Determinants and Effects of Maturity Mismatches in Emerging Markets: Evidence from Bank Level Data

Despite the extensive work on currency mismatches, research on the determinants and effects of maturity mismatches is scarce. In this paper I show that emerging market maturity mismatches are negatively affected by capital inflows and price volatilities. Furthermore, I find that banks with low maturity mismatches are more profitable during crisis periods but less profitable otherwise. The later result implies that banks face a tradeoff between higher returns and risk, hence channeling short term capital into long term loans is caused by cronyism and implicit guarantees rather than the depth of the financial market. The positive relationship between maturity mismatches and price volatility, on the other hand, shows that the banks of countries with high exchange rate and interest rate volatilities can not, or choose not to hedge themselves. These results follow from a panel regression on a data set I constructed by merging bank level data with aggregate data. This is advantageous over traditional studies which focus only on aggregate data.

COSTS AND EFFECTS OF ARKANSAS' LONG-TERM CARE DEMONSTRATION PROJECT (MEDICAID, CHANELLING, COMMUNITY ASSESSMENT)

The purpose of this study was to assess the impact of the Arkansas Long-Term Care Demonstration Project upon Arkansas' Medicaid expenditures and upon the clients it serves. A Retrospective Medicaid expenditure study component used analyses of variance techniques to test for the Project's effects upon aggregated expenditures for 28 demonstration and control counties representing 25 percent of the State's population over four years, 1979-1982.^ A second approach to the study question utilized a 1982 prospective sample of 458 demonstration and control clients from the same 28 counties. The disability level or need for care of each patient was established a priori. The extent to which an individual's variation in Medicaid utilization and costs was explained by patient need, presence or absence of the channeling project's placement decision or some other patient characteristic was examined by multiple regression analysis. Long-term and acute care Medicaid, Medicare, third party, self-pay and the grand total of all Medicaid claims were analyzed for project effects and explanatory relationships.^ The main project effect was to increase personal care costs without reducing nursing home or acute care costs (Prospective Study). Expansion of clients appeared to occur in personal care (Prospective Study) and minimum care nursing home (Retrospective Study) for the project areas. Cost-shifting between Medicaid and Medicare in the project areas and two different patterns of utilization in the North and South projects tended to offset each other such that no differences in total costs between the project areas and demonstration areas occurred. The project was significant ((beta) = .22, p < .001) only for personal care costs. The explanatory power of this personal care regression model (R('2) = .36) was comparable to other reported health services utilization models. Other variables (Medicare buy-in, level of disability, Social Security Supplemental Income (SSI), net monthly income, North/South areas and age) explained more variation in the other twelve cost regression models. ^

Age data of ODP Site 181-1124

ODP Site 1124, located 600 km east of the North Island of New Zealand, records post-middle Oligocene variations in the Pacific Deep Western Boundary Current (DWBC) and New Zealand's climatic and tectonic evolution. Sediment parameters, such as terrigenous grain size, flux, magnetic fabric, and non-depositional episodes, are used to interpret DWBC intensity and Antarctic climate. Interpretations of DWBC velocities indicate that the Antarctic Circumpolar Current reached modern intensities at ~23 Ma, as the tectonic seaways expanded, completing the thermal isolation of Antarctica. Periods of more intense bottom water formation are suggested by the presence of hiatuses formed under the DWBC at 22.5-17.6, 16.5-15, and 14-11 Ma. The oldest interval of high current intensity occurs within a climatically warm period during which the intensity of thermohaline circulation around Antarctica increased as a result of recent opening of circum-Antarctic gateways. The younger hiatuses represent glacial periods on Antarctica and major fluctuations in the East Antarctic Ice Sheet, whereas intervals around the hiatuses represent times of relative warmth, but with continued current activity. The period between 11 to 9 Ma is characterized by conditions surrounding a high velocity DWBC around the time of the formation and stabilization of the West Antarctic Ice Sheet. The increased terrigenous input may result from either changing Antarctic conditions or more direct sediment transport from New Zealand. The Pacific DWBC did not exert a major influence on sedimentation at Site 1124 from 9 Ma to the present; the late Miocene to Pleistocene sequence is more influenced by the climatic and tectonic history of New Zealand. Despite the apparent potential for increased sediment supply to this site from changes in sediment channeling, increasing rates of mountain uplift, and volcanic activity, terrigenous fluxes remain low and constant throughout this younger period.

Permeability measurements on sheared and unsheared samples from different IODP Holes of Leg 316 and from IODP Hole 315-C0001E and ODP Hole 190-1174B

At subduction zones, the permeability of major fault zones influences pore pressure generation, controls fluid flow pathways and rates, and affects fault slip behavior and mechanical strength by mediating effective normal stress. Therefore, there is a need for detailed and systematic permeability measurements of natural materials from fault systems, particularly measurements that allow direct comparison between the permeability of sheared and unsheared samples from the same host rock or sediment. We conducted laboratory experiments to compare the permeability of sheared and uniaxially consolidated (unsheared) marine sediments sampled during IODP Expedition 316 and ODP Leg 190 to the Nankai Trough offshore Japan. These samples were retrieved from: (1) The décollement zone and incoming trench fill offshore Shikoku Island (the Muroto transect); (2) Slope sediments sampled offshore SW Honshu (the Kumano transect) ~ 25 km landward of the trench, including material overriden by a major out-of-sequence thrust fault, termed the "megasplay"; and (3) A region of diffuse thrust faulting near the toe of the accretionary prism along the Kumano transect. Our results show that shearing reduces fault-normal permeability by up to 1 order of magnitude, and this reduction is largest for shallow (< 500 mbsf) samples. Shearing-induced permeability reduction is smaller in samples from greater depth, where pre-existing fabric from compaction and lithification may be better developed. Our results indicate that localized shearing in fault zones should result in heterogeneous permeability in the uppermost few kilometers in accretionary prisms, which favors both the trapping of fluids beneath and within major faults, and the channeling of flow parallel to fault structure. These low permeabilities promote the development of elevated pore fluid pressures during accretion and underthrusting, and will also facilitate dynamic hydrologic processes within shear zones including dilatancy hardening and thermal pressurization.

Shower approach in the simulation of ion scattering from solids

An efficient approach for the simulation of ion scattering from solids is proposed. For every encountered atom, we take multiple samples of its thermal displacements among those which result in scattering with high probability to finally reach the detector. As a result, the detector is illuminated by intensive “showers,” where each event of detection must be weighted according to the actual probability of the atom displacement. The computational cost of such simulation is orders of magnitude lower than in the direct approach, and a comprehensive analysis of multiple and plural scattering effects becomes possible. We use this method for two purposes. First, the accuracy of the approximate approaches, developed mainly for ion-beam structural analysis, is verified. Second, the possibility to reproduce a wide class of experimental conditions is used to analyze some basic features of ion-solid collisions: the role of double violent collisions in low-energy ion scattering; the origin of the “surface peak” in scattering from amorphous samples; the low-energy tail in the energy spectra of scattered medium-energy ions due to plural scattering; and the degradation of blocking patterns in two-dimensional angular distributions with increasing depth of scattering. As an example of simulation for ions of MeV energies, we verify the time reversibility for channeling and blocking of 1-MeV protons in a W crystal. The possibilities of analysis that our approach offers may be very useful for various applications, in particular, for structural analysis with atomic resolution.

Depth dependent lattice disorder and strain in Mn-implanted and post-annealed InAs thin films

The lattice order degree and the strain in as-grown, Mn-implanted and post-implantedannealedInAsthinfilms were investigated with depth resolution by means of Rutherford backscattering spectrometry in channeling conditions (RBS/C). Three main crystallographic axes were analyzed for both In and As sublattices. The behaviour of the induced defects was evaluated in two regions with different native defects: the interface and the surface. The results show that Mn implantation and post-implantation annealing are anisotropic processes, affecting in a different way the In and As sublattices. The mechanisms influencing the enhancement and deterioration of the crystal quality during the implantation are discussed in relation to the as-grown defects and the segregation of the elements

Single phase a-plane MgZnO epilayers for UV optoelectronics: substitutional behaviour of Mg at large contents

High quality 1 μm thick a-plane MgxZn1−xO layers were produced by molecular beam epitaxy with Mg contents higher than 50%. Resonant Rutherford backscattering spectrometry combined with ion channeling revealed a uniform growth in both composition and atomic order. The lattice-site location of Mg, Zn and O elements was determined independently, proving the substitutional behaviour of Mg in Zn-sites of the wurtzite lattice. X-Ray diffraction pole figure analysis also confirms the absence of phase separation. Optical properties at such high Mg contents were studied in Schottky photodiodes.

Interstitial Ti for intermediate band formation in Ti-supersaturated silicon

We have analyzed by means of Rutherford backscattering spectrometry (RBS) the Ti lattice location and the degree of crystalline lattice recovery in heavily Ti implanted silicon layers subsequently pulsed laser melted (PLM). Theoretical studies have predicted that Ti should occupy interstitial sites in silicon for a metallic-intermediate band (IB) formation. The analysis of Ti lattice location after PLM processes is a crucial point to evaluate the IB formation that can be clarifyied by means of RBS measurements. After PLM, time-of-flight secondary ion mass spectrometry measurements show that the Ti concentration in the layers is well above the theoretical limit for IB formation. RBS measurements have shown a significant improvement of the lattice quality at the highest PLM energy density studied. The RBS channeling spectra reveals clearly that after PLM processes Ti impurities are mostly occupying interstitial lattice sites.

Urban Archaeology in Madrid. Experiences and Opportunities to Understand Historical City

In 2015, it will be thirty years since Spanish Historic Heritage Law from 1985 was approved. The results after three decades under this law are necessarily positive and witness how the complex autonomous regional legislation has been promoted, guided and organized in this Heritage field. In addition, the law enforcement has brought into the scene how the numerous public and private initiatives involved in caring, managing, protecting and restoring our cultural heritage have been channeled and regulated, as well as monitoring the impact these initiatives produce on urban archaeology. During this long period of Spanish recent history, cultural heritage -understood as an important development tool, especially when related to cultural tourism- has succeeded in channeling resources for developing the historical research projects, both documental and archaeological, that the Spanish monumental urban ensembles were requiring. In this context, the case of the city of Madrid is a clear example of the significant development that urban Historical Archaeology has experienced in Spain over the last thirty years, especially when dealing with the study of the Middle Ages (8th to 15th centuries) and the Modern Age (16th to 18th centuries). Given the number of interventions and the important results obtained by many of them, Madrid urban archaeology is an extraordinary example of the consequences of implementing new management models, changing criteria and operating procedures, and also, of course, of the conflicts and debates raised regarding heritage, as well as the importance these interventions have implied, which is the main aim of this work.

Physical and functional association of glycolipid N-acetyl-galactosaminyl and galactosyl transferases in the Golgi apparatus

Glycolipid glycosyltransferases catalyze the stepwise transfer of monosaccharides from sugar nucleotides to proper glycolipid acceptors. They are Golgi resident proteins that colocalize functionally in the organelle, but their intimate relationships are not known. Here, we show that the sequentially acting UDP-GalNAc:lactosylceramide/GM3/GD3 β-1,4-N-acetyl-galactosaminyltransferase and the UDP-Gal:GA2/GM2/GD2 β-1,3-galactosyltransferase associate physically in the distal Golgi. Immunoprecipitation of the respective epitope-tagged versions expressed in transfected CHO-K1 cells resulted in their mutual coimmunoprecipitation. The immunocomplexes efficiently catalyze the two transfer steps leading to the synthesis of GM1 from exogenous GM3 in the presence of UDP-GalNAc and UDP-Gal. The N-terminal domains (cytosolic tail, transmembrane domain, and few amino acids of the stem region) of both enzymes are involved in the interaction because (i) they reproduce the coimmunoprecipitation behavior of the full-length enzymes, (ii) they compete with the full-length counterpart in both coimmunoprecipitation and GM1 synthesis experiments, and (iii) fused to the cyan and yellow fluorescent proteins, they localize these proteins to the Golgi membranes in an association close enough as to allow fluorescence resonance energy transfer between them. We suggest that these associations may improve the efficiency of glycolipid synthesis by channeling the intermediates from the position of product to the position of acceptor along the transfer steps.

S-nitrosothiol repletion by an inhaled gas regulates pulmonary function

NO synthases are widely distributed in the lung and are extensively involved in the control of airway and vascular homeostasis. It is recognized, however, that the O2-rich environment of the lung may predispose NO toward toxicity. These Janus faces of NO are manifest in recent clinical trials with inhaled NO gas, which has shown therapeutic benefit in some patient populations but increased morbidity in others. In the airways and circulation of humans, most NO bioactivity is packaged in the form of S-nitrosothiols (SNOs), which are relatively resistant to toxic reactions with O2/O\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \setlength{\oddsidemargin}{-69pt} \begin{document} \begin{equation*}{\mathrm{_{2}^{-}}}\end{equation*}\end{document}. This finding has led to the proposition that channeling of NO into SNOs may provide a natural defense against lung toxicity. The means to selectively manipulate the SNO pool, however, has not been previously possible. Here we report on a gas, O-nitrosoethanol (ENO), which does not react with O2 or release NO and which markedly increases the concentration of indigenous species of SNO within airway lining fluid. Inhalation of ENO provided immediate relief from hypoxic pulmonary vasoconstriction without affecting systemic hemodynamics. Further, in a porcine model of lung injury, there was no rebound in cardiopulmonary hemodynamics or fall in oxygenation on stopping the drug (as seen with NO gas), and additionally ENO protected against a decline in cardiac output. Our data suggest that SNOs within the lung serve in matching ventilation to perfusion, and can be manipulated for therapeutic gain. Thus, ENO may be of particular benefit to patients with pulmonary hypertension, hypoxemia, and/or right heart failure, and may offer a new therapeutic approach in disorders such as asthma and cystic fibrosis, where the airways may be depleted of SNOs.

Quantitative trait loci and metabolic pathways

The interpretation of quantitative trait locus (QTL) studies is limited by the lack of information on metabolic pathways leading to most economic traits. Inferences about the roles of the underlying genes with a pathway or the nature of their interaction with other loci are generally not possible. An exception is resistance to the corn earworm Helicoverpa zea (Boddie) in maize (Zea mays L.) because of maysin, a C-glycosyl flavone synthesized in silks via a branch of the well characterized flavonoid pathway. Our results using flavone synthesis as a model QTL system indicate: (i) the importance of regulatory loci as QTLs, (ii) the importance of interconnecting biochemical pathways on product levels, (iii) evidence for “channeling” of intermediates, allowing independent synthesis of related compounds, (iv) the utility of QTL analysis in clarifying the role of specific genes in a biochemical pathway, and (v) identification of a previously unknown locus on chromosome 9S affecting flavone level. A greater understanding of the genetic basis of maysin synthesis and associated corn earworm resistance should lead to improved breeding strategies. More broadly, the insights gained in relating a defined genetic and biochemical pathway affecting a quantitative trait should enhance interpretation of the biological basis of variation for other quantitative traits.

La modernisation de Tunis : un urbanisme et une architecture d’État au miroir d’une anthologie de la percée dans la médina (1881-1987)

Cette thèse traite de quelques moments clés dans l’histoire urbaine et architecturale moderne de la ville de Tunis. Elle les aborde conjointement à la problématique du percement de son noyau historique : la médina, née d’un projet de modernisation urbaine lancé par les beys de Tunis à la fin du XIXe siècle, poursuivi par le protectorat français de 1881 à 1956, puis par le gouvernement indépendant de 1956 à 1987. Partant, la recherche est répartie sur trois temps avec, au centre, le projet de la percée dite de la Casbah adopté par le Président Bourguiba à la fin de 1959. Pour plusieurs raisons, ce moment est cité rapidement dans la littérature malgré son importance dans la compréhension du visage actuel de la capitale tunisienne. Pour le saisir, on a dû retourner aux premières tentatives de percement de la médina de Tunis par le colonisateur français en 1887. Puis, on s’est progressivement approché de l’ancêtre direct de la percée bourguibienne paru sur le Plan directeur de Tunis en 1948. De ce premier temps, on a mis en valeur les stratégies coloniales dans leur gestion du territoire et leur rapport au processus de valorisation/dévalorisation du patrimoine issu de la civilisation arabo-islamique. Le second temps, qui correspond au plan de décolonisation mené par l’État indépendant dès 1955, est marqué par le lancement d’un « concours international ouvert pour une étude d’aménagement de la ville de Tunis » organisé par le Secrétariat d’État aux travaux publics en collaboration avec l’Union internationale des architectes. L’étude de cet événement et du colloque qui l’a suivi a ôté le voile sur ses raisons d’être politico-économiques que dissimulaient les usuels soucis de l’hygiène, de la circulation et de l’embellissement du Grand Tunis. Pour appuyer davantage ces constats, un troisième et dernier temps a été dédié au chantier de Tunis au lendemain du concours. L’accent mis sur les lieux symboliques du pouvoir et le désir obsessif des autorités à se les approprier ont réduit ce chantier à une redistribution concertée des symboles de la souveraineté nationale dans le but de centraliser et de personnifier le pouvoir en place. Le présent travail se situe dans le cadre des études postcoloniales et projette un regard critique sur la décolonisation en rapport avec ce qu’on a taxé d’urbanisme d’État. Propulsé par une certaine perception de la modernité, cet urbanisme est indissociable d’une instrumentalisation politique qui met l’accent sur les questions identitaires et patrimoniales, insiste sur la rupture avec le passé et tend à écarter l’opinion publique des questions inhérentes à l’aménagement du territoire et à la sauvegarde de la mémoire collective. En procédant par une analyse contextuelle de faits historiques et une lecture typomorphologique de la percée de la Casbah, cette recherche attire l’attention sur l’ampleur de certaines décisions gouvernementales concernant l’aménagement de l’espace urbain et la conservation de l’héritage architectural à court, moyen et long termes. Elle renseigne aussi sur le rôle des collectivités, de l’élite et des professionnels dans la canalisation de ces décisions pour ou contre leur droit à la ville.

La modernisation de Tunis : un urbanisme et une architecture d’État au miroir d’une anthologie de la percée dans la médina (1881-1987)

Cette thèse traite de quelques moments clés dans l’histoire urbaine et architecturale moderne de la ville de Tunis. Elle les aborde conjointement à la problématique du percement de son noyau historique : la médina, née d’un projet de modernisation urbaine lancé par les beys de Tunis à la fin du XIXe siècle, poursuivi par le protectorat français de 1881 à 1956, puis par le gouvernement indépendant de 1956 à 1987. Partant, la recherche est répartie sur trois temps avec, au centre, le projet de la percée dite de la Casbah adopté par le Président Bourguiba à la fin de 1959. Pour plusieurs raisons, ce moment est cité rapidement dans la littérature malgré son importance dans la compréhension du visage actuel de la capitale tunisienne. Pour le saisir, on a dû retourner aux premières tentatives de percement de la médina de Tunis par le colonisateur français en 1887. Puis, on s’est progressivement approché de l’ancêtre direct de la percée bourguibienne paru sur le Plan directeur de Tunis en 1948. De ce premier temps, on a mis en valeur les stratégies coloniales dans leur gestion du territoire et leur rapport au processus de valorisation/dévalorisation du patrimoine issu de la civilisation arabo-islamique. Le second temps, qui correspond au plan de décolonisation mené par l’État indépendant dès 1955, est marqué par le lancement d’un « concours international ouvert pour une étude d’aménagement de la ville de Tunis » organisé par le Secrétariat d’État aux travaux publics en collaboration avec l’Union internationale des architectes. L’étude de cet événement et du colloque qui l’a suivi a ôté le voile sur ses raisons d’être politico-économiques que dissimulaient les usuels soucis de l’hygiène, de la circulation et de l’embellissement du Grand Tunis. Pour appuyer davantage ces constats, un troisième et dernier temps a été dédié au chantier de Tunis au lendemain du concours. L’accent mis sur les lieux symboliques du pouvoir et le désir obsessif des autorités à se les approprier ont réduit ce chantier à une redistribution concertée des symboles de la souveraineté nationale dans le but de centraliser et de personnifier le pouvoir en place. Le présent travail se situe dans le cadre des études postcoloniales et projette un regard critique sur la décolonisation en rapport avec ce qu’on a taxé d’urbanisme d’État. Propulsé par une certaine perception de la modernité, cet urbanisme est indissociable d’une instrumentalisation politique qui met l’accent sur les questions identitaires et patrimoniales, insiste sur la rupture avec le passé et tend à écarter l’opinion publique des questions inhérentes à l’aménagement du territoire et à la sauvegarde de la mémoire collective. En procédant par une analyse contextuelle de faits historiques et une lecture typomorphologique de la percée de la Casbah, cette recherche attire l’attention sur l’ampleur de certaines décisions gouvernementales concernant l’aménagement de l’espace urbain et la conservation de l’héritage architectural à court, moyen et long termes. Elle renseigne aussi sur le rôle des collectivités, de l’élite et des professionnels dans la canalisation de ces décisions pour ou contre leur droit à la ville.

Analysis of the Hydrogeological Conditions and the Effects of Development on the Hydraulic Head at Redmond Ridge East

Redmond Ridge East (RRE) is a large-scale master plan community in East King County, WA. In this report, I evaluate the spatial variability of the Quaternary Advance Outwash (Qva) at RRE and the time-series data for 16 water wells with the intent to better understand groundwater below the RRE area. I investigate changes between pre- and post-development conditions through the determination of temporal changes in annual water level, annual water level fluctuations, hydraulic head response to precipitation, and ambient drainage of the aquifer. I also perform a basic analysis of the annual aquifer recharge and a determination for the storage through the implementation of the water table fluctuation (WTF) method. Associated Earth Sciences (AESI) was tasked with monitoring the geological and environmental impacts during the development of RRE and collected the data I use in this report. AESI involvement in monitoring began in 1998 and extends to the present. Sixteen wells were identified in the RRE area with adequate temporal data to conduct the analysis. A comparison of the well logs and aquifer testing data allowed local variations in the Qva to be mapped. The WTF was used to determine a range of reasonable specific yield values for locations where the Qva was unconfined. Yearly average of the seasonal water level high and lows, and the fluctuations were quantified. Temporal relationships were established through linear regression. The average water level was found to be increasing in some locations, and the corresponding fluctuations were found to decrease. However, no clear change between pre- and post-development was observed. The response of hydraulic head to precipitation was investigated through an analysis of hydrographs for ten wells. Periods of consistent response and the corresponding precipitation during each period were delineated. A linear relationship between precipitation and water level change was determined. The threshold precipitation under which there is a positive response in the hydraulic head was established. No observable changes were apparent between pre- and post-development conditions. The ambient drainage for the Qva was calculated using recessional periods on the hydrograph. The transmissivity of Qva varies with thickness of the overlying lodgment till and thickness of the Qva, itself. Water level fluctuations observed in the Qva are consistent with regional observations. Localized areas in the Qva display the large 10 foot fluctuations and these anomalies are likely due to a combination of the local variability in the storativity as well as the concentration and channeling of water due to geographical variations in the Qva and the overlying topography. All trends seen in the RRE area remained relatively constant through time. There was no evidence showing an effect of development on the hydraulic head at RRE. This implies that the style and distribution of infiltration has not changed as a result of development, and that any measures in place are properly mitigating the effects of development on the RRE region.