On The Timing of Default Losses: When and Why?

At the light of what happened in 2010 and 2011, a lot of European countries founded themselves in a difficult position where all the credit rating agencies were downgrading debt states. Problem of solvency and guarantees on the states' bond were perceived as too risky for a Monetary Union as Europe is. Fear of a contagion from Greece as well was threatening the other countries as Italy, Spain, Portugal and Ireland; while Germany and France asked for a division between risky and riskless bond in order to feel more safe. Our paper gets inspiration by Roch and Uhlig (2011), it refers to the Argentinian case examined by Arellano (2008) and examine possible interventions as monetization or bailout as proposed by Cole and Kehoe (2000). We propose a model in which a state defaults and cannot repay a fraction of the old bond; but contrary to Roch and Uhlig that where considering a one-time cost of default we consider default as an accumulation of losses, perceived as unpaid fractions of the old debts. Our contributions to literature is that default immediately imply that economy faces a bad period and, accumulating losses, government will be worse-off. We studied a function for this accumulation of debt period by period, in order to get an idea of the magnitude of this waste of resources that economy will face when experiences a default. Our thesis is that bailouts just postpone the day of reckoning (Roch, Uhlig); so it's better to default before accumulate a lot of debts. What Europe need now is the introduction of new reforms in a controlled default where the Eurozone will be saved in its whole integrity and a state could fail with the future promise of a resurrection. As experience show us, governments are not interested into reducing debts since there are ECB interventions. That clearly create a distortion between countries in the same monetary union, giving to the states just an illusion about their future debtor position.

Seasonality and diel variation in blue whale D calls recorded in the Southern California Bight

Passive acoustic data have been collected using HARPs (High-frequency Acoustic Recording Packages) and were used to assess (1) the seasonality of blue whale D calls in the Southern California Bight, (2) their interannual abundance during 2007-2012 and (3) their diel variation. This goal has been achieved running the GPL (Generalized Power-Law) automated detector. (1) Blue whale D calls were detected in the Southern California Bight from May through November with a peak in July, even though few detections were from December to April as well. A key predictor for blue whale distribution and movement in the California Current region has been identified with zooplankton aggregations, paying a particular attention to those euphausiid species, such as E. pacifica and T. spinifera, which are blue whale favorite krill. The Southern California Bight experiences seasonal upwelling, resulting in an increase of productivity and prey availability. The summer and early fall have been marked as the most favorable periods. This supports the presence of blue whales in the area at that time, supposing these marine mammals exploit the region as a feeding ground. (2) As to the interannual abundance during 2007-2012, I found a large variability. I observed a great increase of vocalizations in 2007 and 2010, whereas a decrease was shown in the other years, which is well marked in 2009. It is my belief that these fluctuations in abundance of D calls detections through the deployed period are due to the alternation of El Nino and La Nina events, which occurred in those years. (3) The assessment of the daily timing of D calls production shows that D calls are more abundant during the day than during the night with a peak at 12:00 and 13:00. Assuming that D calling is associated with feeding, the daily pattern of D calls may be linked to the prey availability. E. pacifica and T. spinifera are among those species of krill which undertake daily vertical migrations, remaining at depth during the day and slowly coming up towards the surface at night. Because of some anatomical arrangements, these euphausiids are very sensitive to the light. Given that we believe D calls have a social function, I hypothesize that blue whales may recognize the hours at the highest solar incidence as the best moment of the day in terms of prey availability, exploiting this time window to advert their conspecifics.

Impact of irrigation in the Po valley (Italy) on meteorological parameters through numerical simulation

Recent studies found that soil-atmosphere coupling features, through soil moisture, have been crucial to simulate well heat waves amplitude, duration and intensity. Moreover, it was found that soil moisture depletion both in Winter and Spring anticipates strong heat waves during the Summer. Irrigation in geophysical studies can be intended as an anthropogenic forcing to the soil-moisture, besides changes in land proprieties. In this study, the irrigation was add to a LAM hydrostatic model (BOLAM) and coupled with the soil. The response of the model to irrigation perturbation is analyzed during a dry Summer season. To identify a dry Summer, with overall positive temperature anomalies, an extensive climatological characterization of 2015 was done. The method included a statistical validation on the reference period distribution used to calculate the anomalies. Drought conditions were observed during Summer 2015 and previous seasons, both on the analyzed region and the Alps. Moreover July was characterized as an extreme event for the referred distribution. The numerical simulation consisted on the summer season of 2015 and two run: a control run (CTR), with the soil coupling and a perturbed run (IPR). The perturbation consists on a mask of land use created from the Cropland FAO dataset, where an irrigation water flux of 3 mm/day was applied from 6 A.M. to 9 A.M. every day. The results show that differences between CTR and IPR has a strong daily cycle. The main modifications are on the air masses proprieties, not on to the dynamics. However, changes in the circulation at the boundaries of the Po Valley are observed, and a diagnostic spatial correlation of variable differences shows that soil moisture perturbation explains well the variation observed in the 2 meters height temperature and in the latent heat fluxes.On the other hand, does not explain the spatial shift up and downslope observed during different periods of the day. Given the results, irrigation process affects the atmospheric proprieties on a larger scale than the irrigation, therefore it is important in daily forecast, particularly during hot and dry periods.