The European Sovereign Debt Crisis Lane, Philip R.
The Journal of economic perspectives,
07/2012, Letnik:
26, Številka:
3
Journal Article
Recenzirano
Odprti dostop
The origin and propagation of the European sovereign debt crisis can be attributed to the flawed original design of the euro. In particular, there was an incomplete understanding of the fragility of ...a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms. Moreover, the inherent messiness involved in proposing and implementing incremental multicountry crisis management responses on the fly has been an important destabilizing factor throughout the crisis. After diagnosing the situation, we consider reforms that might improve the resilience of the euro area to future fiscal shocks. PUBLICATION ABSTRACT
We present the metallicity results from the ARGOS spectroscopic survey of the Galactic bulge. Our aim is to understand the formation of the Galactic bulge: did it form via mergers, as expected from Λ ...cold dark matter theory, or from disc instabilities, as suggested by its boxy/peanut shape, or both? Our stars are mostly red clump giants, which have a well-defined absolute magnitude from which distances can be determined. We have obtained spectra for 28 000 stars at a spectral resolution of R = 11 000. From these spectra, we have determined stellar parameters and distances to an accuracy of <1.5 kpc. The stars in the inner Galaxy span a large range in Fe/H, −2.8 ≤ Fe/H ≤ +0.6. From the spatial distribution of the red clump stars as a function of Fe/H, we propose that the stars with Fe/H > −0.5 are part of the boxy/peanut bar/bulge. We associate the lower metallicity stars (Fe/H < −0.5) with the thick disc, which may be puffed up in the inner region, and with the inner regions of the metal-weak thick disc and inner halo. For the bulge stars with Fe/H > −0.5, we find two discrete populations: (i) stars with Fe/H −0.25 which provide a roughly constant fraction of the stars in the latitude interval b = −5° to −10°, and (ii) a kinematically colder, more metal-rich population with mean Fe/H +0.15 which is more prominent closer to the plane. The changing ratio of these components with latitude appears as a vertical abundance gradient of the bulge. We attribute both of these bulge components to instability-driven bar/bulge formation from the thin disc. We associate the thicker component with the stars of the early less metal-rich thin disc, and associate the more metal-rich population concentrated to the plane with the colder more metal-rich stars of the early thin disc, similar to the colder and younger more metal-rich stars seen in the thin disc in the solar neighbourhood today. We do not exclude a weak underlying classical merger-generated bulge component, but see no obvious kinematic association of any of our bulge stars with such a classical bulge component. The clear spatial and kinematic separation of the two bulge populations (i) and (ii) makes it unlikely that any significant merger event could have affected the inner regions of the Galaxy since the time when the bulge-forming instabilities occurred.
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering 212 economies for the ...period 1970–2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
We present the kinematic results from our ARGOS spectroscopic survey of the Galactic bulge of the Milky Way. Our aim is to understand the formation of the Galactic bulge. We examine the kinematics of ...about 17 400 stars in the bulge located within 3.5 kpc of the Galactic Centre, identified from the 28 000 star ARGOS survey. We aim to determine if the formation of the bulge has been internally driven from disc instabilities as suggested by its boxy shape, or if mergers have played a significant role as expected from lambda cold dark matter simulations. From our velocity measurements across latitudes b = −5°, − 7
5 and −10° we find the bulge to be a cylindrically rotating system that transitions smoothly out into the disc. From observations of 3 fields at b = +10, the kinematics of the bulge show North-South symmetry about the major axis. Within the bulge, we find a kinematically distinct metal-poor population (Fe/H < −1.0) that is not rotating cylindrically. The 5 per cent of our stars with Fe/H < −1.0 are a slowly rotating spheroidal population, which we believe are stars of the metal-weak thick disc and halo which presently lie in the inner Galaxy. The kinematics of the two bulge components that we identified in ARGOS Paper III (mean Fe/H −0.25 and Fe/H +0.15, respectively) demonstrate that they are likely to share a common formation origin and are distinct from the more metal-poor populations of the thick disc and halo which are co-located inside the bulge. We do not exclude an underlying merger generated bulge component but our results favour bulge formation from instabilities in the early thin disc.
We investigate the inner regions of the Milky Way using data from APOGEE and
Gaia
EDR3. Our inner Galactic sample has more than 26 500 stars within |
X
Gal
|< 5 kpc, |
Y
Gal
|< 3.5 kpc, |
Z
Gal
|< 1 ...kpc, and we also carry out the analysis for a foreground-cleaned subsample of 8000 stars that is more representative of the bulge–bar populations. These samples allow us to build chemo-dynamical maps of the stellar populations with vastly improved detail. The inner Galaxy shows an apparent chemical bimodality in key abundance ratios
α
/Fe, C/N, and Mn/O, which probe different enrichment timescales, suggesting a star formation gap (quenching) between the high- and low-
α
populations. Using a joint analysis of the distributions of kinematics, metallicities, mean orbital radius, and chemical abundances, we can characterize the different populations coexisting in the innermost regions of the Galaxy for the first time. The chemo-kinematic data dissected on an eccentricity–|
Z
|
max
plane reveal the chemical and kinematic signatures of the bar, the thin inner disc, and an inner thick disc, and a broad metallicity population with large velocity dispersion indicative of a pressure-supported component. The interplay between these different populations is mapped onto the different metallicity distributions seen in the eccentricity–|
Z
|
max
diagram consistently with the mean orbital radius and
V
ϕ
distributions. A clear metallicity gradient as a function of |
Z
|
max
is also found, which is consistent with the spatial overlapping of different populations. Additionally, we find and chemically and kinematically characterize a group of counter-rotating stars that could be the result of a gas-rich merger event or just the result of clumpy star formation during the earliest phases of the early disc that migrated into the bulge. Finally, based on 6D information, we assign stars a probability value of being on a bar orbit and find that most of the stars with large bar orbit probabilities come from the innermost 3 kpc, with a broad dispersion of metallicity. Even stars with a high probability of belonging to the bar show chemical bimodality in the
α
/Fe versus Fe/H diagram. This suggests bar trapping to be an efficient mechanism, explaining why stars on bar orbits do not show a significant, distinct chemical abundance ratio signature.
A variety of machine learning methods such as naive Bayesian, support vector machines and more recently deep neural networks are demonstrating their utility for drug discovery and development. These ...leverage the generally bigger datasets created from high-throughput screening data and allow prediction of bioactivities for targets and molecular properties with increased levels of accuracy. We have only just begun to exploit the potential of these techniques but they may already be fundamentally changing the research process for identifying new molecules and/or repurposing old drugs. The integrated application of such machine learning models for end-to-end (E2E) application is broadly relevant and has considerable implications for developing future therapies and their targeting.
Extracellular vesicles (EVs) are small, lipid-bound particles containing nucleic acid and protein cargo which are excreted from cells under a variety of normal and pathological conditions. EVs have ...garnered substantial research interest in recent years, due to their potential utility as circulating biomarkers for a variety of diseases, including numerous types of cancer. The following review will discuss the current understanding of the form and function of EVs, their specific role in cancer pathogenesis and their potential for non-invasive disease diagnosis and/or monitoring. This review will also highlight several key issues for this field, including the importance of implementing robust and reproducible sample handling protocols, and the challenge of extracting an EV-specific biomarker signal from a complex biological background.
In traditional watershed delineation and topographic modeling, surface depressions are generally treated as spurious features and simply removed from a digital elevation model (DEM) to enforce flow ...continuity of water across the topographic surface to the watershed outlets. In reality, however, many depressions in the DEM are actual wetland landscape features with seasonal to permanent inundation patterning characterized by nested hierarchical structures and dynamic filling-spilling-merging surface-water hydrological processes. Differentiating and appropriately processing such ecohydrologically meaningful features remains a major technical terrain-processing challenge, particularly as highresolution spatial data are increasingly used to support modeling and geographic analysis needs. The objectives of this study were to delineate hierarchical wetland catchments and model their hydrologic connectivity using high-resolution lidar data and aerial imagery. The graph-theory-based contour tree method was used to delineate the hierarchical wetland catchments and characterize their geometric and topological properties. Potential hydrologic connectivity between wetlands and streams were simulated using the least-cost-path algorithm. The resulting flow network delineated potential flow paths connecting wetland depressions to each other or to the river network on scales finer than those available through the National Hydrography Dataset. The results demonstrated that our proposed framework is promising for improving overland flow simulation and hydrologic connectivity analysis.
During the pre-crisis period, Europe experienced substantial cross-country variation in domestic credit growth and cross-border capital flows. We investigate the inter-relations between domestic ...credit growth and international capital flows during the period 1993-2008, with a special focus on the boom period of 2003-2008. We establish that domestic credit growth in European countries is strongly related to net debt inflows but not to net equity inflows. This pattern also holds for an extended sample of 54 advanced and emerging economies.
Studies of daily emtricitabine-tenofovir disoproxil fumarate (FTC-TDF) for HIV preexposure prophylaxis (PrEP) in men who have sex with men (MSM) modeled intracellular tenofovir-diphosphate (TFV-DP) ...in dried blood spots (DBS) to assess adherence and corresponding PrEP outcomes. We conducted a prospective, randomized, crossover pharmacokinetic study of TFV-DP in DBS during 33%, 67%, or 100% of daily dosing under directly observed therapy (DOT). Participants were assigned to two 12-week dosing regimens, separated by a 12-week washout. Forty-eight adults (25 women) from Denver and San Francisco were included. TFV-DP exhibited a median half-life of 17 days, reaching steady state in 8 weeks. TFV-DP was dose proportional with mean (SD) steady-state concentrations of 530 (159), 997 (267), and 1,605 (405) fmol/punch for the 33%, 67%, and 100% arms, respectively. Prior work in MSM demonstrated clinically meaningful TFV-DP thresholds of 350, 700, and 1,250 fmol/punch, which were estimated 25th percentiles for 2, 4, and 7 doses/week. In the present study, corresponding TFV-DP was within 3% of the prior estimates, and subgroups by site, race, and sex were within 14% of prior estimates, although males had 17.6% (95% confidence intervals CIs, 6.5, 27.4%) lower TFV-DP than females. The thresholds of 350, 700, and 1,250 fmol/punch were achieved by 75% of men taking ≥1.2, 3.2, and 6 doses/week and 75% of women taking ≥0.6, 2.0, and 5.3 doses/week, indicating that lower dosing reached these thresholds for both sexes. In conclusion, TFV-DP arising from DOT was similar to previous estimates and is useful for interpreting PrEP adherence and study outcomes. (This study has been registered at ClinicalTrials.gov under identifier NCT02022657.).
PDF
