Open-economy central banking: Explaining Australia's recommitment to central bank independence

Why do governments offload major instruments such as monetary policy to an independent central bank? This article answers this question in relation to the Australian case, a case which reflects wider global developments. The article challenges the methodology of quantitative approaches to explaining central bank independence and instead argues that a model of 'embedded statism' is the most fruitful explanatory approach.

Intramolecular electronic energy transfer in bichromophoric macrocyclic complexes

Efficient intramolecular electronic energy transfer (EET) has been demonstrated for three novel bichromophoric compounds utilizing a macrocyclic spacer as the bridge between the electronic energy donor and acceptor fragments. As their free base forms, emission from the electronically excited donor is absent and the acceptor emission is reductively quenched via photoinduced oxidation of proximate amine lone pairs. As their Zn(II) complexes, excitation of the donor results in sensitization of the electronic acceptor emission.

The Limits of Rational Choice: New Institutionalism in the Test Bed of Central Banking Politics in Australia

This paper tests the explanatory capacities of different versions of new institutionalism by examining the Australian case of a general transition in central banking practice and monetary politics: namely, the increased emphasis on low inflation and central bank independence. Standard versions of rational choice institutionalism largely dominate the literature on the politics of central banking, but this approach (here termed RC1) fails to account for Australian empirics. RC1 has a tendency to establish actor preferences exogenously to the analysis; actors' motives are also assumed a priori; actor's preferences are depicted in relatively static, ahistorical terms. And there is the tendency, even a methodological requirement, to assume relatively simple motives and preference sets among actors, in part because of the game theoretic nature of RC1 reasoning. It is possible to build a more accurate rational choice model by re-specifying and essentially updating the context, incentives and choice sets that have driven rational choice in this case. Enter RC2. However, this move subtly introduces methodological shifts and new theoretical challenges. By contrast, historical institutionalism uses an inductive methodology. Compared with deduction, it is arguably better able to deal with complexity and nuance. It also utilises a dynamic, historical approach, and specifies (dynamically) endogenous preference formation by interpretive actors. Historical institutionalism is also able to more easily incorporate a wider set of key explanatory variables and incorporate wider social aggregates. Hence, it is argued that historical institutionalism is the preferred explanatory theory and methodology in this case.

Rates of electronic energy transfer in conformationally flexible bichromophoric macrocyclic complexes: a combined experimental and molecular modeling study

Electronic energy transfer (EET) rate constants between a naphthalene donor and anthracene acceptor in [ZnL4a](ClO4)(2) and [ZnL4b](ClO4)(2) were determined by time-resolved fluorescence where L-4a and L-4b are the trans and cis isomers of 6-((anthracen-9-yl-methyl)amino)-6,13-dimethyl-13-((naphthalen-1-yl-methyl)amino)-1,4,8,11-tetraazacyclotetradecane, respectively. These isomers differ in the relative disposition of the appended chromophores with respect to the macrocyclic plane. The trans isomer has an energy transfer rate constant (k(EET)) of 8.7 x 10(8) s(-1), whereas that of the cis isomer is significantly faster (2.3 x 10(9) s(-1)). Molecular modeling was used to determine the likely distribution of conformations in CH3CN solution for these complexes in an attempt to identify any distance or orientation dependency that may account for the differing rate constants observed. The calculated conformational distributions together with analysis by H-1 NMR for the [ZnL4a](2+) trans complex in the common trans-III N-based isomer gave a calculated Forster rate constant close to that observed experimentally. For the [ZnL4b](2+) cis complex, the experimentally determined rate constant may be attributed to a combination of trans-Ill and trans-I N-based isomeric forms of the complex in solution.

Factores determinantes do nível de divulgação sobre instrumentos derivados de acordo com as recomendações do Basel Committee on Banking Supervision e da Organisation of Securities Commissions - evidência empírica no sector bancário português

Este estudo analisa o nível de divulgação sobre instrumentos derivados e seus factores determinantes nas entidades bancárias portuguesas. Para o efeito, foi utilizado um índice de divulgação, baseado nas recomendações emitidas pelo Basel Committee on Banking Supervision e pela Organisation of Securities Commissions, e analisados os Relatórios & Contas anuais, individuais, relativos a 2009. Conclui-se que o número de empresas que apresenta informação sobre a utilização de instrumentos derivados é bastante elevado, mas o valor médio de divulgação apresentado é bastante reduzido. Identificam-se, como factores determinantes do nível de divulgação, o tamanho da empresa, a qualidade do auditor externo e o facto de a empresa ter procedido a um aumento de capital durante o exercício económico em análise.

Grau de cumprimento com as recomendações do Basel Committee on Banking Supervision e da Organisation of Securities Commissions, sobre divulgação de informação relacionada com instrumentos derivados - evidência empírica no sector bancário português

This study analyzes the level of disclosure on derivatives, in accordance with the recommendations issued by the Basel Committee on Banking Supervision and the Organization of Securities Commission, by Portuguese banks. We have analyzed individual annual reports related to 2009, using a disclosure index based on those recommendations. We concluded that the number of companies that provides information about derivative instruments is quite high, but the average value of disclosure is very low. The information disclosed more frequently is that related to general aspects, followed by information related to accounting and valuation methods.

Estudo do grau de cumprimento com as recomendações do Basel Committee on Banking Supervision e da Organisation of Securities Commissions, sobre divulgação de informação relacionada com instrumentos derivados, pelas entidades portuguesas pertencentes ao sector bancário

Este estudo analisa o nível de divulgação sobre instrumentos derivados, de acordo com as recomendações emitidas pelo Basel Committee on Banking Supervision e pela Organisation of Securities Commissions, pelas entidades bancárias portuguesas. Para o efeito, foi utilizado um índice de divulgação e analisados os Relatórios & Contas anuais, individuais, relativos a 2009. Conclui-se que o número de empresas que apresenta informação sobre a utilização de instrumentos derivados é bastante elevado, mas o valor médio de divulgação apresentado é bastante reduzido. A informação mais divulgada é a relativa a informações gerais, seguida da informação relacionada com contabilidade e métodos de avaliação.

Global banking: origins and evolution

This article reviews the origins and evolution of global banking and addresses the emerging patterns for the year 2000 and beyond.