Search results for " flows"
showing 10 items of 110 documents
Risk Profiles for Re-Profiling the Sovereign Debt of Crisis Countries
2014
This paper uses a risk-management approach to re-profile the sovereign debt of countries facing debt crises. Using scenario analysis we develop a risk measure of the sovereign's debt -- Conditional Debt-at-Risk -- and an optimization model is used to trace risk profiles that tradeoff expected cost of debt financing against the Conditional Debt-at-Risk. The risk profiles are particularly informative for crisis countries, as they allow us to identify, with high-probability, debt unsustainability. We develop risk profiles for two Eurozone countries with excessive debt, Cyprus and Italy, both in their current form and under various forms of restructuring or rescheduling, and show how to assess …
Uncertainty and cross-border banking flows
2019
Abstract While global uncertainty—measured by the VIX—has proven to be a robust global “push” factor of international capital flows, there has been no systematic study assessing the role of uncertainty in driving bilateral capital flows. This paper examines the effects of higher country-specific uncertainty on cross-border banking flows using data from the Bank for International Settlements Locational Banking Statistics. The bilateral structure of this data allows disentangling supply factors from demand factors, thereby helping identify the effect of higher uncertainty on cross-border banking flows from other confounding factors. The results of this analysis suggest that: (i) uncertainty i…
Determinants of sub-central European government debt
2017
Abstract The aim of this paper is to analyze the determinants of sub-central government debt in Europe (Italy, France, Austria, Germany, Belgium and Spain) through estimation for each State based on corresponding panel data from 1996 to 2010. Furthermore, we estimate the debt model using a joint sample, consolidating conclusions on the most influential variables in terms of public debt. A comparative analysis of institutional frameworks in Europe shows that relationships between central and sub-central tax authorities have common traits, although the extent of change in each country remains unknown. In sum, this study shows that sub-sovereign government budgets are counter-cyclical, that ec…
Fatal attraction: Using distance to measure contagion in good times as well as bad
2007
This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous practice measures contagion using the relationship of these correlations with distance. Also in contrast to previous work, our test is good at identifying periods of “positive contagion,” in which capital flows to emerging markets in a herd-like manner largely unrelated to fundamentals. Identifying such periods of “fatal attraction” is important as they provide the essential ingredients for subsequent crises and rapid outflows of capital.
Financial stress and sovereign debt composition
2015
"Published online: 19 Oct 2015"
"Dynamical" interactions and gauge invariance
2009
Appreciating the classical understanding of the elementary particle the "dynamical" Poincare algebra is developed. It is shown that the "dynamical" Poincare algebra and the equations of motion of particles with arbitrary spin are gauge invariant and that gauge invariance and relativistic invariance stand on equal footings. A "dynamical" non-minimal interaction is constructed explicitly and the Rarita-Schwinger equation is considered in the framework of this "dynamical" interaction.
New Computational Fluid Dynamic Procedure to Estimate Friction and Local Losses in Coextruded Drip Laterals
2007
The design of trickle irrigation systems is crucial to optimize profitability and to warrant high values for the emission uniformity (EU) coefficient. EU depends on variation of the pressure head due to head losses along the lines and elevation changes, as well as the water temperature, and other parameters related to the emitters (manufacturer's coefficient of variation, number of emitters per plants, emitter spacing). Trickle irrigation plants are usually designed using small diameter plastic pipes (polyethylene or polyvinyl chloride). The design problem, therefore, needs to consider head losses along the lines as well as emitter discharge variations due to the manufacturer's variability.…
Modelling nanoscale fluid dynamics and transport in physiological flows
1996
The concept of nanotechnology is discussed, and its connection with biomedical engineering is elucidated. For the specific field of nanoscale flow and transport problems of physiological relevance, some typical examples are presented, and their interaction is discussed for some classic biomechanical problems like the flow in arteries with blood-wall coupling. Then, existing computational models are presented and classified according to the length scale of interest, with emphasis on particle-fluid problems. Final remarks address the essential unity of biomedical and engineering behaviour and the possible relevance to small-scale industrial research.
A cross-country study of skills and unemployment flows
2021
AbstractUsing an international survey that directly assesses the cognitive skills of the adult population, I study the relation between skills and unemployment flows across 37 countries. Depending on the specifically assessed domain, I document that skills have an unconditional correlation with the log-risk-ratio of exiting to entering unemployment of 0.65–0.68 across the advanced and skill-abundant countries in the sample. The relation is remarkably robust and it is unlikely to be due to reverse causality. I do not find evidence that this positive relation extends to the seven relatively less advanced and less skill-abundant countries in the sample: Peru, Ecuador, Indonesia, Mexico, Chile,…
On thermoeconomics of energy systems at variable load conditions: integrated optimization of plant design and operation
2007
Abstract Thermoeconomics has been assuming a growing role among the disciplines oriented to the analysis of energy systems, its different methodologies allowing solution of problems in the fields of cost accounting, plant design optimisation and diagnostic of malfunctions. However, the thermoeconomic methodologies as such are particularly appropriate to analyse large industrial systems at steady or quasi-steady operation, but they can be hardly applied to small to medium scale units operating in unsteady conditions to cover a variable energy demand. In this paper, the fundamentals of thermoeconomics for systems operated at variable load are discussed, examining the cost formation process an…