A sovereign wealth fund to lift Germany's curse of excess savings. CEPS Policy Brief No. 280, 28 August 2012

As an alternative to the present system of intermediation of the German savings surplus, this paper suggests that the risk-adjusted rate of return could be improved by creating a sovereign wealth fund for Germany (designated DESWF), which could invest excess German savings globally. Such a DESWF would offer German savers a secure vehicle paying a guaranteed positive minimum real interest rate, with a top-up when real investment returns allowed. The vehicle would invest the funds in a portfolio that is highly diversified by geography and asset classes. Positive real returns can be expected in the long run based on positive real global growth. Since, in this case, a significant amount of funds would flow outside the euro area, the euro would depreciate, which would help crisis countries presently struggling to revive growth through exports and to close their external deficits so as to recoup their international credit-worthiness. Target imbalances would gradually disappear and German claims abroad would move from nominal claims on the ECB to diversified real and nominal claims on various private and public foreign entities in a variety of asset classes.

A life less ordinary: The ritualization of the domestic sphere in later prehistoric Europe

This article, which is based on the fourteenth McDonald Lecture, considers two tensions in contemporary archaeology. one is between interpretations of specific structures, monuments and deposits as the result of either 'ritual' 'practical' activities in the past, and the other is between an archaeology that focuses on subsistence and adaptation and one that emphasizes cognition, meaning, and agency. It suggests that these tensions arise from an inadequate conception of ritual itself. Drawing on recent studies of ritualization, it suggests that it might be more helpful to consider how aspects of domestic life took on special qualities in later prehistoric Europe. The discussion is based mainly on Neolithic enclosures and other monuments, Bronze Age and Iron Age settlement sites and the Viereckschanzen of central Europe. it may have implications for field archaeology as well as social archaeology, and also for those who study the formation of the archaeological record.

The maintenance requirement of domestic drakes

1. Mature domestic drakes of 7 genotypes, ranging in live weight from 1.1to 5.1 kg, were each given a daily allowance of feed just below the level of recorded ad libitum intake. 2. House temperature was maintained at 26 degrees C for 16 weeks and then at 10 degrees C for a further 8 weeks. 3. Under these conditions, live weight quickly adjusted to the level of feed supplied and then remained stable. 4. Regression of metabolisable energy intake on live weight (W) yielded estimates of maintenance requirement of 583 kJ/kg W-0.75 center dot d at 10 degrees C and 523 kJ/kg W-0.75 center dot d at 26 degrees C.

Changes in light intensity during the rearing period can influence egg production in domestic fowl

1. A total of 240 Shaver White and 240 ISA Brown pullets that had been reared in multi-bird cages on a 10-h photoperiod, and maintained at a light intensity of 3 or 25 lux, or changed from 3 to 25 lux or from 25 to 3 lux at 9 or 16 weeks of age, were moved into individual-bird cages at 20 weeks and transferred to 15-h photoperiods at 25 lux. 2. In both breeds, birds transferred from 3 to 25 lux at 16 or 20 weeks laid significantly more eggs than birds maintained on the brighter intensity from one day or increased to it at 9 weeks. 3. Mean egg weight, shell deformation, albumen height, feed intake and body weight gain in lay were not significantly affected by the light intensity treatments during the rearing period. There was, however, a small, but significant, negative correlation of egg numbers with mean egg weight, although this only partially explained the difference in egg numbers. The differences in egg production were unrelated to rate of sexual maturation.

Change in the effect of constant photoperiods on the rate of sexual maturation in modern genotypes of domestic pullet

1. Data for modern egg-type hybrids reared on constant daylengths show that, as expected, they mature more quickly than earlier genotypes. However, the constant photoperiod which gives earliest sexual maturity has not changed as a result of selection and is 10 h for both early and modern genotypes. 2. Further analysis showed that the rate of delay in sexual maturity for constant photoperiods above 10 h is similar for modern and for early hybrids ( +0.29 d for each incremental one hour of photoperiod), the response of modern hybrids below 10 h ( +4.22 d for each one-hour reduction in photoperiod) is more than double that of early hybrids ( +1.71 d/h).