927 resultados para LIQUIDITY CONSTRAINTS


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Knowing the extent of the West Antarctic Ice Sheet (WAIS) at the Last Glacial Maximum (LGM) is crucial for initiating and calibrating numerical ice sheet models that can predict future ice-sheet change and contributions to sea level. However, empirical data are lacking for key areas of outer continental shelves, where the LGM-WAIS must have terminated. We present detailed marine geophysical and geological data documenting an up to ~12 m-thick sequence of glaciomarine sediments within a relict glacial trough in the outer parts of the Amundsen Sea Embayment. Continuous deposition must have persisted here since at least >40 ka BP, pre-dating the established LGM by >13,000 years. Observations constrain the LGM grounding line to a distinct grounding-zone wedge ~100 km inland from the continental shelf edge. Thus, a substantial shelf area (~6000 km**2) remained ice free through the last glacial cycle.

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A lack of archives has impeded reconstructions of moisture pathways for past glaciations in the European Alps. Here, we focus on the confluence area of two palaeoglaciers in the Swiss Plateau that were sourced on the northern (Aare glacier) and southern sides (Valais glacier) of the European Alps. We mapped tunnel valleys in the region using a drilling database, based on which we inferred the relative extent of each glacier c. 270 ka ago when the valleys were formed. We then compared this situation with that of the LGM. We found that, while the Valais glacier expanded farther into the foreland than the Aare glacier during the LGM, the opposite was the case c. 270 ka ago. We also found that LGM glaciers were non-erosive in the distal foreland. These contrasts in extents and erosional efficiencies imply differences in moisture pathways between the LGM and the time when the tunnel valleys were formed.

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This paper examines the legal feasibility of different design options for implementing a differentiated electricity tax based on renewable energy (RE) certificates aimed at promoting green electricity generation. It discusses the issue of likeness in light of the recent WTO jurisprudence and looks at the possibility of justification of differentiated tax rates under the general exceptions of the GATT. It also scrutinizes the potential legal hurdles for the implementation of different tax design options including the use of certificates for RE tax exemption. It argues that the placing of a quota on the number of foreign RE certificates eligible for tax exemptions would likely affect the volumes of imported green electricity and therefore trigger a violation of GATT rules. At the same time, restrictions on the eligibility of RE certificates might be defended under WTO law if they are based on qualitative criteria, such as the attachment of RE certificates to green electricity flows or to a green electricity label that is equally available to domestic and foreign suppliers of RE electricity.

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This paper will document financial aspects of transactions, and trade credit supply behavior with FDI among small and medium-sized enterprises(SMEs) based on two original surveys, conducted in four cities in China in 2003. The survey was designed to capture the nature of inter-firm transactions, trade credit and other financial conditions. Literature on FDI mainly refers to technology transfer, employment or investment. This paper focuses on the role and significance of FDI in the supply of trade credit due to its trade credit enforcement technology. Yanagawa, Ito and Watanabe [2006] developed a model which indicates that when a seller has higher enforcement technology or a buyer has richer liquidity, both trade credit and transaction volume will be increased. In this paper, we confirmed that FDI and G contributed to the provision of trade credit and had a positive external effect on trade credit enforcement towards China’s economy. (1) Sales towards FDI customers have the power to increase the trade credit ratio,even when controlling other factors such as choice of payment instrument, competitiveness, and expost default management. This implies that FDI does provide trade credit, not only because it has superior liquidity, but because it is also superior in terms of enforcement of trade credit repayment.(2) Cash constraints of the buyer influence the decisions concerning trade credit provided by the seller, as a model in Yanagawa, et al. [2006] predicted, and this implies that strategic default is a serious concern among SMEs in China. (3) Spillover effect exists in payment enforcement technology in transactions with FDI customers.

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While the rising exports have been the source of growth for many developing countries in recent years, the rate of commodities rejected at the ports of developed countries has also been high. Yet why it has remained so despite the costs involved is mostly unknown. This paper takes a case of the frozen seafood export industry in Vietnam and examines the current status of port rejection, roles played by various stakeholders along the value chains, and the constraints faced by the Vietnamese producers and exporters. It concludes with some policy implications, including strengthening the enforcement mechanism of standards compliance particularly at the upstream of the value chain and providing public testing labs for small-scale producers.

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This paper examines the extent to which electricity supply constraints could affect sectoral specialization. For this purpose, an empirical trade model is estimated from 1990-2008 panel data on 15 OECD countries and 12 manufacturing sectors. We find that along with Ricardian technological differences and Heckscher-Ohlin factor-endowment differences, productivity-adjusted electricity capacity drives sectoral specialization in several sectors. Among them, electrical equipment, transport equipment, machinery, chemicals, and paper products will see lower output shares as a result of decreases in productivity-adjusted electricity capacity. Furthermore, our dynamic panel estimation reveals that the effects of Ricardian technological differences dominate in the short-run, and factor endowment differences and productivity-adjusted electricity capacity tend to have a significant effect in only the long-run.

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An image processing observational technique for the stereoscopic reconstruction of the wave form of oceanic sea states is developed. The technique incorporates the enforcement of any given statistical wave law modeling the quasi Gaussianity of oceanic waves observed in nature. The problem is posed in a variational optimization framework, where the desired wave form is obtained as the minimizer of a cost functional that combines image observations, smoothness priors and a weak statistical constraint. The minimizer is obtained combining gradient descent and multigrid methods on the necessary optimality equations of the cost functional. Robust photometric error criteria and a spatial intensity compensation model are also developed to improve the performance of the presented image matching strategy. The weak statistical constraint is thoroughly evaluated in combination with other elements presented to reconstruct and enforce constraints on experimental stereo data, demonstrating the improvement in the estimation of the observed ocean surface.

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Advanced liver surgery requires a precise pre-operative planning, where liver segmentation and remnant liver volume are key elements to avoid post-operative liver failure. In that context, level-set algorithms have achieved better results than others, especially with altered liver parenchyma or in cases with previous surgery. In order to improve functional liver parenchyma volume measurements, in this work we propose two strategies to enhance previous level-set algorithms: an optimal multi-resolution strategy with fine details correction and adaptive curvature, as well as an additional semiautomatic step imposing local curvature constraints. Results show more accurate segmentations, especially in elongated structures, detecting internal lesions and avoiding leakages to close structures

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Tethered spacecraft missions to the Jovian system suit the use of electrodynamic tethers because: 1) magnetic stresses are 100 times greater than at the Earth; 2) the stationary orbit is one-third the relative distance for Earth; and 3) moon Io is a nearby giant plasma source. The (bare) tether is a reinforced aluminum foil with tens of kilometer length L and a fraction of millimeter thickness h, which collects electrons as an efficient Langmuir probe and can tap Jupiter’s rotational energy for both propulsion and power. In this paper, the critical capture operation is explicitly formulated in terms of orbit geometry and established magnetic and thermal plasma models. The design parameters L and h and capture perijove radius rp face opposite criteria independent of tape width. Efficient capture requires a low rp and a high L 3/2/h ratio. However, combined bounds on tether bowing and tether tensile stress, arising from a spin made necessary by the low Jovian gravity gradient, require a high rp and a low L 5/2/h ratio. Bounds on tether temperature again require a high rp and a low L 3/8/(tether emissivity)1/4 ratio. Optimal design values are discussed.