Managing the crises : how did local governments react to the financial crisis in 2008 and what explains the differences ? The case of Swiss municipalities

Swiss municipalities are, to a large extent, responsible for their financial resources. Since these resources primarily depend on income and property taxes from individuals and enterprises, municipality budgets are likely to be directly affected by the current crisis in the financial sector and the economy. This article investigates how municipalities perceived this threat and how they reacted to it. In a nationwide survey conducted at the end of 2009 in all 2596 Swiss municipalities, we asked local secretaries which measures had been launched in order to cope with expected losses in tax income and a possible increase in welfare spending. Did the municipalities rely on Keynesian measures increasing public spending and accepting greater deficits, or did they try to avoid further deficits by using austerity measures and a withdrawal of planned investments? Our results show that only a few municipalities - mainly the bigger ones - expected to be greatly affected by the crisis. Their reactions, however, did not reveal any clear patterns that theory would lead one to expect. Preferences for austerity measures and deficit spending become visible but many municipalities took measures from both theories. The strongest explanatory factors for determining how/why municipalities react are: the municipality's level of affectedness followed by whether or not the municipality belongs to the French-speaking part of the country. Size also has an impact, whereas the strength of the Social Democrat party is negligible. Explaining what kind of measures municipalities are likely to take is more difficult. However, the more a municipality is affected, the more likely it is to stick to austerity measures.

Using computational fluid dynamics to predict head losses in the auxiliary elements of a microirrigation sand filter

It is often assumed that total head losses in a sand filter are solely due to the filtration media and that there are analytical solutions, such as the Ergun equation, to compute them. However, total head losses are also due to auxiliary elements (inlet and outlet pipes and filter nozzles), which produce undesirable head losses because they increase energy requirements without contributing to the filtration process. In this study, ANSYS Fluent version 6.3, a commercial computational fluid dynamics (CFD) software program, was used to compute head losses in different parts of a sand filter. Six different numerical filter models of varying complexities were used to understand the hydraulic behavior of the several filter elements and their importance in total head losses. The simulation results show that 84.6% of these were caused by the sand bed and 15.4% were due to auxiliary elements (4.4% in the outlet and inlet pipes, and 11.0% in the perforated plate and nozzles). Simulation results with different models show the important role of the nozzles in the hydraulic behavior of the sand filter. The relationship between the passing area through the nozzles and the passing area through the perforated plate is an important design parameter for the reduction of total head losses. A reduced relationship caused by nozzle clogging would disproportionately increase the total head losses in the sand filter

Vertical cultural transmission effects on demic front propagation: Theory and application to the Neolithic transition in Europe

It is shown that Lotka-Volterra interaction terms are not appropriate to describe vertical cultural transmission. Appropriate interaction terms are derived and used to compute the effect of vertical cultural transmission on demic front propagation. They are also applied to a specific example, the Neolithic transition in Europe. In this example, it is found that the effect of vertical cultural transmission can be important (about 30%). On the other hand, simple models based on differential equations can lead to large errors (above 50%). Further physical, biophysical, and cross-disciplinary applications are outlined

Set-up of a method using LC-UV to assay mometasone furoate in pharmaceutical dosage forms

A reliable method using LC-UV to assay mometasone furoate (MF) in creams or nasal sprays using the same chromatographic conditions was set up. Methanol:water 80:20 (v/v) (1.0 mL min-1) was used as mobile phase. MF was detected at 248 nm and analyzed in a concentration range from 1.0 to 20.0 µg mL-1. The method provided acceptable theoretical plates, peak simmetry, peak tailing factor and peak resolution a short run (5 min). The method showed specificity, good linearity (r = 0.9999) and the quantification limit was 0.379 µg mL-1. Furthermore, the method was precise (RSD < 2.0%), accurate (recovery > 97%) and robust.

Certified reference material to water content determination in bioethanol fuel

Bioethanol is a strategic biofuel in Brazil. Thus, a strong metrological basis for its measurements is required to ensure the quality and promote its exportation. Recently, Inmetro certified a reference material for water content in bioethanol. This paper presents the results of these studies. The characterization, homogeneity, short-term stability and long-term stability uncertainty contributions values were 0.00500, 0.0166, 0.0355 and 0.0391 mg g-1, respectively. The certificated value for water content of bioethanol fuel was (3.65 ± 0.11) mg g-1. This CRM is the first and up to now the unique in the world.

Rahoitusvälineiden markkinat -direktiivin (MiFID) vaikutukset sijoituspalvelun tarjoajan velvollisuuksiin ja sijoittajansuojaan

Tutkielmassa selvitetään rahoitusvälineiden markkinat -direktiivin vaikutuksia sijoituspalvelun tarjoajan velvollisuuksiin ja sijoittajansuojaan oikeusdogmaattisen metodin avulla. Tutkielmassa pyritään vastaamaan seuraaviin kysymyksiin: 1) Millainen merkitys MIFID-direktiivillä on Euroopan unionin rahoitusmarkkinoiden integraatiolle? 2) Mitä velvollisuuksia sijoituspalvelun tarjoajalla on MiFID-direktiivin implementoinnin jälkeen? 3) Millainen sijoittajansuoja on MiFID-direktiivin seurauksena? 4) Mitä mahdollisia puutteita sijoittajansuojassa on, ja miten säädäntöä tulisi kehittää? MiFID-direktiivi edistää merkittävästi EU:n rahoitusmarkkinoiden integrointia. MiFID helpottaa pääomien ja sijoituspalvelujen liikkuvuutta jäsenvaltioiden rajojen yli. Sijoituspalvelun tarjoajan menettelytapavelvollisuudet ovat lisääntyneet, minkä johdosta sijoittajansuoja on parantunut. Etenkin direktiivin selonotto- ja tiedonantovelvollisuus aiheuttavat transaktiokustannuksia, mutta vähentävät toisaalta palvelun tarjoajan ja asiakkaan välistä neoklassista oikeustaloustieteellistä informaation epäsymmetriaa. Selonottovelvollisuuden sääntelyä EU:ssa kehitettäessä tulee kansallisia menettelytapoja yhdenmukaistaa. Kun palvelun tarjoajat täyttävät tiedonantovelvollisuuttaan, ei-ammattimaiset asiakkaat saattavat joutua informaatiotulvaan, josta jotkut eivät kykene erottamaan merkityksellisiä tietoja. Menettelytapojen nykyinen paras toteutus -velvollisuus on tulkinnanvarainen. Sijoitusneuvontaa koskee päämies–agentti-teorian mukainen valvontaongelma, minkä takia palvelun tarjoajan ja sijoittajan intressit tulisi säädännön avulla saada nykyistä yhteneväisemmiksi. MiFIDin säädökset eivät välttämättä johda ei-ammattimaisten asiakkaiden saaman informaation optimaaliseen allokointiin eivätkä informaatiokustannusten tehokkaaseen kohdistumiseen. Monimutkaisten rahoitusinstrumenttien käsitettä tulisi tarkentaa ja kyseisiä tuotteita tarjota ainoastaan ammattimaisille asiakkaille ja hyväksyttäville vastapuolille. Sijoittajansuojaa lisäisi heterogeenisen ei-ammattimaisten asiakkaiden ryhmän jako informaatiotarpeeseen perustuviin alaryhmiin, jotta eri asiakasryhmille voitaisiin tarjota heidän tarvitsemansa palvelu nykyistäkin kohdentuvammin. Tulisi selvittää, pitäisikö varoitus pääoman menettämisestä merkitä niihin sijoitustuotteisiin, joita riski koskee. Yhteinen eurooppalainen valvontaorganisaatio ilmeisesti voimistaisi rahoitusmarkkinoiden transparenssia, toimivuutta ja sijoittajansuojaa.