Financing Small and Medium Enterprises in Myanmar

Small and medium enterprises (SMEs) share the biggest part in Myanmar economy in terms of number, contribution to employment, output, and investment. Myanmar economic growth is thus totally dependent on the development of SMEs in the private sector. Today, the role of SMEs has become more vital in strengthening national competitive advantage and the speedy economic integration into the ASEAN region. However, studies show that SMEs have to deal with a number of constraints that hinder their development potential, such as the shortage in power supply, unavailability of long-term credit from external sources and many others. Among them, the financing problem of SMEs is one of the biggest constraints. Such is deeply rooted in demand and supply issues, macroeconomic fundamentals, and lending infrastructure of the country. The government’s policy towards SMEs could also lead to insufficient support for the SMEs. Thus, focusing on SMEs and private sector development as a viable strategy for industrialization and economic development of the country is a fundamental requirement for SME development. This paper recommends policies for stabilizing macro economic fundamentals, improving lending infrastructures of the country and improving demand- and supply-side conditions from the SMEs financing perspective in order to provide a more accessible financing for SMEs and to contribute in the overall development of SMEs in Myanmar thereby to sharpen national competitive advantage in the age of speedy economic integration.

Effect of wheat inclusion and xylanase supplementation of the diet on intestinal enzyme activity, nutrient retention and performance in laying hen from 25 to 47 wks of age

A trial was conducted to examine the effects of increasing levels of wheat in the diet and xylanase (ES) supplementation on nitrogen and ether extract retention, pH of the GIT, productive performance from 25 to 47 wks of age, and enzyme activity at the small intestine level. The basal diets (from 25 to 33 wks and from 33 to 47 wks) consisted of soybean meal and corn, and the wheat was introduced in the experimental diets at expenses of corn, primarily.

O Botafumeiro: parametric pumping in the Middle Age

The pendular motion of a giant censer (O Botafumeiro) that hangs in the transept of the cathedral of Santiago de Compostela, and is cyclically pumped by men who pull at the supporting rope, is analyzed. Maximum angular amplitude attainable, and number of cycles and time needed to attain it, are calculated; the results agree with observed values (~ 82°, ~ 17 cycles, ~ 80 seconds) to the few percent accuracy of both the analysis and the observations and parameter measurements. The energy gain in a pumping cycle is obtained for an arbitrary pumping procedure to two orders in the small fractional change of pendular length; the relevance of the ratio (characteristic radial acceleration during pumping)/g to the gain is discussed- Effects due to rope mass, air drag on both Censer and rope, and the fact that the Censer is not a point mass, are considered. If the pumping cycle is inverted once the maximum amplitude has been attained, the Censer could be swiftly brought to rest, avoiding the usual violent stop. Historically recorded accidents, rope shape, and the influence of relevant parameters on the motion are discussed.

Fishing effort control regulations influence on stability, safety and operability of small fishing vessels: study of a series of stability related accidents occurred in Spain between 2004 and 2007

Entre los años 2004 y 2007 se hundieron por problemas de estabilidad cinco pesqueros españoles de pequeña eslora, de características parecidas, de relativamente poca edad, que habían sido construidos en un intervalo de pocos años. La mayoría de los tripulantes de esos pesqueros fallecieron o desaparecieron en esos accidentes. Este conjunto de accidentes tuvo bastante repercusión social y mediática. Entre ingenieros navales y marinos del sector de la pesca se relacionó estos accidentes con los condicionantes a los diseños de los pesqueros impuestos por la normativa de control de esfuerzo pesquero. Los accidentes fueron investigados y publicados sus correspondientes informes; en ellos no se exploró esta supuesta relación. Esta tesis pretende investigar la relación entre esos accidentes y los cambios de la normativa de esfuerzo pesquero. En la introducción se expone la normativa de control de esfuerzo pesquero analizada, se presentan datos sobre la estructura de la flota pesquera en España y su accidentalidad, y se detallan los criterios de estabilidad manejados durante el trabajo, explicando su relación con la seguridad de los pesqueros. Seguidamente se realiza un análisis estadístico de la siniestralidad en el sector de la pesca para establecer si el conjunto de accidentes estudiados supone una anomalía, o si por el contrario el conjunto de estos accidentes no es relevante desde el punto de vista estadístico. Se analiza la siniestralidad a partir de diversas bases de datos de buques pesqueros en España y se concluye que el conjunto de accidentes estudiados supone una anomalía estadística, ya que la probabilidad de ocurrencia de los cinco sucesos es muy baja considerando la frecuencia estimada de pérdidas de buques por estabilidad en el subsector de la flota pesquera en el que se encuadran los cinco buques perdidos. A continuación el trabajo se centra en la comparación de los buques accidentados con los buques pesqueros dados de baja para construir aquellos, según exige la normativa de control de esfuerzo pesquero; a estos últimos buques nos referiremos como “predecesores” de los buques accidentados. Se comparan las dimensiones principales de cada buque y de su predecesor, resultando que los buques accidentados comparten características de diseño comunes que son sensiblemente diferentes en los buques predecesores, y enlazando dichas características de diseño con los requisitos de la nueva normativa de control del esfuerzo pesquero bajo la que se construyeron estos barcos. Ello permite establecer una relación entre los accidentes y el mencionado cambio normativo. A continuación se compara el margen con que se cumplían los criterios reglamentarios de estabilidad entre los buques accidentados y los predecesores, encontrándose que en cuatro de los cinco casos los predecesores cumplían los criterios de estabilidad con mayor holgura que los buques accidentados. Los resultados obtenidos en este punto permiten establecer una relación entre el cambio de normativa de esfuerzo pesquero y la estabilidad de los buques. Los cinco buques accidentados cumplían con los criterios reglamentarios de estabilidad en vigor, lo que cuestiona la relación entre esos criterios y la seguridad. Por ello se extiende la comparativa entre pesqueros a dos nuevos campos relacionados con la estabilidad y la seguridad delos buques: • Movimientos a bordo (operatividad del buque), y • Criterios de estabilidad en condiciones meteorológicas adversas El estudio de la operatividad muestra que los buques accidentados tenían, en general, una mayor operatividad que sus predecesores, contrariamente a lo que sucedía con el cumplimiento de los criterios reglamentarios de estabilidad. Por último, se comprueba el desempeño de los diez buques en dos criterios específicos de estabilidad en caso de mal tiempo: el criterio IMO de viento y balance intenso, y un criterio de estabilidad de nueva generación, incluyendo la contribución original del autor de considerar agua en cubierta. Las tendencias observadas en estas dos comparativas son opuestas, lo que permite cuestionar la validez del último criterio sin un control exhaustivo de los parámetros de su formulación, poniendo de manifiesto la necesidad de más investigaciones sobre ese criterio antes de su adopción para uso regulatorio. El conjunto de estos resultados permite obtener una serie de conclusiones en la comparativa entre ambos conjuntos de buques pesqueros. Si bien los resultados de este trabajo no muestran que la aprobación de la nueva normativa de esfuerzo pesquero haya significado una merma general de seguridad en sectores enteros de la flota pesquera, sí se concluye que permitió que algunos diseños de buques pesqueros, posiblemente en busca de la mayor eficiencia compatible con dicha normativa, quedaran con una estabilidad precaria, poniendo de manifiesto que la relación entre seguridad y criterios de estabilidad no es unívoca, y la necesidad de que éstos evolucionen y se adapten a los nuevos diseños de buques pesqueros para continuar garantizando su seguridad. También se concluye que la estabilidad es un aspecto transversal del diseño de los buques, por lo que cualquier reforma normativa que afecte al diseño de los pesqueros o su forma de operar debería estar sujeta a evaluación por parte de las autoridades responsables de la seguridad marítima con carácter previo a su aprobación. ABSTRACT Between 2004 and 2007 five small Spanish fishing vessels sank in stability related accidents. These vessels had similar characteristics, had relatively short age, and had been built in a period of a few years. Most crewmembers of these five vessels died or disappeared in those accidents. This set of accidents had significant social and media impact. Among naval architects and seamen of the fishing sector these accidents were related to the design constraints imposed by the fishing control effort regulations. The accidents were investigated and the official reports issued; this alleged relationship was not explored. This thesis aims to investigate the relationship between those accidents and changes in fishing effort control regulations. In the introduction, the fishing effort control regulation is exposed, data of the Spanish fishing fleet structure and its accident rates are presented, and stability criteria dealt with in this work are explained, detailing its relationship with fishing vessel safety. A statistical analysis of the accident rates in the fishing sector in Spain is performed afterwards. The objective is determining whether the set of accidents studied constitute an anomaly or, on the contrary, they are not statistically relevant. Fishing vessels accident rates is analyzed from several fishing vessel databases in Spain. It is concluded that the set of studied accidents is statistically relevant, as the probability of occurrence of the five happenings is extremely low, considering the loss rates in the subsector of the Spanish fishing fleet where the studied vessels are fitted within. From this point the thesis focuses in comparing the vessels lost and the vessels that were decommissioned to build them as required by the fishing effort control regulation; these vessels will be referred to as “predecessors” of the sunk vessels. The main dimensions between each lost vessel and her predecessor are compared, leading to the conclusion that the lost vessels share design characteristics which are sensibly different from the predecessors, and linking these design characteristics with the requirements imposed by the new fishing control effort regulations. This allows establishing a relationship between the accidents and this regulation change. Then the margin in fulfilling the regulatory stability criteria among the vessels is compared, resulting, in four of the five cases, that predecessors meet the stability criteria with greater clearance than the sunk vessels. The results obtained at this point would establish a relationship between the change of fishing effort control regulation and the stability of vessels. The five lost vessels complied with the stability criteria in force, so the relation between these criteria and safety is put in question. Consequently, the comparison among vessels is extended to other fields related to safety and stability: • Motions onboard (operability), and • Specific stability criteria in rough weather The operability study shows that the lost vessels had in general greater operability than their predecessors, just the opposite as when comparing stability criteria. Finally, performance under specific rough weather stability criteria is checked. The criteria studied are the IMO Weather Criterion, and one of the 2nd generation stability criteria under development by IMO considering in this last case the presence of water on deck, which is an original contribution by the author. The observed trends in these two cases are opposite, allowing to put into question the last criterion validity without an exhaustive control of its formulation parameters; indicating that further research might be necessary before using it for regulatory purposes. The analysis of this set of results leads to some conclusions when comparing both groups of fishing vessels. While the results obtained are not conclusive in the sense that the entry into force of a new fishing effort control in 1998 caused a generalized safety reduction in whole sectors of the Spanish fishing fleet, it can be concluded that it opened the door for some vessel designs resulting with precarious stability. This evidences that the relation between safety and stability criteria is not univocal, so stability criteria needs to evolve for adapting to new fishing vessels designs so their safety is still guaranteed. It is also concluded that stability is a transversal aspect to ship design and operability, implying that any legislative reform affecting ship design or operating modes should be subjected to assessing by the authorities responsible for marine safety before being adopted.

Twentieth century climate change: Evidence from small glaciers

The relation between changes in modern glaciers, not including the ice sheets of Greenland and Antarctica, and their climatic environment is investigated to shed light on paleoglacier evidence of past climate change and for projecting the effects of future climate warming on cold regions of the world. Loss of glacier volume has been more or less continuous since the 19th century, but it is not a simple adjustment to the end of an “anomalous” Little Ice Age. We address the 1961–1997 period, which provides the most observational data on volume changes. These data show trends that are highly variable with time as well as within and between regions; trends in the Arctic are consistent with global averages but are quantitatively smaller. The averaged annual volume loss is 147 mm⋅yr−1 in water equivalent, totaling 3.7 × 103 km3 over 37 yr. The time series shows a shift during the mid-1970s, followed by more rapid loss of ice volume and further acceleration in the last decade; this is consistent with climatologic data. Perhaps most significant is an increase in annual accumulation along with an increase in melting; these produce a marked increase in the annual turnover or amplitude. The rise in air temperature suggested by the temperature sensitivities of glaciers in cold regions is somewhat greater than the global average temperature rise derived largely from low altitude gauges, and the warming is accelerating.

Globular clusters, Hipparcos, and the age of the galaxy

We discuss the impact of the results from the recent Hipparcos astrometric satellite on distance estimates of galactic globular clusters. Recalibrating the clusters not only implies a relatively small change in the distance to the Large Magellanic Cloud, and hence a rescaling of several estimates of the Hubble constant, but also leads to significantly younger cluster ages. Although the data are not yet conclusive, the results so far point to a likely resolution of the apparent paradox of a universe younger than its constituents, without requiring significant modifications to simple cosmological models.

Age-related functional and structural retinal modifications in the Igf1−/− null mouse

Background. Mutations in the gene encoding human insulin-like growth factor-I (IGF-I) cause syndromic neurosensorial deafness. To understand the precise role of IGF-I in retinal physiology, we have studied the morphology and electrophysiology of the retina of the Igf1−/− mice in comparison with that of the Igf1+/− and Igf1+/+ animals during aging. Methods. Serological concentrations of IGF-I, glycemia and body weight were determined in Igf1+/+, Igf1+/− and Igf1−/− mice at different times up to 360 days of age. We have analyzed hearing by recording the auditory brainstem responses (ABR), the retinal function by electroretinographic (ERG) responses and the retinal morphology by immunohistochemical labeling on retinal preparations at different ages. Results. IGF-I levels are gradually reduced with aging in the mouse. Deaf Igf1−/− mice had an almost flat scotopic ERG response and a photopic ERG response of very small amplitude at postnatal age 360 days (P360). At the same age, Igf1+/− mice still showed both scotopic and photopic ERG responses, but a significant decrease in the ERG wave amplitudes was observed when compared with those of Igf1+/+ mice. Immunohistochemical analysis showed that P360 Igf1−/− mice suffered important structural modifications in the first synapse of the retinal pathway, that affected mainly the postsynaptic processes from horizontal and bipolar cells. A decrease in bassoon and synaptophysin staining in both rod and cone synaptic terminals suggested a reduced photoreceptor output to the inner retina. Retinal morphology of the P360 Igf1+/− mice showed only small alterations in the horizontal and bipolar cell processes, when compared with Igf1+/+ mice of matched age. Conclusions. In the mouse, IGF-I deficit causes an age-related visual loss, besides a congenital deafness. The present results support the use of the Igf1−/− mouse as a new model for the study of human syndromic deaf-blindness.

The Iron Age landscape of Alcoi Valley, eastern Iberia: Agricultural intensification and sociopolitical dynamics

New archaeological survey data are combined with previous evidence to examine the rural landscape during the Iberian Iron Age in the Valencia region of eastern Spain. One goal was to understand the settlement pattern and agricultural intensification through manuring. The second objective was to address the socioeconomic aspects of changes in the landscape. It is possible to trace the emergence of a hierarchical settlement pattern in the Iberian Iron Age in which large fortified settlements carried out the most important functions of control and exploitation of the territory, extending their authority over small rural villages and farmsteads. This pattern is associated with the complex socioeconomic structures and political organization of early Iberian states.

The Gaia-ESO Survey: radial metallicity gradients and age-metallicity relation of stars in the Milky Way disk

We study the relationship between age, metallicity, and α-enhancement of FGK stars in the Galactic disk. The results are based upon the analysis of high-resolution UVES spectra from the Gaia-ESO large stellar survey. We explore the limitations of the observed dataset, i.e. the accuracy of stellar parameters and the selection effects that are caused by the photometric target preselection. We find that the colour and magnitude cuts in the survey suppress old metal-rich stars and young metal-poor stars. This suppression may be as high as 97% in some regions of the age-metallicity relationship. The dataset consists of 144 stars with a wide range of ages from 0.5 Gyr to 13.5 Gyr, Galactocentric distances from 6 kpcto 9.5 kpc, and vertical distances from the plane 0 < |Z| < 1.5 kpc. On this basis, we find that i) the observed age-metallicity relation is nearly flat in the range of ages between 0 Gyr and 8 Gyr; ii) at ages older than 9 Gyr, we see a decrease in [Fe/H] and a clear absence of metal-rich stars; this cannot be explained by the survey selection functions; iii) there is a significant scatter of [Fe/H] at any age; and iv) [Mg/Fe] increases with age, but the dispersion of [Mg/Fe] at ages >9 Gyr is not as small as advocated by some other studies. In agreement with earlier work, we find that radial abundance gradients change as a function of vertical distance from the plane. The [Mg/Fe] gradient steepens and becomes negative. In addition, we show that the inner disk is not only more α-rich compared to the outer disk, but also older, as traced independently by the ages and Mg abundances of stars.

The European Central Bank in the age of banking union. Bruegel Policy Contribution 2013/13, 1 October 2013

During the crisis the European Central Bank’s roles have been greatly extended beyond its price stability mandate. In addition to the primary objective of price stability and the secondary objective of supporting EU economic policies, we identify ten new tasks related to monetary policy and financial stability. We argue that there are three main constraints on monetary policy: fiscal dominance, financial repercussions and regional divergences. By assessing the ECB’s tasks in light of these constraints, we highlight a number of synergies between these tasks and the ECB’s primary mandate of price stability. But we highlight major conflicts of interest related to the ECB’s participation in financial assistance programmes. We also underline that the ECB’s government bond purchasing programmes have introduced the concept of ‘monetary policy under conditionality’, which involves major dilemmas. A solution would be a major change towards a US-style system, in which state public debts are small, there are no federal bail-outs for states, the central bank does not purchase state debt and banks do not hold state debt. Such a change is unrealistic in the foreseeable future.

Stratospheric age of air variations between 1600 and 2100

The current understanding of preindustrial stratospheric age of air (AoA), its variability, and the potential natural forcing imprint on AoA is very limited. Here we assess the influence of natural and anthropogenic forcings on AoA using ensemble simulations for the period 1600 to 2100 and sensitivity simulations for different forcings. The results show that from 1900 to 2100, CO₂ and ozone-depleting substances are the dominant drivers of AoA variability. With respect to natural forcings, volcanic eruptions cause the largest AoA variations on time scales of several years, reducing the age in the middle and upper stratosphere and increasing the age below. The effect of the solar forcing on AoA is small and dominated by multidecadal total solar irradiance variations, which correlate negatively with AoA. Additionally, a very weak positive relationship driven by ultraviolett variations is found, which is dominant for the 11 year cycle of solar variability.

(Table 1) Age and depth of reflectors of the 3.5-kHz and airgun seismic record and their corresponding depth of ash layers, carbonate peaks, and transition zones from DSDP Hole 83-504B

DSDP cores from areas of low (Site 505) and high heat flow (Site 504 B) near the Costa Rica Rift, together with seismic profiles from the Panama Basin, have been studied to determine the relationship between: (1) carbonate content and physical and acoustic properties; and (2) carbonate content, carbonate diagenesis and acoustic stratigraphy. Except for ash and chert layers, bulk density correlates strongly and linearly with carbonate content. Velocity is uniform downcore and only small variations at a small scale are measured. Thus an abrupt change in carbonate content will cause abrupt changes in acoustic impedance and should cause reflectors that can be detected acoustically. A comparison of seismic profiler reflection records with physical properties, carbonate content and reflection coefficients indicates that the main reflectors can be identified with ash layers, diagenetic boundaries, and carbonate content variations. Diagenesis of carbonate sediments is present at Site 504B in a 260 m-thick ooze-chalk-limestone/chert sequence. These diagenetic sequences occur in areas of higher heat flow (200 mW/m**2). Seismic profiler records can be used to map the extent and depth of these diagenetic boundaries.

Marine ice-rafted debris records and age determinations along the northern Eurasian margin

Ice-rafted debris (IRD) (>2 mm), input in eight sediment cores along the Eurasian continental margin (Arctic Ocean), have been studied over the last two glacial/interglacial cycles. Together with the revised chronologies and new micropaleontological data of two cores from the northern Barents Sea (PS2138) and northeastern Kara Sea (PS2741) spanning Marine Isotope Stages (MIS) 6 to 1, the IRD data give new insights into the glacial history of northern Eurasian ice-sheets over the last 150 ka. The chronologies of the cores are based on stable isotope records, AMS 14C datings, paleomagnetic and biostratigraphic data. Extensive episodes of northern Barents Sea ice-sheet growth, probably to the shelf edge, occurred during the late Weichselian (MIS 2) and the Saalian (MIS 6). Major IRD discharge at the MIS 4/3-transition hints to another severe glaciation, probably onto the outer shelf, during MIS 4. IRD-based instabilities of the marine-based ice margin along the northern Barents Sea between MIS 4 and 2 are similar in timing with North Atlantic Heinrich events and Nordic Seas IRD events, suggesting similar atmospheric cooling over a broad region or linkage of ice-sheet fluctuations through small sea-level events. In the relatively low-precipitation areas of eastern Eurasia, IRD peak values during Termination II and MIS 4/3-transition suggest a Kara Sea ice-sheet advance onto the outer shelf, probably to the shelf edge, during glacial MIS 6 and 4. This suggests that during the initial cooling following the interglacials MIS 5, and possibly MIS 7, the combined effect of sustained inflow of Atlantic water into the Arctic Ocean and penetration of moisture-bearing cyclones into easterly direction supported major ice build-up during Saalian (MIS 6) and Mid-Weichselian (MIS 4) glaciation. IRD peak values in MIS 5 indicate at least two advances of the Severnaya Semlya ice-sheet to the coast line during the Early Weichselian. In contrast, a distinct Kara Sea ice advance during the Late Weichselian (MIS 2) is not documented by the IRD records along the northeastern Kara Sea margin.

Age determination of three sediment cores

A total of five sediment cores from three sites, the Arctic Ocean, the Fram Strait and the Greenland Sea, yielded evidence for geomagnetic reversal excursions and associated strong lows in relative palaeointensity during oxygen isotope stages 2 and 3. A general similarity of the obtained relative palaeointensity curves to reference data can be observed. However, in the very detail, results from this high-resolution study differ from published records in a way that the prominent Laschamp excursion is clearly characterized by a significant field recovery when reaching the steepest negative inclinations, whereas only the N-R and R-N transitions are associated with the lowest values. Two subsequent excursions also reach nearly reversed inclinations but without any field recovery at that state. A total of 41 accelerator mass spectrometry (AMS) 14C ages appeared to allow a better age determination of these three directional excursions and related relative palaeointensity variations. However, although the three sites yielded more or less consistent chronological as well as palaeomagnetic results a comparison to another site, PS2644 in the Iceland Sea, revealed significant divergences in the ages of the geomagnetic field excursions of up to 4 ka even on basis of uncalibrated AMS 14C ages. This shift to older 14C ages cannot be explained by a time-transgressive character of the excursions, because the distance between the sites is small when compared with the size of and the distance to the geodynamo in the Earth's outer core. The most likely explanation is a difference of reservoir ages and/or mixing with old 14C-depleted CO2 from glacier ice expelled from Greenland at site PS2644.

(Table 2) Depth-age control points of ODP Site 177-1090

At Ocean Drilling Program (ODP) Site 1090 on the Agulhas Ridge (subantarctic South Atlantic) benthic foraminiferal stable isotope records span the late Oligocene through the early Miocene (25~16 Ma) at a temporal resolution of ?10 kyr. In the same time interval a magnetic polarity stratigraphy can be unequivocally correlated to the geomagnetic polarity timescale (GPTS), thereby providing secure correlation of the isotope record to the GPTS. On the basis of the isotope-magnetostratigraphic correlation we provide refined age calibration of established oxygen isotope events Mi1 through Mi2 as well as several other distinctive isotope events. Our data suggest that the d18O maximum commonly associated with the Oligocene/Miocene (O/M) boundary falls within C6Cn.2r (23.86 Ma). The d13C maximum coincides, within the temporal resolution of our record, with C6Cn.2n/r boundary and hence to the O/M boundary. Comparison of the stable isotope record from ODP Site 1090 to the orbitally tuned stable isotope record from ODP Site 929 across the O/M boundary shows that variability in the two records is very similar and can be correlated at and below the O/M boundary. Site 1090 stable isotope records also provide the first deep Southern Ocean end-member for reconstructions of circulation patterns and late Oligocene to early Miocene climate change. Comparison to previously published records suggests that basin to basin carbon isotope gradients were small or nonexistent and are inconclusive with respect to the direction of deep water flow. Oxygen isotope gradients between sites suggest that the deep Southern Ocean was cold in comparison to the North Atlantic, Indian, and the Pacific Oceans. Dominance of cold Southern Component Deep Water at Site 1090, at least until 17 Ma, suggests that relatively cold circumpolar climatic conditions prevailed during the late Oligocene and early Miocene. We believe that a relatively cold Southern Ocean reflects unrestricted circumpolar flow through the Drake Passage in agreement with bathymetric reconstructions.