What distinguishes the euro crisis from a ‘normal’ financial crisis? CEPS Commentary, 6 November 2012

This Commentary attempts to discern the distinguishing features between the present euro crisis and the financial crisis brought on in the US by the subprime lending disaster and the ensuing collapse of banks and other financial institutions in 2007-08. It finds that whereas the US was able to bring its crisis to an end by socialising the dubious debt and stabilising its valuation so that it could migrate to other investors capable of bearing the risk, this pattern can be only partly repeated in the eurozone, where both debt socialisation and a return to normal risk assessment are more problematic.. It concludes, nevertheless, that the crisis should now abate somewhat given that most risk-averse institutions have by now sold their holdings of peripheral countries’ sovereign debt and especially in light of the ECB’s assurances that it will not allow the euro to disintegrate.

Prediction leaching of potassium using the convective-dispersive and the convective log-normal transfer function models

There is increasing concern about soil enrichment with K+ and subsequent potential losses following long-term application of poor quality water to agricultural land. Different models are increasingly being used for predicting or analyzing water flow and chemical transport in soils and groundwater. The convective-dispersive equation (CDE) and the convective log-normal transfer function (CLT) models were fitted to the potassium (K+) leaching data. The CDE and CLT models produced equivalent goodness of fit. Simulated breakthrough curves for a range of CaCl2 concentration based on parameters of 15 mmol l(-1) CaCl2 were characterised by an early peak position associated with higher K+ concentration as the CaCl2 concentration used in leaching experiments decreased. In another method, the parameters estimated from 15 mmol l(-1) CaCl2 solution were used for all other CaCl2 concentrations, and the best value of retardation factor (R) was optimised for each data set. A better prediction was found. With decreasing CaCl2 concentration the value of R is required to be more than that measured (except for 10 mmol l(-1) CaCl2), if the estimated parameters of 15 mmol l(-1) CaCl2 are used. The two models suffer from the fact that they need to be calibrated against a data set, and some of their parameters are not measurable and cannot be determined independently.

The diurnal course of soil moisture as measured by various dielectric sensors: Effects of soil temperature and the implications for evaporation estimates

Soil moisture content, theta, of a bare and vegetated UK gravelly sandy loam soil (in situ and repacked in small lysimeters) was measured using various dielectric instruments (single-sensor ThetaProbes, multi-sensor Profile Probes, and Aquaflex Sensors), at depths ranging between 0.03 and I m, during the summers of 2001 (in situ soil) and 2002 (mini-lysimeters). Half-hourly values of evaporation, E, were calculated from diurnal changes in total soil profile water content, using the soil water balance equation. For the bare soil field, Profile Probes and ML2x ThetaProbes indicated a diurnal course of theta that did not concur with typical soil physical observations: surface layer soil moisture content increased from early morning until about midday, after which theta declined, generally until the early evening. The unexpected course of theta was positively correlated to soil temperature, T-s, also at deeper depths. Aquaflex and ML1 ThetaProbe (older models) outputs, however, reflected common observations: 0 increased slightly during the night (capillary rise) and decreased from the morning until late afternoon (as a result of evaporation). For the vegetated plot, the spurious diurnal theta fluctuations were less obvious, because canopy shading resulted in lower amplitudes of T-s. The unrealistic theta profiles measured for the bare and vegetated field sites caused diurnal estimates of E to attain downward daytime and upward night-time values. In the mini-lysimeters, at medium to high moisture contents, theta values measured by (ML2x) ThetaProbes followed a relatively realistic course, and predictions of E from diurnal changes in vertically integrated theta generally compared well with lysimeter estimates of E. However, time courses of theta and E became comparable to those observed for the field plots when the soil in the lysimeters reached relatively low values of theta. Attempts to correct measured theta for fluctuations in T, revealed that no generally applicable formula could be derived. (c) 2005 Elsevier B.V. All rights reserved.

Simulated global-mean sea level changes over the last half-millennium

Simulations of the last 500 yr carried out using the Third Hadley Centre Coupled Ocean-Atmosphere GCM (HadCM3) with anthropogenic and natural (solar and volcanic) forcings have been analyzed. Global-mean surface temperature change during the twentieth century is well reproduced. Simulated contributions to global-mean sea level rise during recent decades due to thermal expansion (the largest term) and to mass loss from glaciers and ice caps agree within uncertainties with observational estimates of these terms, but their sum falls short of the observed rate of sea level rise. This discrepancy has been discussed by previous authors; a completely satisfactory explanation of twentieth-century sea level rise is lacking. The model suggests that the apparent onset of sea level rise and glacier retreat during the first part of the nineteenth century was due to natural forcing. The rate of sea level rise was larger during the twentieth century than during the previous centuries because of anthropogenic forcing, but decreasing natural forcing during the second half of the twentieth century tended to offset the anthropogenic acceleration in the rate. Volcanic eruptions cause rapid falls in sea level, followed by recovery over several decades. The model shows substantially less decadal variability in sea level and its thermal expansion component than twentieth-century observations indicate, either because it does not generate sufficient ocean internal variability, or because the observational analyses overestimate the variability.

Eddy current testing system with scanning probe head having parallel and normal sensing coils

An eddy current testing system consists of a multi-sensor probe, a computer and a special expansion card and software for data-collection and analysis. The probe incorporates an excitation coil, and sensor coils; at least one sensor coil is a lateral current-normal coil and at least one is a current perturbation coil.

Eddy current testing program with scanning probe head having parallel and normal sensing coils

An eddy current testing system consists of a multi-sensor probe, computer and a special expansion card and software for data collection and analysis. The probe incorporates an excitation coil, and sensor coils; at least one sensor coil is a lateral current-normal coil and at least one is a current perturbation coil.

The elliptic sine-Gordon equation in a half plane

We consider boundary value problems for the elliptic sine-Gordon equation posed in the half plane y > 0. This problem was considered in Gutshabash and Lipovskii (1994 J. Math. Sci. 68 197–201) using the classical inverse scattering transform approach. Given the limitations of this approach, the results obtained rely on a nonlinear constraint on the spectral data derived heuristically by analogy with the linearized case. We revisit the analysis of such problems using a recent generalization of the inverse scattering transform known as the Fokas method, and show that the nonlinear constraint of Gutshabash and Lipovskii (1994 J. Math. Sci. 68 197–201) is a consequence of the so-called global relation. We also show that this relation implies a stronger constraint on the spectral data, and in particular that no choice of boundary conditions can be associated with a decaying (possibly mod 2π) solution analogous to the pure soliton solutions of the usual, time-dependent sine-Gordon equation. We also briefly indicate how, in contrast to the evolutionary case, the elliptic sine-Gordon equation posed in the half plane does not admit linearisable boundary conditions.

Spectral functions of half-filled one-dimensional Hubbard rings with varying boundary conditions

We study the effect of varying the boundary condition on: the spectral function of a finite one-dimensional Hubbard chain, which we compute using direct (Lanczos) diagonalization of the Hamiltonian. By direct comparison with the two-body response functions and with the exact solution of the Bethe ansatz equations, we can identify both spinon and holon features in the spectra. At half-filling the spectra have the well-known structure of a low-energy holon band and its shadow-which spans the whole Brillouin zone-and a spinon band present for momenta less than the Fermi momentum. Features related to the twisted boundary condition are cusps in the spinon band. We show that the spectral building principle, adapted to account for both the finite system size and the twisted boundary condition, describes the spectra well in terms of single spinon and holon excitations. We argue that these finite-size effects are a signature of spin-charge separation and that their study should help establish the existence and nature of spin-charge separation in finite-size systems.