Interest in Medieval accounts: examples from England, 1272-1340

The charging of interest for borrowing money, and the level at which it is charged, is of fundamental importance to the economy. Unfortunately, the study of the interest rates charged in the middle ages has been hampered by the diversity of terms and methods used by historians. This article seeks to establish a standardized methodology to calculate interest rates from historical sources and thereby provide a firmer foundation for comparisons between regions and periods. It should also contribute towards the current historical reassessment of medieval economic and financial development. The article is illustrated with case studies drawn from the credit arrangements of the English kings between 1272 and c.1340, and argues that changes in interest rates reflect, in part, contemporary perceptions of the creditworthiness of the English crown.

Accounts of the English Crown with Italian merchant societies, 1272-1345

The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king's account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus 'breaking' a succession of merchant societies. These documents provide an essential basis for a re-examination of the 'credit rating' of the medieval English Crown.

Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345

A summary of some of the key findings of a recent ESRC-funded project based at the ICMA centre, University of Reading. This study applied modern financial analysis and theories to the early history of sovereign debt, in this case the credit arrangements between the ‘Three Edwards’, kings of England 1272-1377, and a succession of Italian merchant societies.

Understanding El Niño in ocean-atmosphere general circulation models: progress and challenges

Determining how El Niño and its impacts may change over the next 10 to 100 years remains a difficult scientific challenge. Ocean–atmosphere coupled general circulation models (CGCMs) are routinely used both to analyze El Niño mechanisms and teleconnections and to predict its evolution on a broad range of time scales, from seasonal to centennial. The ability to simulate El Niño as an emergent property of these models has largely improved over the last few years. Nevertheless, the diversity of model simulations of present-day El Niño indicates current limitations in our ability to model this climate phenomenon and to anticipate changes in its characteristics. A review of the several factors that contribute to this diversity, as well as potential means to improve the simulation of El Niño, is presented.

Difference in competence for in vitro proliferation and ex vitro growth of genetically identical mature and juvenile clones of apomictic Malus species

The apomictic system in Malus wits Used Is a model to examine rejuvenation by generating genetically identical tissue culture lines that had two entirely different developmental origins: either embryo-derived tissues (juvenile clones) or somatic tissue from the adult/mature tree (mature clones). These two lines were then subsequently used to examine in vitro difference between mature (M) and juvenile (J) tissues in potential for shoot, root proliferation and ex vitro (glasshouse) growth. The M clones of M. hupehensis and M. toringoides in vitro had significantly fewer total shoots and shoot more than 2 cm in length per proliferating explant than the J clones and also rooted less efficiently. Ex vitro (glasshouse) juvenile clones had shorter internodes, a greater number of leaves and more dry weight compared to their mature counterparts.

From a discrete to a continuum model of cell dynamics in one dimension

Multiscale modeling is emerging as one of the key challenges in mathematical biology. However, the recent rapid increase in the number of modeling methodologies being used to describe cell populations has raised a number of interesting questions. For example, at the cellular scale, how can the appropriate discrete cell-level model be identified in a given context? Additionally, how can the many phenomenological assumptions used in the derivation of models at the continuum scale be related to individual cell behavior? In order to begin to address such questions, we consider a discrete one-dimensional cell-based model in which cells are assumed to interact via linear springs. From the discrete equations of motion, the continuous Rouse [P. E. Rouse, J. Chem. Phys. 21, 1272 (1953)] model is obtained. This formalism readily allows the definition of a cell number density for which a nonlinear "fast" diffusion equation is derived. Excellent agreement is demonstrated between the continuum and discrete models. Subsequently, via the incorporation of cell division, we demonstrate that the derived nonlinear diffusion model is robust to the inclusion of more realistic biological detail. In the limit of stiff springs, where cells can be considered to be incompressible, we show that cell velocity can be directly related to cell production. This assumption is frequently made in the literature but our derivation places limits on its validity. Finally, the model is compared with a model of a similar form recently derived for a different discrete cell-based model and it is shown how the different diffusion coefficients can be understood in terms of the underlying assumptions about cell behavior in the respective discrete models.

Novel charge transfer supramolecular assemblies with Keggin anions and 2-amino-5-nitropyridine

Several novel compounds with the non-linear optical chromophore 2-amino-5-nitropyridine (2A5NP) and Keggin polyoxoanions (alpha-isomers), having the general formula (2A5NP)(m)H-n[XM12O40]center dot xH(2)O, M = Mo, W, were synthesised. Compounds were obtained with X = P, n = 3, m = 3 and 4 and X = Si, n = m = 4 ( x = 2 - 6). Thus, for each of the anions [PMo12O40](3-) and [PW12O40](3-) two different compounds were obtained, with the same anion and organic counterpart but with a different stoichiometric ratio. These presented different charge transfer properties and thermal stability. All compounds were characterised by spectroscopic and analytical techniques. The single crystal X-ray diffraction structure of (2A5NP)(4)H-3[PMo12O40]center dot 2.5H(2)O center dot 0.5C(2)H(5)OH showed that the water solvent molecules and the organic chromophores are assembled via infinite one-dimensional chains of hydrogen bonds with formation of open channels, which accommodate [ PMo12O40] 3- and ethanol solvent molecules.

The value premium and time-varying volatility

Numerous studies have documented the failure of the static and conditional capital asset pricing models to explain the difference in returns between value and growth stocks. This paper examines the post-1963 value premium by employing a model that captures the time-varying total risk of the value-minus-growth portfolios. Our results show that the time-series of value premia is strongly and positively correlated with its volatility. This conclusion is robust to the criterion used to sort stocks into value and growth portfolios and to the country under review (the US and the UK). Our paper is consistent with evidence on the possible role of idiosyncratic risk in explaining equity returns, and also with a separate strand of literature concerning the relative lack of reversibility of value firms' investment decisions.

The equatorial response to higher latitude forcing

The classic view, following Charney and Webster and Holton, is that significant midlatitude forcing of the Tropics can be expected only in regions with westerly winds in the upper troposphere because it is only in these regions that stationary Rossby waves will be able to propagate toward the equator. Here it is shown that higherlatitude forcing can project directly onto equatorial waves and give a significant tropical response in both easterly and westerly tropical flow. The equatorial response to higher-latitude forcing is considered in the context of a dry atmosphere and a localized higher-latitude forcing with eastward or westward phase speed. Previous ideas of the Doppler shifting of equatorial waves by zonal flows are extended to include consideration of a forcing involving a range of zonal wavenumbers. A Gill-type model suggests that there can be significant forcing of equatorial waves by either vorticity forcing or heating in higher latitudes. In agreement with the theory, the Kelvin wave response to eastward forcing is peaked at high frequencies/short periods but reduces only slowly with decreasing frequency. Primitive-equation experiments confirm the strong equatorial response associated with a deep Kelvin wave for forcing in midlatitudes. The response is strongest in the Eastern Hemisphere with its equatorial, upper-tropospheric easterlies. The possible importance of this equatorial response in the organization of large-scale, deep tropical convection and the initiation of the Madden–Julian oscillation is discussed. The ability of westward forcing in higher latitudes to trigger Rossby–gravity and Rossby waves is found in the primitive-equation model to be significant but rather less robust. These wave signatures are clearest in the lower troposphere. For shorter periods the Rossby–gravity wave dominates, and for upper-tropospheric forcing, downward and eastward wave activity propagation is seen. Upper-tropospheric westerlies are found to enhance the response.

Engaging in European spatial planning: a central and Eastern European perspective on the territorial cohesion debate

The following paper sets out to determine the differential extent of the engagement of Central and Eastern European (CEE) member states with the European spatial planning (ESP) debate over territorial cohesion. It focuses on the written statements submitted in response to the European Commission “Green Paper on Territorial Cohesion” consultation in 2009. The geographical distribution of the respondents is analysed, before CEE member states’ responses are examined in detail, to explore the diverse interpretations of the concept of “territorial cohesion” among CEE actors. While the data collection for this paper has been restricted empirically to the consultation process, it reflects its findings in consideration of member states’ engagement with the debate as it manifested before and after the Green Paper. The debate over the exact conceptual and operational “framing” of territorial cohesion, launched by the European Commission's Green Paper, constitutes one of the many arenas through which ESP currently evolves, together with the transnational initiatives developed in the framework of the European Territorial Cooperation objective, the European Observation Network for Territorial Development and Cohesion (ESPON) and the process that recently led to the publication of the Territorial Agenda of the European Union 2020. The paper concludes that the overall level of engagement of CEE actors in ESP is proportionally lower in comparison with that of their northwestern European counterparts. The increasing involvement of some CEE member states within the ESPON 2013 Programme, as well as the activities undertaken by the Hungarian and Polish EU Presidencies in 2011, suggests that this level of CEE engagement is growing albeit differentially.

Multiple antibiotic resistance (mar) locus in Salmonella enterica serovar typhimurium DT104

In order to understand the role of the mar locus in Salmonella with regard to multiple antibiotic resistance, cyclohexane resistance, and outer membrane protein F (OmpF) regulation, a marA::gfp reporter mutant was constructed in an antibiotic-sensitive salmonella enterica serovar Typhimurium DT104 background. Salicylate induced marA, whereas a number of antibiotics, disinfect ants, and various growth conditions did not. Increased antibiotic resistance was observed upon salicylate induction, although this was shown to be by both mar-dependent and mar-independent pathways. Cyclohexane resistance, however, was induced by salicylate by a mar-dependent pathway. Complementation studies with a plasmid that constitutively expressed marA confirmed the involvement of map in Salmonella with low-level antibiotic resistance and cyclohexane resistance, although the involvement of mar in down regulation of OmpF was unclear. However, marA overexpression did increase the expression of a ca. 50-kDa protein, but its identity remains to be elucidated Passage of the marA::gfp reporter mutant with increasing levels of tetracycline, a method reported to select for mar mutants in Escherichia coli, led to both multiple-antibiotic and cyclohexane resistance. Collectively, these data indicate that low-level antibiotic resistance, cyclohexane resistance, and modulation of OMPs in Salmonella, as in E. coli, can occur in both a mar-dependent and mar-independent manner.