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.

General relationships between pressure, weight, and mass of a hydrostatic fluid

In curved geometries the hydrostatic pressure in a fluid does not equal the weight per unit area of the fluid above it. General weight–pressure and mass–pressure relationships for hydrostatic fluids in any geometry are derived. As an example of the mass–pressure relationship, we find a geometric reduction in surface pressure as large as 5 mbar on Earth and 39 mbar on Titan. We also present a thermodynamic interpretation of the geometric correction which, as a corollary, provides an independent proof of the hydrostatic relationship for general geometries.

Excess open solar magnetic flux from satellite data: 1. Analysis of the third perihelion Ulysses pass

We use the third perihelion pass by the Ulysses spacecraft to illustrate and investigate the “flux excess” effect, whereby open solar flux estimates from spacecraft increase with increasing heliocentric distance. We analyze the potential effects of small-scale structure in the heliospheric field (giving fluctuations in the radial component on timescales smaller than 1 h) and kinematic time-of-flight effects of longitudinal structure in the solar wind flow. We show that the flux excess is explained by neither very small-scale structure (timescales < 1 h) nor by the kinematic “bunching effect” on spacecraft sampling. The observed flux excesses is, however, well explained by the kinematic effect of larger-scale (>1 day) solar wind speed variations on the frozen-in heliospheric field. We show that averaging over an interval T (that is long enough to eliminate structure originating in the heliosphere yet small enough to avoid cancelling opposite polarity radial field that originates from genuine sector structure in the coronal source field) is only an approximately valid way of allowing for these effects and does not adequately explain or account for differences between the streamer belt and the polar coronal holes.

Excess open solar magnetic flux from satellite data: 2. A survey of kinematic effects

We investigate the “flux excess” effect, whereby open solar flux estimates from spacecraft increase with increasing heliocentric distance. We analyze the kinematic effect on these open solar flux estimates of large-scale longitudinal structure in the solar wind flow, with particular emphasis on correcting estimates made using data from near-Earth satellites. We show that scatter, but no net bias, is introduced by the kinematic “bunching effect” on sampling and that this is true for both compression and rarefaction regions. The observed flux excesses, as a function of heliocentric distance, are shown to be consistent with open solar flux estimates from solar magnetograms made using the potential field source surface method and are well explained by the kinematic effect of solar wind speed variations on the frozen-in heliospheric field. Applying this kinematic correction to the Omni-2 interplanetary data set shows that the open solar flux at solar minimum fell from an annual mean of 3.82 × 1016 Wb in 1987 to close to half that value (1.98 × 1016 Wb) in 2007, making the fall in the minimum value over the last two solar cycles considerably faster than the rise inferred from geomagnetic activity observations over four solar cycles in the first half of the 20th century.

The imminent availability of a potent weight-loss medicine in pharmacies: public perception of effectiveness

Orlistat is an effective weight-loss medicine, which will soon be available for purchase in pharmacies. We used a factorial experiment and found that informing people about the availability for purchase of this medicinal product previously only available on prescription resulted in higher ratings of perceived value and effectiveness compared to a natural health supplement even though we used the same statement about effectiveness. This positive perception of orlistat was not impaired by the provision of side-effect information. Orlistat will soon be available in pharmacies. Health professionals must act to prevent its misuse by those not overweight.

Characterisation of an s-type low molecular weight glutenin subunit of wheat and its proline and glutamine-rich repetitive domain

The low molecular weight glutenin subunits (LMW-GS) are major components of the glutenin polymers which determine the elastomeric properties of wheat (Triticum aestivum L.) gluten and dough. They comprise a complex mixture of components and have proved to be difficult to purify for detailed characterisation. The mature LMW subunit proteins comprise two structural domains, with one domain consisting of repeated sequences based on short peptide motifs. DNA sequences encoding this domain and a whole subunit were expressed in Escherichia coli and the recombinant proteins purified. Detailed comparisons by spectroscopy (CD, FT-IR) and dynamic light scattering indicated that the repetitive and non-repetitive domains of the proteins formed different structures with the former having an extended conformation with an equilibrium between poly-L-proline II-like structure and type II’ b-turns, and the latter a more compact globular structure rich in a-helix. Although the structures of these two domains appear to form independently, dynamic light scattering of the whole subunit dissolved in trifluoroethanol(TFE) suggested that they interact, leading to a more compact conformation. These observations may have relevance to the role of the LMW-GS in gluten structure and functionality.

Effects of biosolids from tomato processing on soil fertility and wheat growth in a Greek alfisol

The effects of biosolids from tomato processing on soil properties and wheat growth were investigated in an Alfisol from central Greece. Biosolids were mixed with soil from the surface (Ap) or subsurface (Bt) horizon in plastic containers at rates of 1%, 5%, and 10% by dry weight (d.w.; equivalent to 10, 50, and 100 Mg ha–1). Biosolid treatments were compared to an NH4Cl application (50 mg N kg–1) and an untreated control in (1) a 102 d incubation experiment at 28°C to determine biosolid nitrification potential and (2) a 45 d outdoor experiment to evaluate effects on soil fertility and wheat growth. Mineralization of biosolids in the incubation experiment resulted in accumulation of nitrate-N and indicated that biosolids were able to supply N that was in excess of crop needs in treatments of 5% and 10%. After 45 d of wheat growth, available soil nutrients (N, P) and P uptake by wheat were distinctly lower in the Bt than in the Ap horizon. However, soil pH, electrical conductivity, organic matter, total N, nitrate-N, extractable P, and exchangeable K increased with increasing rate of biosolid application in both soils. These were followed by corresponding increases in wheat nutrient uptake and biomass production, thus demonstrating the importance of this organic material for sustaining production in soils of low immediate fertility. Compared to the NH4Cl treatment (50 kg N ha–1 equivalent), biosolid application rates of 5% and 10% had higher available soil nutrients, similar or higher nutrient uptake and higher wheat biomass. But only an application of 10% biosolids provided sufficient N levels for wheat in the surface soil, and even higher applications were required for providing sufficient N and P in the Bt horizon.

Intake, live-weight gain and carcass characteristics of beef cattle given diets based on forage maize silage harvested at different stages of maturity

Advancing maturity of forage maize is associated with increases in the proportion of dry matter (DM) and starch, and decreases in the proportions of structural carbohydrates in the ensiled crop. This experiment investigated the effects of three maize silages of 291 (low), 339 (medium) and 393 (high) g DM per kg fresh weight on the performance of 48 Simmental. Holstein-Friesian cattle. Equal numbers of steers (mean start weight = 503 (s.d. 31.3) kg) and heifers (mean start weight = 378 (s.d. 11.2) kg) were offered individually isonitrogenous diets composed of the three silages plus a protein supplement with minerals once daily until slaughter at the target live weight of 575 and 475 kg for steers and heifers, respectively. Intake was reduced on the low diet (P < 0.01) compared with the other two treatments. Dietary starch intake increased by a total of 1 kg/day between low and medium diets but by only 0.2 kg/day between medium and high diets. Unlike starch intake, total neutral-detergent fibre intake showed no significant difference (P > 0.05) between diets. There were no differences in live-weight gain between treatments but differences (P < 0.05) in food conversion efficiency indicated relative gains of 115, 100 and 102 g gain per kg DM intake for diets low, medium and high, respectively. There were no differences between diets in carcass weights, fat score and overall conformation.

The effects of irrigation, nitrogen fertilizer and grain size on Hagberg falling number, specific weight and blackpoint of winter wheat

The effects of irrigation and nitrogen (N) fertilizer on Hagberg falling number (HFN), specific weight (SW) and blackpoint (BP) of winter wheat (Triticum aestivum L) were investigated. Mains water (+50 and +100 mm month(-1), containing 44 mg NO3- litre(-1) and 28 mg SO42- litre(-1)) was applied with trickle irrigation during winter (17 January-17 March), spring (21 March-20 May) or summer (24 May-23 July). In 1999/2000 these treatments were factorially combined with three N levels (0, 200, 400 kg N ha(-1)), applied to cv Hereward. In 2000/01 the 400 kg N ha(-1) treatment was replaced with cv Malacca given 200 kg N ha(-1). Irrigation increased grain yield, mostly by increasing grain numbers when applied in winter and spring, and by increasing mean grain weight when applied in summer. Nitrogen increased grain numbers and SW, and reduced BP in both years. Nitrogen increased HFN in 1999/2000 and reduced HFN in 2000/01. Effects of irrigation on HFN, SW and BP were smaller and inconsistent over year and nitrogen level. Irrigation interacted with N on mean grain weight: negatively for winter and spring irrigation, and positively for summer irrigation. Ten variables derived from digital image analysis of harvested grain were included with mean grain weight in a principal components analysis. The first principal component ('size') was negatively related to HFN (in two years) and BP (one year), and positively related to SW (two years). Treatment effects on dimensions of harvested grain could not explain all of the effects on HFN, BP and SW but the results were consistent with the hypothesis that water and nutrient availability, even when they were affected early in the season, could influence final grain quality if they influenced grain numbers and size. (C) 2004 Society of Chemical Industry

Intergenerational effects of birth weight on glucose tolerance and reproductive performance

Women who were themselves small-for-gestational age (SGA) are at a greater risk of adulthood diseases such as non-insulin-dependent diabetes mellitus (NIDDM), and twice at risk of having an SGA baby themselves. The aim of this study was to examine the intergenerational pig. Low (L) and normal (N) birth weight female piglets were followed throughout their first pregnancy (generation 1 (0)). After they had given birth, the growth and development of the lightest (I) and heaviest (n) female piglet from each litter were monitored until approximately 5 months of age (generation 2 (G2)). A glucose tolerance test (GTT) was conducted on G1 pig at similar to 6 months of age and again during late pregnancy; a GTT was also conducted on G2 pigs at similar to 4 months of age. G1 L offspring exhibited impaired glucose metabolism in later life compared to their G1 N sibling but in the next generation a similar scenario was only observed between I and n offspring born to G1 L mothers. Despite G1 L mothers showing greater glucose intolerance in late pregnancy and a decreased litter size, average piglet birth weight was reduced and there was also a large variation in litter weight; this suggests that they were, to some extent, prioritising their nutrient intake towards themselves rather than promoting their reproductive performance. There were numerous relationships between body shape at birth and glucose curve characteristics in later life, which can, to some extent, be used to predict neonatal outcome. In conclusion, intergenerational effects are partly seen in the pig. It is likely that some of the intergenerational influences may be masked due to the pig being a litter-bearing species.

The relationships of time and temperature to body weight and numbers of endospores in Pasteuria penetrans-infected Meloidogyne javanica females

Tomato plants inoculated with Meloidogyne javanica juveniles infected with Pasteuria penetrans were grown in a glasshouse (20-32degreesC) for 36, 53, 71 and 88 days and in a growth room (26-29degreesC) for 36, 53, 71 and 80 days. Over these periods the numbers of P penetrans endospores in infected M. javanica females and the weights of individual infected females increased. In the growth room, most spores (2.03 x 10(6)) were found after 71 days. However, in the glasshouse the rate of increase was slower and spore numbers were still increasing at the final sampling at 88 days (2.04 x 10(6)), as was the weight of the nematodes (72 mug). Weights of uninfected females reached a maximum of 36.2 and 43.1 mug after 71 days in the growth room and glasshouse, respectively.

An evaluation of different growth functions for describing the profile of live weight with time (age) in meat and egg strains of chicken

A total of 86 profiles from meat and egg strains of chickens (male and female) were used in this study. Different flexible growth functions were evaluated with regard to their ability to describe the relationship between live weight and age and were compared with the Gompertz and logistic equations, which have a fixed point of inflection. Six growth functions were used: Gompertz, logistic, Lopez, Richards, France, and von Bertalanffy. A comparative analysis was carried out based on model behavior and statistical performance. The results of this study confirmed the initial concern about the limitation of a fixed point of inflection, such as in the Gompertz equation. Therefore, consideration of flexible growth functions as an alternatives to the simpler equations (with a fixed point of inflection) for describing the relationship between live weight and age are recommended for the following reasons: they are easy to fit, they very often give a closer fit to data points because of their flexibility and therefore a smaller RSS value, than the simpler models, and they encompasses simpler models for the addition of an extra parameter, which is especially important when the behavior of a particular data set is not defined previously.

A comparative evaluation of functions for describing the relationship between live-weight gain and metabolizable energy intake in turkeys

The suitability of models specifically re-parameterized for analyzing energy balance data relating metabolizable energy intake to growth rate has recently been investigated in male broilers. In this study, the more adequate of those models was applied to growing turkeys to provide estimates of their energy needs for maintenance and growth. Three functional forms were used. They were: two equations representing diminishing returns behaviour (monomolecular and rectangular hyperbola); and one equation describing smooth sigmoidal behaviour with a fixed point of inflexion (Gompertz). The models estimated the metabolizable energy requirement for maintenance in turkeys to be 359-415 kJ/kg of live-weight/day. The predicted values of average net energy requirement for producing 1 g of gain in live-weight, between 1 and 4 times maintenance, varied from 8.7 to 10.9 kJ. These results and those previously reported for broilers are a basis for accepting the general validity of these models.

Low molecular weight heparin significantly reduces embolisation after carotid endarterectomy - a randomised controller trial

Objectives The administration of unfractionated heparin (UFH) prior to carotid clamping during carotid endarterectomy (CEA) transiently increases the platelet aggregation response to arachidonic acid (AA) despite the use of aspirin. We hypothesized that this phenomenon might be reduced by using low molecular weight heparin (LMWH) resulting in fewer emboli in the early post-operative period. Methods 183 aspirinated patients undergoing CEA were randomised to 5000 IU UFH (n = 91) or 2500 IU LMWH (dalteparin, n = 92) prior to carotid clamping. End-points were: transcranial Doppler (TCD) measurement of embolisation, effect on bleeding and platelet aggregation to AA and adenosine 5′-diphosphate (ADP). Results Patients randomised to UFH had twice the odds of experiencing a higher number of emboli in the first 3 h after CEA, than those randomised to LMWH (p = 0.04). This was not associated with increased bleeding (mean time from flow restoration to operation end: 23 min (UFH) vs. 24 min (LMWH), p = 0.18). Platelet aggregation to AA increased significantly following heparinisation, but was unaffected by heparin type (p = 0.90). The platelets of patients randomised to LMWH exhibited significantly lower aggregation to ADP compared to UFH (p < 0.0001). Conclusions Intravenous LMWH is associated with a significant reduction in post-operative embolisation without increased bleeding. The higher rate of embolisation seen with UFH may be mediated by increased platelet aggregation to ADP, rather than to AA.

Excess burden of constipation in Parkinson's disease: A pilot study

An analysis was undertaken of clinic-based questionnaires that asked people with Parkinson's disease and a control group of older people without a known neurological condition about their experiences of constipation. People with Parkinson's disease report higher constipation on a validated objective measure, the Rome criterion (59% vs. 20.9%); a behavioral indicator, laxative-taking (38.4% vs. 14.2%); and subjective self-report of being always or often concerned by it (33.4% vs. 6.1%). Many people with Parkinson's disease experience constipation problems but they may not bring these to the attention of their healthcare providers. More research is required to understand the causes and management options. (C) 2006 Movement Disorder Society.