Beyond Financialisation? Transformative Strategies for More Sustainable Financial Markets in the European Union

The global financial crisis has led many regulators and lawmakers to a rethinking about current versus optimum financial market structures and activities that include a variety and even radical ideas about delevaraging and downsizing finance. This paper focuses on the flaws and shortcomings of regulatory reforms of finance and on the necessity of and scope for more radical transformative strategies. With 'crisis economics' back, the most developed countries, including the EU member states, are still on the edge of disaster and confronted with systemic risk. Changes in financial regulation adopted in the aftermath of the financial meltdown have not been radical enough to transform the overall system of finance-driven capitalism towards a more sustainable system with a more embedded finance. The paper discusses financialisation in order to understand the development trends in finance over the past decades and examines various theories to describe the typical trends and patterns in financial regulation. By focusing on a limited number of regulatory reforms in the European Union, the limitations of current reforms and the need for additional transformative strategies necessary to overcome the finance-driven accumulation regime are explored. Finally, the regulatory space for such transformative strategies and for taming finance in times of crisis, austerity, and increased public protest potential is analysed.

Transitionless quantum driving in open quantum systems

We extend the concept of superadiabatic dynamics, or transitionless quantum driving, to quantum open systems whose evolution is governed by a master equation in the Lindblad form. We provide the general framework needed to determine the control strategy required to achieve superadiabaticity. We apply our formalism to two examples consisting of a two-level system coupled to environments with time-dependent bath operators. 

Dust-acoustic shocks in strongly coupled dusty plasmas

Electrostatic dust-acoustic shock waves are investigated in a viscous, complex plasma consisting of dust particles, electrons, and ions. The system is modelled using the generalized hydrodynamic equations, with strong coupling between the dust particles being accounted for by employing the effective electrostatic temperature approach. Using a reductive perturbation method, it is demonstrated that this model predicts the existence of weakly nonlinear dust-acoustic shock waves, arising as solutions to Burgers's equation, in which the nonlinear forces are balanced by dissipative forces, in this case, associated with viscosity. The evolution and stability of dust-acoustic shocks is investigated via a series of numerical simulations, which confirms our analytical predictions on the shock characteristics.

Thermal transport in out-of-equilibrium quantum harmonic chains

We address the problem of heat transport in a chain of coupled quantum harmonic oscillators, exposed to the influences of local environments of various nature, stressing the effects that the specific nature of the environment has on the phenomenology of the transport process. We study in detail the behavior of thermodynamically relevant quantities such as heat currents and mean energies of the oscillators, establishing rigorous analytical conditions for the existence of a steady state, whose features we analyze carefully. In particular, we assess the conditions that should be faced to recover trends reminiscent of the classical Fourier law of heat conduction and highlight how such a possibility depends on the environment linked to our system.

Experimental investigation of thermal inertia properties in hemp-lime concrete walls

Hemp-lime concrete is a sustainable alternative to standard building wall materials, with low associated embodied energy. It exhibits good hygric, acoustic and thermal properties, making it an exciting, sustainable building envelope material. When cast in temporary shuttering around a timber frame, it exhibits lower thermal conductivity than concrete, and consequently achieves low U-values in a primarily mono-material wall construction. Although cast relatively thick hemp-lime walls do not generally achieve the low U-values stipulated in building regulations. However assessment of its thermal performance through evaluation of its resistance to thermal transfer alone, underestimates its true thermal quality. The thermal inertia, or reluctance of the wall to change its temperature when exposed to changing environmental temperatures, also has a significant impact on the thermal quality of the wall, the thermal comfort of the interior space and energy consumption due to space heating. With a focus on energy reduction in buildings, regulations emphasise thermal resistance to heat transfer with only less focus on thermal inertia or storage benefits due to thermal mass. This paper investigates dynamic thermal responsiveness in hemp-lime concrete walls. It reports the influence of thermal conductivity, density and specific heat through analysis of steady state and transient heat transfer, in the walls. A novel hot-box design which isolates the conductive heat flow is used, and compared with tests in standard hot-boxes. Thermal diffusivity and effusivity are evaluated, using experimentally measured conductivity, based on analytical relationships. Experimental results evident that hemp-lime exhibits high thermal inertia. They show the thermal inertia characteristics compensate for any limitations in the thermal resistance of the construction material. When viewed together the thermal resistance and mass characteristics of hemp-lime are appropriate to maintain comfortable thermal indoor conditions and low energy operation.

On the numerical solution of the 2d wave equation with compact fdtd schemes

This paper discusses compact-stencil finite difference time domain (FDTD) schemes for approximating the 2D wave equation in the context of digital audio. Stability, accuracy, and efficiency are investigated and new ways of viewing and interpreting the results are discussed. It is shown that if a tight accuracy constraint is applied, implicit schemes outperform explicit schemes. The paper also discusses the relevance to digital waveguide mesh modelling, and highlights the optimally efficient explicit scheme.

Modelling and visualisation of material flow in friction stir spot welding

Abstract The material flow in friction stir spot welding of aluminium to both aluminium and steel has been investigated, using pinless tools in a lap joint geometry. The flow behaviour was revealed experimentally using dissimilar Al alloys of similar strength. The effect on the material flow of tool surface features, welding conditions (rotation speed, plunge depth, dwell time), and the surface state of the steel sheet (un-coated or galvanized) have been systematically studied. A novel kinematic flow model is presented, which successfully predicts the observed layering of the dissimilar Al alloys under a range of conditions. The model and the experimental observations provide a consistent interpretation of the stick-slip conditions at the tool-workpiece interface, addressing an elusive and long-standing issue in the modelling of heat generation in friction stir processing.