The Demand for Emerging Market Bonds

We study the multi-period asset allocation problem for emerging market investors whose asset menu consists of stocks, bonds and bills. We consider two types of emerging market investors: domestic investors (with returns in local currency) and international investors who can invest in US and emerging markets assets (with returns in US dollars). In developed markets, long-term government bonds are often considered attractive investment options for risk-averse investors. Our results show that emerging market bonds with a maturity of one year and longer can be attractive for domestic and international investors with different risk preferences, in both the short run and the long run

On Implementing EREW Work-Optimally on Mesh of Trees

: We show how to implement an `1 \Theta n log n-processor EREW PRAM workoptimally on a 2-dimensional n-sided mesh of trees, consisting of n processors, n memory modules, and O(n 2 ) nodes. Similarly, we prove that an `2 \Theta n 2 log n-processor EREW PRAM can be implemented work-optimally on a 3-dimensional n-sided mesh of trees. By the work-optimality of implementations we mean that the expected routing time of PRAM memory requests is O(1) per simulated PRAM processor with high probability. Experiments show that on relatively small `1 and `2 the cost per simulated PRAM processor is 1:5--2:5 in the 2-dimensional case, and 2--3 in the 3-dimensional case. If at each step at most 1 3 'th of the PRAM processors make a reference to the shared memory, then the simulation cost is approximately 1. We also compare our work-optimal simulations to those proposed for coated meshes. Key Words: EREW, mesh of trees, shared memory, simulation, work-optimal, randomized, coated mesh. Category: ..