How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (‘light-touch’) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — i.e., by investors who have incentives to interpret information in a biased fashion in a systematic way. Thus, ‘fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in (excessively) ‘friendly-regulated’ and over-liquid financial market to learn from previous mistakes seems rather limited.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.

Novel zero-current-switching PWM converters

This paper presents a new family of pulsewidth-modulated (PWM) converters, featuring soft commutation of the semiconductors at zero current (ZC) in the transistors and zero voltage (ZV) in the rectifiers, Besides operating at constant frequency and with reduced commutation losses, these new converters have output characteristics similar to the hard-switching-PWM counterpart, which means that there is no circulating reactive energy that would cause large conduction losses, the new family of zero-current-switching (ZCS)-PWM converters is suitable for high-power applications using insulated gate bipolar transistors (IGBT's). The advantages of the new ZCS-PWM boast converter employing IGBT's, rated at 1.6 kW and operating at 20 kHz, are presented, This new ZCS operation can reduce the average total power dissipation in the semiconductors practically by half, when compared with the hard-switching method, This new ZCS-PWM boost converter is suitable for high-power applications using Ie;BT's in power-factor correction, the principle of operation, theoretical analysis, and experimental results of the new ZCS-PWM boost converter are provided in this paper to verify the performance of this new family of converters.

Alternative proposal for Modal Representation of a Non-transposed Three-Phase Transmission Line with a Vertical Symmetry Plane

The objective of this paper is to show an alternative representation in time domain of a non-transposed three-phase transmission line decomposed in its exact modes by using two transformation matrices. The first matrix is Clarke's matrix that is real, frequency independent, easily represented in computational transient programs (EMTP) and separates the line into quasi-modes a, b and zero. After that, Quasi-modes a and zero are decomposed into their exact modes by using a modal transformation matrix whose elements can be synthesized in time domain through standard curve-fitting techniques. The main advantage of this alternative representation is to reduce the processing time because a frequency dependent modal transformation matrix of a three-phase line has nine elements to be represented in time domain while a modal transformation matrix of a two-phase line has only four elements. This paper shows modal decomposition process and eigenvectors of a non-transposed three-phase line with a vertical symmetry plane whose nominal voltage is 440 kV and line length is 500 km.

Rapid prototyping and inclined plane technique in the treatment of maxillofacial malformations in a fox

An approximately 9-month-old fox (Pseudalopex ventulus) was presented With malocclusion and deviation of the lower jaw to the right side. Orthodontic treatment was performed using the inclined plane technique. Virtual 3D models and prototypes of the head were based on computed tomography (CT) image data to assist in diagnosis and treatment.

Left-right asymmetry and minimal coupling

In this paper we deal with an alternative approach to the description of massless particles of arbitrary spin. Within this scheme chiral components of a spinor field are regarded as fundamental quantities and treated as independent field variables. The free field Lagrangian is built up from the requirement of chiral invariance; This formulation is parallel to the neutrino theory and allows for a formulation that generalizes, to particles of arbitrary spin, the two-component neutrino theory. We achieve a spinor formulation of electrodynamics. In the case of the photon, the nonzero helicity components satisfy Weyl's equations and are associated to observables (electromagnetic fields) whereas the zero helicity components are related to nonobservables (electromagnetic potentials). Within the spinor formulation of electrodynamics the minimal coupling substitution follows as a consequence of the linearity of the interaction and the preference of nature for chiral components, that is, of the left-right asymmetry of nature. (C) 1996 American Institute of Physics.

An alternative procedure to decrease the dimension of the frequency dependent modal transformation matrices: Application in three-phase transmission lines with a vertical symmetry plane

The objective of this paper is to show an alternative representation in time domain of a non-transposed three-phase transmission line decomposed in its exact modes by using two transformation matrices. The first matrix is Clarke's matrix that is real, frequency independent, easily represented in computational transient programs (EMTP) and separates the line into Quasi-modes α, β and zero. After that, Quasi-modes α and zero are decomposed into their exact modes by using a modal transformation matrix whose elements can be synthesized in time domain through standard curve-fitting techniques. The main advantage of this alternative representation is to reduce the processing time because a frequency dependent modal transformation matrix of a three-phase line has nine elements to be represented in time domain while a modal transformation matrix of a two-phase line has only four elements. This paper shows modal decomposition process and eigenvectors of a non-transposed three-phase line with a vertical symmetry plane whose nominal voltage is 440 kV and line length is 500 km. © 2006 IEEE.

Adolescents and the right to education

The inalienable right of all people to education is enshrined in various international covenants, conventions and agreements, yet the actual fulfilment of this right varies in quantity and quality from one country to the other. On average, the compulsory length of schooling in the countries of the region is 10 years. Half of these countries have already made all secondary education mandatory, which is eminently reasonable since it is commonly accepted as a minimum threshold for lifelong well-being and skills-building. The main article in this edition of Challenges discusses this subject in depth, and shows how far behind we are in ensuring that all adolescents have access to the education to which they are entitled. It focuses on the low secondary school-completion rate and low level of learning acquisition, the strong socioeconomic and sociocultural stratification, the lack of citizenship skills, and the persistence of a relatively high dropout rate at all levels of secondary education. The main challenge in guaranteeing the right to education lies in reducing learning and attainment gaps by helping the groups that are presently lagging behind the most. As is customary, there are also reports on relevant meetings and conferences held in the region over the past half-year, together with the opinions of experts and adolescents and success stories in promoting school attendance in Uruguay and the Dominican Republic.

Modelagem sísmica e inversão na presença de anisotropia

A necessidade da adoção de modelos elásticos anisotrópicos, no contexto da sísmica de exploração, vem crescendo com o advento de novas técnicas de aquisição de dados como VSP, walkway VSP, tomografia poço a poço e levantamentos sísmicos com grande afastamento. Meios anisotrópicos, no contexto da sísmica de exploração, são modelos efetivos para explicar a propagação de ondas através de meios que apresentam padrões de heterogeneidade em escala muito menor que o comprimento de onda das ondas sísmicas. Particularmente, estes modelos são muito úteis para explicar o dado sísmico mais robusto que são as medidas de tempo de trânsito. Neste trabalho, são investigados aspectos da propagação de ondas, traçado de raios e inversão de tempos de trânsito em meios anisotrópicos. É estudada a propagação de ondas SH em meios anisotrópicos estratificados na situação mais geral onde estas ondas podem ocorrer, ou seja, em meios monoclínicos com um plano vertical de simetria especular. É mostrado que o campo de ondas SH refletido a partir de um semi-espaço estratificado, não apresenta qualquer informação sobre a possível presença de anisotropia em subsuperfície. São apresentados métodos simples e eficientes para o traçado de raios em 3D através de meios anisotrópicos estratificados, baseados no princípio de Fermat. Estes métodos constituem o primeiro passo para o desenvolvimento de algoritmos de inversão de tempos de trânsito para meios anisotrópicos em 3D, a partir de dados de VSP e walkaway VSP. Esta abordagem é promissora para determinação de modelos de velocidade, que são necessários para migração de dados sísmicos 3D na presença de anisotropia. É efetuada a análise da inversão tomográfica não linear, para meios estratificados transversalmente isotrópicos com um eixo de simetria vertical(TIV). As limitações dos dados de tempo de trânsito de eventos qP para determinação das constantes elásticas, são estabelecidas e caracterizados os efeitos da falta de cobertura angular completa na inversão tomográfica. Um algoritmo de inversão foi desenvolvido e avaliado em dados sintéticos. A aplicação do algoritmo a dados reais demonstra a consistência de meios TIV. Esta abordagem é útil para casos onde há informação a priori sobre a estratificação quase plana das formações e onde os próprios dados do levantamento poço a poço apresentam um alto grau de simetria especular em relação a um plano vertical. Também pode ser útil em interpretações preliminares, onde a estimativa de um meio estratificado, serve como modelo de fundo para se efetuar análises mais detalhadas, por exemplo, como um modelo de velocidades anisotrópico para migração, ou como um modelo de calibração para análises de AVO.

C-l-contact and C-l-right equivalences of real semi-quasihomogeneous C-l function germs

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

C^l-contact and C^l-right equivalences of real semi-quasihomogeneous C^l-function germs

In this paper we investigate the C ` versions of contact and right equivalences of real semi-quasihomogeneous C ` function germs, 1 ≤ ` ≤ ∞. The C ` -right equivalence implies C ` -contact equivalence for any 1 ≤ ` ≤ ∞ and in this work we show, up to certain conditions, that for semi-quasihomogeneous C ` function germs the converse is also true. As a consequence, we recover some known results about C∞-right and C∞-contact equivalences of C∞ function germs. We note that we are considering semi-quasihomogeneous function germs with no additional hypothesis of isolated singularity at zero.

Zero sets of bivariate Hermite polynomials

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Search for heavy neutrinos and W bosons with right-handed couplings in proton-proton collisions at root s=8TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of cilostazol and pentoxifylline on gait biomechanics in rats with ischemic left hindlimb

Objective: The purpose of this study was to determine the impact of pharmacologic treatment with cilostazol and pentoxifylline on gait biomechanics of ischemic rat hindlimbs compared with nonischemic controls. Methods: An experimental study was designed using 30 Wistar rats divided into five groups (n = 6): control (C); ischemia (I) - animals submitted to left common iliac artery interruption without pharmacologic treatment; pentoxifylline (Pen) - rats submitted to procedure and treated with pentoxifylline 3 mg/kg twice a day for 6 weeks; cilostazol (Cil) - animals submitted to procedure and treated with cilostazol 30 mg/kg twice a day for 6 weeks; and sham (S) - animals submitted to procedure without artery interruption. Gait analysis was performed using a computed treadmill. Time, number, and duration of each hindlimb contact were obtained. The total number of contacts (TNC) and the total duration of contacts (TDC) were compared between left and right hindlimb and among groups. Left hindlimb ischemic incapacitation index (LHII) was defined by the formula: LHII = (1 - TNCleft x TDCleft/TNCright x TDCright) x 100 Results: Left hindlimb TNC values were twofold lower in I, Pen, and Cil groups than in C and S groups (P < .01). In I, Pen, and Cil groups, TNC values for the left hindlimb were half of the right hindlimb ones (P < .01). Left hindlimb TDC values were lower in I and Pen groups than the other groups (P < .01). Cil group presented twofold increased values, not different from C and S groups (P = 0.16). Right hindlimb TNC values were greater for I group (P < .01). LHII was around zero in C and S groups and 82 in both I and Pen groups (P < .01). Cil group presented a LHII of 42; higher than C and S groups, but lower than I and Pen groups (P < .01). Conclusions: Cilostazol at a dose of 30 mg/kg twice a day promoted improvement in gait performance in rats submitted to chronic hindlimb ischemia. Pentoxifylline at a dose of 3 mg/kg twice a day did not show this effect. (J Vasc Surg 2012;56:476-81.)

Chiral properties of two-flavour QCD at zero and non-zero temperature

Lattice Quantum Chromodynamics (LQCD) is the preferred tool for obtaining non-perturbative results from QCD in the low-energy regime. It has by nowrnentered the era in which high precision calculations for a number of phenomenologically relevant observables at the physical point, with dynamical quark degrees of freedom and controlled systematics, become feasible. Despite these successes there are still quantities where control of systematic effects is insufficient. The subject of this thesis is the exploration of the potential of todays state-of-the-art simulation algorithms for non-perturbativelyrn$\mathcal{O}(a)$-improved Wilson fermions to produce reliable results in thernchiral regime and at the physical point both for zero and non-zero temperature. Important in this context is the control over the chiral extrapolation. Thisrnthesis is concerned with two particular topics, namely the computation of hadronic form factors at zero temperature, and the properties of the phaserntransition in the chiral limit of two-flavour QCD.rnrnThe electromagnetic iso-vector form factor of the pion provides a platform to study systematic effects and the chiral extrapolation for observables connected to the structure of mesons (and baryons). Mesonic form factors are computationally simpler than their baryonic counterparts but share most of the systematic effects. This thesis contains a comprehensive study of the form factor in the regime of low momentum transfer $q^2$, where the form factor is connected to the charge radius of the pion. A particular emphasis is on the region very close to $q^2=0$ which has not been explored so far, neither in experiment nor in LQCD. The results for the form factor close the gap between the smallest spacelike $q^2$-value available so far and $q^2=0$, and reach an unprecedented accuracy at full control over the main systematic effects. This enables the model-independent extraction of the pion charge radius. The results for the form factor and the charge radius are used to test chiral perturbation theory ($\chi$PT) and are thereby extrapolated to the physical point and the continuum. The final result in units of the hadronic radius $r_0$ is rn$$ \left\langle r_\pi^2 \right\rangle^{\rm phys}/r_0^2 = 1.87 \: \left(^{+12}_{-10}\right)\left(^{+\:4}_{-15}\right) \quad \textnormal{or} \quad \left\langle r_\pi^2 \right\rangle^{\rm phys} = 0.473 \: \left(^{+30}_{-26}\right)\left(^{+10}_{-38}\right)(10) \: \textnormal{fm} \;, $$rn which agrees well with the results from other measurements in LQCD and experiment. Note, that this is the first continuum extrapolated result for the charge radius from LQCD which has been extracted from measurements of the form factor in the region of small $q^2$.rnrnThe order of the phase transition in the chiral limit of two-flavour QCD and the associated transition temperature are the last unkown features of the phase diagram at zero chemical potential. The two possible scenarios are a second order transition in the $O(4)$-universality class or a first order transition. Since direct simulations in the chiral limit are not possible the transition can only be investigated by simulating at non-zero quark mass with a subsequent chiral extrapolation, guided by the universal scaling in the vicinity of the critical point. The thesis presents the setup and first results from a study on this topic. The study provides the ideal platform to test the potential and limits of todays simulation algorithms at finite temperature. The results from a first scan at a constant zero-temperature pion mass of about 290~MeV are promising, and it appears that simulations down to physical quark masses are feasible. Of particular relevance for the order of the chiral transition is the strength of the anomalous breaking of the $U_A(1)$ symmetry at the transition point. It can be studied by looking at the degeneracies of the correlation functions in scalar and pseudoscalar channels. For the temperature scan reported in this thesis the breaking is still pronounced in the transition region and the symmetry becomes effectively restored only above $1.16\:T_C$. The thesis also provides an extensive outline of research perspectives and includes a generalisation of the standard multi-histogram method to explicitly $\beta$-dependent fermion actions.