Search results for "Clearing"
showing 9 items of 19 documents
How markets slowly digest changes in supply and demand
2008
In this article we revisit the classic problem of tatonnement in price formation from a microstructure point of view, reviewing a recent body of theoretical and empirical work explaining how fluctuations in supply and demand are slowly incorporated into prices. Because revealed market liquidity is extremely low, large orders to buy or sell can only be traded incrementally, over periods of time as long as months. As a result order flow is a highly persistent long-memory process. Maintaining compatibility with market efficiency has profound consequences on price formation, on the dynamics of liquidity, and on the nature of impact. We review a body of theory that makes detailed quantitative pr…
Integrating Extensive Livestock and Soil Conservation Policies in Mediterranean Mountain Areas for Recovery of Abandoned Lands in the Central Spanish…
2016
Land abandonment is a global issue with important implications in Mediterranean mountain areas. Abandoned Mediterranean croplands start a process of secondary succession that is initially colonized by grasslands, shrubs and forest. In Mediterranean mountain areas, the process is very slow, so the shrubs remain for decades, preventing livestock from accessing pastureland. Therefore, farmers have to burn or clear the shrubs in order to provide pasture, a practice that has recently been encouraged by several regional governments in Spain. Data from experimental plots of the Aisa Valley Experimental Station in the Spanish Pyrenees allow to evaluate the effects of burning and clearing shrubs on …
Multiobjective design of distributed reactive power production in a deregulated electric market
2005
Abstract Reactive flows compensation optimal design for losses reduction in MV automated distribution systems is a problem deeply studied in literature. In this paper, the design problem is formulated considering the new deregulated energy market. These new operational conditions allow the MV grid operator to consider the generation of reactive energy also as a service that can be sold to the transmission system above. In this case, the transmission system would be helped in all the working conditions in which a strong modulation of the reactive flow through the HV/MV node is required. Then, for the MV grid operator, the compensation system optimal design problem is therefore that of the se…
Fitting the Stocking Rate with Pastoral Resources to Manage and Preserve Mediterranean Forestlands: A Case Study
2015
Pasture practices have affected Mediterranean forest ecosystems for millennia, and they are still quite widespread in mountainous areas. Nevertheless, in the last decades, the stability of forest ecosystems has been jeopardized due to the abandonment of traditional agro-pastoral practices, so that the gradual reduction of open areas due to progressive succession processes has caused a high increase of grazing pressure by livestock and wild ungulates feeding on forest areas. This paper aims at showing a methodological approach for evaluating the effect of applying measures in order to improve the grazing value of grasslands and ecotonal patches and lower the grazing impact on native woodland…
Market efficiency and the long-memory of supply and demand: is price impact variable and permanent or fixed and temporary?
2016
In this comment we discuss the problem of reconciling the linear efficiency of price returns with the long-memory of supply and demand. We present new evidence that shows that efficiency is maintained by a liquidity imbalance that co-moves with the imbalance of buyer vs. seller initiated transactions. For example, during a period where there is an excess of buyer initiated transactions, there is also more liquidity for buy orders than sell orders, so that buy orders generate smaller and less frequent price responses than sell orders. At the moment a buy order is placed the transaction sign imbalance tends to dominate, generating a price impact. However, the liquidity imbalance rapidly incre…
Regional currencies and regional monetary zones in Latin America: what prospects?
2009
Reducing transaction costs and the need for international reserves is a primary objective to the establishment of regional payment agreements. Another objective, especially in the case of Latin America where the Ecuadorian promoters of the Bank of the South (Banco del Sur) and the New Regional Financial Architecture are planning the implementation of a regional clearing system, is to reduce member countries' dependence on the U. S. dollar as an international standard and reserve currency. To help improve the design of such agreements, this paper refers to the plan Keynes designed for the Bretton Woods conference. First, it observes that cases were made against this plan from which useful le…
Impact of very low crop residues cover on wind erosion in the Sahel
2011
International audience; In the Sahel, with average annual precipitation in the order of 500 mm yr− 1, wind erosion occurs mainly on cultivated millet fields whose surfaces are only partially covered by crop residues. The impact of these residues on wind erosion was not clearly established. The objective of this study is thus to quantify the actual amount of crop residues in traditional Sahelian fields and to determine their impacts on wind erosion by reference to a bare surface throughout the seasonal cycle over several years. At the beginning of the year during dry season, Sahelian farmers use to "clean" their fields, i.e. cut and lay flat on the soil surface any millet stalks still standi…
Environmental mitigation hierarchy and biodiversity offsets revisited through habitat connectivity modelling.
2020
International audience; Biodiversity loss is accelerating because of unceasing human activity and land clearing for development projects (urbanisation, transport infrastructure, mining and quarrying …). Environmental policy-makers and managers in different countries worldwide have proposed the mitigation hierarchy to ensure the goal of “no net loss (NNL) of biodiversity” and have included this principle in environmental impact assessment processes. However, spatial configuration is hardly ever taken into account in the mitigation hierarchy even though it would greatly benefit from recent developments in habitat connectivity modelling incorporating landscape graphs. Meanwhile, national, Euro…
Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz
2004
International audience; With the usual debates trumpeting the usual merits of fixed versus flexible exchange rates, or some various incarnations thereof, the authors draw attention to Keynes's original plan for an international clearing union. The paper takes a close look at Joseph Stiglitz's recent suggestions to deal with financial crises along with Paul Davidson's Keynes-Post Keynesian clearinghouse. In the former case, the analysis is left wanting: the author offers nothing more than simple solutions to a system in need of dramatic changes. On the other hand, Davidson's analysis of the current state of affairs requires more than mere "plumbing" and addresses the root causes of the crise…