Global Systemic Risk and International Regulatory Coordination: Squaring Sovereignty and Financial Stability

In recent years much attention has been given to systemic risk and maintaining financial stability. Much of the focus, rightly, has been on market failures and the role of regulation in addressing them. This article looks at the role of domestic policies and government actions as sources of global instability. The global financial system is built upon global markets controlled by national financial and macroeconomic policies. In this context, regulatory asymmetries, diverging policy preferences, and government failures add a further dimension to global systemic risk not present at the national level.
Systemic risk is a result of the interplay between two independent variables: an underlying trigger event, in this analysis a domestic policy measure, and a transmission channel. The solution to systemic risk requires tackling one of these variables. In a domestic setting, the centralization of regulatory power into one single authority makes it easier to balance the delicate equilibrium between enhancing efficiency and reducing instability. However, in a global financial system in which national financial policies serve to maximize economic welfare, regulators will be confronted with difficult policy and legal tradeoffs.
We investigate the role that financial regulation plays in addressing domestic policy failures and in controlling the danger of global financial interdependence. To do so we analyse global financial interconnectedness, and explain its role in transmitting instability; we investigate the political economy dynamics at the origin of regulatory asymmetries and government failures; and we discuss the limits of regulation.

Design and performance of wireless cooperative relaying

In recent years, a new paradigm for communication called cooperative communications has been proposed for which initial information theoretic studies have shown the potential for improvements in capacity over traditional multi-hop wireless networks. Extensive research has been done to mitigate the impact of fading in wireless networks, being mostly focused on Multiple-Input Multiple-Output (MIMO) systems. Recently, cooperative relaying techniques have been investigated to increase the performance of wireless systems by using diversity created by different single antenna devices, aiming to reach the same level of performance of MIMO systems with low cost devices. Cooperative communication is a promising method to achieve high spectrum efficiency and improve transmission capacity for wireless networks. Cooperative communications is the general idea of pooling the resources of distributed nodes to improve the overall performance of a wireless network. In cooperative networks the nodes cooperate to help each other. A cooperative node offering help is acting like a middle man or proxy and can convey messages from source to destination. Cooperative communication involves exploiting the broadcast nature of the wireless medium to form virtual antenna arrays out of independent singleantenna network nodes for transmission. This research aims at contributing to the field of cooperative wireless networks. The focus of this research is on the relay-based Medium Access Control (MAC) protocol. Specifically, I provide a framework for cooperative relaying called RelaySpot which comprises on opportunistic relay selection, cooperative relay scheduling and relay switching. RelaySpot-based solutions are expected to minimize signaling exchange, remove estimation of channel conditions, and improve the utilization of spatial diversity, minimizing outage and increasing reliability.

Integration of geochemical and biological modifications in mining areas: waters, sediments and diatoms

The development of mining activities over thousands of years in the region of Aljustrel is nowadays visible as a vast area of ore tailings, slag and host rocks of sulphides mineralization. The generation of acidic waters by the alteration of pyritic minerals - Acid Mine Drainage (AMD) - causes a significant impact on the river system both in the south of the village (Rib ª. Água Forte) and in the north of it (Rib ª. Água Azeda and Barranco do Farrobo), which is reflected in extremely low pH values (< 3) and high concentrations of As, Cd, Cu, Fe, Mn, Pb, Zn and sulphates. This study aimed to assess the environmental impacts extent, integrating geochemical (surface waters and stream sediments) and biological (diatoms) parameters. Three groups of sites were defined, based on sediments and water analysis, which integration with diatom data showed the same association of groups: Group 1- impacted, with acidic pH (1.9-5.1), high metal contents (0.4-1975 mg L-1) and Fe-Mg-sulphate waters, being metals more bioavailable in waters in cationic form (Me2+); mineralogically the sediments were characterized by phyllosilicates and sulphates/oxy-hydroxysulphate phases, easily solubilized, retaining a high amount of metals when precipitated; dominant taxon was Pinnularia aljustrelica (a new species); Group 2- slightly impacted, weak acid to neutral pH (5.0-6.8), metal contents not so high (0.2-25 mg L-1) and Fe-Mg-sulphate to Mg-chloride waters; dominant taxa were Brachysira neglectissima and Achnanthidium minutissimum; Group 3- unimpacted, alkaline pH (7.0-8.4), low metal contents (0-7 mg L-1) with Mg-chloride waters. In this group, metals were associated to the primary phases (e.g. sulphides), not so easily available; the existence of high chloride contents explained the presence of typical taxa of brackish/marine (e.g. Entomoneis paludosa) waters. Taxonomical aspects of the diatoms were studied (discovery of a new species: Pinnularia aljustrelica Luis, Almeida et Ector sp. nov.), as well as morphometric (size decrease of diatoms valves, as well as the appearance of deformed valves of Eunotia exigua in Group 1 and A. minutissimum in Group 2) and physiological (effective to assess the effects of metals/acidity in the photosynthetic efficiency through PAM Fluorometry) aspects. A study was carried out in an artificial river system (microcosm) that aimed to mimic Aljustrel’s extreme conditions in controlled laboratory conditions. The chronic effects of Fe, SO42- and acidity in field biofilms, inoculated in the artificial rivers, were evaluated as well as their contribution to the communities’ tolerance to metal toxicity, through acute tests with two metals (Cu and Zn). In general, the effects caused by low pH values and high concentrations of Fe and SO42- were reflected at the community level by the decrease in diversity, the predominance of acidophilic species, the decrease in photosynthetic efficiency and the increase of enzymatic (e.g. catalase, superoxide dismutase) and non-enzymatic activities (e.g. total glutathione and total phytochelatins). However, it was possible to verify that acidity performed a protective effect in the communities, upon Cu and Zn addition. A comparative study between Aljustrel mining area and New Brunswick mining area was carried out, both with similar mining and geological conditions, reflected in similar diatom communities in both mines, but in very different geographic and climatic areas.

Effect of vehicle characteristics on safety, fuel use and emissions

Nos últimos anos, o número de vítimas de acidentes de tráfego por milhões de habitantes em Portugal tem sido mais elevado do que a média da União Europeia. Ao nível nacional torna-se premente uma melhor compreensão dos dados de acidentes e sobre o efeito do veículo na gravidade do mesmo. O objetivo principal desta investigação consistiu no desenvolvimento de modelos de previsão da gravidade do acidente, para o caso de um único veículo envolvido e para caso de uma colisão, envolvendo dois veículos. Além disso, esta investigação compreendeu o desenvolvimento de uma análise integrada para avaliar o desempenho do veículo em termos de segurança, eficiência energética e emissões de poluentes. Os dados de acidentes foram recolhidos junto da Guarda Nacional Republicana Portuguesa, na área metropolitana do Porto para o período de 2006-2010. Um total de 1,374 acidentes foram recolhidos, 500 acidentes envolvendo um único veículo e 874 colisões. Para a análise da segurança, foram utilizados modelos de regressão logística. Para os acidentes envolvendo um único veículo, o efeito das características do veículo no risco de feridos graves e/ou mortos (variável resposta definida como binária) foi explorado. Para as colisões envolvendo dois veículos foram criadas duas variáveis binárias adicionais: uma para prever a probabilidade de feridos graves e/ou mortos num dos veículos (designado como veículo V1) e outra para prever a probabilidade de feridos graves e/ou mortos no outro veículo envolvido (designado como veículo V2). Para ultrapassar o desafio e limitações relativas ao tamanho da amostra e desigualdade entre os casos analisados (apenas 5.1% de acidentes graves), foi desenvolvida uma metodologia com base numa estratégia de reamostragem e foram utilizadas 10 amostras geradas de forma aleatória e estratificada para a validação dos modelos. Durante a fase de modelação, foi analisado o efeito das características do veículo, como o peso, a cilindrada, a distância entre eixos e a idade do veículo. Para a análise do consumo de combustível e das emissões, foi aplicada a metodologia CORINAIR. Posteriormente, os dados das emissões foram modelados de forma a serem ajustados a regressões lineares. Finalmente, foi desenvolvido um indicador de análise integrada (denominado “SEG”) que proporciona um método de classificação para avaliar o desempenho do veículo ao nível da segurança rodoviária, consumos e emissões de poluentes.Face aos resultados obtidos, para os acidentes envolvendo um único veículo, o modelo de previsão do risco de gravidade identificou a idade e a cilindrada do veículo como estatisticamente significativas para a previsão de ocorrência de feridos graves e/ou mortos, ao nível de significância de 5%. A exatidão do modelo foi de 58.0% (desvio padrão (D.P.) 3.1). Para as colisões envolvendo dois veículos, ao prever a probabilidade de feridos graves e/ou mortos no veículo V1, a cilindrada do veículo oposto (veículo V2) aumentou o risco para os ocupantes do veículo V1, ao nível de significância de 10%. O modelo para prever o risco de gravidade no veículo V1 revelou um bom desempenho, com uma exatidão de 61.2% (D.P. 2.4). Ao prever a probabilidade de feridos graves e/ou mortos no veículo V2, a cilindrada do veículo V1 aumentou o risco para os ocupantes do veículo V2, ao nível de significância de 5%. O modelo para prever o risco de gravidade no veículo V2 também revelou um desempenho satisfatório, com uma exatidão de 40.5% (D.P. 2.1). Os resultados do indicador integrado SEG revelaram que os veículos mais recentes apresentam uma melhor classificação para os três domínios: segurança, consumo e emissões. Esta investigação demonstra que não existe conflito entre a componente da segurança, a eficiência energética e emissões relativamente ao desempenho dos veículos.

Advanced optical modulation and format conversion

Over the years, the increased search and exchange of information lead to an increase of traffic intensity in todays optical communication networks. Coherent communications, using the amplitude and phase of the signal, reappears as one of the transmission techniques to increase the spectral efficiency and throughput of optical channels. In this context, this work present a study on format conversion of modulated signals using MZI-SOAs, based exclusively on all- optical techniques through wavelength conversion. This approach, when applied in interconnection nodes between optical networks with different bit rates and modulation formats, allow a better efficiency and scalability of the network. We start with an experimental characterization of the static and dynamic properties of the MZI-SOA. Then, we propose a semi-analytical model to describe the evolution of phase and amplitude at the output of the MZI-SOA. The model’s coefficients are obtained using a multi-objective genetic algorithm. We validate the model experimentally, by exploring the dependency of the optical signal with the operational parameters of the MZI-SOA. We also propose an all-optical technique for the conversion of amplitude modulation signals to a continuous phase modulation format. Finally, we study the potential of MZI-SOAs for the conversion of amplitude signals to QPSK and QAM signals. We show the dependency of the conversion process with the operational parameters deviation from the optimal values. The technique is experimentally validated for QPSK modulation.

Materials and concepts for CO2 lean ironmaking by pyroelectrolysis

The main purpose of this PhD thesis was to provide convincing demonstration for a breakthrough concept of pyroelectrolysis at laboratory scale. One attempted to identify fundamental objections and/or the most critical constraints, to propose workable concepts for the overall process and for feasible electrodes, and to establish the main requirements on a clearer basis. The main effort was dedicated to studying suitable anode materials to be developed for large scale industrial units with molten silicate electrolyte. This concept relies on consumable anodes based on iron oxides, and a liquid Fe cathode, separated from the refractory materials by a freeze lining (solid) layer. In addition, one assessed an alternative concept of pyroelectrolysis with electron blocking membranes, and developed a prototype at small laboratory scale. The main composition of the molten electrolyte was based on a magnesium aluminosilicate composition, with minimum liquidus temperature, and with different additions of iron oxide. One studied the dynamics of devitrification of these melts, crystallization of iron oxides or other phases, and Fe2+/Fe3+ redox changes under laser zone melting, at different pulling rates. These studies were intended to provide guidelines for dissolution of raw materials (iron oxides) in the molten electrolyte, to assess compatibility with magnetite based consumable anodes, and to account for thermal gradients or insufficient thermal management in large scale cells. Several laboratory scale prototype cells were used to demonstrate the concept of pyroelectrolysis with electron blocking, and to identify the most critical issues and challenges. Operation with and without electron blocking provided useful information on transport properties of the molten electrolyte (i.e., ionic and electronic conductivities), their expected dependence on anodic and cathodic overpotentials, limitations in faradaic efficiency, and onset of side electrochemical reactions. The concept of consumable anodes was based on magnetite and derived spinel compositions, for their expected redox stability at high temperatures, even under oxidising conditions. Spinel compositions were designed for prospective gains in refractoriness and redox stability in wider ranges of conditions (T, pO2 and anodic overpotentials), without excessive penalty for electrical conductivity, thermomechanical stability or other requirements. Composition changes were also mainly based on components of the molten aluminosilicate melt, to avoid undue contamination and to minimize the dissolution rate of consumable anodes. Additional changes in composition were intended for prospective pyroelectrolysis of Fe alloys, with additions of different elements (Cr, Mn, Ni, Ti).

Reliable and energy efficient routing for ad hoc networks

In Mobile Ad hoc NETworks (MANETs), where cooperative behaviour is mandatory, there is a high probability for some nodes to become overloaded with packet forwarding operations in order to support neighbor data exchange. This altruistic behaviour leads to an unbalanced load in the network in terms of traffic and energy consumption. In such scenarios, mobile nodes can benefit from the use of energy efficient and traffic fitting routing protocol that better suits the limited battery capacity and throughput limitation of the network. This PhD work focuses on proposing energy efficient and load balanced routing protocols for ad hoc networks. Where most of the existing routing protocols simply consider the path length metric when choosing the best route between a source and a destination node, in our proposed mechanism, nodes are able to find several routes for each pair of source and destination nodes and select the best route according to energy and traffic parameters, effectively extending the lifespan of the network. Our results show that by applying this novel mechanism, current flat ad hoc routing protocols can achieve higher energy efficiency and load balancing. Also, due to the broadcast nature of the wireless channels in ad hoc networks, other technique such as Network Coding (NC) looks promising for energy efficiency. NC can reduce the number of transmissions, number of re-transmissions, and increase the data transfer rate that directly translates to energy efficiency. However, due to the need to access foreign nodes for coding and forwarding packets, NC needs a mitigation technique against unauthorized accesses and packet corruption. Therefore, we proposed different mechanisms for handling these security attacks by, in particular by serially concatenating codes to support reliability in ad hoc network. As a solution to this problem, we explored a new security framework that proposes an additional degree of protection against eavesdropping attackers based on using concatenated encoding. Therefore, malicious intermediate nodes will find it computationally intractable to decode the transitive packets. We also adopted another code that uses Luby Transform (LT) as a pre-coding code for NC. Primarily being designed for security applications, this code enables the sink nodes to recover corrupted packets even in the presence of byzantine attacks.

Novel hardware and software combination for automotive motorsport vehicles based on direct processing of graphical functions

The main motivation for the work presented here began with previously conducted experiments with a programming concept at the time named "Macro". These experiments led to the conviction that it would be possible to build a system of engine control from scratch, which could eliminate many of the current problems of engine management systems in a direct and intrinsic way. It was also hoped that it would minimize the full range of software and hardware needed to make a final and fully functional system. Initially, this paper proposes to make a comprehensive survey of the state of the art in the specific area of software and corresponding hardware of automotive tools and automotive ECUs. Problems arising from such software will be identified, and it will be clear that practically all of these problems stem directly or indirectly from the fact that we continue to make comprehensive use of extremely long and complex "tool chains". Similarly, in the hardware, it will be argued that the problems stem from the extreme complexity and inter-dependency inside processor architectures. The conclusions are presented through an extensive list of "pitfalls" which will be thoroughly enumerated, identified and characterized. Solutions will also be proposed for the various current issues and for the implementation of these same solutions. All this final work will be part of a "proof-of-concept" system called "ECU2010". The central element of this system is the before mentioned "Macro" concept, which is an graphical block representing one of many operations required in a automotive system having arithmetic, logic, filtering, integration, multiplexing functions among others. The end result of the proposed work is a single tool, fully integrated, enabling the development and management of the entire system in one simple visual interface. Part of the presented result relies on a hardware platform fully adapted to the software, as well as enabling high flexibility and scalability in addition to using exactly the same technology for ECU, data logger and peripherals alike. Current systems rely on a mostly evolutionary path, only allowing online calibration of parameters, but never the online alteration of their own automotive functionality algorithms. By contrast, the system developed and described in this thesis had the advantage of following a "clean-slate" approach, whereby everything could be rethought globally. In the end, out of all the system characteristics, "LIVE-Prototyping" is the most relevant feature, allowing the adjustment of automotive algorithms (eg. Injection, ignition, lambda control, etc.) 100% online, keeping the engine constantly working, without ever having to stop or reboot to make such changes. This consequently eliminates any "turnaround delay" typically present in current automotive systems, thereby enhancing the efficiency and handling of such systems.

Thermal performance in a conventional fireplace and in an inset appliance

The objective of this study is to compare the performance of the equipment currently employed in the domestic heating with firewood, the conventional fireplace and the inset appliance with close firedoors. For such, it was followed the European Standard EN13229:2001/A2:2004. Efficiency and heat output is determined and the major heat losses that penalize the appliance performance are identified and calculated. Tests in laboratory were developed in two inset appliances, and tests in situ in one conventional fireplace. One of the appliances uses only staging as primary air, and the other only grate air In inset appliances, with a heat output near 10 kW, the average efficiency varies between 67% and 73%, while in a conventional fireplace that value lies at 30%. In all these devices the major losses take place as sensible heat in the flue gases, 23% to 30 % in inset appliances and above 50% in a conventional fireplace. The second most important heat loss happens by chemical losses in the flue gases. It takes values near 17% in a conventional fireplace and may be disregarded in an inset appliance.

A new combined joules supercritical rankine cycle exergetic analysis and optimization

The application of a supercritical Rankine cycle in combined cycles does not happen in today’s thermoelectric power stations. Nevertheless, the most recent development in gas turbines, that allows a high efficiency and high exhaust gases temperatures, and the improvement of high pressure and temperature alloys, makes this cycle possible. This study’s intent is to prove the viability of this combined cycle, since it can break the 60% efficiency barrier, which is the plafond in actual power stations. To attain this target, several configurations for this cycle have been simulated, optimized and analyzed [1]. The simulations were done with the computational program IPSEpro [2] and the optimizations were effectuated with software developed for the effect, using the DFP method [3]. In parallel with the optimization that claims the cycle’s efficiency maximization, an exergetic analysis was also made [4] to all the cycle components. In opposite to what happens in subcritical combined cycles, it was demonstrated that in supercritical combined cycles the higher efficiency takes place with a single steam pressure in the heat recovery steam generator (HRSG).

Hydrodynamic and sediment fluxes through the inlets of the Ria Formosa

Tese de dout., Ciências do Mar, da Terra e do Ambiente (Ciências do Mar-Oceanografia Física), Faculdade de Ciências e Tecnologia, Univ. do Algarve, 2011

Dietary biodiesel-derived crude glycerol in gilthead seabream juveniles (Sparus aurata): effects on growth performance and metabolism

In the European Union the turn towards renewable energy sources has increased the production of biodiesel from rapeseed oil, leaving glycerol (also known as glycerin) as a valuable by-product. For every litre of biodiesel produced, approximately 79 g of crude glycerol are generated. As the biodiesel production grows, the quantity of crude glycerol generated will be considerable and its utilization will become an urgent topic. One possibility is the use of crude glycerol on animal feeds. Glycerol has been evaluated as a dietary energy source for several farm animals, including fish. A study was undertaken to assess the effect of dietary biodiesel-derived glycerol (from rapeseed oil) on the overall growth performance, digestive capacity and metabolic nutrient utilization in juvenile gilthead seabream fed a low fishmeal level diet. Two practical diets were formulated to be isonitrogenous (crude protein, 45.4% DM), isolipidic (18.5% DM) and isoenergetic (gross energy, 21.3 kJ/g DM). The control diet (CTRL) was formulated with intermediate levels of marine-derived proteins (19%). In the same basal formulation, 5% glycerol (GLY) was incorporated at the expenses of wheat. Each dietary treatment was tested in triplicate tanks over 63 days, with 20 gilthead seabream (Sparus aurata), with a mean initial body weight (IBW) of 27.9  0.12 g. At the end of the trial, fish fed the CTRL diet reached a final body weight of 84.3  2.2 g (more than 3-fold increase of initial body weight). Fish fed the GLY diet showed a significantly higher (P<0.05) growth, expressed in terms of final body weight and specific growth rate. Voluntary feed intake was similar between the two treatments, but both feed efficiency and protein efficiency ratio were significantly improved (P<0.05) in fish fed the GLY diet. Dietary glycerol had no effect (P>0.05) on the apparent digestibility of protein. In comparison to the control treatment, dietary glycerol significantly improved (P<0.05) protein and fat retention. Activities of digestive enzymes were significantly affected by the various dietary treatments. Fish fed the GLY diet showed an enhanced activity of alkaline phosphatase (ALP) and pepsin, while activities of lipase and leucine-alanine peptidase (LAP) were little affected by dietary glycerol. Fish show the ability to use crude glycerol as a dietary energy substrate.

Relative Efficiencies of the Burkard 7-Day, Rotorod and Burkard Personal Samplers for Poaceae and Urticaceae Pollen under Field Conditions

Introduction: In aerobiological studies it is often necessary to compare concentration data recorded with different models of sampling instrument. Sampler efficiency typically varies from device to device, and depends on the target aerosol and local atmospheric conditions. To account for these differences inter-sampler correction factors may be applied, however for many pollen samplers and pollen taxa such correction factors do not exist and cannot be derived from existing published work. Materials and methods: In this study the relative efficiencies of the Burkard 7-Day Recording Volumetric Spore Trap, the Sampling Technologies Rotorod Model 20 and the Burkard Personal Volumetric Air Sampler were evaluated for Urticaceae and Poaceae pollen under field conditions, and the influence of wind speed and relative humidity on these efficiency relationships was assessed. Data for the two pollen taxa were collected during 2010 and 2011-12 respectively. Results: The three devices were found to record significantly different concentrations for both pollen taxa, with the exception of the 7-Day and Rotorod samplers for Poaceae pollen. Under the range of conditions present during the study wind speed was found to only have a significant impact on inter-sampler relationships involving the vertically orientated Burkard Personal sampler, whilst no interaction between relative efficiency and relative humidity was observed. Conclusions: Data collected with the three models of sampler should only be compared once the appropriate correction has been made, with wind speed taken into account where appropriate.

Receptivity to Self-Service Technology (SST): A Research Overview and the Way Forward

In a digital era characterised by the need for efficiency and value, self-service technology rises as a delivery interface offered by public and private sector service providers. With the assumption of a win-win situation for both the provider and customers who can ‘do it themselves’ online/offsite and offline/onsite, stereotypes arise concerning antecedents for positive receptivity and impediments in adopting SSTs. The present paper offers a literature-based discussion of some of the existing and emerging perspectives in this domain; it delivers a contextual review of studies conducted, highlights controversial viewpoints that need to be reconsidered, and suggests future research themes that can make use of the emergent digital sources in data collection and analysis. The purpose is to spark future research on the extent to which SST is a champion for different service types, and to systematically study the customer profile to be targeted for its optimal use in value co-creation.

Comparing freight transport strategies and measures in London and Paris

The paper compares the approach being taken to freight transport strategy and the specific policy measures being implemented in London and Paris. It highlights the serious consideration that has been given to freight transport by the Mayors of London and Paris in the last five years. These freight policy considerations are taking place against a background of growing levels of road freight activity, energy use and pollutant emissions in both cities. The key freight transport objectives being followed in London and Paris are similar and focus on improving the efficiency and reliability of freight transport while reducing the negative environmental impacts that it causes. The specific freight transport policy measures being followed show some differences in each city. However, attempts to address problems related to loading and unloading are taking place in both, albeit through different specific initiatives. These policy initiatives have important implications for companies concerned with urban logistics operations.