Search results for "Exchange"
showing 10 items of 2035 documents
New analysis of ηπ tensor resonances measured at the COMPASS experiment
2018
We present a new amplitude analysis of the $\eta\pi$ $D$-wave in $\pi^- p\to \eta\pi^- p$ measured by COMPASS. Employing an analytical model based on the principles of the relativistic $S$-matrix, we find two resonances that can be identified with the $a_2(1320)$ and the excited $a_2^\prime(1700)$, and perform a comprehensive analysis of their pole positions. For the mass and width of the $a_2$ we find $M=(1307 \pm 1 \pm 6)$~MeV and $\Gamma=(112 \pm 1 \pm 8)$~MeV, and for the excited state $a_2^\prime$ we obtain $M=(1720 \pm 10 \pm 60)$~MeV and $\Gamma=(280\pm 10 \pm 70)$~MeV, respectively.
Switching to floating exchange rates, devaluations, and stock returns in MENA countries
2012
Abstract We test for the impact of the announcements of floating and/or devaluating the exchange rate on stock returns in three MENA countries after the financial crises they experienced. We, first, use an event-study methodology to test for event-induced abnormal volatility of stock returns in Egypt, Morocco and Turkey. We, then, use three different methodologies to test for abnormal returns: a traditional approach and two approaches that control for event-induced volatility. We find clear evidence of abnormal volatility and abnormal returns due to the floating of the Egyptian and Turkish exchange rates in 2003 and 2001, respectively. In contrast, our results do not show that the devaluati…
Assessment of a possible genotoxic environmental risk in sheep bred on grounds with strongly elevated contents of mercury, arsenic and antimony.
1996
A part of Northern Palatinate country (Germany) was formerly influenced by mercury mining. Today, in many cases agricultural and housing areas are placed onto or near to former dump grounds of rubble. In the soil of these areas the concentration of mercury, arsenic and antimony was found ranging from basic natural contents up to strongly elevated levels. In a biomonitoring project, sheep bred on grounds contaminated with mercury (range 1-435 mg Hg/kg dry matter), arsenic (range 17-147 mg As/kg dry matter) and antimony (range 2-15 mg Sb/kg dry matter) were taken as example on the uptake of these elements from the environment and for possible effects of this exposure. Significantly elevated m…
The shadow economy in Portugal: An analysis with the MIMIC approach
2007
The paper estimates the Portuguese Shadow Economy (SE) from 1977 to 2004 and tests the statistical relationships between the SE and other economic variables. In order to carry out the econometric analysis, a multiple indicators multiple causes (MIMIC) model with means and intercepts is applied. The main causes of the Portuguese SE are analyzed and economic policies to reduce it are suggested. An appraisal on the reliability of estimates and an alternative benchmark strategy for the MIMIC approach are proposed.
New Magnetic Thin Film Hybrid Materials Built by the Incorporation of Octanickel(II)-oxamato Clusters Between Clay Mineral Platelets
2011
We report on a new method based on the combination of Langmuir-Schaefer deposition with self-assembly to insert highly anisotropic Ni(8) molecules in a hybrid organic-inorganic nanostructure. Spectroscopic, crystallographic, and magnetic data prove the successful insertion of the guest cationic molecule between templating clay platelets. These results open a new route toward the highly controlled fabrication of tailored functional organic-inorganic nanomaterials.
ESTIMATION OF AN EXTENDED SAM WITH HOUSEHOLD PRODUCTION FOR SPAIN 1995
2005
This paper implements the conceptual framework sketched by Pyatt (1990) to construct an extended Social Accounting Matrix for Spain in 1995 (ESAM-95) to consider, in addition to the market economy, the production of services provided by households through unpaid work. In doing so, the ESAM-95 integrates the accounts related to market activities (ESA accounts) with non-market activities (non-ESA accounts) in a consistent way. Additional classifications are introduced in both ESA and non-ESA accounts in order to disaggregate the institutional accounts by household type and those of production factors by educational level and gender. The extended SAM is useful to calibrate CGE models in which …
Sovereign debt spreads in EMU: The time-varying role of fundamentals and market distrust
2017
Abstract This paper provides further analysis on the determinants of sovereign debt spreads for peripheral Eurozone countries since the start of EMU, paying special attention to episodes that characterized the global financial crisis aftermath starting in 2007. More specifically, the purpose of our research is to disentangle the role of fundamental variables and market perception about variations on risk in order to explain the evolution of sovereign spreads in EMU during the recent crisis. Our results, in line with previous literature, show the importance of three groups of observable variables, namely, changes in risk-aversion of creditors, fiscal indebtedness and liquidity variables. In …
Is an Increase of the Fiscal Budget at EMU level Desirable?
2005
The birth of the European Monetary Union (EMU) has determined the creation of a common currency, the Euro, but unlike other monetary unions, the EMU does not have a central fiscal authority. The role of fiscal policy is left to the responsibility of the governments of the EMU member States. The new architecture modifies the assignment of the instruments to the objectives, especially those of stabilization. The loss of the sovereignty of monetary policy and exchange rate control by the individual member states has determined the inability to use two important instruments of insurance against the risks of shocks. Moreover, the Treaty of Maastricht and the Stability and Growth Pact (SGP) could…
From stationary state to endogenous growth: International trade in the mathematical formulation of the Ricardian system
2015
In his 1814–15 correspondence with Malthus and in his Essay on Profits, Ricardo championed the free importation of wage goods as a highly effective growth-enhancing policy. In order to capture this aspect in the mathematical formulation of the Ricardian system first introduced by Pasinetti in 1960 in the context of a closed economy, we produce a variant of that model where the economy is a small open one. We show that this economy is characterised by endogenous growth since the growth rate is bounded from below and we locate two thresholds concerning the allocation of labour among the two sectors of the economy and the pattern of international trade.
Why banks are not too big to fail - evidence from the CDS market
2013
This paper argues that bank size is not a satisfactory measure of systemic risk because it neglects aspects such as interconnectedness, correlation, and the economic context. In order to differentiate the effect of bank size from that of systemic importance, we control for systemic risk using the CoVaR measure introduced by Adrian and Brunnermeier (2011). We show that a bank's contribution to systemic risk has a significant negative effect on banks’ credit default swap (CDS) spreads, supporting the too‐systemic‐to‐fail hypothesis. Once we control for systemic risk, bank size (relative to gross domestic product (GDP)) has either no or a positive effect on banks’ CDS spreads. The effect of ba…