e.g. Credit Risk${}^{+}$, implied default distributions. We also compare some popular CDO pricing models from the viewpoint of the range of the implied tranche correlation.Comment: 29 pages, 17 figures and 1 tabl

FermiFermi GBM Observations of V404 Cyg During its 2015 Outburst

V404 Cygni was discovered in 1989 by the $Ginga$ X-ray satellite during its only previously observed X-ray outburst and soon after confirmed as a black hole binary. On June 15, 2015, the Gamma Ray Burst Monitor (GBM) triggered on a new outburst of V404 Cygni. We present 13 days of GBM observations of this outburst including Earth occultation flux measurements, spectral and temporal analysis. The Earth occultation fluxes reached 30 Crab with detected emission to 100 keV and determined, via hardness ratios, that the source was in a hard state. At high luminosity, spectral analysis between 8 and 300 keV showed that the electron temperature decreased with increasing luminosity. This is expected if the protons and electrons are in thermal equilibrium during an outburst with the electrons cooled by the Compton scattering of softer seed photons from the disk. However, the implied seed photon temperatures are unusually high, suggesting a contribution from another source, such as the jet. No evidence of state transitions is seen during this time period. The temporal analysis reveals power spectra that can be modeled with two or three strong, broad Lorentzians, similar to the power spectra of black hole binaries in their hard state