Les enjeux de la libéralisation des comptes de capital dans les pays du sud de la Méditerranée. = Challenges arising from Capital Account Liberalisation in the Countries of the South Mediterranean Region. MEDPRO Technical Report No. 11/March 2012

This MEDPRO Technical Report confirms the importance of commercial openness and macroeconomic performance (i.e. the control of inflation and stability of current account balance and exchange rate) on growth dynamics in the south Mediterranean countries. In particular, the positive impact of capital account liberalisation is conditioned by the imperative reinforcement of institutional quality, country risk reduction, and government stability. An examination of the Tunisian case shows that only sectors subject to tariff dismantlement within the framework of the Association Agreement with the EU appear to benefit from capital account liberalisation. Furthermore, the report shows that a scenario of capital account liberalisation requires the anticipation of monetary policy reaction functions. It follows that the mechanisms for interest rate adjustment, or inter alia, the interest rates’ reaction to price fluctuations, are weakly volatile. In turn, the analysis shows that an active control of inflation mismatches occurs essentially through exchange rate corrections, thus highlighting the greater interest central banks have in exchange rate stability over real stability. A capital account liberalisation scenario would hence impose a tightening of monetary policy.

(Table 1) Annual melt rates of the South Branch of Jacobshavn Isbrae between July 1984-1985

Photogrammetric reanalysis of 1985 aerial photos has revealed substantial submarine melting of the floating ice tongue of Jakobshavn Isbrae, west Greenland. The thickness of the floating tongue determined from hydrostatic equilibrium tapers from ~940 m near the grounding zone to ~600 m near the terminus. Feature tracking on orthophotos shows speeds on the July 1985 ice tongue to be nearly constant (~18.5 m/d), indicating negligible dynamic thinning. The thinning of the ice tongue is mostly due to submarine melting with average rates of 228 ± 49 m/yr (0.62 ± 0.13 m/d) between the summers of 1984 and 1985. The cause of the high melt rate is the circulation of warm seawater (thermal forcing of up to 4.2°C) beneath the tongue with convection driven by the substantial discharge of subglacial freshwater from the grounding zone. We believe that this buoyancy-driven convection is responsible for a deep channel incised into the sole of the floating tongue. A dramatic thinning, retreat, and speedup began in 1998 and continues today. The timing of the change is coincident with a 1.1°C warming of deep ocean waters entering the fjord after 1997. Assuming a linear relationship between thermal forcing and submarine melt rate, average melt rates should have increased by ~25% (~57 m/yr), sufficient to destabilize the ice tongue and initiate the ice thinning and the retreat that followed.

Distribution of planktonic foraminifera and paleotemperature reconstruction for the Subantarctic Zone of the South Atlantic

Pleistocene summer sea-surface temperatures (SSST) have been reconstructed on a composite core section recovered in the Subantarctic Zone of the Southern Ocean from planktonic foraminifers applying the Modern Analog Technique. The composite consists of Core PS2489-2 and the sections recovered at ODP Site 1090, and documents the last 1.83 Ma. Three distinct climatic periods can be identified that mirror the Pleistocene development of the Southern Ocean hydrography. Cold climatic conditions prevailed at 43°S during glacial as well as during interglacial periods during the early Pleistocene (1.83-0.87 Ma), indicating a northward shift of isotherms that characterize the present-day Polar Front Zone by about 7° of latitude. Evidence shows a strong linkage between Southern Ocean and low latitude climate during that interval time. Between the Mid-Pleistocene Revolution (ca. 0.9 Ma) and the Mid-Brunhes Event (ca. 0.4 Ma), we observe higher amplitude fluctuations in the SSST between glacial and interglacial periods, corresponding to the temperature range between the present Polar Front and Subantarctic Front. These climatic variations have been related to changes in the northern hemisphere ice sheets. The past 0.4 Ma are characterized by strong SSST variations, of up to 8°C, between glacials and interglacials. Only during the climatic optima (stages 11.3, 9.3, 7.5, 7.1, 5.5, and the early Holocene), SSST exceeded present SSST at the core locality (10.2°C). Although the carbonate dissolution record exhibits high variability during the Pleistocene, it can be shown that SSST estimates were not significantly biased. The Mid-Brunhes dissolution cycle as well as the Mid-Pleistocene enhanced carbonate preservation appear to belong to a global long-term variability in carbonate preservation.

Sedimentological investigations of a sediment core profile from the continental slope of the South Orkney Islands

Sediment patterns such as texture, composition, and facies from three selected areas of the Antarctic continental margin of the Weddell Sea are discussed in relation to environmental variations of the Quaternary hydrosphere and kryosphere. Advance and retreat of ice shelves as well as oscillations in sea ice coverage are reflected by particular sediment facies. The distribution of ice-rafted detritus tracks the Antarctic Coastal Current, and the Weddell Sea Bottom water contour current can be recognized by its distinctive winnowing and erosion pattern. Distribution and abundance of biogenic sediment components are mainly controlled by duration of sea ice coverage reflecting the long-term climatic evolution.

A church in the wilds : the remarkable story of the establishment of the South American mission amongst the hitherto savage and intractable natives of the Paraguayan Chaco /

Mode of access: Internet.

Detailed exhibits of the physical property and intangible values of the South Chicago City Railway Company as of February 1, A.D. 1908; accompanying the valuation report submitted to the Committee on Local Transportation of the Chicago City Council,

"March, 1908."

Annual report of the South Carolina State Highway Deptartment.

Report year irregular.

Records of the South Australian Museum /

Title from cover.