WorldWideScience

Sample records for environment extinction debt

  1. Extinction debt: a challenge for biodiversity conservation.

    Science.gov (United States)

    Kuussaari, Mikko; Bommarco, Riccardo; Heikkinen, Risto K; Helm, Aveliina; Krauss, Jochen; Lindborg, Regina; Ockinger, Erik; Pärtel, Meelis; Pino, Joan; Rodà, Ferran; Stefanescu, Constantí; Teder, Tiit; Zobel, Martin; Steffan-Dewenter, Ingolf

    2009-10-01

    Local extinction of species can occur with a substantial delay following habitat loss or degradation. Accumulating evidence suggests that such extinction debts pose a significant but often unrecognized challenge for biodiversity conservation across a wide range of taxa and ecosystems. Species with long generation times and populations near their extinction threshold are most likely to have an extinction debt. However, as long as a species that is predicted to become extinct still persists, there is time for conservation measures such as habitat restoration and landscape management. Standardized long-term monitoring, more high-quality empirical studies on different taxa and ecosystems and further development of analytical methods will help to better quantify extinction debt and protect biodiversity.

  2. Extinction debt on oceanic islands

    DEFF Research Database (Denmark)

    Triantis, Kostas A.; Borges, Paulo A. V.; Ladle, Richard J.

    2010-01-01

    the magnitude of such future extinction events has been hampered by potentially inaccurate assumptions about the slope of species-area relationships, which are habitat- and taxon-specific. We overcome this challenge by applying a method that uses the historical sequence of deforestation in the Azorean Islands...

  3. Evidence and mapping of extinction debts for global forest-dwelling reptiles, amphibians and mammals

    Science.gov (United States)

    Chen, Youhua; Peng, Shushi

    2017-03-01

    Evidence of extinction debts for the global distributions of forest-dwelling reptiles, mammals and amphibians was tested and the debt magnitude was estimated and mapped. By using different correlation tests and variable importance analysis, the results showed that spatial richness patterns for the three forest-dwelling terrestrial vertebrate groups had significant and stronger correlations with past forest cover area and other variables in the 1500 s, implying the evidence for extinction debts. Moreover, it was likely that the extinction debts have been partially paid, given that their global richness patterns were also significantly correlated with contemporary forest variables in the 2000 s (but the absolute magnitudes of the correlation coefficients were usually smaller than those calculated for historical forest variables). By utilizing species-area relationships, spatial extinction-debt magnitudes for the three vertebrate groups at the global scale were estimated and the hotspots of extinction debts were identified. These high-debt hotspots were generally situated in areas that did not spatially overlap with hotspots of species richness or high extinction-risk areas based on IUCN threatened status to a large extent. This spatial mismatch pattern suggested that necessary conservation efforts should be directed toward high-debt areas that are still overlooked.

  4. Extinction debt and colonization credit delay range shifts of eastern North American trees

    DEFF Research Database (Denmark)

    Talluto, Matthew V.; Boulangeat, Isabelle; Vissault, Steve

    2017-01-01

    and biodiversity of forests, because they can result in 'extinction debts', where populations temporarily persist under unsuitable conditions, and 'colonization credits', where suitable locations are not occupied owing to slow demography and limited dispersal. Here we use a range dynamics model based...... on metapopulation theory to show that the distributions of 21 dominant trees in eastern North America are out of equilibrium with climate and demonstrate both extinction debt and colonization credit. Moreover, lags are more severe at northern range limits, suggesting that range contraction in response to warming...

  5. Extinction debt as a driver of amphibian declines: An example with imperiled flatwoods salamanders

    Science.gov (United States)

    Semiltsch, Raymond D; Walls, Susan; Barichivich, William J.; O'Donnell, Katherine

    2017-01-01

    A comprehensive view of population declines and their underlying causes is necessary to reverse species loss. Historically, in many cases, a narrow view may have allowed species declines to continue, virtually undetected, for long periods of time (perhaps even decades). We suggest that extinction debt is likely responsible for numerous (perhaps most) amphibian declines and that this perspective should be incorporated into the structure of amphibian research and management. Extinction debt, originally proposed to explain changes in species richness following environmental disturbance, also may refer to the proportion of populations of an individual species that is expected to eventually be lost because of habitat change. A conservation framework to address extinction debt focuses research on threats at the individual, population, and metapopulation levels. This approach will help enhance, restore, and protect specific processes and habitats at the proper scale by directing management to the most vulnerable level and stage of a species. We illustrate this approach using Flatwoods Salamanders, Ambystoma cingulatumand Ambystoma bishopi, which occurred historically throughout the Coastal Plain of the southeastern United States but have experienced a greater than 85% loss of populations in recent years. Reversal of these losses is possible only if conservation and recovery efforts encompass individual, population, and metapopulation levels. We illustrate our framework by outlining actions that could be taken at each of these levels to help guide conservation and management of amphibians with complex life cycles and provide options for how to prioritize conservation actions in the face of logistical and budgetary shortfalls.

  6. Application of decision analysis in debt-for-environment swaps

    Energy Technology Data Exchange (ETDEWEB)

    Abu-Taleb, M.F. [Department of Civil Engineering, Applied Science University, PO Box 40, 11831, Amman (Jordan)

    2003-03-01

    Through a mandate by the Government of Jordan, a debt-for-environment swap initiative was designed to mobilize resources for programs that improve the Jordanian environment within a broad spectrum of conservation, water supply, sanitation, resource management, ecological protection, environmental education, and pollution abatement technology. As a debtor country, Jordan faces a severe debt burden (with debt-per-capita levels among the highest in the world), and is facing difficulty obtaining further credit to fill the gaps in hard currency requirements for imports. Debt swap converts outstanding debt obligations into local currency for approved national environmental programs and projects. With creditor countries favoring debt swap over debt forgiveness in general, and debt swap for environmental technology projects in particular, the initiative was launched to ensure both fiscal and environmental quality benefits. With donors requiring that project development and selection procedures be fair, unbiased, and transparent, a mechanism for ultimate selection was developed by the author solely for the initiative based on multiple objective optimization techniques. This paper formulates the necessary decision-analytic principles for the initiative and presents a discrete, defensible, and transparent model for selection of projects. The model ranks the projects in terms of environment and economic objectives and can be used for other generalized applications. (orig.)

  7. Extinction Debt and Colonizer Credit on a Habitat Perturbed Fishing Bank.

    Science.gov (United States)

    Duplisea, Daniel E; Frisk, Michael G; Trenkel, Verena M

    2016-01-01

    Temporal changes in occupancy of the Georges Bank (NE USA) fish and invertebrate community were examined and interpreted in the context of systems ecological theory of extinction debt (EDT). EDT posits that in a closed system with a mix of competitor and colonizer species and experiencing habitat fragmentation and loss, the competitor species will show a gradual decline in fitness (occupancy) eventually leading to their extinction (extirpation) over multiple generations. A corollary of this is a colonizer credit, where colonizer species occupancy may increase with fragmentation because the disturbance gives that life history a transient relative competitive advantage. We found that competitor species occupancy decreased in time concomitant with an increase in occupancy of colonizer species and this may be related to habitat fragmentation or loss owing to industrialized bottom trawl fishing. Mean species richness increased over time which suggests less specialization (decreased dominance) of the assemblage that may result from habitat homogenization. These analyses also showed that when abundance of species was decreased by fishing but eventually returned to previous levels, on average it had a lower occupancy than earlier in the series which could increase their vulnerability to depletion by fishing. Changing occupancy and diversity patterns of the community over time is consistent with EDT which can be exacerbated by direct impacts of fishery removals as well as climate change impacts on the fish community assemblage.

  8. Extinction Debt and Colonizer Credit on a Habitat Perturbed Fishing Bank.

    Directory of Open Access Journals (Sweden)

    Daniel E Duplisea

    Full Text Available Temporal changes in occupancy of the Georges Bank (NE USA fish and invertebrate community were examined and interpreted in the context of systems ecological theory of extinction debt (EDT. EDT posits that in a closed system with a mix of competitor and colonizer species and experiencing habitat fragmentation and loss, the competitor species will show a gradual decline in fitness (occupancy eventually leading to their extinction (extirpation over multiple generations. A corollary of this is a colonizer credit, where colonizer species occupancy may increase with fragmentation because the disturbance gives that life history a transient relative competitive advantage. We found that competitor species occupancy decreased in time concomitant with an increase in occupancy of colonizer species and this may be related to habitat fragmentation or loss owing to industrialized bottom trawl fishing. Mean species richness increased over time which suggests less specialization (decreased dominance of the assemblage that may result from habitat homogenization. These analyses also showed that when abundance of species was decreased by fishing but eventually returned to previous levels, on average it had a lower occupancy than earlier in the series which could increase their vulnerability to depletion by fishing. Changing occupancy and diversity patterns of the community over time is consistent with EDT which can be exacerbated by direct impacts of fishery removals as well as climate change impacts on the fish community assemblage.

  9. Assessing debt sustainability in a stochastic environment: 200 years of Dutch debt and deficit management

    NARCIS (Netherlands)

    van Wijnbergen, S.; France, A.

    2012-01-01

    When debt levels approach critical levels, tax payers may revolt against the associated debt service burden. Funding problems may arise in capital markets when lenders anticipate such revolts and refuse to participate in debt auctions. We provide a stochastic framework to assess whether such

  10. Climate change risks, extinction debt, and conservation implications for a threatened freshwater fish: Carmine shiner (Notropis percobromus).

    Science.gov (United States)

    Pandit, Shubha N; Maitland, Bryan M; Pandit, Laxmi K; Poesch, Mark S; Enders, Eva C

    2017-11-15

    limitations, suggesting current populations may face an extinction debt within the next half century. These results provide evidence that Carmine shiner may be highly vulnerable to a warming climate and suggest that management actions - such as assisted migration - may be needed to mitigate impacts from climate change and ensure the long-term persistence of the species. Copyright © 2017 Elsevier B.V. All rights reserved.

  11. Teaching the Fair Debt Collection Practices Act to Legal and Ethical Environment of Business Undergraduate Students through a Role-Play Experiential Learning Exercise

    Science.gov (United States)

    Lee, Konrad S.; Thue, Matthew I.

    2017-01-01

    This article begins with a description of a role-play exercise for teaching the Fair Debt Collection Practices Act (FDCPA) to an introductory Legal and Ethical Environment of Business Law (Business Law) undergraduate class. It goes on to provide the context for consumer debt in the United States. Next, the problems of debt collection are…

  12. [On the extinction of populations with several types in a random environment].

    Science.gov (United States)

    Bacaër, Nicolas

    2018-03-01

    This study focuses on the extinction rate of a population that follows a continuous-time multi-type branching process in a random environment. Numerical computations in a particular example inspired by an epidemic model suggest an explicit formula for this extinction rate, but only for certain parameter values. Copyright © 2018 Académie des sciences. Published by Elsevier Masson SAS. All rights reserved.

  13. Methanol Droplet Extinction in Carbon-Dioxide-Enriched Environments in Microgravity

    Science.gov (United States)

    Hicks, Michael C.; Nayagam, Vedha; Williams, Forman A.

    2010-01-01

    Diffusive extinction of methanol droplets with initial diameters between 1.25 mm and 1.72 mm, burning in a quiescent microgravity environment at one atmosphere pressure, was obtained experimentally for varying levels of ambient carbon-dioxide concentrations with a fixed oxygen concentration of 21% and a balance of nitrogen. These experiments serve as precursors to those which are beginning to be performed on the International Space Station and are motivated by the need to understand the effectiveness of carbon-dioxide as a fire suppressant in low-gravity environments. In these experiments, the flame standoff distance, droplet diameter, and flame radiation are measured as functions of time. The results show that the droplet extinction diameter depends on both the initial droplet diameter and the ambient concentration of carbon dioxide. Increasing the initial droplet diameter leads to an increased extinction diameter, while increasing the carbon-dioxide concentration leads to a slight decrease in the extinction diameter. These results are interpreted using a critical Damk hler number for extinction as predicted by an earlier theory, which is extended here to be applicable in the presence of effects of heat conduction along the droplet support fibers and of the volume occupied by the support beads

  14. On the regularity of the extinction probability of a branching process in varying and random environments

    International Nuclear Information System (INIS)

    Alili, Smail; Rugh, Hans Henrik

    2008-01-01

    We consider a supercritical branching process in time-dependent environment ξ. We assume that the offspring distributions depend regularly (C k or real-analytically) on real parameters λ. We show that the extinction probability q λ (ξ), given the environment ξ 'inherits' this regularity whenever the offspring distributions satisfy a condition of contraction-type. Our proof makes use of the Poincaré metric on the complex unit disc and a real-analytic implicit function theorem

  15. Persistence and extinction of an n-species mutualism model with random perturbations in a polluted environment

    Science.gov (United States)

    He, Xin; Shan, Meijing; Liu, Meng

    2018-02-01

    An n-species stochastic Lotka-Volterra cooperative model in a polluted environment is proposed and studied. For each species, sufficient conditions for extinction, non-persistence in the mean and weak persistence in the mean are established. The threshold between weak persistence in the mean and extinction is obtained. Several numerical figures are also worked out to validate the theoretical results.

  16. Paleogenomics in a temperate environment: shotgun sequencing from an extinct Mediterranean caprine.

    Directory of Open Access Journals (Sweden)

    Oscar Ramírez

    Full Text Available BACKGROUND: Numerous endemic mammals, including dwarf elephants, goats, hippos and deers, evolved in isolation in the Mediterranean islands during the Pliocene and Pleistocene. Most of them subsequently became extinct during the Holocene. Recently developed high-throughput sequencing technologies could provide a unique tool for retrieving genomic data from these extinct species, making it possible to study their evolutionary history and the genetic bases underlying their particular, sometimes unique, adaptations. METHODOLOGY/PRINCIPALS FINDINGS: A DNA extraction of a approximately 6,000 year-old bone sample from an extinct caprine (Myotragus balearicus from the Balearic Islands in the Western Mediterranean, has been subjected to shotgun sequencing with the GS FLX 454 platform. Only 0.27% of the resulting sequences, identified from alignments with the cow genome and comprising 15,832 nucleotides, with an average length of 60 nucleotides, proved to be endogenous. CONCLUSIONS: A phylogenetic tree generated with Myotragus sequences and those from other artiodactyls displays an identical topology to that generated from mitochondrial DNA data. Despite being in an unfavourable thermal environment, which explains the low yield of endogenous sequences, our study demonstrates that it is possible to obtain genomic data from extinct species from temperate regions.

  17. Persistence and extinction of a stochastic single-species model under regime switching in a polluted environment II.

    Science.gov (United States)

    Liu, Meng; Wang, Ke

    2010-12-07

    This is a continuation of our paper [Liu, M., Wang, K., 2010. Persistence and extinction of a stochastic single-species model under regime switching in a polluted environment, J. Theor. Biol. 264, 934-944]. Taking both white noise and colored noise into account, a stochastic single-species model under regime switching in a polluted environment is studied. Sufficient conditions for extinction, stochastic nonpersistence in the mean, stochastic weak persistence and stochastic permanence are established. The threshold between stochastic weak persistence and extinction is obtained. The results show that a different type of noise has a different effect on the survival results. Copyright © 2010 Elsevier Ltd. All rights reserved.

  18. Adaptation, plasticity, and extinction in a changing environment: towards a predictive theory.

    Directory of Open Access Journals (Sweden)

    Luis-Miguel Chevin

    2010-04-01

    Full Text Available Many species are experiencing sustained environmental change mainly due to human activities. The unusual rate and extent of anthropogenic alterations of the environment may exceed the capacity of developmental, genetic, and demographic mechanisms that populations have evolved to deal with environmental change. To begin to understand the limits to population persistence, we present a simple evolutionary model for the critical rate of environmental change beyond which a population must decline and go extinct. We use this model to highlight the major determinants of extinction risk in a changing environment, and identify research needs for improved predictions based on projected changes in environmental variables. Two key parameters relating the environment to population biology have not yet received sufficient attention. Phenotypic plasticity, the direct influence of environment on the development of individual phenotypes, is increasingly considered an important component of phenotypic change in the wild and should be incorporated in models of population persistence. Environmental sensitivity of selection, the change in the optimum phenotype with the environment, still crucially needs empirical assessment. We use environmental tolerance curves and other examples of ecological and evolutionary responses to climate change to illustrate how these mechanistic approaches can be developed for predictive purposes.

  19. Population extinction under bursty reproduction in a time-modulated environment

    Science.gov (United States)

    Vilk, Ohad; Assaf, Michael

    2018-06-01

    In recent years nondemographic variability has been shown to greatly affect dynamics of stochastic populations. For example, nondemographic noise in the form of a bursty reproduction process with an a priori unknown burst size, or environmental variability in the form of time-varying reaction rates, have been separately found to dramatically impact the extinction risk of isolated populations. In this work we investigate the extinction risk of an isolated population under the combined influence of these two types of nondemographic variation. Using the so-called momentum-space Wentzel-Kramers-Brillouin (WKB) approach and accounting for the explicit time dependence in the reaction rates, we arrive at a set of time-dependent Hamilton equations. To this end, we evaluate the population's extinction risk by finding the instanton of the time-perturbed Hamiltonian numerically, whereas analytical expressions are presented in particular limits using various perturbation techniques. We focus on two classes of time-varying environments: periodically varying rates corresponding to seasonal effects and a sudden decrease in the birth rate corresponding to a catastrophe. All our theoretical results are tested against numerical Monte Carlo simulations with time-dependent rates and also against a numerical solution of the corresponding time-dependent Hamilton equations.

  20. Malthusian Catastrophe: Species Extinction Caused By Oversized Population

    OpenAIRE

    Pan, Xubin

    2017-01-01

    There is one pseudo-extinction debt and four occurring conditions for real extinction debt. Since small and oversized populations have a high extinction risk, Pan threshold (upper limit) was calculated for Verhulst-Pear logistic growth model and logistic model with the Allee effect, an important parameter corresponding to Allee threshold (lower limit).

  1. Persistence and extinction of a stochastic single-species population model in a polluted environment with impulsive toxicant input

    Directory of Open Access Journals (Sweden)

    Meng Liu

    2013-10-01

    Full Text Available A stochastic single-species population system in a polluted environment with impulsive toxicant input is proposed and studied. Sufficient conditions for extinction, non-persistence in the mean, strong persistence in the mean and stochastic permanence of the population are established. The threshold between strong persistence in the mean and extinction is obtained. Some simulation figures are introduced to illustrate the main results.

  2. Weak average persistence and extinction of a predator-prey system in a polluted environment with impulsive toxicant input

    International Nuclear Information System (INIS)

    Yang Xiaofeng; Jin Zhen; Xue Yakui

    2007-01-01

    In this paper, we have investigated a predator-prey system in a polluted environment with impulsive toxicant input at fixed moments. We have obtained two thresholds on the impulsive period by assuming the toxicant amount input is fixed to the environment at each pulse moment. If the impulsive period is greater than the big threshold, then both populations are weak average persistent. If the period lies between of the two thresholds, then the prey population will be weak average persistent while the predator population extinct. If the period is less than the small threshold, both populations tend to extinction. Finally, our theoretical results are confirmed by own numerical simulations

  3. Debt Dilemma

    Science.gov (United States)

    Stewart, Pearl

    2012-01-01

    Recent reports point to soaring student loan debt and high rates of default as impediments to financial security for millions of Americans. A number of colleges and universities have addressed the issue with initiatives ranging from financial fixes to bold new models of higher education. The Institute for College Access and Success (TICAS)…

  4. Persistence and extinction of a stochastic single-specie model under regime switching in a polluted environment.

    Science.gov (United States)

    Liu, Meng; Wang, Ke

    2010-06-07

    A new single-species model disturbed by both white noise and colored noise in a polluted environment is developed and analyzed. Sufficient criteria for extinction, stochastic nonpersistence in the mean, stochastic weak persistence in the mean, stochastic strong persistence in the mean and stochastic permanence of the species are established. The threshold between stochastic weak persistence in the mean and extinction is obtained. The results show that both white and colored environmental noises have sufficient effect to the survival results. Copyright (c) 2010 Elsevier Ltd. All rights reserved.

  5. Extinction of mammalian populations in conservation units of the Brazilian Cerrado by inbreeding depression in stochastic environments

    OpenAIRE

    Silva, Marcel Müller Fernandes Pereira da; Diniz-Filho, José Alexandre Felizola

    2008-01-01

    Despite methodological and theoretical advances in conservation genetics, data on genetic variation on broad regional spatial scales are still scarce, leading conservation planners to use general heuristic or simulation models for an integrated analysis of genetic, demographic and landscape parameters. Here, we extended previous results by evaluating spatial patterns of extinction by inbreeding depression under stochastic variation of environments for mammalian populations in 31 conservation ...

  6. Extinction and the fossil record

    Science.gov (United States)

    Sepkoski, J. J. Jr; Sepkoski JJ, ,. J. r. (Principal Investigator)

    1994-01-01

    The author examines evidence of mass extinctions in the fossil record and searches for reasons for such large extinctions. Five major mass extinctions eliminated at least 40 percent of animal genera in the oceans and from 65 to 95 percent of ocean species. Questions include the occurrence of gradual or catastrophic extinctions, causes, environment, the capacity of a perturbation to cause extinctions each time it happens, and the possibility and identification of complex events leading to a mass extinction.

  7. Shasta ground sloth ( Nothrotheriops shastense hoffstetter) at Shelter Cave, New Mexico: Environment, diet, and extinction

    Science.gov (United States)

    Thompson, Robert S.; Van Devender, Thomas R.; Martin, Paul S.; Foppe, Theresa; Long, Austin

    1980-11-01

    Seven coprolites of the extinct Shasta ground sloth ( Nothrotheriops shastense) were recently discovered in the Los Angeles County Museum collection from Shelter Cave, New Mexico. Three dung balls provided radiocarbon ages of 11,330, 12,330 and 12,430 yr B.P. Packrat ( Neotoma) middens disclose a xeric juniper woodland at Shelter Cave during the sloth's occupation. Plant cuticles from the dung indicate that the ground sloth had a diet dominated by mormon tea ( Ephedra) and other xerophytic shrubs. Pollen spectra from the coprolites have high representations of anemophilous plants and low representations of the dietary items shown in the cuticle analysis. Fifteen radiocarbon dates of sloth dung obtained since 1974 strengthen the hypothesis that sloth extinction occurred about 11,000 yr B.P. Paleoenvironmental studies indicate that ground sloths lived in juniper woodlands and montane conifer communities. Nothrotheriops commonly dined on shrubs that are still present in these habitats. It is difficult to explain the demise of the Shasta ground sloth by climatic change or dietary stress. Human predation remains as a possible explanation; ground sloth extinction appears to coincide with the time of Clovis mammoth hunters.

  8. Extinction transition in stochastic population dynamics in a random, convective environment

    International Nuclear Information System (INIS)

    Juhász, Róbert

    2013-01-01

    Motivated by modeling the dynamics of a population living in a flowing medium where the environmental factors are random in space, we have studied an asymmetric variant of the one-dimensional contact process, where the quenched random reproduction rates are systematically greater in one direction than in the opposite one. The spatial disorder turns out to be a relevant perturbation but, according to results of Monte Carlo simulations, the behavior of the model at the extinction transition is different from the (infinite-randomness) critical behavior of the disordered symmetric contact process. Depending on the strength a of the asymmetry, the critical population drifts either with a finite velocity or with an asymptotically vanishing velocity as x(t) ∼ t μ(a) , where μ(a) < 1. Dynamical quantities are non-self-averaging at the extinction transition; the survival probability, for instance, shows multiscaling, i.e. it is characterized by a broad spectrum of effective exponents. For a sufficiently weak asymmetry, a Griffiths phase appears below the extinction transition, where the survival probability decays as a non-universal power of the time while, above the transition, another extended phase emerges, where the front of the population advances anomalously with a diffusion exponent continuously varying with the control parameter. (paper)

  9. Mortgage Debt and Wages

    DEFF Research Database (Denmark)

    Wood, James

    2017-01-01

    Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth.......Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth....

  10. International Corporate Debt Market

    OpenAIRE

    Manuela Geranio; Issam Hallak

    2012-01-01

    Research on international debt markets has chiefly investigated sovereign debt markets. We suggest a review of the different types of borrowers and the differences in the instruments. In particular we show that syndicated loans are an essential tool of international debt markets to monitor international markets borrowers. We also show by looking at the details of these instruments the mechanisms behind such tools.

  11. Extinction of canid populations by inbreeding depression under stochastic environments in Southwestern Goiás State: a simulation study

    Directory of Open Access Journals (Sweden)

    Flávia Melo Rodrigues

    2007-01-01

    Full Text Available A frequently addressed question in conservation biology is what is the chance of survival for a population for a given number of years under certain conditions of habitat loss and human activities. This can be estimated through an integrated analysis of genetic, demographic and landscape processes, which allows the prediction of more realistic and precise models of population persistence. In this study, we modeled extinction in stochastic environments under inbreeding depression for two canid species, the maned wolf (Chrysocyon brachiurus and the crab-eating fox (Cerdocyon thous, in southwest Goiás State. Genetic parameters were obtained from six microsattelite loci (Short Tandem Repeats - STR, which allowed estimates of inbreeding levels and of the effective population size under a stepwise mutation model based on heterozygosis. The simulations included twelve alternative scenarios with varying rates of habitat loss, magnitude of population fluctuation and initial inbreeding levels. ANOVA analyses of the simulation results showed that times to extinction were better explained by demographic parameters. Times to extinction ranged from 352 to 844, in the worst and best scenario, respectively, for the large-bodied maned wolf. For the small-bodied crab-eating fox, these same estimates were 422 and 974 years. Simulations results are within the expectation based on knowledge about species' life history, genetics and demography. They suggest that populations can persist through a reasonable time (i.e., more than 200 years even under the worst demographic scenario. Our analyses are a starting point for a more focused evaluation of persistence in these populations. Our results can be used in future research aiming at obtaining better estimates of parameters that may, in turn, be used to achieve more appropriate and realist population viability models at a regional scale.

  12. Persistence and extinction of a single-species population system in a polluted environment with random perturbations and impulsive toxicant input

    International Nuclear Information System (INIS)

    Liu Meng; Wang Ke

    2012-01-01

    Highlights: ► Random population model with pulse toxicant input in polluted environments. ► Threshold between persistence and extinction is obtained. ► Different random noises have different effects on the persistence of the population. ► Impulsive period plays a key role in determining persistence of the population. ► Simulation figures support the analytical findings. - Abstract: Taking both white noises and colored noises into account, a stochastic single-species model with Markov switching and impulsive toxicant input in a polluted environment is proposed and investigated. Sufficient conditions for extinction, non-persistence in the mean, weak persistence and stochastic permanence are established. The threshold between weak persistence and extinction is obtained. Some simulation figures are introduced to illustrate the main results.

  13. The biodiversity-dependent ecosystem service debt.

    Science.gov (United States)

    Isbell, Forest; Tilman, David; Polasky, Stephen; Loreau, Michel

    2015-02-01

    Habitat destruction is driving biodiversity loss in remaining ecosystems, and ecosystem functioning and services often directly depend on biodiversity. Thus, biodiversity loss is likely creating an ecosystem service debt: a gradual loss of biodiversity-dependent benefits that people obtain from remaining fragments of natural ecosystems. Here, we develop an approach for quantifying ecosystem service debts, and illustrate its use to estimate how one anthropogenic driver, habitat destruction, could indirectly diminish one ecosystem service, carbon storage, by creating an extinction debt. We estimate that c. 2-21 Pg C could be gradually emitted globally in remaining ecosystem fragments because of plant species loss caused by nearby habitat destruction. The wide range for this estimate reflects substantial uncertainties in how many plant species will be lost, how much species loss will impact ecosystem functioning and whether plant species loss will decrease soil carbon. Our exploratory analysis suggests that biodiversity-dependent ecosystem service debts can be globally substantial, even when locally small, if they occur diffusely across vast areas of remaining ecosystems. There is substantial value in conserving not only the quantity (area), but also the quality (biodiversity) of natural ecosystems for the sustainable provision of ecosystem services. © 2014 John Wiley & Sons Ltd/CNRS.

  14. Differential influences of allometry, phylogeny and environment on the rostral shape diversity of extinct South American notoungulates

    Science.gov (United States)

    Gomes Rodrigues, Helder; Cornette, Raphaël; Clavel, Julien; Cassini, Guillermo; Bhullar, Bhart-Anjan S.; Fernández-Monescillo, Marcos; Moreno, Karen; Herrel, Anthony; Billet, Guillaume

    2018-01-01

    Understanding the mechanisms responsible for phenotypic diversification, and the associated underlying constraints and ecological factors represents a central issue in evolutionary biology. Mammals present a wide variety of sizes and shapes, and are characterized by a high number of morphological convergences that are hypothesized to reflect similar environmental pressures. Extinct South American notoungulates evolved in isolation from northern mammalian faunas in highly disparate environments. They present a wide array of skeletal phenotypes and convergences, such as ever-growing dentition. Here, we focused on the origins of the rostral diversity of notoungulates by quantifying the shape of 26 genera using three-dimensional geometric morphometric analysis. We tested the influence of allometry and phylogeny on rostral shape and evaluated rates of evolutionary change in the different clades. We found strong allometric and phylogenetic signals concerning the rostral shape of notoungulates. Despite convergent forms, we observed a diffuse diversification of rostral shape, with no significant evidence of influence by large-scaled environmental variation. This contrasts with the increase in dental crown height that occurred in four late-diverging families in response to similar environmental pressures. These results illustrate the importance of considering both biological components and evolutionary rates to better understand some aspects of phenotypic diversity.

  15. STATE DEBT: A CONCEPTUAL TREATMENT

    Directory of Open Access Journals (Sweden)

    Ion STURZU

    2014-02-01

    Full Text Available Government debt (also known as public debt and national debt is the debt owed by a central government. (In the U.S. and other federal states, "government debt" may also refer to the debt of a state or provincial government, municipal or local government. By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year. Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetize their debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt, and can result in hyperinflation if used unsparingly. Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank or international financial institutions. As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country and external debt (owed to foreign lenders. Sovereign debt usually refers to government debt that has been issued in a foreign currency. Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.

  16. The Determinants of Debt Financing

    OpenAIRE

    Zhao, Chenkai

    2013-01-01

    Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

  17. Quantification of ecological debt

    International Nuclear Information System (INIS)

    Martinez Alier, Joan

    2005-01-01

    The discussion about ecological debt is important keeping in mind historical foreign trade, where natural resources exploitation and primary production exported didn't assessment the ecological damage or the environmental values of the interchange. This essay shows the debate of ecological debt on greenhouse emission, enterprise environmental debit, unequal international trade, toxic waste export, and b io piracy ; in order to present the necessity of a new ecological and equitable world economy

  18. Rethinking Extinction

    Science.gov (United States)

    Dunsmoor, Joseph E.; Niv, Yael; Daw, Nathaniel; Phelps, Elizabeth A.

    2015-01-01

    Extinction serves as the leading theoretical framework and experimental model to describe how learned behaviors diminish through absence of anticipated reinforcement. In the past decade, extinction has moved beyond the realm of associative learning theory and behavioral experimentation in animals and has become a topic of considerable interest in the neuroscience of learning, memory, and emotion. Here, we review research and theories of extinction, both as a learning process and as a behavioral technique, and consider whether traditional understandings warrant a re-examination. We discuss the neurobiology, cognitive factors, and major computational theories, and revisit the predominant view that extinction results in new learning that interferes with expression of the original memory. Additionally, we reconsider the limitations of extinction as a technique to prevent the relapse of maladaptive behavior, and discuss novel approaches, informed by contemporary theoretical advances, that augment traditional extinction methods to target and potentially alter maladaptive memories. PMID:26447572

  19. Rethinking Extinction

    OpenAIRE

    Dunsmoor, Joseph E.; Niv, Yael; Daw, Nathaniel; Phelps, Elizabeth A.

    2015-01-01

    Extinction serves as the leading theoretical framework and experimental model to describe how learned behaviors diminish through absence of anticipated reinforcement. In the past decade, extinction has moved beyond the realm of associative learning theory and behavioral experimentation in animals and has become a topic of considerable interest in the neuroscience of learning, memory, and emotion. Here, we review research and theories of extinction, both as a learning process and as a behavior...

  20. Metapopulation extinction risk: dispersal's duplicity.

    Science.gov (United States)

    Higgins, Kevin

    2009-09-01

    Metapopulation extinction risk is the probability that all local populations are simultaneously extinct during a fixed time frame. Dispersal may reduce a metapopulation's extinction risk by raising its average per-capita growth rate. By contrast, dispersal may raise a metapopulation's extinction risk by reducing its average population density. Which effect prevails is controlled by habitat fragmentation. Dispersal in mildly fragmented habitat reduces a metapopulation's extinction risk by raising its average per-capita growth rate without causing any appreciable drop in its average population density. By contrast, dispersal in severely fragmented habitat raises a metapopulation's extinction risk because the rise in its average per-capita growth rate is more than offset by the decline in its average population density. The metapopulation model used here shows several other interesting phenomena. Dispersal in sufficiently fragmented habitat reduces a metapopulation's extinction risk to that of a constant environment. Dispersal between habitat fragments reduces a metapopulation's extinction risk insofar as local environments are asynchronous. Grouped dispersal raises the effective habitat fragmentation level. Dispersal search barriers raise metapopulation extinction risk. Nonuniform dispersal may reduce the effective fraction of suitable habitat fragments below the extinction threshold. Nonuniform dispersal may make demographic stochasticity a more potent metapopulation extinction force than environmental stochasticity.

  1. Public debt management before, during and after the crisis

    Directory of Open Access Journals (Sweden)

    Ana Andabaka Badurina

    2012-03-01

    Full Text Available During the financial and economic crisis, the public debt ratio in the European Union increased significantly, and public debt management had to be carried out in a completely new and unfavorable environment. The authors of this paper explore the changes in public debt management during and after the crisis. They describe the way in which three members of the Union – the Netherlands, Ireland and Hungary – dealt with the challenge of government financing during the crisis. These three countries were chosen because they all had a comparatively welldeveloped public debt management system before the crisis, and also due to the fact that during the crisis those responsible for public debt management pursued a policy of active accommodation to current market circumstances. Therefore, these case studies can illustrate the capacity of public debt management to contribute to the prevention of a sovereign debt crisis. In the conclusion, the authors give an overview of public debt management in Croatia in the period of the crisis and compare it with public debt management in the three countries whose experiences are presented in the paper.

  2. Diminishing returns: the influence of experience and environment on time-memory extinction in honey bee foragers.

    Science.gov (United States)

    Moore, Darrell; Van Nest, Byron N; Seier, Edith

    2011-06-01

    Classical experiments demonstrated that honey bee foragers trained to collect food at virtually any time of day will return to that food source on subsequent days with a remarkable degree of temporal accuracy. This versatile time-memory, based on an endogenous circadian clock, presumably enables foragers to schedule their reconnaissance flights to best take advantage of the daily rhythms of nectar and pollen availability in different species of flowers. It is commonly believed that the time-memory rapidly extinguishes if not reinforced daily, thus enabling foragers to switch quickly from relatively poor sources to more productive ones. On the other hand, it is also commonly thought that extinction of the time-memory is slow enough to permit foragers to 'remember' the food source over a day or two of bad weather. What exactly is the time-course of time-memory extinction? In a series of field experiments, we determined that the level of food-anticipatory activity (FAA) directed at a food source is not rapidly extinguished and, furthermore, the time-course of extinction is dependent upon the amount of experience accumulated by the forager at that source. We also found that FAA is prolonged in response to inclement weather, indicating that time-memory extinction is not a simple decay function but is responsive to environmental changes. These results provide insights into the adaptability of FAA under natural conditions.

  3. Pharmacy Students' Attitudes Toward Debt.

    Science.gov (United States)

    Park, Taehwan; Yusuf, Akeem A; Hadsall, Ronald S

    2015-05-25

    To examine pharmacy students' attitudes toward debt. Two hundred thirteen pharmacy students at the University of Minnesota were surveyed using items designed to assess attitudes toward debt. Factor analysis was performed to identify common themes. Subgroup analysis was performed to examine whether students' debt-tolerant attitudes varied according to their demographic characteristics, past loan experience, monthly income, and workload. Principal component extraction with varimax rotation identified 3 factor themes accounting for 49.0% of the total variance: tolerant attitudes toward debt (23.5%); contemplation and knowledge about loans (14.3%); and fear of debt (11.2%). Tolerant attitudes toward debt were higher if students were white or if they had had past loan experience. These 3 themes in students' attitudes toward debt were consistent with those identified in previous research. Pharmacy schools should consider providing a structured financial education to improve student management of debt.

  4. Debt Out of Control

    DEFF Research Database (Denmark)

    Achtziger, Anja; Hubert, Marco; Kenning, Peter

    2015-01-01

    In a representative sample of the German population (n = 946), we explored the links between self-control, compulsive buying, and debts. Participants completed the self-control scale (Tangney, Boone, & Baumeister, 2004) and the German Addictive Buying Scale (Raab, Neuner, Reisch, & Scherhorn, 2005......, there was a gender effect on compulsive buying: women were more prone to compulsive buying than men. Age also was significantly negatively related to compulsive buying and positively linked to self-control. Household income was not linked to self-control, compulsive buying, and debts. Implications for practice...

  5. Debt, Neoliberalism and Crisis

    DEFF Research Database (Denmark)

    Charbonneau, Mathieu; Hansen, Magnus Paulsen

    2014-01-01

    , he develops a theory of debt suggesting that the power of credit, central to neoliberalism, requires the construction of an indebted subjectivity. Producing a responsible, guilty and thus hindered subject, this condition involves individuals and societies facing an infinite social debt. According...... to Lazzarato, post-Fordism should be understood through the ascending influence of neoliberalism, as the state has retroceded its power of money creation to private creditors. Through this process, the relation between capital and labour has been transcended by the creditor–debtor relationship. In the economy...

  6. BUDGET AND PUBLIC DEBT

    Directory of Open Access Journals (Sweden)

    Morar Ioan Dan

    2014-12-01

    Full Text Available The issue of public budgeting is an important issue for public policy of the state, for the simple reason that no money from the state budget can not promote public policy. Budgetary policy is official government Doctrine vision mirror and also represents a starting point for other public policies, which in turn are financed by the public budget. Fiscal policy instruments at its disposal handles the public sector in its structure, and the private sector. Tools such as grant, budgetary allocation, tax, welfare under various forms, direct investments and not least the state aid is used by the state through their budgetary policies to directly and indirectly infuence sector, and the private. Fiscal policies can be grouped according to the structure of the public sector in these components, namely fiscal policy, budgeting and resource allocation policies for financing the budget deficit. An important issue is the financing of the budget deficit budgetary policies. There are two funding possibilities, namely, the higher taxes or more axles site and enter the second call to public loans. Both options involve extra effort from taxpayers in the current fiscal year when they pay higher taxes or a future period when public loans will be repaid. We know that by virtue of "fiscal pact" structural deficits of the member countries of the EU are limited by the European Commission, according to the macro structural stability and budget of each Member State. This problem tempers to some extent the governments of the Member States budgetary appetite, but does not solve the problem of chronic budget deficits. Another issue addressed in this paper is related to the public debt, the absolute amount of its relative level of public datoriri, about the size of GDP, public debt financing and its repayment sources. Sources of public debt issuance and monetary impact on the budget and monetary stability are variables that must underpin the justification of budgetary

  7. Debt Covenant Renegotiation and Investment

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

  8. A global synthesis of plant extinction rates in urban areas.

    Science.gov (United States)

    Hahs, Amy K; McDonnell, Mark J; McCarthy, Michael A; Vesk, Peter A; Corlett, Richard T; Norton, Briony A; Clemants, Steven E; Duncan, Richard P; Thompson, Ken; Schwartz, Mark W; Williams, Nicholas S G

    2009-11-01

    Plant extinctions from urban areas are a growing threat to biodiversity worldwide. To minimize this threat, it is critical to understand what factors are influencing plant extinction rates. We compiled plant extinction rate data for 22 cities around the world. Two-thirds of the variation in plant extinction rates was explained by a combination of the city's historical development and the current proportion of native vegetation, with the former explaining the greatest variability. As a single variable, the amount of native vegetation remaining also influenced extinction rates, particularly in cities > 200 years old. Our study demonstrates that the legacies of landscape transformations by agrarian and urban development last for hundreds of years, and modern cities potentially carry a large extinction debt. This finding highlights the importance of preserving native vegetation in urban areas and the need for mitigation to minimize potential plant extinctions in the future.

  9. Behavioral tagging of extinction learning.

    Science.gov (United States)

    de Carvalho Myskiw, Jociane; Benetti, Fernando; Izquierdo, Iván

    2013-01-15

    Extinction of contextual fear in rats is enhanced by exposure to a novel environment at 1-2 h before or 1 h after extinction training. This effect is antagonized by administration of protein synthesis inhibitors anisomycin and rapamycin into the hippocampus, but not into the amygdala, immediately after either novelty or extinction training, as well as by the gene expression blocker 5,6-dichloro-1-beta-D-ribofuranosylbenzimidazole administered after novelty training, but not after extinction training. Thus, this effect can be attributed to a mechanism similar to synaptic tagging, through which long-term potentiation can be enhanced by other long-term potentiations or by exposure to a novel environment in a protein synthesis-dependent fashion. Extinction learning produces a tag at the appropriate synapses, whereas novelty learning causes the synthesis of plasticity-related proteins that are captured by the tag, strengthening the synapses that generated this tag.

  10. SE debt restructuring plan

    International Nuclear Information System (INIS)

    Janoska, J.

    2003-01-01

    Slovenske elektrarne, a.s. (SE) plans to restructure one's own debts in 2003-2005. Debt restructuring plan is following: 2003: Collection of pre-payment on electricity - 60 million Euro (2.5 billion Slovak crowns), consumer unknown. Own promissory notes in total value of 100 million US$ (3.5 billion Slovak crowns) - in process. Sale of claims worth 2.4 billion Slovak crowns (57.21 million Euro) - negotiations in process. 2003/2004: Restructuring of loans payable IV. quarter 2003 and at the beginning of 2004 in value of 200 million Euro (8.3 billion Slovak crowns). Aim of SE is a new credit payable within 7 years, with instalments payable in the last two to three without any state subsidies. 2005: Loans worth 460 million Euro (189 billion Slovak crowns) will still remain. SE want to negotiate them with banks without state support

  11. Corporate debt pricing I.

    OpenAIRE

    Ilya, Gikhman

    2007-01-01

    In this article we discuss fundamentals of the debt securities pricing. We begin with a generalization of the present value concept. Though the present value is the base valuation method in the modern finance we will illustrate that this concept does not sufficiently accurate in producing instrument pricing. The incompleteness of the unique present value approach stems from variability of the interest rates. Admitting variability of the interest rates we define two present values one for buye...

  12. Constant Proportion Debt Obligations (CPDOs)

    DEFF Research Database (Denmark)

    Cont, Rama; Jessen, Cathrine

    2012-01-01

    be made arbitrarily small—and thus the credit rating arbitrarily high—by increasing leverage, but the ratings obtained strongly depend on assumptions on the credit environment (high spread or low spread). More importantly, CPDO loss distributions are found to exhibit a wide range of tail risk measures......Constant Proportion Debt Obligations (CPDOs) are structured credit derivatives that generate high coupon payments by dynamically leveraging a position in an underlying portfolio of investment-grade index default swaps. CPDO coupons and principal notes received high initial credit ratings from...... the major rating agencies, based on complex models for the joint transition of ratings and spreads for all names in the underlying portfolio. We propose a parsimonious model for analysing the performance of CPDO strategies using a top-down approach that captures the essential risk factors of the CPDO. Our...

  13. Determinants of Polish public debt

    Directory of Open Access Journals (Sweden)

    Tomasz Stryjewski

    2011-12-01

    Full Text Available The crisis, which had its beginning in 2007, turned into the debt crisis of the countries. The examples of Greece, Ireland, Iceland or Spain showed the category of public debt in a new light. Poland, at the turn of 2010/2011 also achieved the upper level of public debt acceptable by the law. In the present situation of the European Union countries being in debt, and even insolvent, the situation in Poland becomes riskier. This article attempts at an empirical verification of the determinants of Polish public debt within 95 months (the data link with the period of time from January 2003 to November 2010. The verification of the main factors which cause the formation of public debt takes place by means of an appropriately verified econometric model.

  14. EXTINCTION DEBT OF PROTECTED AREAS IN DEVELOPING LANDSCAPES

    Science.gov (United States)

    To conserve biological diversity, protected-area networks must be based not only upon current species distributions but also the landscape's long-term capacity to support populations. We used spatially-explicit population models requiring detailed habitat and demographic data to ...

  15. Interstellar Extinction

    OpenAIRE

    Gontcharov, George

    2017-01-01

    This review describes our current understanding of interstellar extinction. This differ substantially from the ideas of the 20th century. With infrared surveys of hundreds of millions of stars over the entire sky, such as 2MASS, SPITZER-IRAC, and WISE, we have looked at the densest and most rarefied regions of the interstellar medium at distances of a few kpc from the sun. Observations at infrared and microwave wavelengths, where the bulk of the interstellar dust absorbs and radiates, have br...

  16. Dam debt in Tasmania

    International Nuclear Information System (INIS)

    Blakers, A.

    1994-01-01

    In 1983 the Australian government blocked the construction of the Gordon-below-Franklin hydroelectric scheme in the western Tasmanian wilderness. The Hydroelectric Commission of Tasmania (HECT) then began the construction of two new hydro schemes, the King scheme and the Anthony scheme. In addition to being environmentally destructive these two new schemes have turned out to be financial disasters. They cost a total of $A1,200 million to construct and with no return from energy sales. The main problem is that the HECT overestimated demand growth and has built three new schemes too many. The need to service a large debt is a disincentive to conserve electricity. Not only is its bargaining position with large users of electricity weak but Tasmania has an unnecessary debt and three rivers (King, Anthony and Pieman) have been needlessly drowned. The growth of the Tasmanian electricity supply industry over the past decade is compared with the alternatives like wind energy and the low risk development on demand options that wind energy offers. 2 figs., 9 refs

  17. Collateralized debt obligations (CDOs

    Directory of Open Access Journals (Sweden)

    Dragosavac Miloš

    2012-01-01

    Full Text Available Collateralized debt obligations (CDOs were issued in 1987 by bankers at Drexel Burnham Lambert Inc. A decade later, CDOs became the leading power on the credit derivative markets, on which the value of derivative assets was derived from the value of other assets. However, unlike options and credit swamps, CDOs are not real, which means that they are constructed, and sometimes even the construction of their construction. CDOs were made to satisfy different types of investors, at one end, there is low-risk with low-income, and at the other, high-risk with high-income. By 2007, following the bubble burst on the US real estate market, losses on the CDO market started to expand. By 2008, the crisis on the CDO market turned into what we call today 'the global financial crisis.' CDOs are 'in the heart' of the crisis, and even wider. Our attempt is to reveal the mechanism of collateralized debt obligations (CDOs and the way in which CDOs expanded the negative effects of the present global financial crisis.

  18. Who will pay the ecological debts

    International Nuclear Information System (INIS)

    Marcan, P.; Benka, M.

    2006-01-01

    The ecological ignorance of the past has to be addressed. The question is who will pay the ecological debts. State officials know exactly who should pay. According to them the main part of the burden should be carried by companies - the successors of the former socialist factories and companies that inherited the ecological debts. The companies object to this idea. And their reason is obvious - the estimated cost of the disposal of all high risk tips, old chemical stores and contaminated soil amounts to a prohibitive 100 billions Slovak crowns (2.63 billion EUR). The Ministry of Environment of the Slovak Republic has been working on legislation that would address the ecological debt in a comprehensive way for two years. But the final effect is minimal. The draft legislation presented in 2004 did not pass the commenting process and after pressure from the commercial sector the Ministry finally withdrew its draft. The Ministry then formed a working group with representatives of industries that was supposed to find a solution acceptable for both environmentalists and industries. But no progress has been made so far. 'The original bill was superficial and not supported by expert studies. And was presented too early,' explained Jozef Mikulec, a representative of the Industry Association of Slovakia, and argued that not even the European Union has yet issued a dedicated directive addressing the environmental burden. In his opinion the existing legislation - the Act on Water - is sufficient: and the closed and liquidated petrol stations provide a good enough example. At some old petrol stations the distribution pipes were leaking. The Ministry of Environment wants a new act. In its opinion the Act on Water only addresses the ecological debts on an ad hoc basis but does not offer a comprehensive solution. Enforceability measures are missing. 'We cannot even investigate the locations of ecological burdens as without new legislation we do not have access to production plants

  19. Impossible Extinction

    Science.gov (United States)

    Cockell, Charles S.

    2003-03-01

    Every 225 million years the Earth, and all the life on it, completes one revolution around the Milky Way Galaxy. During this remarkable journey, life is influenced by calamitous changes. Comets and asteroids strike the surface of the Earth, stars explode, enormous volcanoes erupt, and, more recently, humans litter the planet with waste. Many animals and plants become extinct during the voyage, but humble microbes, simple creatures made of a single cell, survive this journey. This book takes a tour of the microbial world, from the coldest and deepest places on Earth to the hottest and highest, and witnesses some of the most catastrophic events that life can face. Impossible Extinction tells this remarkable story to the general reader by explaining how microbes have survived on Earth for over three billion years. Charles Cockell received his doctorate from the University of Oxford, and is currently a microbiologist with rhe Search for Extraterrestrial Intelligence Institute (SETI), based at the British Antarctic Survey in Cambridge, UK. His research focusses on astrobiology, life in the extremes and the human exploration of Mars. Cockell has been on expeditions to the Arctic, Antarctic, Mongolia, and in 1993 he piloted a modified insect-collecting ultra-light aircraft over the Indonesian rainforests. He is Chair of the Twenty-one Eleven Foundation for Exploration, a charity that supports expeditions that forge links between space exploration and environmentalism.

  20. The Growth Opportunity Channel of Debt Structure

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2013-01-01

    This paper studies the importance of growth opportunities for debt structure decisions. High growth firms use more unsecured debt to preserve financial flexibility (in the form of untapped secured debt capacity) in connection with future growth opportunities: the growth opportunity channel of debt

  1. 7 CFR 1951.213 - Debt settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.213 Section 1951.213 Agriculture... and Grants § 1951.213 Debt settlement. Subpart C of part 1956 of this chapter prescribes policies and procedures for debt settlement actions for loans covered under this subpart when it is determined that a debt...

  2. House Prices and Public Debt

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads; Rzeznik, Aleksandra

    By using the 2002 case of fraud in the Danish municipality Farum by then mayor Peter Brixtofte as an exogenous shock to public debt of 1 billion DKK, I estimate the effect of public debt on house prices. I find that the average home ownership lost about 570,000 DKK or as much as 29% of the average...... house price in the municipality. Furthermore, I document that the aggregate house price loss of 2.1 billion DKK greatly exceeds the increase in public debt of 1 billion DKK. I find that the drop in house prices is sustained 1 year, indicating that the housing market initially overreacts...

  3. Debt Maturity: Is Long-Term Debt Optimal?

    OpenAIRE

    Laura Alfaro; Fabio Kanczuk

    2007-01-01

    We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve fo...

  4. The Greek public debt problem

    Directory of Open Access Journals (Sweden)

    Michalis Nikiforos

    2016-12-01

    Full Text Available The present paper examines the issue of the Greek public debt. After providing a historical discussion, we show that the austerity of the last six years has been unsuccessful in stabilizing the debt while, at the same time, it has taken a heavy toll on the economy and society. The recent experience shows that the public debt is unsustainable and therefore a restructuring is needed. An insistence on the current policies is not justifiable either on pragmatic or on moral or any other grounds. The experience of Germany in the early post-WWII period provides some useful hints for the way forward. A solution to the public debt problem is a necessary but not sufficient condition for the solution of the Greek and European crisis. A wider agenda that deals with the malaises of the Greek economy and the structural imbalances of the Eurozone is of vital importance.

  5. 75 FR 68956 - Debt Collection

    Science.gov (United States)

    2010-11-10

    ... and procedure, Debt collection. Authority and Issuance 0 Accordingly, for the reasons stated in the..., divorce, death, or disability. (2) The request for special review must include an alternative proposed...

  6. Consequences of Debt Capitalization: Property Ownership and Debt/Tax Choice

    OpenAIRE

    Reiner Eichenberger; David Stadelmann

    2009-01-01

    Public debts capitalize into property prices. Therefore, property owners tend to favor tax over debt financing for government spending. In contrast, tenants do not suffer from debt capitalization. Thus, they tend to favor debt over tax financing. Our model of the resulting democratic fight between property owners and tenants over public debts and taxes predicts that the property ownership rate in a jurisdiction negatively effects the debt level. We provide empirical support for this hypothesi...

  7. Are Humans too Numerous to Become Extinct?

    OpenAIRE

    Cairns, John

    2009-01-01

    Some claim that humans are too numerous to become extinct. However, passenger pigeon, once the most numerous birds on the planet, are now extinct. For years, humankind has been damaging its habitat, discharging toxic chemicals into the environment, and having harmful effects on agricultural productivity due to climate change. Humankind s extinction depends on the continuation of various human activities including economic growth, addiction to fossil fuel, over consumption, overpopulation, oc...

  8. Trophic strategy of Atlantirivulus riograndensis (Cyprinodontiformes: Rivulidae, a non-annual rivulid threatened by extinction, in a perennial environment, Brazil

    Directory of Open Access Journals (Sweden)

    Laísa Wociechoski Cavalheiro

    Full Text Available ABSTRACT Rivulidae includes non-annual fish of perennial habitats and annual fish of temporary wetlands. The objective of this research was to investigate the trophic strategy of Atlantirivulus riograndensis in a perennial environment. Sampling occurred in an environmental conservation unit in the Pampa biome, Brazil. Quantification of the diet followed the volumetric method. Consumption of autochthonous material as the main food source of the species followed the pattern of Rivulidae. Species is zooplanktonic when young. Food spectrum is broadened and insectivorousness increases with ontogeny, revealing a specialist trend in the feeding strategy of A. riograndensis. The most diverse feeding occurs in the spring and summer seasons in which the presence of larger fish was more frequent than in other seasons. The increased consumption of microcrustaceans in the fall was related to smaller individuals, captured in greater quantities in this post-reproductive period. The lowest diversity of dietary items occurs during the winter and may reflect the lower diversity of food resources available in this season or the transition from juvenile to adult diet, with consumption of autochthonous Diptera by medium sized fish.

  9. Seasonal atmospheric extinction

    International Nuclear Information System (INIS)

    Mikhail, J.S.

    1979-01-01

    Mean monochromatic extinction coefficients at various wavelengths at the Kottamia Observatory site have shown the existence of a seasonal variation of atmospheric extinction. The extinction of aerosol compontnts with wavelengths at winter represent exceedingly good conditions. Spring gives the highest extinction due to aerosol. (orig.)

  10. Romanians’ Public Debts Saga

    Directory of Open Access Journals (Sweden)

    Monica SUSANU

    2010-12-01

    Full Text Available By the end of 2009, a very cold breath of austerity was blowing from the European financial and banking system and thoroughly was touching every Member State’s economy, but only for some of them perspective of this severe situation is called bankruptcy frequently. By the spring of this year (2010 – author’s note, Greece’s financial problems set all the Europeans governments on fire and, according on the most worrying news alerts, Germany was terribly angry and eager to treat this country as an undisciplined schoolchild. Many and heavy financial disasters are forecast for other countries as well, and it seems that Spain’s, Portugal’s or Italy’s Mediterranean structure and behaviour would be the reason, since these countries are in pretty identical trouble just like Greece. The ex-communist recently EU Member States, that are united into the so-called platoon of the emergent economies, rapidly detected their own vulnerabilities and their well-known resources leakages. Then, in the old-time verified and practiced tradition of “cuts and poverty under oppression” which communism taught them well, they were abruptly compelled to conform and to adopt dreadful austerity measures. Although among them, Romania is again a special case, taking into account but the heavy burden of the 80’s unbelievable sacrifices and privations, which the population endured because of the totalitarian decision of paying its whole debt. The paper reveals and analyses that, despite the actual context and the political circumstances which are totally different, Romania applied an unprecedentedly severe plan of cuts and privations, installing a general and bitter sensation of déjà-vu, instead of living and feeling the European membership status!

  11. Dynamic Capital Structure with Callable Debt and Debt Renegotiations

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Flor, Christian Riis; Lando, David

    2014-01-01

    We consider a dynamic trade-off model of a firm’s capital structure with debt renegotiation. Debt holders only accept restructuring offers from equity holders backed by threats which are in the equity holders’ own interest to execute. Our model shows that in a complete information model in which...... taxes and bankruptcy costs are the only frictions, violations of the absolute priority rule (APR) are typically optimal. The size of the bankruptcy costs and the equity holders’ bargaining power affect the size of APR violations, but they have only a minor impact on the choice of capital structure....

  12. Sovereign debt threatens the Union: the genesis of a federation

    NARCIS (Netherlands)

    Loubert, A.

    2012-01-01

    Eurozone sovereign debt crisis - Europe's ‘Alexander Hamilton Moment’ - American sovereign debt crisis of 1780s - Articles of Confederation - U.S. Constitution - Assumption of states' debt - Constitutional transformation key factor in enabling Alexander Hamilton's debt restructuring.

  13. Debt maturity and relationship lending: An analysis of European SMEs

    NARCIS (Netherlands)

    Hernandez-Canovas, G.; Koeter-Kant, J.

    2008-01-01

    This article examines the association between bank debt maturity and relationship lending using a unique survey sample of 3366 SMEs from 19 European countries. The knowledge of how the institutional environment shapes relationship lending helps us to understand how current institutional changes,

  14. Challenges experienced by debt counsellors in Gauteng

    Directory of Open Access Journals (Sweden)

    Kgomotso Masilo

    2015-09-01

    Full Text Available Gauteng, Province of South Africa is experiencing a decreasing number of registered and practising debt counsellors. This paper investigates and assesses the challenges that debt counsellors in Gauteng experiences. Fifteen debt counsellors from three municipalities of Gauteng were interviewed. Data was analysed using ATLAS ti. The paper concluded that though debt counsellors are complying with the regulations in rendering debt counselling service, they still had challenges regarding backlogs in debt review. The paper recommends that debt counsellors should be adequately trained and should restructure their rehabilitation methods on the one hand and the National Credit Regulator should monitor debt counsellors’ practices and assist them with their queries on the other hand.

  15. Public Debt and Economic Growth in Malaysia

    OpenAIRE

    Siew-Peng Lee; Yan-Ling Ng

    2015-01-01

    Public debt in the Malaysia increased because of fiscal expansions. This study examines whether public debt contributed to the economic growth in Malaysia over the period 1991 to 2013. It also examines whether other indicators of debt burden, such as budget deficit, budget expenditure, and external debt service and government consumption, have an impact on economic growth. The results of this study are consistent with the existing literature that found a negative association between diet and ...

  16. Debt Boundaries Matter: Evidence From The Subsidiary Debt

    NARCIS (Netherlands)

    Altieri, M.

    2017-01-01

    I exploit the introduction of an accounting reform in the US to investigate whether the presence of subsidiary debt affects the cost of borrowing of conglomerates. The accounting reform forces some firms to restate from standalone firms (declaring one segment unit) to conglomerates (declaring

  17. 7 CFR 1782.20 - Debt Settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Debt Settlement. 1782.20 Section 1782.20 Agriculture... (CONTINUED) SERVICING OF WATER AND WASTE PROGRAMS § 1782.20 Debt Settlement. Pursuant to 7 U.S.C. 1981, this section prescribes policies for debt settlement of Water and Waste Disposal loans; Watershed loans and...

  18. 7 CFR 1951.894 - Debt settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.894 Section 1951.894 Agriculture... REGULATIONS (CONTINUED) SERVICING AND COLLECTIONS Rural Development Loan Servicing § 1951.894 Debt settlement. Debt settlement of all claims will be handled in accordance with the Federal Claims Collection...

  19. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Li, Hao; Veld-Merkoulova, Yulia V.

    2010-01-01

    We examine how executive compensation affects the cost of debt financing. Analyzing CEO pay data from the UK, we find that debt-like and equity-like pay components have opposite effects on the cost of debt. An increase in defined benefit pensions is associated with lower bond yield spread, while an

  20. 42 CFR 413.178 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts. 413.178 Section 413.178 Public Health...) Services and Organ Procurement Costs § 413.178 Bad debts. Link to an amendment published at 75 FR 49199, Aug. 12, 2010. (a) CMS will reimburse each facility its allowable Medicare bad debts, as defined in...

  1. Addressing Student Debt in the Classroom

    Science.gov (United States)

    Perkins, David; Johnston, Tim; Lytle, Rick

    2016-01-01

    Student debt is a national concern. The authors address debt in the classroom to enhance students' understanding of the consequences of debt and the need for caution when financing their education. However, student feedback indicates this understanding has a delayed effect on borrowing behavior and underscores the importance of making difficult…

  2. Cumulative Student Loan Debt in Minnesota, 2015

    Science.gov (United States)

    Williams-Wyche, Shaun

    2016-01-01

    To better understand student debt in Minnesota, the Minnesota Office of Higher Education (the Office) gathers information on cumulative student loan debt from Minnesota degree-granting institutions. These data detail the number of students with loans by institution, the cumulative student loan debt incurred at that institution, and the percentage…

  3. The Odiousness of Greek Debt in Light of the Findings of the Greek Debt Truth Committee

    OpenAIRE

    Bantekas, I; Vivien, Renaud

    2016-01-01

    Unlike the popular narrative, which suggests that the Greek debt crisis was the result of lavish spending, this article demonstrates that the ‘crisis’ was generated by a transformation of purely private debt into public debt. This finding is supported by the preliminary report of the Greek Parliamentary Committee on the Truth of the Greek Debt, which clearly demonstrated the exponential increase of private debt in Greece risked the collapse of the private financial institutions exposed to it,...

  4. Ecology: The Tropical Deforestation Debt.

    Science.gov (United States)

    Norris, Ken

    2016-08-22

    Tropical deforestation is a significant cause of global carbon emissions and biodiversity loss. A new study shows that deforestation today leaves a carbon and biodiversity debt to be paid over subsequent years. This has potentially profound implications for forest conservation. Copyright © 2016 Elsevier Ltd. All rights reserved.

  5. Money, Debt, People and Planet

    Directory of Open Access Journals (Sweden)

    Jakob von Uexkull

    2012-10-01

    Full Text Available The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet profitable enough to do etc. Within the current global monetary framework, this is largely true. Therefore, any realistic plan to change course before we are overwhelmed by the inter-linked environmental, social and security threats facing us, is to change this framework to ensure that money becomes our servant again. The current debt crisis offers an opportunity to replace discredited debt-based money created by private banks in their interest with government-created debt-free money benefitting all, which can be used to fund a global emergency programme.“We know now that government by organised money is just as dangerous as government by organised mob.” — President F.D. Roosevelt, 31.10.36“The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending. Why is such privatisation of a public function right and proper, but action by the central bank to meet pressing public need, a road to catastrophe?” — Martin Wolf, ‘Financial Times’, 9.11.10“The obvious way to reduce our public and private debts is to stop having all our money created as debt.” — James Robertson, ‘Future Money’

  6. Modeling galactic extinction

    OpenAIRE

    Cecchi-Pestellini, C.; Mulas, G.; Casu, S.; Iatì, M. A.; Saija, R.; Cacciola, A.; Borghese, F.; Denti, P.

    2011-01-01

    We present a model for interstellar extinction dust, in which we assume a bimodal distribution of extinction carriers, a dispersion of core-mantle grains, supplemented by a collection of PAHs in free molecular form. We use state-of-the-art methods to calculate the extinction due to macroscopic dust particles, and the absorption cross-sections of PAHs in four different charge states. While successfull for most of observed Galactic extinction curves, in few cases the model cannot provide reliab...

  7. Modern examples of extinctions

    DEFF Research Database (Denmark)

    Lövei, Gabor L

    2013-01-01

    No species lives forever, and extinction is the ultimate fate of all living species. The fossil record indicates that a recent extinction wave affecting terrestrial vertebrates was parallel with the arrival of modern humans to areas formerly uninhabited by them. These modern instances of extinction...

  8. PUBLIC DEBT DETERMINANTS IN ALBANIA

    Directory of Open Access Journals (Sweden)

    Edlira Kalaja

    2015-10-01

    Full Text Available State budget is one of the most important instruments where the government reflects its future policies, priorities and commitments. Its reading in recent years clearly shows the increased size of public debt beyond the upper limit of 60% of GDP, in many countries including Albania. This fact constitutes analarming trend signaled even by many international financial institutions. However, the worldwide increasing levels of budget deficits and public debtsare not accidental. Through this article we aim to explore the relationships that exists between different determinants such as governance, social and economic variables that directly affect the size of public debt in Albania, where demographic factors are noted as the main contributors, followed by political systems along with various economic developments that the country has experienced in years.

  9. PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE

    Directory of Open Access Journals (Sweden)

    Botoc Claudiu

    2011-07-01

    Full Text Available The global crisis has caused a serious fiscal deterioration that leaves the world economy with serious challenges. In many developed markets as well as in a few emerging markets (Emerging markets public finances have already become, or are at least at risk of becoming, unsustainable. Commonly, public debt sustainability is defined as a sovereign's ability to service debt without large adjustments to public revenue and/or expenditure and without ever-increasing public-debt-to-GDP ratios. Hence, this definition refers to both a country's ability and willingness to repay its debt. We also have to add the fact that there isn`t an universal accepted definition of fiscal or debt sustainability. In light of the growing public debt, the issue of debt sustainability has increasingly attracted attention. In this paper we analyse public debt sustainability scenario in EU economies. At least half of the EU countries will have to implement stringent fiscal consolidation programmes over the next few years in order to prevent already high public-debt-to-GDP ratios from a further significant rise, also the case of Romania. However, drastic fiscal policy adjustment may be not feasible in the short term and hence public debt is likely to grow further. In some scenarios the public-debt-to-GDP ratio is predicted to soar to 133% in 2020, from just over 100% in 2010. By contrast, nearly all EM countries, including major economies, appear to be well positioned to stabilise or even outgrow their current debt ratios without drastic fiscal adjustment. Institutional improvements may help European countries to maintain fiscal credibility. In light of the future fiscal challenges, many European governments may introduce new or more effective national debt limits, similar to those put in place in the past with good results by some Emerging markets. Such institutional reforms could help to insulate fiscal policies from political pressure and to anchor financial market

  10. Bimodal extinction without cross-modal extinction.

    OpenAIRE

    Inhoff, A W; Rafal, R D; Posner, M J

    1992-01-01

    Three patients with unilateral neurological injury were clinically examined. All showed consistent unilateral extinction in the tactile and visual modalities on simultaneous intramodal stimulation. There was virtually no evidence for cross-modal extinction, however, so that contralateral stimulation of one modality would have extinguished perception of ipsilateral stimuli in the other modality. It is concluded that the attentional system controlling the encoding of tactile and visual stimuli ...

  11. Determinants of Complexity of Sovereign Debt Negotiation

    Directory of Open Access Journals (Sweden)

    Lidia Mesjasz

    2016-07-01

    Full Text Available The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor. Its complexity results both from structural characteristics - number of actors, problems of coordination, communication, cooperation and conflict and from cognitive limitations. The survey of literature on sovereign debt management shows that no research has been done on complexity of sovereign debt management, and sovereign debt negotiation in particular. The aim of the paper is to provide initial framework concepts of complexity of sovereign debt restructuring negotiation referring to a universal collection of characteristics of negotiation. A model of debt restructuring negotiation is elaborated and a set of its complexity- related characteristics is proposed.

  12. Financial Audit: Bureau of the Public Debt's Fiscal Years 2001 and 2000 Schedules of Federal Debt

    National Research Council Canada - National Science Library

    2002-01-01

    The accompanying auditor's report presents the results of our audits of the Schedules of Federal Debt Managed by the Bureau of the Public Debt for the fiscal years ended September 30, 2001 and 2000...

  13. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

    Energy Technology Data Exchange (ETDEWEB)

    JL Fuller; KM Leek

    2000-03-08

    The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50{percent} of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization.

  14. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

    International Nuclear Information System (INIS)

    JL Fuller; KM Leek

    2000-01-01

    The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50% of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization

  15. Sustainability of Government Debt in Sri Lanka

    Directory of Open Access Journals (Sweden)

    OG Dayaratna-Banda

    2014-07-01

    Full Text Available This paper examines the impact of government budget deficit on debt sustainability in Sri Lanka by using a novel methodological approach. The study used annual time series data from 1960 to 2012 in Sri Lanka for empirical testing. Sustainability of government debt is tested by using face value, market value and discounted market value of government debt as a proportion of GDP. Discounted market value of debt to GDP ratio was calculated using weighted average interest rate. Results of Augmented Dickey Fuller and Phillips-Perron tests indicate that debt ratios are non-stationary implying the existence of an unsustainable debt outlook. Results of the Chow test, employed to test if a structural break can be observed in 1978 as a result of moving away from the command economy to a market-oriented economy, indicate that the policy change has not led to have any fixed change in the mean of debt serials. The results compel us to conclude that public debt in Sri Lankan is not sustainable, so that a switch is required from foreign debt to other sources of financing of fiscal deficit or deficit reduction.

  16. The Debt Overhang Hypothesis: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Shah Muhammad Imran

    2016-04-01

    Full Text Available This study investigates the debt overhang hypothesis for Pakistan in the period 1960-2007. The study examines empirically the dynamic behaviour of GDP, debt services, the employed labour force and investment using the time series concepts of unit roots, cointegration, error correlation and causality. Our findings suggest that debt-servicing has a negative impact on the productivity of both labour and capital, and that in turn has adversely affected economic growth. By severely constraining the ability of the country to service debt, this lends support to the debt-overhang hypothesis in Pakistan. The long run relation between debt services and economic growth implies that future increases in output will drain away in form of high debt service payments to lender country as external debt acts like a tax on output. More specifically, foreign creditors will benefit more from the rise in productivity than will domestic producers and labour. This suggests that domestic labour and capital are the ultimate losers from this heavy debt burden.

  17. Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief

    National Research Council Canada - National Science Library

    Weiss, Martin A

    2009-01-01

    .... Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external debt...

  18. Extinction with multiple excitors

    OpenAIRE

    McConnell, Bridget L.; Miguez, Gonzalo; Miller, Ralph R.

    2013-01-01

    Four conditioned suppression experiments with rats, using an ABC renewal design, investigated the effects of compounding the target conditioned excitor with additional, nontarget conditioned excitors during extinction. Experiment 1 showed stronger extinction, as evidenced by less renewal, when the target excitor was extinguished in compound with a second excitor, relative to when it was extinguished with associatively neutral stimuli. Critically, this deepened extinction effect was attenuated...

  19. Central bank independence and public debt policy

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1997-01-01

    The various proposals for the institutional design of the European Monetary Union have drawn fresh attention to the link between monetary and public debt policies. This paper explores the strategic interaction between fiscal authorities setting public debt and the central bank controlling monetary

  20. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

    Kabir, Rezaul; Liu, Hao; Veld-Merkoulova, Yulia V.

    2013-01-01

    This study examines how different components of executive compensation affect the cost of debt. We find that debt-like and equity-like pay components have differing effects: an increase in defined benefit pensions is associated with lower bond yield spread, while higher share holdings lead to higher

  1. About the debt to the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    At the Finance Committee meeting on 15 March 2006, the Management tabled a document for the Delegations' attention concerning CERN's debt to the Pension Fund. In view of the interest rates currently on the market, the Management proposes to reimburse this debt by taking out a bank loan.

  2. 19 CFR 351.508 - Debt forgiveness.

    Science.gov (United States)

    2010-04-01

    ... Duties INTERNATIONAL TRADE ADMINISTRATION, DEPARTMENT OF COMMERCE ANTIDUMPING AND COUNTERVAILING DUTIES Identification and Measurement of Countervailable Subsidies § 351.508 Debt forgiveness. (a) Benefit. In the case of an assumption or forgiveness of a firm's debt obligation, a benefit exists equal to the amount of...

  3. Public debt, secular stagnation and functional finance

    DEFF Research Database (Denmark)

    Skott, Peter

    2016-01-01

    Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ...

  4. State debt dynamics: the methodological aspect

    Directory of Open Access Journals (Sweden)

    Crijanovschi Stela

    2013-02-01

    Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development

  5. STATE DEBT DYNAMICS: THE METHODOLOGICAL ASPECT

    Directory of Open Access Journals (Sweden)

    Stela CRIJANOVSCHI

    2013-02-01

    Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development.

  6. End Ordovician extinctions

    DEFF Research Database (Denmark)

    Harper, David A. T.; Hammarlund, Emma; Rasmussen, Christian M. Ø.

    2014-01-01

    -global anoxia associated with a marked transgression during the Late Hirnantian. Most recently, however, new drivers for the extinctions have been proposed, including widespread euxinia together with habitat destruction caused by plate tectonic movements, suggesting that the end Ordovician mass extinctions were...

  7. Government debt in Greece: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Gisele Mah

    2014-06-01

    Full Text Available Greek government debt has been increasing above the percentage stated in the growth and stability path from 112.9% in 2008 to 175.6% in 2013. This paper investigates the determinants of the general government debt in Greek by means of Vector Error Correction Model framework, Variance Decomposition and Generalized Impulse Response Function Analysis. The analysis showed a significant negative relationship between general government debt and government deficit, general government debt and inflation. Shocks to general government and inflation will cause general government debt to increase. Government deficit should be increased since there is gross capital formation included in its calculation which could be invested in income generating projects. The current account balance should be reduced by improving the net trade balance.

  8. Public Debt, Corruption and Sustainable Economic Growth

    Directory of Open Access Journals (Sweden)

    Eunji Kim

    2017-03-01

    Full Text Available There are many studies that look into the relationship between public debt and economic growth. It is hard to find, however, research addressing the role of corruption between these two variables. Noticing this vacancy in current literature, we strive to investigate the effect of corruption on the relationship between public debt and economic growth. For this purpose, the pooled ordinary least squares (OLS, fixed effects models and the dynamic panel generalized method of moments (GMM models (Arellano-Bond, 1991 are estimated with data of 77 countries from 1990 to 2014. The empirical results show that the interaction term between public debt and corruption is statistically significant. This confirms the hypothesis that the effect of public debt on economic growth is a function of corruption. The sign of the marginal effect is negative in corrupt countries, but public debt enhances economic growth within countries that are not corrupt, i.e., highly transparent.

  9. PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS

    Directory of Open Access Journals (Sweden)

    Elena DASCALU

    2016-09-01

    Full Text Available This article is an analysis of public debt, in terms of sustainability and vulnerability indicators, under a functioning market economy. The problems encountered regarding the high level of public debt or the potential risks of budgetary pressure converge to the idea that sustainability of public finances should be a major challenge for public policy. Thus, the policy adequate to address public finance sustainability must have as its starting point the overall strategy of the European Union, as well as the economic development of Member States, focusing on the most important performance components, namely, reducing public debt levels, increasing productivity and employment and, last but not the least, reforming social security systems. In order to achieve sustainable levels of public debt, the European Union Member States are required to establish and accomplish medium term strategic budgetary goals to ensure a downward trend in public debt.

  10. Extinction of NGC 7027

    International Nuclear Information System (INIS)

    Seaton, M.J.

    1979-01-01

    Emission intensities of recombination lines in hydrogenic spectra are known accurately relative to intensities in the free-free radio continuum. For NGC 7027 intensities have been measured for the radio continuum and for H I and He II lines in the wavelength range from lambda = 2.17 μm to lambda = 1640 A: comparison with the calculated emission intensities gives the extinction. Determinations of the standard interstellar extinction function are critically discussed. The extinction deduced for the total radiation from NGC 7027 has a dependence on wavelength for 6563 A >= lambda >= 1640 A which is in excellent agreement with the adopted standard results, but there are some anomalies for longer wavelengths and for the ratio of total to selective extinction. These can be explained using a model which allows for a local contribution to the extinction which is variable over the surface of the nebula. (author)

  11. Interstellar extinction correlations

    International Nuclear Information System (INIS)

    Jones, A.P.; Williams, D.A.; Duley, W.W.

    1987-01-01

    A recently proposed model for interstellar grains in which the extinction arises from small silicate cores with mantles of hydrogenated amorphous carbon (HAC or α-C:H), and large, but thinly coated, silicate grains can successfully explain many of the observed properties of interstellar dust. The small silicate cores give rise to the 2200 A extinction feature. The extinction in the visual is produced by the large silicates and the HAC mantles on the small cores, whilst the far UV extinction arises in the HAC mantles with a small contribution form the silicate grains. The grain model requires that the silicate material is the more resilient component and that variations in the observed extinction from region to region are due to the nature and depletion of the carbon in the HAC mantles. (author)

  12. Is IR going extinct?

    Science.gov (United States)

    Mitchell, Audra

    2016-01-01

    A global extinction crisis may threaten the survival of most existing life forms. Influential discourses of ‘existential risk’ suggest that human extinction is a real possibility, while several decades of evidence from conservation biology suggests that the Earth may be entering a ‘sixth mass extinction event’. These conditions threaten the possibilities of survival and security that are central to most branches of International Relations. However, this discipline lacks a framework for addressing (mass) extinction. From notions of ‘nuclear winter’ and ‘omnicide’ to contemporary discourses on catastrophe, International Relations thinking has treated extinction as a superlative of death. This is a profound category mistake: extinction needs to be understood not in the ontic terms of life and death, but rather in the ontological context of be(com)ing and negation. Drawing on the work of theorists of the ‘inhuman’ such as Quentin Meillassoux, Claire Colebrook, Ray Brassier, Jean-Francois Lyotard and Nigel Clark, this article provides a pathway for thinking beyond existing horizons of survival and imagines a profound transformation of International Relations. Specifically, it outlines a mode of cosmopolitics that responds to the element of the inhuman and the forces of extinction. Rather than capitulating to narratives of tragedy, this cosmopolitics would make it possible to think beyond the restrictions of existing norms of ‘humanity’ to embrace an ethics of gratitude and to welcome the possibility of new worlds, even in the face of finitude.

  13. Savings and Debts in Agriculture

    Directory of Open Access Journals (Sweden)

    Marina Luminita Sarbovan

    2012-05-01

    Full Text Available The savings and debts problematic bring us in front the Keynesian principles of supporting the global demand, so spectacular immortalized inside his “General Theory of Money. The architects of the European Union consider that production in agriculture and other economic branches is “ab initio” grounded on the credit mechanism administrated by banks: the present day approach of the agricultural process configured it as costly, owing a relatively medium to long term duration, and risky, making important the banking institution for mitigating such constrains. Romania fights for the ambitious goal of entering in the euro zone, and this target became even more challenging after the new EU Regulation No 1176/2011 on the prevention and correction of macroeconomic imbalances, which stipulates a safer surveillance for the member states. In fact, our country has to meet the exigencies of nominal and real convergence criteria, measured by the European scoreboard and relevant index.

  14. Variation of the extinction law in the Trifid nebula

    OpenAIRE

    Cambrésy, L.; Rho, J.; Marshall, D. J.; Reach, W. T.

    2011-01-01

    Context. In the past few years, the extinction law has been measured in the infrared wavelengths for various molecular clouds and different laws have been obtained. Aims. In this paper we seek variations of the extinction law within the Trifid nebula region. Such variations would demonstrate local dust evolution linked to variation of the environment parameters such as the density or the interstellar radiation field. Methods. The extinction values, A_λ/A_v, are obtained using the 2MASS, UKIDS...

  15. Long-Distance Rescue and Slow Extinction Dynamics Govern Multiscale Metapopulations.

    Science.gov (United States)

    Huth, Géraldine; Haegeman, Bart; Pitard, Estelle; Munoz, François

    2015-10-01

    Rare long-distance dispersal is known to be critical for species dynamics, but how the interplay between short- and long-distance colonization influences regional persistence in a fragmented habitat remains poorly understood. We propose a metapopulation model that combines local colonization within habitat islands and long-distance colonization between islands. We study how regional occupancy dynamics are affected by the multiscale colonization process. We find that the island size distribution (ISD) is a key driver of the long-term occupancy dynamics. When the ISD is heterogeneous-that is, when the size of islands is variable-we show that extinction dynamics become very slow. We demonstrate that this behavior is unrelated to the well-known extinction debt near the critical extinction threshold. Hence, this finding questions the equivalence between extinction debt and critical transitions in the context of metapopulation collapse. Furthermore, we show that long-distance colonization can rescue small islands from extinction and sustain a steady regional occupancy. These results provide novel theoretical and practical insights into extinction dynamics and persistence in fragmented habitats and are thus relevant for the design of conservation strategies.

  16. Temporal Dynamics of Recovery from Extinction Shortly after Extinction Acquisition

    Science.gov (United States)

    Archbold, Georgina E.; Dobbek, Nick; Nader, Karim

    2013-01-01

    Evidence suggests that extinction is new learning. Memory acquisition involves both short-term memory (STM) and long-term memory (LTM) components; however, few studies have examined early phases of extinction retention. Retention of auditory fear extinction was examined at various time points. Shortly (1-4 h) after extinction acquisition…

  17. The Little Data Book on External Debt 2009

    OpenAIRE

    World Bank

    2009-01-01

    The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2009, volume two, summary and country tables, contains statistical tables on the external debt of the 128 countries that report public and publicly guaranteed external debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting ...

  18. The Little Data Book on External Debt 2007

    OpenAIRE

    World Bank

    2007-01-01

    The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2007, volume two, summary and country tables, contains statistical tables on the external debt of the 135 countries that report public and publicly guaranteed debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting countr...

  19. 26 CFR 1.166-1 - Bad debts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Bad debts. 1.166-1 Section 1.166-1 Internal... TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-1 Bad debts. (a... shall be allowed in respect of bad debts owed to the taxpayer. For this purpose, bad debts shall...

  20. 7 CFR 792.4 - Demand for payment of debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Demand for payment of debts. 792.4 Section 792.4... AGRICULTURE PROVISIONS COMMON TO MORE THAN ONE PROGRAM DEBT SETTLEMENT POLICIES AND PROCEDURES § 792.4 Demand for payment of debts. (a) When a debt is due FSA, an initial written demand for payment of such amount...

  1. Simulation analysis of alternative strategies for public debt issuance ...

    African Journals Online (AJOL)

    of domestic debt in the public debt portfolio for market development purposes. While the ... objective, it is essential to have an effective public debt portfolio which provides an appropriate benchmarking structure against which the performance of debt managers can ... The cost metric is primarily influenced by the size of the.

  2. The effects of debt burden on the Nigerian economy | Ogege ...

    African Journals Online (AJOL)

    It employs the ordinary least squares (OLS) to test the relationship between debt burden and the growth in the Nigerian economy. The finding shows that there is a negative relationship between debt stock (internal and external debt) and gross domestic product, meaning that an increase in debt stock will lead to reduction ...

  3. Public debt managers' behaviour interactions with macro policies

    NARCIS (Netherlands)

    Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

    2011-01-01

    We investigate the evolution of public debt management, the policy behaviour of debt managers, and the interaction of debt management with financial stability and monetary policy. The main focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share

  4. Estimating the optimal growth-maximising public debt threshold for ...

    African Journals Online (AJOL)

    This paper attempts to estimate an optimal growth-maximising public debt threshold for Zimbabwe. The public debt threshold is estimated by assessing the relationship between public debt and economic growth. The analysis is undertaken to determine the tipping point beyond which increases in public debt adversely affect ...

  5. Public debt managers' behaviour: interactions with macro policies

    NARCIS (Netherlands)

    Hoogduin, L.; Öztürk, B.; Wierts, P.

    2010-01-01

    We investigate the evolution of public debt management, the policy behaviour of debt managers, and the impact of debt management on financial stability and monetary policy.The focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share of short

  6. Credit Card Debt Hardship Letter Samples

    OpenAIRE

    lissa coffey

    2016-01-01

    Having trouble with your credit card debt? Below you will find examples of hardship letters. There are several things to consider when writing a credit card hardship letter. A hardship letter is the first step to letting the credit card company know that things are bad. This free credit card hardship letter sample is only a guide in order to start the negotiation. Credit card debt hardship letter example, hardship letter to credit card. If you are having trouble paying off your debt and need ...

  7. Introduction: On the ethics of debt

    Directory of Open Access Journals (Sweden)

    William H. Carter

    2016-10-01

    Full Text Available This special issue stems from a 2015 conference on the ‘Ethics of Debt’, organised by the guest editors and held at Iowa State University. Three themes emerged from the conference and are represented in the articles and documentary film selected for the special issue. The first concerns representations of debt in art and literature. The second theme demonstrates how debt arises and functions in specific contexts. The final theme addresses moral and ethical responses to debt within society.

  8. SME Financing in Europe: Cross-Country Determinants of Debt Maturity

    NARCIS (Netherlands)

    Koeter-Kant, Johanna; Hernandez-Canovas, Gines

    2006-01-01

    We examine the influence of cross country differences on debt maturity for small and medium size enterprises (SMEs) using a sample of 3366 SMEs from 19 European countries. We analyze a country's legal environment, institutional environment, banking structure and economic situation while controlling

  9. [Extinction and Reconsolidation of Memory].

    Science.gov (United States)

    Zuzina, A B; Balaban, P M

    2015-01-01

    retrieval due to adaptation, habituation, changes in environment, etc., then we will observe the extinction; while if these neurons respond to the CS during memory retrieval, we will observe the reconsolidation phenomenon.

  10. 36 CFR 1011.8 - When will the Presidio Trust suspend or terminate debt collection on a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.8 When will the Presidio Trust suspend or terminate debt collection on a debt? If, after pursuing all appropriate means of...

  11. 15 CFR 19.8 - When will Commerce entities suspend or terminate debt collection on a Commerce debt?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities suspend or terminate debt collection on a Commerce debt? 19.8 Section 19.8 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.8 When will...

  12. Extinction of laminar partially premixed flames

    Energy Technology Data Exchange (ETDEWEB)

    Aggarwal, Suresh K. [Department of Mechanical and Industrial Engineering, University of Illinois at Chicago, 842 W. Taylor Street, Room 2039, MC-251, Chicago, IL 60607-7022 (United States)

    2009-12-15

    Flame extinction represents one of the classical phenomena in combustion science. It is important to a variety of combustion systems in transportation and power generation applications. Flame extinguishment studies are also motivated from the consideration of fire safety and suppression. Such studies have generally considered non-premixed and premixed flames, although fires can often originate in a partially premixed mode, i.e., fuel and oxidizer are partially premixed as they are transported to the reaction zone. Several recent investigations have considered this scenario and focused on the extinction of partially premixed flames (PPFs). Such flames have been described as hybrid flames possessing characteristics of both premixed and non-premixed flames. This paper provides a review of studies dealing with the extinction of PPFs, which represent a broad family of flames, including double, triple (tribrachial), and edge flames. Theoretical, numerical and experimental studies dealing with the extinction of such flames in coflow and counterflow configurations are discussed. Since these flames contain both premixed and non-premixed burning zones, a brief review of the dilution-induced extinction of premixed and non-premixed flames is also provided. For the coflow configuration, processes associated with flame liftoff and blowout are described. Since lifted non-premixed jet flames often contain a partially premixed or an edge-flame structure prior to blowout, the review also considers such flames. While the perspective of this review is broad focusing on the fundamental aspects of flame extinction and blowout, results mostly consider flame extinction caused by the addition of a flame suppressant, with relevance to fire suppression on earth and in space environment. With respect to the latter, the effect of gravity on the extinction of PPFs is discussed. Future research needs are identified. (author)

  13. Presidential address: distinction or extinction.

    Science.gov (United States)

    Pressman, Barry D

    2008-10-01

    Despite its continuing scientific successes in imaging, radiology as a specialty is faced with a very difficult and competitive environment. Nonradiologists are more and more interested in vertically integrating imaging into their practices, while teleradiology and picture archiving and communication systems are resulting in the greater isolation of radiologists. Commoditization is a realistic and devastating threat to the survival and professionalism of the specialty. To remain viable as a specialty, radiologists must elevate their practice by subspecializing, becoming more involved with clinical care, and actively interacting with patients and referring clinicians. Distinction will prevent extinction.

  14. Exploring the link between household debt and income inequality

    DEFF Research Database (Denmark)

    Fasianos, Apostolos; Raza, Hamid; Kinsella, Stephen

    2017-01-01

    We investigate the relationship between household debt and income inequality in the USA, allowing for asymmetry, using data over the period 1913–2008. We find evidence of an asymmetric cointegration between household debt and inequality for different regimes. Our results indicate household debt...... only responds to positive changes in income inequality, while there is no evidence of falling inequality significantly affecting household debt. The presence of this asymmetry provides further empirical insights into the emerging literature on household debt and inequality....

  15. Parallel debt in the Serbian finance law

    Directory of Open Access Journals (Sweden)

    Kuzman Miloš

    2014-01-01

    Full Text Available The purpose of this paper is to present the mechanism of parallel debt in the Serbian financial law. While considering whether the mechanism of parallel debt exists under the Serbian law, the Anglo-Saxon mechanism of trust is represented. Hence it is explained why the mechanism of trust is not allowed under the Serbian law. Further on, the mechanism of parallel debt is introduced as well as a debate on permissibility of its cause in the Serbian law. Comparative legal arguments about this issue are also presented in this paper. In conclusion, the author suggests that on the basis of the conclusions drawn in this paper, the parallel debt mechanism is to be declared admissible if it is ever taken into consideration by the Serbian courts.

  16. The EMU debt criterion: an interpretation

    Directory of Open Access Journals (Sweden)

    R. BERNDSEN

    1997-12-01

    Full Text Available The convergence criteria specified in the Maastricht Treaty on government deficit and debt, inflation, the exchange rate and the long-term interest rate will play an important, if not decisive, role in determining which countries move on to the third stage of the Economic and Monetary Union (EMU. The aim of this work is to provide a possible interpretation of the EMU debt criterion. The author investigates the government debt criterion which, as Article 104c(2b of the Treaty shows, has a considerable scope for interpretation. Although this subject has been discussed extensively, relatively little work has been done to develop a clear interpretation of the EMU debt criterion. A flexible approach is adopted in which parts of the relevant Treaty text are characterised using two parameters.

  17. A Brazilian Debt-Crisis Model

    OpenAIRE

    Assaf Razin; Efraim Sadka

    2002-01-01

    We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.

  18. THE DETERMINANTS OF HOUSEHOLD DEBT DEFAULT

    OpenAIRE

    ALFARO, RODRIGO; GALLARDO, NATALIA

    2012-01-01

    In this paper, we study household debt default behavior in Chile using survey data. Previous research in this area suggests financial and personal variables help estimate individual and group probabilities of default. We study mortgage and consumer default separately, as the default decisions and overall borrower behavior are different for each type of debt. Our study finds that income and income-related variables are the only significant and robust variables that explain default for both typ...

  19. PUBLIC DEBT IN REPUBLIC OF SRPSKA

    Directory of Open Access Journals (Sweden)

    Ljiljana Jović

    2017-10-01

    Full Text Available The global crisis has led to the requestioning of the justification of economic growth based on borrowing. The issue of public spending and public debt has become particularly important for small and opened economies that are not sufficiently competitive on the world market. If one such country seeks to enter the EU, the rules on the amount of total borrowing and public debt can be a significant obstacle. In recent years, Republic of Srpska has been borrowing rapidly, so in the academic community is already concerned about the possibility and price of servicing those debts. The paper gives a theoretical explanation of the public debt and the needs for borrowing, then to set out the rules on debt level limitation. In the final part, the indicators of indebtedness of Republic of Srpska were presented on the basis of the available information, with the conclusion that this is a medium-indebted country, but also a country that is very vulnerable when it comes to maintaining macroeconomic stability and regular debt servicing

  20. GENDER, DEBT, AND DROPPING OUT OF COLLEGE.

    Science.gov (United States)

    Dwyer, Rachel E; Hodson, Randy; McLoud, Laura

    2013-02-01

    For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college degree and future difficulties they may face in repaying college debt. We examine these new realities by studying gender differences in the role of debt in the pivotal event of graduating from college using the 1997 cohort of the national longitudinal Survey of youth. In this article, we find that women and men both experience slowing and even diminishing probabilities of graduating when carrying high levels of debt, but that men drop out at lower levels of debt than do women. We conclude by theorizing that high levels of debt are one of the mechanisms that sort women and men into different positions in the social stratification system.

  1. Developed Model for Debts Relief Decision Based on Financial and Accounting Reports Applied on PORT TRANS EUROPE SA

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2013-12-01

    Full Text Available Business agents are today facing with a dynamic economic environment transformed by the direct effects of the economic crisis. In these circumstances the managers of the entities are forced to adapt to the economic activities by various types of decisions. A special attention is paid to financial decisions. Financial issues touch all aspects of economic life of an agent. In this context are fitting the management of debts. Management of debts problem can be addressed through a decision-making model. In this paper we propose the development of a multidimensional decision to be strengthened the management of debts of PORT TRANS EUROPE SA, in order to reduce them.

  2. Stress and Fear Extinction

    Science.gov (United States)

    Maren, Stephen; Holmes, Andrew

    2016-01-01

    Stress has a critical role in the development and expression of many psychiatric disorders, and is a defining feature of posttraumatic stress disorder (PTSD). Stress also limits the efficacy of behavioral therapies aimed at limiting pathological fear, such as exposure therapy. Here we examine emerging evidence that stress impairs recovery from trauma by impairing fear extinction, a form of learning thought to underlie the suppression of trauma-related fear memories. We describe the major structural and functional abnormalities in brain regions that are particularly vulnerable to stress, including the amygdala, prefrontal cortex, and hippocampus, which may underlie stress-induced impairments in extinction. We also discuss some of the stress-induced neurochemical and molecular alterations in these brain regions that are associated with extinction deficits, and the potential for targeting these changes to prevent or reverse impaired extinction. A better understanding of the neurobiological basis of stress effects on extinction promises to yield novel approaches to improving therapeutic outcomes for PTSD and other anxiety and trauma-related disorders. PMID:26105142

  3. Debt relief and Development: The case of the 2005 debt relief agreement with Nigeria

    NARCIS (Netherlands)

    A.G. Dijkstra (Geske)

    2013-01-01

    textabstractIn 1999 Nigeria became a democracy again after a long period of dictatorship. One of the top priorities for the newly elected President Obasanjo was to clear the huge foreign debt that the country had built up in previous decades. Most of this debt was with bilateral official creditors,

  4. Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia

    NARCIS (Netherlands)

    Engwerda, Jacob; van Aarle, B.; Weeren, A.J.T.M.

    2015-01-01

    In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based

  5. Debt Sustainability of Ukraine: Status, Problems and Policy

    Directory of Open Access Journals (Sweden)

    Mytrofanova Anastasiia S.

    2017-03-01

    Full Text Available The aim of the article is a comprehensive analysis of indicators and disclosure of problems of debt sustainability of Ukraine, as well as the formulation of recommendations for its management. There built a system of indicators for debt sustainability analysis consisting of the following elements: indicators of the status, structure and dynamics of the state debt; indicators of the state debt servicing; indicators of the state debt factors; indicators of the debt burden forecast. Based on the calculation and analysis of the indicators, a conclusion is drawn on the deepening of the debt crisis in Ukraine, which is manifested in the excess of normative values of the indicators of status, structure and dynamics of the state debt. The reasons for the aggravation of the debt crisis in Ukraine are revealed and divided into three groups: objective historical, socioeconomic and subjective-institutional ones. Based on the analysis of trends in the sphere of violation of debt sustainability, there defined main problems of debt sustainability management, which form three groups: socio-economic problems; problems in the sphere of public administration; negative impact of related debt factors. In addition, risks and threats of deepening the debt burden are identified. Based on the analysis of these problems, a system of recommendations on the state policy of managing debt sustainability is built, including operational, tactical and strategic measures and reflecting the interrelated action of instruments of fiscal, monetary, investment, foreign trade and other economic policies of the state.

  6. Debt swaps as an innovative tool for financing renewable energies

    International Nuclear Information System (INIS)

    Gugler, A.

    1999-01-01

    The emergence of a so-called 'secondary market' for Third World debt papers laid the foundations for different types of debt swaps or debt conversions. A debt conversion is a financial transaction in which a 'converter' (or investor) exchanges (swaps) a debt denominated in a hard currency for a domestic debt payable in local currency by the debtor government. This operation is attractive for the investor because it can imply a significant leverage, since the debt paper is purchased at an often substantial discount on the secondary market, whereas the debtor government will redeem it at a rate above the purchase price. Debt swaps can play a role as an additional source of development finance, but their contribution should not be overestimated. Over the last ten years, debt-for-development and debt-for-nature swaps have generated an estimated US$ 1 billion in local currency. In recent years, debt swaps originating with non-governmental organizations have considerably slowed, probably due to rising prices for commercial debt titles. On the other hand, it is expected that there will be an increase of official debt conversions in the future. Since they can be an attractive financing tool, debt swaps could also be used in order to fund investments in or credit facilities for alternative energies. (orig.)

  7. Biological Extinction in Earth History

    Science.gov (United States)

    Raup, David M.

    1986-03-01

    Virtually all plant and animal species that have ever lived on the earth are extinct. For this reason alone, extinction must play an important role in the evolution of life. The five largest mass extinctions of the past 600 million years are of greatest interest, but there is also a spectrum of smaller events, many of which indicate biological systems in profound stress. Extinction may be episodic at all scales, with relatively long periods of stability alternating with short-lived extinction events. Most extinction episodes are biologically selective, and further analysis of the victims and survivors offers the greatest chance of deducing the proximal causes of extinction. A drop in sea level and climatic change are most frequently invoked to explain mass extinctions, but new theories of collisions with extraterrestrial bodies are gaining favor. Extinction may be constructive in a Darwinian sense or it may only perturb the system by eliminating those organisms that happen to be susceptible to geologically rare stresses.

  8. Biological extinction in earth history

    Science.gov (United States)

    Raup, D. M.

    1986-01-01

    Virtually all plant and animal species that have ever lived on the earth are extinct. For this reason alone, extinction must play an important role in the evolution of life. The five largest mass extinctions of the past 600 million years are of greatest interest, but there is also a spectrum of smaller events, many of which indicate biological systems in profound stress. Extinction may be episodic at all scales, with relatively long periods of stability alternating with short-lived extinction events. Most extinction episodes are biologically selective, and further analysis of the victims and survivors offers the greatest chance of deducing the proximal causes of extinction. A drop in sea level and climatic change are most frequently invoked to explain mass extinctions, but new theories of collisions with extraterrestrial bodies are gaining favor. Extinction may be constructive in a Darwinian sense or it may only perturb the system by eliminating those organisms that happen to be susceptible to geologically rare stresses.

  9. The high price of debt: household financial debt and its impact on mental and physical health.

    Science.gov (United States)

    Sweet, Elizabeth; Nandi, Arijit; Adam, Emma K; McDade, Thomas W

    2013-08-01

    Household financial debt in America has risen dramatically in recent years. While there is evidence that debt is associated with adverse psychological health, its relationship with other health outcomes is relatively unknown. We investigate the associations of multiple indices of financial debt with psychological and general health outcomes among 8400 young adult respondents from the National Longitudinal Study of Adolescent Health (Add Health). Our findings show that reporting high financial debt relative to available assets is associated with higher perceived stress and depression, worse self-reported general health, and higher diastolic blood pressure. These associations remain significant when controlling for prior socioeconomic status, psychological and physical health, and other demographic factors. The results suggest that debt is an important socioeconomic determinant of health that should be explored further in social epidemiology research. Copyright © 2013 Elsevier Ltd. All rights reserved.

  10. In Sickness and in Debt: Do Mounting Medical Bills Predict Payday Loan Debt?

    Science.gov (United States)

    Bickham, Trey; Lim, Younghee

    2015-01-01

    Cash-strapped families sometimes turn to small, short-term loans with exorbitant fees—payday loans—to cope with mounting medical bills. Given that about three-fourths of payday loan customers are repeat borrowers, consumer advocates and policymakers have increasingly raised voices of concern about the use of payday loans to finance various household expenses, including, among other things, medical bills. The present study hypothesized that increases in medical debt are associated with increases in payday loan debt among a sample of Chapter 7 bankruptcy filers. The results of a multivariate tobit regression analysis showed that medical debt was associated with increased payday loan debt, controlling for various types of debt and other socioeconomic variables. This article concludes with implications of the results for social work policy- and direct-practice.

  11. Interstellar dust and extinction

    International Nuclear Information System (INIS)

    Mathis, J.S.

    1990-01-01

    It is noted that the term interstellar dust refers to materials with rather different properties, and that the mean extinction law of Seaton (1979) or Savage and Mathis (1979) should be replaced by the expression given by Cardelli et al. (1989), using the appropriate value of total-to-selective extinction. The older laws were appropriate for the diffuse ISM but dust in clouds differs dramatically in its extinction law. Dust is heavily processed while in the ISM by being included within clouds and cycled back into the diffuse ISM many times during its lifetime. Hence, grains probably reflect only a trace of their origin, although meteoritic inclusions with isotopic anomalies demonstrate that some tiny particles survive intact from a supernova origin to the present. 186 refs

  12. Who, or What, Is to Blame for the Accumulation of Debt in Ontario and Quebec (and What Will It Take to Stop the Bleeding?

    Directory of Open Access Journals (Sweden)

    Ronald D. Kneebone

    2014-07-01

    Full Text Available What is the main reason for government debt accumulation in Canada? Is the main driver of debt the public policy choices made by governments, or are non-policy factors, like interest rates and the economic environment to blame? Answering this question is the first step for governments burdened by high levels of government debt to introduce policies aimed at getting that debt under control. The effort to curtail debts in the mid-1990s prompted research into the sources of debt accumulation. The goal of this research was to determine whether the cause of debt was a set of poor fiscal policy choices in the form of overly generous social programs and/or insufficient taxation, an overly tight monetary policy driving up interest costs on existing debt and slowing growth, or simply bad luck in the form of unavoidable world events. That research aspired to identify the sources of debt accumulation so those mistakes, once identified, might be avoided in the future. This paper looks at Ontario and Quebec; two provinces with high and growing debt to GDP ratios and representing the two largest provincial economies in Canada. Introducing an original data set describing the finances of these governments over the period 1980-81 to 2011-12 and a new approach for identifying the causes of debt accumulation, this paper finds that the causes are disproportionate policy based. Finally, this paper offers a way out of debt for these governments. The solutions demand difficult policy choices; choices that will require a significantly heavier burden be borne by the citizens and taxpayers of Ontario than those in Quebec.

  13. Biotic extinctions by solar flares; and reply

    International Nuclear Information System (INIS)

    Beland, P.; Russell, D.A.; Crutzen, P.J.; Reid, G.C.

    1976-01-01

    Some comments are offered on the paper by Reid and others (nature 259:177 (1976)) in which a mechanism was suggested by which solar protons might catastrophically deplete atmospheric D 3 during a reversal of the Earth's geomagnetic field. Organisms would thereby be exposed to a more intense UV environment, leading to species extinctions. These authors assumed that during a reversal the geomagnetic field effectively disappears for about 1000 years, and also that solar flares sufficiently intense to cause extinctions occur at intervals of 1000 years or more. The validity of these assumptions is here examined using data on geomagnetic reversals identified over the past 75 M years, together with extinction data, and some anomalies are pointed out. A reply by Reid and others is appended. (U.K.)

  14. Neural signals of vicarious extinction learning.

    Science.gov (United States)

    Golkar, Armita; Haaker, Jan; Selbing, Ida; Olsson, Andreas

    2016-10-01

    Social transmission of both threat and safety is ubiquitous, but little is known about the neural circuitry underlying vicarious safety learning. This is surprising given that these processes are critical to flexibly adapt to a changeable environment. To address how the expression of previously learned fears can be modified by the transmission of social information, two conditioned stimuli (CS + s) were paired with shock and the third was not. During extinction, we held constant the amount of direct, non-reinforced, exposure to the CSs (i.e. direct extinction), and critically varied whether another individual-acting as a demonstrator-experienced safety (CS + vic safety) or aversive reinforcement (CS + vic reinf). During extinction, ventromedial prefrontal cortex (vmPFC) responses to the CS + vic reinf increased but decreased to the CS + vic safety This pattern of vmPFC activity was reversed during a subsequent fear reinstatement test, suggesting a temporal shift in the involvement of the vmPFC. Moreover, only the CS + vic reinf association recovered. Our data suggest that vicarious extinction prevents the return of conditioned fear responses, and that this efficacy is reflected by diminished vmPFC involvement during extinction learning. The present findings may have important implications for understanding how social information influences the persistence of fear memories in individuals suffering from emotional disorders. © The Author (2016). Published by Oxford University Press. For Permissions, please email: journals.permissions@oup.com.

  15. Extinction of Learned Fear Induces Hippocampal Place Cell Remapping

    Science.gov (United States)

    Wang, Melissa E.; Yuan, Robin K.; Keinath, Alexander T.; Ramos Álvarez, Manuel M.

    2015-01-01

    The extinction of learned fear is a hippocampus-dependent process thought to embody new learning rather than erasure of the original fear memory, although it is unknown how these competing contextual memories are represented in the hippocampus. We previously demonstrated that contextual fear conditioning results in hippocampal place cell remapping and long-term stabilization of novel representations. Here we report that extinction learning also induces place cell remapping in C57BL/6 mice. Specifically, we observed cells that preferentially remapped during different stages of learning. While some cells remapped in both fear conditioning and extinction, others responded predominantly during extinction, which may serve to modify previous representations as well as encode new safe associations. Additionally, we found cells that remapped primarily during fear conditioning, which could facilitate reacquisition of the original fear association. Moreover, we also observed cells that were stable throughout learning, which may serve to encode the static aspects of the environment. The short-term remapping observed during extinction was not found in animals that did not undergo fear conditioning, or when extinction was conducted outside of the conditioning context. Finally, conditioning and extinction produced an increase in spike phase locking to the theta and gamma frequencies. However, the degree of remapping seen during conditioning and extinction only correlated with gamma synchronization. Our results suggest that the extinction learning is a complex process that involves both modification of pre-existing memories and formation of new ones, and these traces coexist within the same hippocampal representation. PMID:26085635

  16. Genetic disruptions of Drosophila Pavlovian learning leave extinction learning intact.

    Science.gov (United States)

    Qin, H; Dubnau, J

    2010-03-01

    Individuals who experience traumatic events may develop persistent posttraumatic stress disorder. Patients with this disorder are commonly treated with exposure therapy, which has had limited long-term success. In experimental neurobiology, fear extinction is a model for exposure therapy. In this behavioral paradigm, animals are repeatedly exposed in a safe environment to the fearful stimulus, which leads to greatly reduced fear. Studying animal models of extinction already has lead to better therapeutic strategies and development of new candidate drugs. Lack of a powerful genetic model of extinction, however, has limited progress in identifying underlying molecular and genetic factors. In this study, we established a robust behavioral paradigm to study the short-term effect (acquisition) of extinction in Drosophila melanogaster. We focused on the extinction of olfactory aversive 1-day memory with a task that has been the main workhorse for genetics of memory in flies. Using this paradigm, we show that extinction can inhibit each of two genetically distinct forms of consolidated memory. We then used a series of single-gene mutants with known impact on associative learning to examine the effects on extinction. We find that extinction is intact in each of these mutants, suggesting that extinction learning relies on different molecular mechanisms than does Pavlovian learning.

  17. Extinction of sodium fires

    International Nuclear Information System (INIS)

    Malet, J.C.; Spagna, F.

    1989-01-01

    This paper presents how, starting from a knowledge of sodium ignition and burning, principles for extinction (smothering catch trays, leak recuperation systems, powders) can be developed. These techniques applied in Superphenix 1 and PEC reactors have been tested in the ESMERALDA experimental program which is a joint French/Italian project. (author)

  18. More than a Question of Debt: A Qualitative Study of How Seminarians Think about Money

    Science.gov (United States)

    Lincoln, Timothy D.

    2015-01-01

    As the funding environment for higher education and theological education changes, an increasing number of graduate theological students hold student loan debt that will follow them well into their postgraduation working lives (Delisle, 2014). This study reports the attitudes about money voiced by master of divinity students at one mainline…

  19. Public Debts Trends in the Current Economic Context, from Both National and International Perspective

    Directory of Open Access Journals (Sweden)

    Doina Dascalu

    2015-12-01

    Full Text Available . The article presents an analysis of the way public debt operates in Romania, in the context of states economies trends, of complex and topical financial environments. In the context of a functional market economy, the issues faced by certain states involving high public debt levels or potential budgetary pressure risks converge towards the idea that public finances sustainability needs to be a major challenge at the level of public policies. Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a launching base, the overall strategy of the European Union, focused on the three component parts, namely abatement of public debt, increasing productivity and employment and last but not least, reforming the pension and healthcare systems. To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure a downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework.

  20. Government debt management in the euro area - recent theoretical developments and changes in practices

    OpenAIRE

    Guido Wolswijk; Jakob de Haan

    2005-01-01

    This paper reviews recent developments in the management of government debt in the euro area, covering both theoretical and practical aspects. It focuses on key aspects of debt management; the objectives of debt management, its organisation, the maturity of debt, inflation-indexation, currency-denomination, the ownership of debt, and debt issuing and trading practices. Main adjustments include an increase in autonomy of debt management agencies, and a convergence in debt maturities and in deb...

  1. Prefrontal system dysfunction and credit card debt.

    Science.gov (United States)

    Spinella, Marcello; Yang, Bijou; Lester, David

    2004-10-01

    Credit card use often involves a disadvantageous allocation of finances because they allow for spending beyond means and buying on impulse. Accordingly they are associated with increased bankruptcy, anxiety, stress, and health problems. Mounting evidence from functional neuroimaging and clinical studies implicates prefrontal-subcortical systems in processing financial information. This study examined the relationship of credit card debt and executive functions using the Frontal System Behavior Scale (FRSBE). After removing the influences of demographic variables (age, sex, education, and income), credit card debt was associated with the Executive Dysfunction scale, but not the Apathy or Disinhibition scales. This suggests that processes of conceptualizing and organizing finances are most relevant to credit card debt, and implicates dorsolateral prefrontal dysfunction.

  2. Carbon debt - Lost in the forest?

    DEFF Research Database (Denmark)

    Bentsen, Niclas Scott

    2014-01-01

    The concept of ‘carbon debt’ and carbon payback time with reference to bioenergy and biofuels was probably launched by anarticle in Science in 2008. The concept is increasingly seen as an indicator of the sustainability of bioenergy supply chains.Particularly for forest bioenergy supply chains...... the time lapse between harvest and regrowth may be a signifi cant factor for themodeled carbon debt. A meta-analysis of more than 250 model scenarios was conducted to evaluate the factors and assumptionsdetermining carbon debts and payback time of forest bioenergy supply chains. Factors such as spatial...... and temporal scale, biome,origin of the wood resource, which fossil fuels are displaced, forest history, baseline scenario, accounting principle, and databackground were included in the analysis. This paper discusses the evolution of the carbon debt concept, how different factorsand assumptions infl uence...

  3. Debt crisis ahead for Irish medical students.

    Science.gov (United States)

    Haugh, C; Doyle, B; O'Flynn, S

    2014-06-01

    Internationally medical student debt is a cause of concern. A survey of medical students in UCC (response rate of 191 representing 35% of the EU student cohort) reveals that 34 (26%) of direct entry medicine (DEM) students and 36 (61%) graduate entrants (GEM) have a loan with an anticipated average debt of Euro17,300 and Euro80,000 on graduation respectively. Fifty-three (90%) graduate entrants and 75 (57%) direct entrants revealed that they often worry about their current financial situation. Fifty-three (28%) of students have a part-time job and many were concerned about the degree to which this conflicted with their academic workload. 118 (89%) of school leavers and 48 (81%) graduates received financial assistance from their families to fund their college expenses. Student responses recommended the introduction of a government supported low interest rate loan and other incentives to help service high levels of debt associated with medical education.

  4. Government guarantees and public debt in Croatia

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2011-09-01

    Full Text Available Government fi nancial and performance guarantees have been issued in Croatia since 1996, to support funding and ensure favourable borrowing conditions in the fi nancial market for companies in majority state ownership. However, government guarantees have rarely been part of defi ned strategies and goals of public debt and risk management. Despite their steady growth, the structure of active guarantees and their infl uence on Croatian public debt are still unknown. This paper analyses the amount and structure of state guarantees, their maturities and the authority and accountability for their management, and it compares the structure of guarantees in terms of economic sectors. The main objective of the paper is to determine the infl uence of government guarantees on the public debt growth.

  5. Foreign Debt: Causes and Measures Taken

    Directory of Open Access Journals (Sweden)

    Ion Botescu

    2016-01-01

    Full Text Available In an increasingly globalized world, any crisis, including the ones caused by the foreign debtdefault of a country, may have a negative impact which can be contagious both at regional and atglobal level. Taking into account all the risks to which international creditors were subjectedover time, thestock of foreign debt worldwide has experienced a significant increase in the current millennium,actually demonstrating that international lending is profitable. The causes of default, the measures taken by the concerned countries to get out of this situationand the specific examples were the elements which I have tried to capture in this paper. Last butnot least, I have performed an analysis of the evolution of the foreign debt stock and the repaymentcapacity of small and medium-income countries, respectively the most vulnerable countries interms of debt repayment.

  6. Impact of Debt Capital on Outreach and Efficiency Of Microfinance ...

    African Journals Online (AJOL)

    Impact of Debt Capital on Outreach and Efficiency Of Microfinance ... donation or government grants should be sustained in a long term to enable MFIs reach the poor who cannot afford high interest rates charged by debt financed MFIs.

  7. Rising public debt profile in Nigeria: risks and sustainablity issues ...

    African Journals Online (AJOL)

    Rising public debt profile in Nigeria: risks and sustainablity issues. ... and state governments has echoed new concerns for policy stakeholders in Nigeria. ... the share of concessional loan in external debt stock and develop Public-Private ...

  8. Debt renegotiation with incomplete contract

    Directory of Open Access Journals (Sweden)

    Paulo de Melo Jorge Neto

    2005-09-01

    Full Text Available A debt contract usually does not include a provision about renegotiation. The right to seize the borrower’s asset and the rules of this process are usually stipulated in the contract. Such a promise not to renegotiate is not credible since renegotiation can mitigate the dead-weight loss of liquidating insolvent borrowers. Once the initial contract may not consider the renegotiation procedure and renegotiation may occur, this paper investigates why a complete contract is not offered. It shows that the lender does not need to stipulate the renegotiation procedure on the initial contract because he is indifferent about committing or not to the terms of a contract. This indicates that a complete contract gives the lender the same expected return as an incomplete contract, in which the renegotiation process is determined after the occurrence of default.Um contrato de débito geralmente não inclui uma cláusula sobre renegociação. O direito de liquidar os ativos do tomador e as regras do processo são habitualmente estipuladas no contrato. Tal promessa de não renegociar não é crível, já que a renegociação pode mitigar a perda bruta de se liquidar tomadores insolventes. Uma vez que o contrato inicial pode não considerar os procedimentos de renegociação, e esta pode, de fato, vir a ocorrer, este artigo investiga a razão de um contrato completo não ser ofertado. Mostra-se que o emprestador não precisa estipular os procedimentos de renegociação no contrato inicial porque ele é indiferente entre se comprometer ou não aos termos do contrato. Isto indica que um contrato completo dá ao emprestador o mesmo retorno esperado de um contrato incompleto, no qual os procedimentos de renegociação são determinados após a declaração de default.

  9. Debt as an Urban Chronotrope in Mongolia

    DEFF Research Database (Denmark)

    Pedersen, Morten Axel

    2017-01-01

    . With the transition to capitalism in the 1990s, both the number of debt obligations and the size of loans expanded dramatically, without being subject to similar curtailment or other formalization. The result is that ‘no one pays back what they owe’, as people complain. Departing from the seemingly peculiar fact...... that people nonetheless keep on lending others money – including debtors they hardly know or with a bad reputation – I argue that debt has acquired a gift-like nature in Ulaanbaatar, and show how the temporality of such ‘generalized debt’ is inseparable from the neo-liberal deregulation of residential spaces...

  10. International labor migration and external debt.

    Science.gov (United States)

    Bustamante, J A

    1987-01-01

    The prevailing Mexican and US definitions of undocumented migration are poles apart. The US views it as a criminal problem. Mexicans view the undocumented migrants as actors in an economic game in which the rules are extremely disadvantageous to these migrants. Migrants themselves and their communities view the undocumented as a positive element. It is necessary to move toward a bilateral focus and bilateral negotiation on the issue of migratory workers. This proposal derives from several assumptions: 1) the external debt is a bilateral or multilateral issue, 2) it is important to avoid forcing debtor countries to choose between stimulating economic growth or making payment on their foreign debt, 3) prevailing public opinion in the US favors halting undocumented migration, 4) the US views the migration of undocumented Mexicans as the result of forces endogenous to Mexico and exogenous to the US, 5) the US views both Mexico's ability to make payment on its external debt and to halt emigration as tied to the Mexican government's ability or inability to reconcile political stability with scarce monetary resources, and 6) political instability in Mexico could augment emigration to the US and undermine Mexico's ability to address its foreign debt. The following proposal suggests means to link negotiation on the external debt to that of undocumented migration: 1) The Mexican government could reach an accord with the US to channel a portion of the actual interest on the external debt as a fund to be invested in Mexico to construct a system of labor intensive agroindustrial productive units designed to attract former or potential migratory workers; 2) the total amount of these funds would be deducted from interest payments on the principal of the actual external debt and redefined as an ad hoc loan to Mexico to finance these production units; 3) part of the production from these units would be incorporated into ongoing US food relief and food assistance programs; 4) the

  11. Book Review: IOU: The debt threat and why we must diffuse it | Iyayi ...

    African Journals Online (AJOL)

    Noreena Hertz's book - I.O.U.: The Debt Threat And Why We Must Defuse It - dedicates itself to the analysis of the huge foreign debt that is owed by. Third World countries. The analysis traces the history of the debt, the processes by which the debt is maintained, the forces that maintain the debt, the consequences of the debt ...

  12. Looking afield: debt collection tips hospitals can borrow from banks.

    Science.gov (United States)

    Klein, Larry; Shelton, Greg

    2015-09-01

    When developing strategies for collecting on patient debt, hospitals can benefit from following the example of the banking industry: Banks take a "do-it-yourself" approach, working delinquent accounts in-house for as long as practical. They embrace technology to give in-house debt collectors optimal opportunity to connect with customers to work out terms for resolving debt. They strategically leverage outside collections agencies based on the makeup of their debt portfolio.

  13. How Does Corruption Affect Public Debt? An Empirical Analysis

    OpenAIRE

    Arusha Cooray; Friedrich Schneider

    2013-01-01

    This paper examines the relationship between corruption and public debt in 106 countries. Results suggest that corruption leads to an increase in public debt. We also investigate if the effect of corruption on pblic debt is increased by government expenditure, the shadow economy and military expenditure. We find that the effect of corruption on public debt is compounded by increased government expenditure and increased size of the shadow economy.

  14. The Greek sovereign debt: Are there really any options?

    OpenAIRE

    Papanikos, Gregory T.

    2014-01-01

    Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making level. This paper looks at the Greek debt and four options are discussed: (a) unilateral default (b) unilaterally imposed austerity measures (c) restructuring through negotiating and (d) a tax on wealth to pay for the debt. Optimal options depend on the borr...

  15. A nuclear power enterprise debt management system construction Based on Sanmen Nuclear Power Co., LTD, debt risk management case analysis

    International Nuclear Information System (INIS)

    Wu Yan; Liu Shuqing

    2010-01-01

    Building nuclear power enterprises need huge investment , often tens of billions RMB. How to do a good job in corporate debt risk management, becoming powerful large-scale development of nuclear power ,ensuring the supply of funds and existing debt service in the process of large-scale development of nuclear power ,is an important task. In this paper, managing the company's debt is very urgent and necessary through analysis of SMNPC financing and debt structure; through the analysis of SMNPC's debt risk management , the authors would like to explore how to build up the framework of the debt management under the large-scale development of nuclear power construction . Nuclear power enterprises need to strengthen supervision mechanism and internal control,build-up and perfect all-round debt risk manage system, keep watch on debt risk in order to ensure preservation and increment of the value of state assets. (authors)

  16. Debt Stabilization Games in the Presence of Risk Premia

    NARCIS (Netherlands)

    Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

    2012-01-01

    Abstract: As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization

  17. 12 CFR 370.3 - Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... convertible debt to be issued, (C) The mandatory conversion date, (D) The conversion rate (i.e., the total... exchange rate in effect on the date that the debt is funded. (c) Calculation and reporting responsibility... guarantee expires on the earliest of the mandatory conversion date for mandatory convertible debt, the...

  18. 26 CFR 1.1275-4 - Contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

    ... provides for an option to convert the debt instrument into the stock of the issuer, into the stock or debt... property in an amount equal to the approximate value of such stock or debt. (5) Remote and incidental... price that reflects a spread above a benchmark rate, the comparable yield is the sum of the value of the...

  19. Debt overhang and the macroeconomics of carry trade

    NARCIS (Netherlands)

    Jakucionyte, E.; van Wijnbergen, S.J.G.

    2016-01-01

    The depreciation of the Hungarian forint in 2009 left Hungarian borrowers with a skyrocketing value of foreign currency debt. The resulting losses worsened debt overhang in to debt-ridden firms and eroded bank capital. Therefore, although Hungarian banks had partially isolated their balance sheets

  20. 7 CFR 3.21 - Referrals of Debts to Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Referrals of Debts to Justice. 3.21 Section 3.21... and Compromise of Claims § 3.21 Referrals of Debts to Justice. An agency shall promptly refer to Justice for litigation debts on which aggressive collection activity has been taken in accordance with...

  1. 48 CFR 31.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Bad debts. 31.205-3... REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 31.205-3 Bad debts. Bad debts, including actual or estimated losses arising from uncollectible accounts receivable due...

  2. Debt stabilization games in the presence of risk premia

    NARCIS (Netherlands)

    Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

    2013-01-01

    As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization in a

  3. 7 CFR 3.12 - Reporting of consumer debts.

    Science.gov (United States)

    2010-01-01

    ... and Compromise of Claims § 3.12 Reporting of consumer debts. (a) Notice. In demand letters to debtors... the delinquent consumer debt to credit reporting agencies after 60 days; (2) The specific information... credit bureaus. (d) Stay of disclosure. Agencies shall not disclose a delinquent debt to a credit...

  4. 7 CFR 1403.4 - Demand for payment of debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Demand for payment of debts. 1403.4 Section 1403.4 Agriculture Regulations of the Department of Agriculture (Continued) COMMODITY CREDIT CORPORATION, DEPARTMENT... Demand for payment of debts. (a) When a debt is due CCC, an initial written demand for payment of such...

  5. Yes, No, Maybe So: College Students' Attitudes Regarding Debt

    Science.gov (United States)

    Zerquera, Desiree D.; McGowan, Brian L.; Ferguson, Tomika L.

    2016-01-01

    We examined college student attitudes regarding debt. Based on focus group interviews with 31 students from 4 different institutions within a Midwestern university system, data analysis yielded a continuum that captures students' debt approaches while enrolled in college. Findings indicate that students avoided debt completely, made intentional…

  6. Development and foreign debt: The stylized facts 1970-2006

    DEFF Research Database (Denmark)

    Paldam, Martin

    they are in crisis, and the debt grows and generates low growth in the next couple of decades. The analysis concentrates on two relations: (R1) the relation between borrowing and growth, and (R2) the relation between initial debt and growth. Both relations are negative, so essentially the stylized story of debt...

  7. Empirical Essays on Debt, Equity, and Convertible Securities

    NARCIS (Netherlands)

    P. Verwijmeren (Patrick)

    2008-01-01

    textabstractThis dissertation consists of four empirical studies on firms’ financing decisions. In the first two studies, we investigate the debt-equity choice for a large number of U.S. firms. We find that firms prefer debt financing over equity financing in case a debt issue allows the firm to

  8. 12 CFR 16.6 - Sales of nonconvertible debt.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Sales of nonconvertible debt. 16.6 Section 16.6... RULES § 16.6 Sales of nonconvertible debt. (a) The OCC will deem offers or sales of bank issued... grade; (5) Prior to or simultaneously with the sale of the debt, each purchaser receives an offering...

  9. THE SECONDARY EXTINCTION CORRECTION

    Energy Technology Data Exchange (ETDEWEB)

    Zachariasen, W. H.

    1963-03-15

    It is shown that Darwin's formula for the secondary extinction correction, which has been universally accepted and extensively used, contains an appreciable error in the x-ray diffraction case. The correct formula is derived. As a first order correction for secondary extinction, Darwin showed that one should use an effective absorption coefficient mu + gQ where an unpolarized incident beam is presumed. The new derivation shows that the effective absorption coefficient is mu + 2gQ(1 + cos/sup 4/2 theta )/(1 plus or minus cos/sup 2/2 theta )/s up 2/, which gives mu + gQ at theta =0 deg and theta = 90 deg , but mu + 2gQ at theta = 45 deg . Darwin's theory remains valid when applied to neutron diffraction. (auth)

  10. Galactic dust and extinction

    International Nuclear Information System (INIS)

    Lyngaa, G.

    1979-01-01

    The ratio R between visual extinction and colour excess, is slightly larger than 3 and does not vary much throughout our part of the Galaxy. The distribution of dust in the galactic plane shows, on the large scale, a gradient with higher colour excesses towards l=50 0 than towards l=230 0 . On the smaller scale, much of the dust responsible for extinction is situated in clouds which tend to group together. The correlation between positions of interstellar dust clouds and positions of spiral tracers seems rather poor in our Galaxy. However, concentrated dark clouds as well as extended regions of dust show an inclined distribution similar to the Gould belt of bright stars. (Auth.)

  11. Democracy, Political Competition and Public Debt

    Directory of Open Access Journals (Sweden)

    Lucian CROITORU

    2015-06-01

    Full Text Available There are two major preferences shaping political choices: one, regarding who should play the leading role in running the economy (mar-kets or politicians and the other, concerning social spending. According to reputation, leftist parties assign the leading role to politicians (i.e. the state, whereas rightist parties entrust mar-kets with the central role in running the econo-my. Right-wing parties’ reputation of not favoring social spending is not backed by facts. Since both the left and the right display similar behav-iors vis-à-vis social spending, it is preferable that markets play the central role in running the econ-omy. Flexible markets help economic growth and employment, reducing the need for high social spending. The freedom of property and freedom from corruption indexes show that, in Romania, the market has never played the central role in running the economy. People’s prevailing con-cern over their wellbeing ‘now’ rather than ‘to-morrow’ generates competition among political right and left for higher social spending, leading to high public debt. Neither left, nor right can guarantee sustainable limits for social benef ts and public debt. Capping the share of public debt in GDP by means of the Constitution provides no guarantee for public debt sustainability, but is worth a try.

  12. THE PUZZLE OF SIMULTANEOUS SAVINGS AND DEBTS

    Directory of Open Access Journals (Sweden)

    RODICA IANOLE

    2012-05-01

    Full Text Available „Neither a borrower nor a lender be” recommends Shakespeare in Hamlet. The advice seems particularly interesting in nowadays society where a person can be easily found in both approximate situations, in the same time. It goes without saying that saving and borrowing do not describe mutually exclusive strategies of financial management and thus many people retain savings or carry on saving at the same time as having debts. We add to this fact a more pragmatically wisdom, the one of the economist Robert Solow -“We (economists think of wealth as fungible; we think a dollar is a dollar. Why don't they (the others do so?” (Solow, 1987 – and we naturally ask ourselves if the mechanism of having simultaneous savings and debts is a rational one, according to traditional economics.Making appeal to the emerging body of behavioral economics literature we reach to the mental accounting theory to see if it can explain savings inclination versus debt inclination. The main research question we want to explore is the following: if mental accounting prevents people from spending money from one „mental account” on goods belonging to another one, will people – after using all their money from a given account – be willing to go into debt to buy goods belonging to this account in a situation when they still have money in other accounts?

  13. 20 CFR 340.16 - Debt collection.

    Science.gov (United States)

    2010-04-01

    ... RECOVERY OF BENEFITS § 340.16 Debt collection. (a) The Associate Executive Director for Unemployment and... person paying remuneration for time lost or any sum or damages for personal injury to remit the amount of reimbursement due the Board, if any, within 30 days of the date of the payment of remuneration or damages to an...

  14. Capital Structure and International Debt Shifting

    NARCIS (Netherlands)

    Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2006-01-01

    This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between

  15. Sovereign debt and bank fragility in Spain

    NARCIS (Netherlands)

    van der Kwaak, C.; van Wijnbergen, S.

    In May 2012 the Spanish government announced a debt-financed recapitalization of the undercapitalized Spanish banking system. Although there was a wide consensus among economists and policymakers that this was key to solving Spain’s economic troubles, both bank CDS and sovereign CDS further

  16. Private Placement Debt Financing for Public Entities

    Science.gov (United States)

    Holman, Lance S.

    2010-01-01

    Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…

  17. The pricing of bank debt guarantees

    NARCIS (Netherlands)

    Arping, S.

    2009-01-01

    We analyze the optimal pricing of government-sponsored bank debt guarantees within the context of an asset substitution framework. We show that the desirability of fair pricing of guarantees depends on the degree of transparency of the banking sector: in relatively opaque banking systems, fair

  18. From debt crisis to sovereign risk

    NARCIS (Netherlands)

    Lukkezen, Jasper

    2014-01-01

    Recent experience taught us that advanced economies can be subject to debt crises, with tremendous impact on the economy. Such crises are -fortunately- rare events with which policy makers do not have to deal on a daily basis. They do have to incorporate sovereign risk, the probability that such a

  19. Enhanced Debt Management: solving the eurozone crisis by linking debt management with fiscal and monetary policy

    OpenAIRE

    Werner, Richard A.

    2014-01-01

    Unconventional approaches to suit unusual circumstances have become acceptable in monetary policy, a formerly highly conservative discipline. In this paper it is argued that unconventional approaches should also be considered in sovereign debt management, in order to contribute to resolving the eurozone sovereign debt crisis. First, the Troika crisis lending to indebted sovereign borrowers in the eurozone is reviewed and compared with standard IMF post-crisis lending. The main difference and ...

  20. Does debt predict growth? An empirical analysis of the relationship between total debt and economic output

    Directory of Open Access Journals (Sweden)

    Willem Vanlaer

    2015-12-01

    Full Text Available Although the recent global financial crisis has stimulated a vast amount of research on the impact of public debt on economic growth and also increasingly on the role of private credit, the total levels of indebtedness of an economy have largely been ignored. This paper studies the impact of the total level of and increases in debt-to-GDP on economic growth for 26 developed countries in the short, medium and longer term. We analyse whether we can predict the future level of growth, simply by looking at the total level of debt, or increases in that debt level. We find that there is a negative correlation between high levels of debt and short term economic growth, but that this effect tapers in the medium and long term. Similarly, we find that rapid debt accumulation is negatively related to economic growth over the short term, the impact is less pronounced over the medium term and is non-existent over the long term.

  1. Precautionary Borrowing and the Credit Card Debt Puzzle

    DEFF Research Database (Denmark)

    Druedahl, Jeppe; Jørgensen, Casper Nordal

    2015-01-01

    This paper addresses the credit card debt puzzle using a generalization of the buffer-stock consumption model with long-term revolving debt contracts. Closely resembling actual US credit card law, we assume that card issuers can always deny their cardholders access to new debt, but that they cannot...... to simultaneously hold positive gross debt and positive gross assets even though the interest rate on the debt is much higher than the return rate on the assets. Including a risk of being excluded from new borrowing which is positively correlated with unemployment, we are able to simultaneously explain...

  2. The Influence of Debt Maturity Structure on Accounting Conservatism

    Institute of Scientific and Technical Information of China (English)

    Zhao Huiqing; Chen Xinguo

    2015-01-01

    According to the related data of A-share listed companies in 2009-2013,through extension model based on Basu's surplus - the stock return rate model ,this paper studies that the debt maturity structure influences on accounting conservatism. The empirical study finds that the amount of debt affects significantly the prudence,that is,the greater the amount of the debt contract con- cluded, the stronger role of accounting conservatism is ; Debt maturity have significant relationship with accounting conservatism. For the shorter debt maturity, the enterprise is easier to choose more prudent accounting policy, and when the period is longer, accounting conservatism is relatively weaker.

  3. Environmental performance, profitability, asset utilization, debt monitoring and firm value

    Science.gov (United States)

    Bukit, R. Br; Haryanto, B.; Ginting, P.

    2018-02-01

    The growing issue on firm value shows that firm value is not only determined by the firm ability to increase financial profit, but also by the company's concern in maintaining the environmental condition. The industrial development produces waste that pollutes the environment that has potential to serious impact on the next life. In addition to provide financial benefits, companies are increasingly facing pressure to be socially responsible for the survival of the company. However, past findings demonstrate that the effect of environmental performance, profitability, and asset utilization to the firm’s value are still unclear. This study aims to test whether environmental performance, firm profitability and asset utilization can effectively enhance firm value in two different conditions: intensive debt monitoring and less intensive debt monitoring. Sample of companies is taken from the list of Indonesia Stock Exchange during the period of 2013 to 2015. Using multiple regression analysis, discloses that: in intensive monitoring, managers tend to have high firm value when company has high environmental performance and or high profitability and high asset utilization. Monitoring system needs to be intensified especially for companies with the above characteristics.

  4. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities

    International Nuclear Information System (INIS)

    JL Fuller; KM Leek

    2000-01-01

    The magnitude of Russian foreign debt, both official bilateral and commercial, compounded by collapse of the Russian economic system, is an obstacle in preventing the Russian Federation from effectively increasing the domestic priority of drawing down its nuclear weapons complex and providing a healthy, competitive environment to its nuclear cities. Debt-for-nature swaps, introduced in the early 1980s, provide debtor nations with a means of converting a portion of foreign debt into local currency, often at steep discounts, to use for purposes such as environmental protection that serve both a domestic and international need. This paper presents the debt-for-nature concept as a model for providing an infusion of funds to further U.S. and international nonproliferation objectives to help stabilize Russian closed city economic conditions through direct work on proliferation problems and remediation of the environment. A specific proposal is presented to demonstrate the utility and efficacy of the dept swap concept through initial collaboration with the city administration of Ozersk. The purpose of the proposal is to facilitate making Ozersk a safe, healthy competitive city, providing useful employment for its scientists and population and converting its superior infrastructure into productive activities

  5. Impact of Changes in Accounting Standards in Debt Ratios of Firms: Evidence in Brazil

    Directory of Open Access Journals (Sweden)

    André Aroldo Freitas de Moura

    2016-01-01

    Full Text Available ABSTRACT This research investigates the impact of changes in debt ratios of Brazilian firms due to the IFRS adoption. We make a comparison between the forecast of the time-series of debt ratios accounted until 2007 for the span from 2008 to the first quarter of 2015 with those effectively accounted from 2008 to the first quarter of 2015 derived from the new accounting standard. The research utilizes SARIMAX model and Chow’s (1960 structural break forecast test, controlling for changes originating from the macroeconomic environment as well. We find evidence of significant changes in the debt ratio towards both higher and lower debt with predominance of greater ratios. This result is consistent with past literature in Europe, Australia and New Zealand. Nevertheless, we do not find evidence of a structural break in the Financial Dependency ratio. Moreover, there is no evidence of any distinct effects across different industries. The research provides new evidence confirming the informational effects of IFRS by utilizing a robust time-series model with macroeconomic controls in an innovative approach towards the accounting environment.

  6. Governance-Default Risk Relationship and the Demand for Intermediated and Non-Intermediated Debt

    Directory of Open Access Journals (Sweden)

    Husam Aldamen

    2012-09-01

    Full Text Available This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt and non-intermediated debt (public debt in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediated or private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009. Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all debt types. Intermediated debt such as bank and asset finance debt are more responsive to changes in governance-default risk relationship than non-bank and non-intermediated debt. The implication is that a firm’s demand for different debt types will reflect its governance-default risk profile.

  7. Modelling interstellar extinction: Pt. 1

    International Nuclear Information System (INIS)

    Jones, A.P.

    1988-01-01

    Several methods of calculating the extinction of porous silicate grains are discussed, these include effective medium theories and hollow spherical shells. Porous silicate grains are shown to produce enhanced infrared, ultraviolet and far-ultraviolet extinction and this effect can be used to reduce the abundance of carbon required to match the average interstellar extinction, however, matching the visual extinction is rather more problematical. We have shown that the enhanced extinction at long and short wavelengths have different origins, and have explained why the visual extinction is little affected by porosity. The implications of porous grains in the interstellar medium are discussed with particular reference to surface chemistry, the polarization of starlight, and their dynamical evolution. (author)

  8. Extinction Events Can Accelerate Evolution

    DEFF Research Database (Denmark)

    Lehman, Joel; Miikkulainen, Risto

    2015-01-01

    Extinction events impact the trajectory of biological evolution significantly. They are often viewed as upheavals to the evolutionary process. In contrast, this paper supports the hypothesis that although they are unpredictably destructive, extinction events may in the long term accelerate...... evolution by increasing evolvability. In particular, if extinction events extinguish indiscriminately many ways of life, indirectly they may select for the ability to expand rapidly through vacated niches. Lineages with such an ability are more likely to persist through multiple extinctions. Lending...... computational support for this hypothesis, this paper shows how increased evolvability will result from simulated extinction events in two computational models of evolved behavior. The conclusion is that although they are destructive in the short term, extinction events may make evolution more prolific...

  9. Rescuing Ecosystems from Extinction Cascades

    Science.gov (United States)

    Sahasrabudhe, Sagar; Motter, Adilson

    2010-03-01

    Food web perturbations stemming from climate change, overexploitation, invasive species, and natural disasters often cause an initial loss of species that results in a cascade of secondary extinctions. Using a predictive modeling framework, here we will present a systematic network-based approach to reduce the number of secondary extinctions. We will show that the extinction of one species can often be compensated by the concurrent removal of a second specific species, which is a counter-intuitive effect not previously tested in complex food webs. These compensatory perturbations frequently involve long-range interactions that are not a priori evident from local predator-prey relationships. Strikingly, in numerous cases even the early removal of a species that would eventually be extinct by the cascade is found to significantly reduce the number of cascading extinctions. Other nondestructive interventions based on partial removals and growth suppression and/or mortality increase are shown to sometimes prevent all secondary extinctions.

  10. Acoustic integrated extinction

    OpenAIRE

    Norris, Andrew N.

    2015-01-01

    The integrated extinction (IE) is defined as the integral of the scattering cross section as a function of wavelength. Sohl et al. (2007 J. Acoust. Soc. Am. 122, 3206–3210. (doi:10.1121/1.2801546)) derived an IE expression for acoustic scattering that is causal, i.e. the scattered wavefront in the forward direction arrives later than the incident plane wave in the background medium. The IE formula was based on electromagnetic results, for which scattering is causal by default. Here, we der...

  11. Mass extinctions of Earth

    International Nuclear Information System (INIS)

    Fernandez, B.; Fernandez, P.; Pereira, B.

    2015-01-01

    Throughout the history of our planet, there have been global phenomena which have led to the disappearance of a large number of species: It is what is known as mass or massive extinctions. This article will make a tour of these large events, from the most remote antiquity to the present day. Today we find ourselves immersed in a process unprecedented since we are eyewitnesses and, more important still, an active part in the decision-making process to try to mitigate their effects. (Author)

  12. Mass extinctions and supernova explosions

    OpenAIRE

    Korschinek, Gunther

    2016-01-01

    A nearby supernova (SN) explosion could have negatively influenced life on Earth, maybe even been responsible for mass extinctions. Mass extinction poses a significant extinction of numerous species on Earth, as recorded in the paleontologic, paleoclimatic, and geological record of our planet. Depending on the distance between the Sun and the SN, different types of threats have to be considered, such as ozone depletion on Earth, causing increased exposure to the Sun's ultraviolet radiation, o...

  13. Extinction of H II regions

    International Nuclear Information System (INIS)

    Israel, F.P.; Kennicutt, R.C.

    1980-01-01

    Visual extinction of H II regions in nine nearby galaxies as derived from the ratio of the radio continuum emission to H-alpha emission is systematically larger than visual extinction deduced from the Balmer lines alone, if one assumes a value Av/E(B-V) 3. An optically-limited sample of about 30 extragalactic H II regions has a mean extinction of 1.7 m in the visual while about 1.2 m is not seen in the reddening of the Balmer lines. Both reddening and extinction decreases with increasing galactic radius, at least for M33 and M101

  14. A reconciliation of extinction theories

    International Nuclear Information System (INIS)

    Sabine, T.M.

    1988-01-01

    The differences between previous theoretical treatments of extinction based on the Darwin intensity equations arise because of the different functional form chosen for the coupling constant σ. When the same function is used these theories make closely similar predictions. It is shown that a limiting condition on integrated intensity as the crystal size increases puts restrictions on the functions which may be used. A Lorentzian or Fresnellian function can be used for primary extinction while secondary extinction requires a Gaussian, rectangular or triangular function. An analytical expression is given for the variation in the value of the extinction factor with scattering angle. (orig.)

  15. Debt Collection Models and Their Using in Practice

    Directory of Open Access Journals (Sweden)

    Anna Wodyńska

    2007-01-01

    Full Text Available An important element of a companys credit policy is its attitude to collecting due receivables. A company tries to establish the rules of collecting the said amount within the standards that are applied in a company. Depending on the organizational structure of a company, its scope of activity, common practices and, in particular, the credit policy assumed by a company, enterprises use internal, external or mixed debt collection models. Internal debt collection model assumes conducting debt collection activities within the organizational structure of a creditor company. External debt collection consists of ordering debt collection activities at a specialised company that handles debt service (outsourcing, which is connected with acting on behalf and account of the ordering party, but it also consists of receivables trading. The choice of proper debt collection model is not easy, due to, among others, high costs of the process as well as necessary expertise knowledge in the said scope; and the products offered on the market, although they seem similar, do differ substantially among one another. Regardless of the debt collection model, it shall be remembered that debt collection shall be run in a manner that ensures consolidation of entrepreneurs good name and their market position. The debt collection procedure binding in a company shall serve to work out a cooperation model with clients that are based on buyers reliability.

  16. Managing State Debt of Ukraine: Problems and Directions of Optimisation

    Directory of Open Access Journals (Sweden)

    Syzrantsev Hlib O.

    2013-12-01

    Full Text Available The modern state of the state debt of Ukraine and future forecasts of its increase make look for new methods of debt management. That is why the goal of the article lies in revelation of main problems of state debt management in Ukraine on the basis of the analysis of its modern state and also in scientific justification of conceptual grounds of improvement of the mechanism of state debt management and servicing under modern conditions. Analysing, systemising and generalising scientific works of many scientists, the article considers the state debt as an instrument of macro-economic regulation, provides dynamics of growth of external and internal state debts. In the result of the study the article reveals a number of unsolved problems in the sphere of debt management. Due to this the article offers conceptual measures on management of the state debt of Ukraine. The prospect of further studies is the search for state debt management methods that would allow reduction of the debt load on the state budget and economy of Ukraine.

  17. Institutions, public debt and growth in Europe

    Directory of Open Access Journals (Sweden)

    Klaus Masuch

    2017-06-01

    Full Text Available This paper provides empirical evidence that supports the view that the quality of institutions is an important determinant of long-term growth in European countries. It shows that an initial high government debt level coupled with institutional quality below the EU average tends to be associated with particularly poor longterm real growth performance. Interestingly, the detrimental effect of high debt levels on long-term growth seems cushioned by the presence of very sound institutions. The paper offers some evidence that sound institutions may be particularly important for long-term growth in countries in which the exchange rate tool is no longer available and less so in countries with flexible exchange rate regimes. The empirical findings on the importance of institutions are robust to various measures of output growth, different measures of institutional indicators, different sample sizes, different country groupings and to the inclusions of additional control variables.

  18. Evaluating the underlying factors behind variable rate debt.

    Science.gov (United States)

    McCue, Michael J; Kim, Tae Hyun Tanny

    2007-01-01

    Recent trends show a greater usage of variable rate debt among health care bond issues. In 2004, 63.4% of the total health care bonds issued were variable rate compared with 30.6% in 1995 (Fitch Ratings, 2005). The purpose of this study is to gain a better understanding of the underlying factors, credit spread, issue characteristics, and issuer factors behind why hospitals and health system borrowers select variable rate debt compared with fixed rate debt. From 2000 to 2004, this study sampled 230 newly issued tax-exempt bonds issued by acute care hospitals and health care systems that included both variable and fixed rate debt issues. Using a logistic regression model, hospitals with variable rate debt issues were assigned a value of 1, whereas hospitals with fixed rate debt issues were assigned a value of 0. This study found a positive association between bond insurance and variable rate debt and a negative association between callable feature and variable rate debt. Facilities located in certificate-of-need states that possessed higher case mix acuity, earned higher profit margins, generated higher debt service coverage, and held less debt were more likely to issue variable rate debt. Overall, hospital managers and board members of hospitals possessing a strong financial performance have an interest in utilizing variable rate debt to lower their cost of capital. In addition, this outcome may also reflect that investment bankers are doing a better job in educating senior hospital management about the interest rate savings benefit of variable rate compared with fixed rate debt.

  19. Debt bondage and the tricks of capital

    OpenAIRE

    Guérin, Isabelle; Venkatasubramanian, G.; Kumar, S.

    2015-01-01

    Migrant labourers, free from rural bondage, are now bonded to other sources of debt, contracted from the agro-industry or construction sectors. The flows of migration in the brick-making and sugar cane sectors in Tamil Nadu, where bondage coexists with many public welfare schemes, illustrate the persistence and renewal of this phenomenon. The welfare schemes play the role of a safety net, but also contribute to low wages, and impunity on the part of employers. Alliances between capital and th...

  20. GENDER, DEBT, AND DROPPING OUT OF COLLEGE

    OpenAIRE

    DWYER, RACHEL E.; HODSON, RANDY; MCLOUD, LAURA

    2012-01-01

    For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college ...

  1. Meadow contraction and extinction debt in meadow plants and moths in the Western Cascades

    Science.gov (United States)

    Meadows in the western Cascades have contracted and fragmented by approximately 50% in the past 60 years. These habitats occupy only about 5% of the landscape of the western Cascades but are important for the preservation of biodiversity and rare species. This habitat loss and ...

  2. Biological hierarchies and the nature of extinction.

    Science.gov (United States)

    Congreve, Curtis R; Falk, Amanda R; Lamsdell, James C

    2018-05-01

    Hierarchy theory recognises that ecological and evolutionary units occur in a nested and interconnected hierarchical system, with cascading effects occurring between hierarchical levels. Different biological disciplines have routinely come into conflict over the primacy of different forcing mechanisms behind evolutionary and ecological change. These disconnects arise partly from differences in perspective (with some researchers favouring ecological forcing mechanisms while others favour developmental/historical mechanisms), as well as differences in the temporal framework in which workers operate. In particular, long-term palaeontological data often show that large-scale (macro) patterns of evolution are predominantly dictated by shifts in the abiotic environment, while short-term (micro) modern biological studies stress the importance of biotic interactions. We propose that thinking about ecological and evolutionary interactions in a hierarchical framework is a fruitful way to resolve these conflicts. Hierarchy theory suggests that changes occurring at lower hierarchical levels can have unexpected, complex effects at higher scales due to emergent interactions between simple systems. In this way, patterns occurring on short- and long-term time scales are equally valid, as changes that are driven from lower levels will manifest in different forms at higher levels. We propose that the dual hierarchy framework fits well with our current understanding of evolutionary and ecological theory. Furthermore, we describe how this framework can be used to understand major extinction events better. Multi-generational attritional loss of reproductive fitness (MALF) has recently been proposed as the primary mechanism behind extinction events, whereby extinction is explainable solely through processes that result in extirpation of populations through a shutdown of reproduction. While not necessarily explicit, the push to explain extinction through solely population-level dynamics

  3. Local government and utility firms’ debts

    Directory of Open Access Journals (Sweden)

    Marko Primorac

    2011-12-01

    Full Text Available The global financial crisis has affected the Croatian local public sector. In such circumstances, local government units’ debts and borrowing should be approached with caution. The highly interwoven financial operations of local government units and their utilities indicate the need for analysis of consolidated financial statements of local governments and utility companies in order to gain an insight into the real financial “health” of local units. Accordingly, the main aim of this paper is to analyze the size and the structure of the consolidated (local government and utility companies local public debt in Croatia. Accordingly, the paper presents the financial position of local government units supplemented with information on the financial operations of utility companies, with particular emphasis on the size and structure of their liabilities and gross and net debt. Although the current Budget Law does not require formal preparation of consolidated financial statements by local governments and their utility firms, consolidation is stipulated by International Public Sector Accounting Standards (IPSAS. The application of IPSAS regulations would be helpful in determining overall direct and indirect exposure of local government units arising from the financial operations of their utilities.

  4. Student Debt and the Class of 2015. 11th Annual Report

    Science.gov (United States)

    Cochrane, Debbie; Cheng, Diane

    2016-01-01

    Student Debt and the Class of 2015 is the eleventh annual report on the student loan debt of recent graduates from four-year colleges, documenting the rise in student loan debt and variation among states as well as colleges. This report includes policy recommendations to address rising student debt and reduce debt burdens, including collecting…

  5. 26 CFR 1.1275-7 - Inflation-indexed debt instruments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Inflation-indexed debt instruments. 1.1275-7... Inflation-indexed debt instruments. (a) Overview. This section provides rules for the Federal income tax treatment of an inflation-indexed debt instrument. If a debt instrument is an inflation-indexed debt...

  6. Poverty Levels and Debt Indicators among Low-Income Households before and after the Great Recession

    Science.gov (United States)

    Kim, Kyoung Tae; Wilmarth, Melissa J.; Henager, Robin

    2017-01-01

    This study analyzed the debt profile of low-income households before and after the Great Recession using the 2007, 2010, and 2013 Survey of Consumer Finances (SCF). We used Heckman selection models to investigate three debt characteristics: (a) the amount of debt, (b) debt-to-income ratio, and (c) debt delinquency. Before and after the Great…

  7. THE SOVEREIGN DEBT CHALLANGE: AN OVERVIEW

    Directory of Open Access Journals (Sweden)

    Pop Stanca

    2011-07-01

    Full Text Available Recent years have seen profound changes in country risk and its components, in the context of crises multiplication and diversification; the sovereign risk, a main country risk component, has undergone important changes, mainly given by mutations in its determining factors; the economy of "indebtedness" represents a reality of the recent years. In this context, our paper aims to capture new issues related to sovereign risk and its manifestations, and to bring to the fore a number of relevant indicators concerning the indebtedness problems. Currently, the increasing sovereign obligations, the Greece 2010 episode and the real sovereign debt crisis testify the important implications that the national economic policy decisions have on entire nations. In general, the countries with servicing difficulties present a total external or public debt that overcomes the average of the emerging states; however, we can not accurately identify a threshold beyond which we can say that a state is overly indebted. Therefore, questions such as Starting from what point is a state overly indebted? or What is the cause of the excessive debts of a state? are fully justified and the answer or answers deserve being sought. Studies on the relationship between various economic variables and the countries ability to deal with external debt problems are present in the country risk literature since the 1970s; beginning with authors such as Frank and Cline (1971, which gave priority to external debt service indicators such as Exports, Imports / GDP, Imports / Reserves, and continuing with other specialists, among whom we mention Saini and Bates (1978, Abassi and Tafler (1982, Haque, Brewer and Rivoli (1990, North (2001 Bouchet (2003, Meunier (2005, Longueville (2010 and many others, many ratios and indicators were carefully analyzed. In our short study, we also present a number of recent aspects concerning sovereign risk, and we analyze some relevant indicators, using

  8. PUBLIC DEBT MANAGEMENT – FUNDAMENTAL COMPONENT OF PUBLIC POLICY

    Directory of Open Access Journals (Sweden)

    Maria Pascal (Andriescu

    2011-12-01

    Full Text Available The global financial crisis has put considerable pressure on public finances, particularly on government debt. Public debt in many countries of the world have increased in recent years to levels that were not registered by the end of the Second World War, facing today with a high risk regarding fiscal sustainability.Debt portfolio is usually the largest financial portfolio of a state, with a complex structure that can generate high risks that may affect public balance and financial stability of the country. Thus, proper management of public debt must become a priority for both the creditor and debtor countries. This paper aims to highlight the importance of effective management of government debt and to make a brief assessment of Romania's public debt structure and dynamic.

  9. Mortgaged Minds: Faculty-in-Debt and Redlining Higher Education

    Directory of Open Access Journals (Sweden)

    Jeanne Scheper

    2017-02-01

    Full Text Available While undergraduate student loan debt continues to be “hard to register,” there are other conditions and effects of the student loan debt spiral that remain relatively invisible, unexamined, and certainly receive less attention in news headlines or on the op-ed pages about the fiscal cliff of education debt. These are the effects of this debt spiral on graduate education, faculty composition, and knowledge production itself. This article highlights how the debt load of faculty is part of the current student loan debt spiral, yet its effects on the working conditions of faculty, the learning conditions of students, and, importantly, the production of knowledge in the university remain underexamined.

  10. Can't afford a baby? Debt and young Americans.

    Science.gov (United States)

    Nau, Michael; Dwyer, Rachel E; Hodson, Randy

    2015-12-01

    This article explores the role of personal debt in the transition to parenthood. We analyze data from the National Longitudinal Study of Youth-1997 cohort and find that for the generation coming of age in the 2000s, student loans delay fertility for women, particularly at very high levels of debt. Home mortgages and credit card debt, in contrast, appear to be precursors to parenthood. These results indicate that different forms of debt have different implications for early adulthood transitions: whereas consumer loans or home mortgages immediately increase access to consumption goods, there is often a significant delay between the accrual and realization of benefits for student loans. The double-edged nature of debt as both barrier and facilitator to life transitions highlights the importance of looking at debt both as a monetary issue and also as a carrier of social meanings.

  11. Global extinction in spiral galaxies

    NARCIS (Netherlands)

    Tully, RB; Pierce, MJ; Saunders, W; Verheijen, MAW; Witchalls, PL

    Magnitude-limited samples of spiral galaxies drawn from the Ursa Major and Pisces Clusters are used to determine their extinction properties as a function of inclination. Imaging photometry is available for 87 spirals in the B, R, I, and K' bands. Extinction causes systematic scatter in

  12. Evolution: Postponing Extinction by Polyandry

    OpenAIRE

    Wade, Michael J.

    2010-01-01

    Sex-ratio meiotic drive occurs when males produce a predominance of X-chromosome bearing sperm and an inordinate number of daughters. A driving X causes highly female-biased sex ratios and the risk of extinction. Polyandry can rescue a population from extinction.

  13. Optimising Extinction of Conditioned Disgust

    NARCIS (Netherlands)

    Bosman, Renske C.; Borg, Charmaine; de Jong, Peter J.

    2016-01-01

    Maladaptive disgust responses are tenacious and resistant to exposure-based interventions. In a similar vein, laboratory studies have shown that conditioned disgust is relatively insensitive to Conditioned Stimulus (CS)-only extinction procedures. The relatively strong resistance to extinction might

  14. THE NEED FOR PUBLIC DEBT MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT WITHIN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Meghisan Madalina Georgeta

    2011-07-01

    Full Text Available Public debt is created when the necessary resources for the socio-economic development of a state are greater than the opportunities that exist at that time. The destination of the necessary resources acquired from foreign markets can be either consumption by raising the standard of living (on short term or investments in order to reduce the discrepancies in relation to the European Union through investments in infrastructure, jobs, human and technical capital development. The scientific research aims to clarify several key objectives, namely: the theoretical concept and its belonging in the governance politics; the dynamics of public debt in Romania and the identification of specific features of the indebtedness decision, the influence of the current global economic crisis on the Romanian economy, the analysis of Romania's public debt sustainability integrated in the European structures, and proposals for action in order to return as soon as possible to a positive economic dynamics with direct impact on people's standard of living. The theme of this research is contemporary in the context of the financial and economical global crisis and the difficulties in overcoming this period. The need to coordination the fiscal and budgetary policies in Romania, the awareness that the accumulation of a large public debt presents a threat to future generations, the increase of the tax pressure over a market that trends towards globalization and the impact that the aging of the population will have on the public finances sparked public controversy, both in the academic environment and in the media. To continuously borrow resources and maintain a stable level for them requires a sustainable public debt, an important objective of any state's tax policy. A sustainable public debt is the result of the market and of the fiscal and budgetary policy decisions. Although the sustainability of public finances and implicitly of public debt has been an issue extensively

  15. Extinction of Harrington's mountain goat

    International Nuclear Information System (INIS)

    Mead, J.I.; Martin, P.S.; Euler, R.C.; Long, A.; Jull, A.J.T.; Toolin, L.J.; Donahue, D.J.; Linick, T.W.

    1986-01-01

    Keratinous horn sheaths of the extinct Harrington's mountain goat, Oreamnos harringtoni, were recovered at or near the surface of dry caves of the Grand Canyon, Arizona. Twenty-three separate specimens from two caves were dated nondestructively by the tandem accelerator mass spectrometer (TAMS). Both the TAMS and the conventional dates indicate that Harrington's mountain goat occupied the Grand Canyon for at least 19,000 years prior to becoming extinct by 11,160 +/- 125 radiocarbon years before present. The youngest average radiocarbon dates on Shasta ground sloths, Nothrotheriops shastensis, from the region are not significantly younger than those on extinct mountain goats. Rather than sequential extinction with Harrington's mountain goat disappearing from the Grand Canyon before the ground sloths, as one might predict in view of evidence of climatic warming at the time, the losses were concurrent. Both extinctions coincide with the regional arrival of Clovis hunters

  16. Digital Debt Management: The Everyday Life of Austerity

    OpenAIRE

    Stanley, Liam; Deville, Joe; Montgomerie, Johnna

    2016-01-01

    The age of austerity has seen large swathes of society adversely affected by ever-harsher austerity measures and protracted economic stagnation. This is compounded by the increasing routinisation of debt default and the everyday management of problematic levels of debt. This paper explores the everyday politics of indebtedness – the multifaceted ways in which household debt is transforming debtors' lives – and the forms of resistance it can give rise to. In particular we focus on the role pla...

  17. REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

    OpenAIRE

    Velasco, Andres

    1989-01-01

    High real interest rates typically accompany successful disinflations. If government deficits are financed with domestic debt, this behavior of interest rates can be destabilizing. High interest rates increase debt service costs and contribute to the accumulation of debt, threatening the whole anti-inflation effort. The exchange rate regime matters in this context. Under perfectly flexible exchange rates, the real interest rate is invariant to changes in the rate of money creation. By contras...

  18. Fiscal adjustment and deficit financing during the debt crisis

    OpenAIRE

    Easterly, William R.

    1989-01-01

    To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting c...

  19. The Effect of Household Debt on Consumption in Thailand

    OpenAIRE

    Thitima Chucherd

    2006-01-01

    This paper describes the quantitative influence of household debt and wealth on total consumption in Thailand during the recession and recovery periods after the 1997 financial crisis. The analysis of the consumption function was based on the Life-Cycle and Permanent Income Hypotheses and used household survey data in Thailand. This empirical study found that debt positively influences consumption similar to wealth effect with greater impact of the latter. Moreover, positive debt effect can b...

  20. Does student debt affect dental students' and dentists' stress levels?

    Science.gov (United States)

    Boyles, J D; Ahmed, B

    2017-10-27

    Introduction Many studies have shown financial worries and debt to induce stress in individuals, this combined with the existing stress of being a dentist raises the question of how student debt affects students' and dentists' stress levels.Objectives Determine whether student debt has had any noticeable effect on student stress levels; investigate whether student debt has any effect on dentists' career choice; investigate whether the increase in tuition fees has influenced the number of applicants to study dentistry at the University of Birmingham.Method Anonymous questionnaires were completed by 70 4th year and 38 5th year BDS and 22 Dental Core Trainees (DCTs). Participants circled the response which best fitted their situation regarding statements on their level of stress and future career path. Ethical approval granted. Application figures to study dentistry obtained from head of admissions.Results Forty-two percent of males and 63% of females strongly agreed with the statement that having no debt would reduce their stress levels. Of those with debt >£40,000, 11% strongly agreed and 42% agreed that their total amount of student debt causes them stress. Whereas, those whose debt is stress. Seventy-seven percent of participants who had parental or family financial support reported this reduced their stress levels. Student debt was found to deter females from undertaking further study more than it deters males (P stressed about their total student loan(s) (P stress (P stress; students reporting a higher level of debt also report more stress and concern about paying off their student debt. Having no student debt would reduce stress levels, although to what extent is undetermined. Applications to study dentistry have fallen since the increase in tuition fees.

  1. Extinction of metal fires

    International Nuclear Information System (INIS)

    Mellottee, H.

    1977-01-01

    The main points of a large bibliography on liquid and solid metal fires are set out. The various methods used to fight these fires are presented; covering by powders is specially emphasized. Since this method has promising results, the various possible techniques, extinction by cooling the metal, by blanketing, by formation of a continuous insulating layer (by fusion or pyrolysis of a powder) or by a surface reaction between powder and metal are studied. The conditions of conservation and use of powders are outlined, then the various powders are described: inert powders, powders undergoing a physical transformation (fusion or vitrification of an organic compound, fusion of eutectic inorganic mixtures), multiple effect powders. Precise examples are quoted [fr

  2. Measuring Extinction with ALE

    Science.gov (United States)

    Zimmer, Peter C.; McGraw, J. T.; Gimmestad, G. G.; Roberts, D.; Stewart, J.; Smith, J.; Fitch, J.

    2007-12-01

    ALE (Astronomical LIDAR for Extinction) is deployed at the University of New Mexico's (UNM) Campus Observatory in Albuquerque, NM. It has begun a year-long testing phase prior deployment at McDonald Observatory in support of the CCD/Transit Instrument II (CTI-II). ALE is designed to produce a high-precision measurement of atmospheric absorption and scattering above the observatory site every ten minutes of every moderately clear night. LIDAR (LIght Detection And Ranging) is the VIS/UV/IR analog of radar, using a laser, telescope and time-gated photodetector instead of a radio transmitter, dish and receiver. In the case of ALE -- an elastic backscatter LIDAR -- 20ns-long, eye-safe laser pulses are launched 2500 times per second from a 0.32m transmitting telescope co-mounted with a 50mm short-range receiver on an alt-az mounted 0.67m long-range receiver. Photons from the laser pulse are scattered and absorbed as the pulse propagates through the atmosphere, a portion of which are scattered into the field of view of the short- and long-range receiver telescopes and detected by a photomultiplier. The properties of a given volume of atmosphere along the LIDAR path are inferred from both the altitude-resolved backscatter signal as well as the attenuation of backscatter signal from altitudes above it. We present ALE profiles from the commissioning phase and demonstrate some of the astronomically interesting atmospheric information that can be gleaned from these data, including, but not limited to, total line-of-sight extinction. This project is funded by NSF Grant 0421087.

  3. Strong indication of an extinction-based saturation of the flora on the Pacific Robinson Crusoe Islands.

    Science.gov (United States)

    Greimler, Josef; Schulze, Christian H; López Sepúlveda, Patricio; Novoa, Patricio; Gatica, Alejandro; Reiter, Karl; Wessely, Johannes; Baeza, Carlos; Peñailillo, Patricio; Ruiz, Eduardo; Stuessy, Tod

    2018-03-01

    Oceanic islands are vulnerable ecosystems and their flora has been under pressure since the arrival of the first humans. Human activities and both deliberately and inadvertently introduced biota have had and continue to have a severe impact on island endemic plants. The number of alien plants has increased nearly linearly on many islands, perhaps resulting in extinction-based saturation of island floras. Here, we provide evidence for such a scenario in Alejandro Selkirk, Robinson Crusoe Islands (Archipelago Juan Fernández, Chile). We compared species richness and species composition of historical vegetation samples from 1917 with recent ones from 2011. Changes in species' relative occurrence frequency were related to their taxonomic affiliation, dispersal mode, distribution status, and humidity and temperature preferences. While total species richness of vascular plants remained relatively similar, species composition changed significantly. Plants endemic to the Robinson Crusoe Islands declined, exotic species increased substantially within the period of ca. 100 years. Further, the relative occurrence frequency of plants with preferences for very warm and humid climate decreased, while the opposite was found for plants preferring drier and colder environments. Potential drivers responsible for this dramatic shift in the vegetation within only one century might have been the large goat population affecting especially small populations of endemic plants and climatic changes. Taking into account a substantial extinction debt, we expect further shifts in the vegetation of this small oceanic island toward alien plants. This would have significant negative consequences on global biodiversity, considering that island floras contribute substantially to global plant species richness due to their high proportion of endemics.

  4. Geography of current and future global mammal extinction risk.

    Directory of Open Access Journals (Sweden)

    Ana D Davidson

    Full Text Available Identifying which species are at greatest risk, what makes them vulnerable, and where they are distributed are central goals for conservation science. While knowledge of which factors influence extinction risk is increasingly available for some taxonomic groups, a deeper understanding of extinction correlates and the geography of risk remains lacking. Here, we develop a predictive random forest model using both geospatial and mammalian species' trait data to uncover the statistical and geographic distributions of extinction correlates. We also explore how this geography of risk may change under a rapidly warming climate. We found distinctive macroecological relationships between species-level risk and extinction correlates, including the intrinsic biological traits of geographic range size, body size and taxonomy, and extrinsic geographic settings such as seasonality, habitat type, land use and human population density. Each extinction correlate exhibited ranges of values that were especially associated with risk, and the importance of different risk factors was not geographically uniform across the globe. We also found that about 10% of mammals not currently recognized as at-risk have biological traits and occur in environments that predispose them towards extinction. Southeast Asia had the most actually and potentially threatened species, underscoring the urgent need for conservation in this region. Additionally, nearly 40% of currently threatened species were predicted to experience rapid climate change at 0.5 km/year or more. Biological and environmental correlates of mammalian extinction risk exhibit distinct statistical and geographic distributions. These results provide insight into species-level patterns and processes underlying geographic variation in extinction risk. They also offer guidance for future conservation research focused on specific geographic regions, or evaluating the degree to which species-level patterns mirror spatial

  5. Geography of current and future global mammal extinction risk.

    Science.gov (United States)

    Davidson, Ana D; Shoemaker, Kevin T; Weinstein, Ben; Costa, Gabriel C; Brooks, Thomas M; Ceballos, Gerardo; Radeloff, Volker C; Rondinini, Carlo; Graham, Catherine H

    2017-01-01

    Identifying which species are at greatest risk, what makes them vulnerable, and where they are distributed are central goals for conservation science. While knowledge of which factors influence extinction risk is increasingly available for some taxonomic groups, a deeper understanding of extinction correlates and the geography of risk remains lacking. Here, we develop a predictive random forest model using both geospatial and mammalian species' trait data to uncover the statistical and geographic distributions of extinction correlates. We also explore how this geography of risk may change under a rapidly warming climate. We found distinctive macroecological relationships between species-level risk and extinction correlates, including the intrinsic biological traits of geographic range size, body size and taxonomy, and extrinsic geographic settings such as seasonality, habitat type, land use and human population density. Each extinction correlate exhibited ranges of values that were especially associated with risk, and the importance of different risk factors was not geographically uniform across the globe. We also found that about 10% of mammals not currently recognized as at-risk have biological traits and occur in environments that predispose them towards extinction. Southeast Asia had the most actually and potentially threatened species, underscoring the urgent need for conservation in this region. Additionally, nearly 40% of currently threatened species were predicted to experience rapid climate change at 0.5 km/year or more. Biological and environmental correlates of mammalian extinction risk exhibit distinct statistical and geographic distributions. These results provide insight into species-level patterns and processes underlying geographic variation in extinction risk. They also offer guidance for future conservation research focused on specific geographic regions, or evaluating the degree to which species-level patterns mirror spatial variation in the

  6. Are Debt Repayment Incentives Undermined by Foreign Aid?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Schröder, Philipp J.H.

    This paper investigates the effects of inflows of foreign aid on the debt repayment behaviour of developing countries. The paper first delineates the overall incentives to committing to timely repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. Only countries that tend to vote predominantly with the US in the UN General Assembly are not significantly discouraged from...... servicing their debt by inflows of foreign aid....

  7. Are Debt Repayment Incentives Undermined by Foreign Aid?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Schröder, Philipp

    2013-01-01

    This paper investigates the effects of inflows of foreign aid on the debt repayment behavior of developing countries. The paper first delineates the overall incentives to committing to timely debt repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. A set of conditional estimates suggest that the main findings generalize to the majority of developing countries...

  8. Anticipated debt and financial stress in medical students.

    Science.gov (United States)

    Morra, Dante J; Regehr, Glenn; Ginsburg, Shiphra

    2008-01-01

    While medical student debt is increasing, the effect of debt on student well-being and performance remains unclear. As a part of a larger study examining medical student views of their future profession, data were collected to examine the role that current and anticipated debt has in predicting stress among medical students. A survey was administered to medical students in all four years at the University of Toronto. Of the 804 potential respondents across the four years of training, 549 surveys had sufficient data for inclusion in this analysis, for a response rate of 68%. Through multiple regression analysis, we evaluated the correlation between current and anticipated debt and financial stress. Although perceived financial stress correlates with both current and anticipated debt levels, anticipated debt was able to account for an additional 11.5% of variance in reported stress when compared to current debt levels alone. This study demonstrates a relationship between perceived financial stress and debt levels, and suggests that anticipated debt levels might be a more robust metric to capture financial burden, as it standardizes for year of training and captures future financial liabilities (future tuition and other future expenses).

  9. Debt Financing and Thin-Capitalization: Case Study in Slovenia

    Directory of Open Access Journals (Sweden)

    Lidija Hauptman

    2014-03-01

    Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

  10. Subordinate debt, deposit insurance and market oriented monitoring of banks

    Directory of Open Access Journals (Sweden)

    Gaurav S. Chauhan

    2016-09-01

    Full Text Available We present a model of a bank with endogenous risk choices, where delegated monitoring by an active market in subordinate debt helps in containing the bank's risk shifting in the presence of deposit insurance. In comparison to static ex ante contracting, an active market enables continuous monitoring by subordinate debt to penalise the bank's risk shifting. The model is instrumental in deriving optimal level of subordinate debt required to achieve equilibrium where banks choose risk levels consistent with the first best as envisaged by a social planner. The optimal quantity of subordinate debt further eliminates any risk shifting associated even with risk insensitive premiums.

  11. An Empirical Study on Public Debt's Determinants: Evidence from Romania

    Directory of Open Access Journals (Sweden)

    Marilen Gabriel PIRTEA

    2013-02-01

    Full Text Available The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.

  12. VLT/X-shooter GRBs: Individual extinction curves of star-forming regions★

    Science.gov (United States)

    Zafar, T.; Watson, D.; Møller, P.; Selsing, J.; Fynbo, J. PU; Schady, P.; Wiersema, K.; Levan, A. J.; Heintz, K. E.; Postigo, A. de Ugarte; D'Elia, V.; Jakobsson, P.; Bolmer, J.; Japelj, J.; Covino, S.; Gomboc, A.; Cano, Z.

    2018-05-01

    The extinction profiles in Gamma-Ray Burst (GRB) afterglow spectral energy distributions (SEDs) are usually described by the Small Magellanic Cloud (SMC)-type extinction curve. In different empirical extinction laws, the total-to-selective extinction, RV, is an important quantity because of its relation to dust grain sizes and compositions. We here analyse a sample of 17 GRBs (0.34a single or broken power-law together with a parametric extinction law is used to model the individual SEDs. We find 10 cases with significant dust, where the derived extinction, AV, ranges from 0.1-1.0 mag. In four of those, the inferred extinction curves are consistent with the SMC curve. The GRB individual extinction curves have a flat RV distribution with an optimal weighted combined value of RV = 2.61 ± 0.08 (for seven broad coverage cases). The `average GRB extinction curve' is similar to, but slightly steeper than the typical SMC, and consistent with the SMC Bar extinction curve at ˜95% confidence level. The resultant steeper extinction curves imply populations of small grains, where large dust grains may be destroyed due to GRB activity. Another possibility could be that young age and/or lower metallicities of GRBs environments are responsible for the steeper curves.

  13. PAYING UP THE FISCAL DEBTS IN ROMANIA THROUGH EXCEPTIONAL VEHICLES – DATIO IN SOLUTUM/ UNRESTRAINED PAYMENT

    Directory of Open Access Journals (Sweden)

    POPEANGĂ VASILE NICOLAE

    2014-06-01

    Full Text Available In accordance with the legal norm incidents in tax procedures, in Romania the tax debts can pay off through commissioning. Fighting procedure of tax receivables by placing in payment by the taxpayer begins by formulating the debtor, owner of real estate, a request to this effect, which addresses the tax authority that administers the claims. The debtor's right to appeal to this method is practically unlimited. Extinguishing procedure of tax receivables by placing in payment by the taxpayer begins by formulating the debtor, owner of real estate, a request to this effect, which addresses the tax authority that administers the claims. The debtor's right to appeal this way is practically unlimited. It actually arises from the time the claim becomes due and remain until its extinction, as long as the taxpayer has an active fiscal condition.

  14. Disparities in Debt: Parents' Socioeconomic Resources and Young Adult Student Loan Debt

    Science.gov (United States)

    Houle, Jason N.

    2014-01-01

    In an era of rising college costs and stagnant grant-based student aid, many young adults rely on their parents' resources and student loans to pay for their postsecondary education. In this study I ask how parents' income and education are linked to young adults' student loan debt. I develop and test two perspectives regarding the…

  15. Fewer Resources, More Debt: Loan Debt Burdens Students at Historically Black Colleges and Universities

    Science.gov (United States)

    Saunders, Katherine M.; Williams, Krystal L.; Smith, Cheryl L.

    2016-01-01

    Student loans have become an increasingly important way for students and their families to pay for college, but for students at historically black colleges and universities (HBCUs), student loan debt is a substantial burden. Students who attend these institutions--many of whom are low-income and first-generation--must borrow at higher rates and,…

  16. TOWARDS NEW MEANINGS OF SOVEREIGN DEBT

    Directory of Open Access Journals (Sweden)

    Deceanu Liviu

    2014-07-01

    Full Text Available In recent years, due in part to the sovereign debt crisis, the public (and scientific interest towards indebtedness increased significantly. Regardless of the level at which we analyze it – micro or macro – it is clear from the outset that this is often unavoidable, for various reasons, and that the indebtedness state is often one of normality (necessary to cover current needs or to ensure growth targets. Of course, when the debtor is the state itself, things seem, at least apparently, more simple. States have borrowed since their beginnings, and continue to do so today. Nothing more natural ... For a long time, being a creditor of a state, especially of a developed country, meant, above all, a very safe situation – not being exposed to any risk. Recent years have shown, however, that such an approach is flawed, and that sovereign risk is omnipresent in the contemporary globalized world. For about seven years, the word „crisis” seems to have become one that is commonly used in the economic analysis. Undoubtedly, in this period there was not only a „common” financial crisis that occured, but a series of crises: finance – economic crisis – sovereign debt issues. In mid-2008, the global financial system crisis (especially in Western countries asked for a sustained intervention from the state. It came sooner or later, with more or less pro-cyclical effects. Among the taken measures, we can evoke a massive support to banks and economic activity in general, in the context of the drastic reduction in global demand. Recovery policies required their toll, however, and in this case we can talk about a significant increase in budget deficits. If the evolution of private borrowing has taken the path of stagnation, public debt, already growing, became more and more significant. In this context, we intend to highlight some new facets of sovereign risk, and to provide some remarks about how this risk should be viewed and approached.

  17. Donating is a market (of debt

    Directory of Open Access Journals (Sweden)

    Alain Marie

    2012-06-01

    Full Text Available Starting out from a rereading of Marcel Mauss’s groundbreaking study “The Gift” (1924 and its successive reworkings by Levi-Strauss and Bourdieu, and drawing on fieldwork from Africa, this paper proposes another interpretation of the phenomenon of gift-giving as a central modality for the circulation of goods and wealth in community-based societies. Hitherto, most explanations have retained a theoretical core according to which any “generous” exchange – being subject to the obligation to give, to receive and ultimately to reciprocate the gift – could only be governed by a non-economic logic (or, at least, one that negates its utilitarian dimension: a logic that symbolizes and reproduces social bonds, signs of power and prestige, and the relationship between men and their gods.Here, the analysis picks up the problem by taking a simple observation: community-based societies are mutual funds. The exchange of gift and deferred counter-gift are the functional equivalent of modern systems of insurance, social security and mutual credit schemes. They are thus subject to a logic of debt, which derives its strength from its economic utility and from the constraining power of the moral obligation of reciprocity that binds together creditors and debtors (all of whom are keenly aware of their personal interests!. The community is therefore a debt market, regulated by the constant flow of their transactions.Today, however, rising inequalities are causing that market to dry up. The time has come for the predatory state and its oligarchies to pay their debts toward the poor, whose community-based systems of solidarity can no longer provide them with effective protection.

  18. Environment

    DEFF Research Database (Denmark)

    Valentini, Chiara

    2017-01-01

    The term environment refers to the internal and external context in which organizations operate. For some scholars, environment is defined as an arrangement of political, economic, social and cultural factors existing in a given context that have an impact on organizational processes and structures....... For others, environment is a generic term describing a large variety of stakeholders and how these interact and act upon organizations. Organizations and their environment are mutually interdependent and organizational communications are highly affected by the environment. This entry examines the origin...... and development of organization-environment interdependence, the nature of the concept of environment and its relevance for communication scholarships and activities....

  19. SOVEREIGN DEBT RESTRUCTURING AND “VULTURE FUNDS”

    Directory of Open Access Journals (Sweden)

    Emilia Cornelia STOICA

    2016-06-01

    Full Text Available Defining sovereign debt - debt issued or guaranteed by a public entity: central and / or regional public authorities, central banks, public institutions or enterprises - must include the risks that its management may generate, mainly the risk of default. If an medium period of time - 3-5 years – the macroeconomic growth of a state, and as the result the increase of the public revenues constantly lies below the growth of sovereign debt, these will cause an insolvability risk to cover it, and that state should proceed to restructure its debt. Financial stability of public authorities and sovereign debt occurred since the beginning of the creation of democratic states, and instruments for debt restructuring have been continuously adapted to economic and social conjuncture. Initially, states faced a necessity of funding were borrowed from foreign governments and / or large consortia bank, and when their debts had to be restructured it has been created the international institutional framework to negotiate between debtor countries and public creditors - Paris Club - and to coordinate negotiations between public authorities and major debtor consortia - London Club. In the last decade 'vulture funds' occurred, which are hedge funds acquiring from the secondary financial market debt the securities, including public debt, to a much lower share nominal value. Subsequently, vulture funds claim states issuing debt repayment at values close or equal to the face value - in this way can make a profit of more than 100% of the financial investment they made it on the secondary market. If these countries do not comply, generally being unable to honor their public debt, vultures funds act the countries in international courts, which usually prevails because vultures funds’ action is legal under current conditions.

  20. Debt and taxes for private firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cèsario

    2011-01-01

    This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....

  1. Making a Voluntary Greek Debt Exchange Work

    OpenAIRE

    Gulati, Mitu; Zettelmeyer, Jeromin

    2012-01-01

    Within the next few months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with large creditors whose failure to participate in a debt exchange could trigger a Greek default, but may not persuade smaller creditors, who will be told that their claims will continue to be fully serviced if they do not participate in the exchange. This pa...

  2. Genetic sex determination and extinction.

    Science.gov (United States)

    Hedrick, Philip W; Gadau, Jürgen; Page, Robert E

    2006-02-01

    Genetic factors can affect the probability of extinction either by increasing the effect of detrimental variants or by decreasing the potential for future adaptive responses. In a recent paper, Zayed and Packer demonstrate that low variation at a specific locus, the complementary sex determination (csd) locus in Hymenoptera (ants, bees and wasps), can result in a sharply increased probability of extinction. Their findings illustrate situations in which there is a feedback process between decreased genetic variation at the csd locus owing to genetic drift and decreased population growth, resulting in an extreme type of extinction vortex for these ecologically important organisms.

  3. Pathways to extinction: beyond the error threshold.

    Science.gov (United States)

    Manrubia, Susanna C; Domingo, Esteban; Lázaro, Ester

    2010-06-27

    Since the introduction of the quasispecies and the error catastrophe concepts for molecular evolution by Eigen and their subsequent application to viral populations, increased mutagenesis has become a common strategy to cause the extinction of viral infectivity. Nevertheless, the high complexity of virus populations has shown that viral extinction can occur through several other pathways apart from crossing an error threshold. Increases in the mutation rate enhance the appearance of defective forms and promote the selection of mechanisms that are able to counteract the accelerated appearance of mutations. Current models of viral evolution take into account more realistic scenarios that consider compensatory and lethal mutations, a highly redundant genotype-to-phenotype map, rough fitness landscapes relating phenotype and fitness, and where phenotype is described as a set of interdependent traits. Further, viral populations cannot be understood without specifying the characteristics of the environment where they evolve and adapt. Altogether, it turns out that the pathways through which viral quasispecies go extinct are multiple and diverse.

  4. Interstellar extinction and polarization in the infrared

    International Nuclear Information System (INIS)

    Martin, P.G.; Whittet, D.C.B.

    1990-01-01

    The wavelength dependences of interstellar continuum extinction and polarization in the range 0.35-5 microns are examined. The existence of a universal extinction curve with power law index of about 1.8 extending from the near-IR to at least 5 microns appears to be established for both diffuse and dense cloud dust. The polarization yields evidence for some degree of universality in the 1.6-5 micron regime which may be represented by a power law with index 1.5-2.0, encompassing that for extinction. The form of the polarization curve in the IR seems independent of the wavelength at which the degree of polarization peaks in the optical, implying that variations in that wavelength are caused by changes in the optical properties of the particle at blue-visible rather than IR wavelengths. It is argued that the more significant alterations of the grain size distribution from one environment to another occur for the smaller particles. 47 refs

  5. Debt servicing and economic growth in Nigeria: an empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors, ...

  6. Empirical Investigation of External Debt-Growth Nexus in Sub ...

    African Journals Online (AJOL)

    Empirical Investigation of External Debt-Growth Nexus in Sub-Saharan Africa. ... distributed lag (PARDL) model and panel non-linear autoregressive distributed lag (PNARDL) model to examine the relationship between external debt and economic growth using a panel dataset of 22 countries from 1985 to 2015. Its results ...

  7. Analysis of domestic debt: implication for economic growth in Nigeria

    African Journals Online (AJOL)

    This paper principally analysed the importance of domestic debt on economic growth of Nigeria. The objective of the study is to investigate the relationship between government domestic debt and economic growth and policy that is likely to improve private sector investment and break growth resistance problem.

  8. 26 CFR 1.1275-5 - Variable rate debt instruments.

    Science.gov (United States)

    2010-04-01

    ... nonpublicly traded property. A debt instrument (other than a tax-exempt obligation) that would otherwise... variations in the cost of newly borrowed funds in the currency in which the debt instrument is denominated... on the yield of actively traded personal property (within the meaning of section 1092(d)(1)). (ii...

  9. 48 CFR 2131.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Bad debts. 2131.205-3 Section 2131.205-3 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT, FEDERAL... PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 2131.205-3 Bad debts. Erroneous benefit...

  10. 48 CFR 1631.205-71 - FEHBP bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true FEHBP bad debts. 1631.205-71 Section 1631.205-71 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL... AND PROCEDURES Contracts With Commercial Organizations 1631.205-71 FEHBP bad debts. Erroneous benefit...

  11. Response of Foreign Private Investment to Public Debt in Nigeria

    Directory of Open Access Journals (Sweden)

    Emenike Kalu O.

    2015-06-01

    Full Text Available The study investigates the long-term relationship and dynamic short-term impact of public debt on foreign private investment for a developing country – Nigeria during the period 1962 to 2012. The paper deploys cointegration model to examine long-term relationship between the variables. The study also examines dynamic short-term impact and causality between public debt and foreign private investment using the VECM and Granger causality test. The study further examines the response paths of foreign private investment variable due to public debts shocks using variance decomposition. The results confirm absence of long-term relationship between public debt and foreign private investment in Nigeria. The results also show that external debt has negative impact on foreign private investment in the short-term. Finally, the results show that there is no causality between foreign private investment and public debt. The major economic implication of these findings is for debt management authorities to be conscious of growing external debts as it discourages foreign private investments into Nigeria.

  12. Estimating the optimal growth-maximising public debt threshold for ...

    African Journals Online (AJOL)

    kirstam

    Dr N. Mupunga is at the Reserve Bank of Zimbabwe, and Prof. P. le Roux is .... The debt overhang has also led to a huge credit risk premium for both ..... includes gross government debt-to-GDP and economic growth ratios, including almost all ...

  13. Regulation of the Debt Sustainability of the Russian Economy

    Science.gov (United States)

    Seleznev, Alexander Z.; Chapluk, Vladimir Z.; Sayrenko, Tatiana N.; Sorokina, Larisa N.; Pertovskaya, Maria V.; Alekseenko, Elena A.

    2016-01-01

    The relevance of the investigating problem is caused by the need to reduce the total aggregated amount of debt in Russian economy in conditions of crisis and the strengthening of external anti-Russian sanctions. In this context, the purpose of this article is to identify measures aimed to regulate debt sustainability of the Russian economy using…

  14. Identifying Architectural Technical Debt in Android Applications through Compliance Checking

    NARCIS (Netherlands)

    Verdecchia, R.

    By considering the fast pace at which mobile applications need to evolve, Architectural Technical Debt results to be a crucial yet implicit factor of success. In this research we present an approach to automatically identify Architectural Technical Debt in Android applications. The approach takes

  15. 26 CFR 1.166-4 - Reserve for bad debts.

    Science.gov (United States)

    2010-04-01

    ... the bad debts reserves of certain mutual savings banks, domestic building and loan associations, and... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Reserve for bad debts. 1.166-4 Section 1.166-4...) INCOME TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-4 Reserve for bad...

  16. Debt servicing and economic growth in Nigeria: An empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors ...

  17. 7 CFR 1710.126 - Federal debt delinquency.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Federal debt delinquency. 1710.126 Section 1710.126... and Basic Policies § 1710.126 Federal debt delinquency. (a) Prior to approval of a loan or advance of... reasons for the delinquency must be explained, and RUS will take such explanation into consideration in...

  18. Concerns about Debt Hover over a Small College in Iowa

    Science.gov (United States)

    Blumenstyk, Goldie

    2009-01-01

    By just about every objective measure, the $88-million in debt that Wartburg College has carried since late 2005 poses a risk. The college's debt load--twice the amount that it takes in annually from tuition and other revenue--has raised red flags with its accreditor, alarmed some faculty members, and left Wartburg with a credit rating just one…

  19. Collateral and the limits of debt capacity: theory and evidence

    NARCIS (Netherlands)

    Giambona, E.; Mello, A.S.; Riddiough, T.

    2012-01-01

    This paper considers how collateral is used to finance a going concern, and demonstrates with theory and evidence that there are effective limits to debt capacity and the kinds of claims that are issued to deploy that debt capacity. The theory shows that firms with (unobservably) better quality

  20. Strategic debt in vertical relations : Evidence from Franchising

    NARCIS (Netherlands)

    de Jong, Abe; Jiang, Tao; Verwijmeren, Patrick

    In this paper, we examine the strategic use of debt in franchise organizations. We focus on both the franchisee's and the franchisor's capital structures. The primary goal of this study is to examine whether franchisors impose limits on franchisees' debt levels to be able to increase their own

  1. Government bond yields and foreign ownership of debt

    NARCIS (Netherlands)

    Broos, Menno; de Haan, Jakob

    2012-01-01

    We analyse the government bond yield spread vis-a-vis Germany for 10 countries in the euro area for the period 1991 to 2009. Our results suggest a positive relationship between the marginal impact of government debt on the spread and foreign ownership of the government debt of the country concerned

  2. 'Strange money': risk, finance and socialized debt.

    Science.gov (United States)

    Dodd, Nigel

    2011-03-01

    This paper explores an essential but neglected aspect of recent discussions of the banking and financial system, namely money itself. Specifically, I take up a distinction drawn by Susan Strange which has never been fully elaborated: between a financial system that is global, and an international monetary system that remains largely territorial. I propose a sociological elaboration of this distinction by examining each category, 'finance' and 'money', in terms of its distinctive orientation to risk and debt. Money is distinguished by its high degree of liquidity and low degree of risk, corresponding to expectations that derive from its status as a 'claim upon society'- a form of socialized debt. But as Strange argued, these features of money are being undermined by the proliferation of sophisticated instruments of financial risk management -'strange money'- that, as monetary substitutes, both weaken states' capacity to manage money, and more broadly, contribute to 'overbanking'. The ultimate danger, according to Strange, is the 'death of money'. The paper concludes by exploring the implications of the distinction for sociological arguments about the changing nature of money. © London School of Economics and Political Science 2011.

  3. Reconsidering the extinction of ichthyosaurs

    OpenAIRE

    Fischer, Valentin

    2010-01-01

    Despite their extreme adaptation to life in open sea, ichthyosaurs were one of the first major groups of post-Triassic marine reptiles to disappear, at the end of Cenomanian, whereas plesiosaurs, mosasaurs and numerous families of marine crocodiles and sea turtles disappeared during the Cretaceous/Paleocene Extinction Event. It has been proposed that unique biological factors drove ichthyosaurs to extinction, namely a break in the food chain at the level of belemnites or a progressive ecologi...

  4. The Sixth Great Mass Extinction

    Science.gov (United States)

    Wagler, Ron

    2012-01-01

    Five past great mass extinctions have occurred during Earth's history. Humanity is currently in the midst of a sixth, human-induced great mass extinction of plant and animal life (e.g., Alroy 2008; Jackson 2008; Lewis 2006; McDaniel and Borton 2002; Rockstrom et al. 2009; Rohr et al. 2008; Steffen, Crutzen, and McNeill 2007; Thomas et al. 2004;…

  5. Debt counselling services in Gauteng (South Africa: Consumers’ perspective

    Directory of Open Access Journals (Sweden)

    Kgomotso Hilda Masilo

    2014-09-01

    Full Text Available Debt counsellors are receiving a high number of applications from over-indebted consumers on a monthly basis. This paper investigates the effectiveness of debt counselling on consumer financial wellness. Three hundred consumers were surveyed and a response rate of 61% was achieved. Data was analysed using descriptive statistics. There was no evidence that consumers who received debt counselling improved in their financial standing. The article concluded that though debt counselling is important, it does not necessarily improve the financial prosperity of over-indebted consumers. The paper recommends that financial management education be part of the intervention methods that debt counsellors use when they counsel their clients. Consumers should be introduced to personal financial management education at an early age of their life.

  6. DEPENDENCE OF COUNTRY RISK COMPARED TO THE FOREIGN DEBT LEVEL

    Directory of Open Access Journals (Sweden)

    Angelica BĂCESCU-CĂRBUNARU

    2012-11-01

    Full Text Available The article presents some of the fundamental aspects of country risk’dependence compared to foreign debt level. Starting from external debt burden we analyze the usage of foreign loans, foreign debt bearing capacity as well as the availability of data regarding the external debt. Country risk represents the exposure to losses which may occur in a business with a foreign partner, caused by specific events that are, at least partially, controlled by the partner country’ government. Macroeconomic analysis of economic and financial component of country risk involves how this risk is influenced by government policy, by the economic role of government, bypricing strategies, investment priorities, financial structures, macroeconomic policy, by the ability to obtain foreign funds, the level of external debt as well as the liquidity and cash flows in that country.

  7. Testing for a Debt-Threshold Effect on Output Growth.

    Science.gov (United States)

    Lee, Sokbae; Park, Hyunmin; Seo, Myung Hwan; Shin, Youngki

    2017-12-01

    Using the Reinhart-Rogoff dataset, we find a debt threshold not around 90 per cent but around 30 per cent, above which the median real gross domestic product (GDP) growth falls abruptly. Our work is the first to formally test for threshold effects in the relationship between public debt and median real GDP growth. The null hypothesis of no threshold effect is rejected at the 5 per cent significance level for most cases. While we find no evidence of a threshold around 90 per cent, our findings from the post-war sample suggest that the debt threshold for economic growth may exist around a relatively small debt-to-GDP ratio of 30 per cent. Furthermore, countries with debt-to-GDP ratios above 30 per cent have GDP growth that is 1 percentage point lower at the median.

  8. Analysis of the debt burden in Russian economy sectors

    Directory of Open Access Journals (Sweden)

    Svetlana Popova

    2017-12-01

    Full Text Available This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy.

  9. A Discussion on the European Debt Crisis by Fiscal Sociology

    Directory of Open Access Journals (Sweden)

    Chia-Jen Chang

    2013-10-01

    Full Text Available The purpose of this article is that discuss thereasons of European debt crisis. Every European country adopts austeritypolicy, which cannot solve government debt problems and further lead toeconomic exacerbation and continuous recession, based on the neoclassicaleconomic theory. In order to realize the root of European debt crisis, thisarticle adopts the reaseach method of fiscal sociology. In this study, wethink that the government debt problem is the result of economic profitsconflict based on the Fiscal Sociology. The economic profits conflict ofinvestment, consumption, international business and labor market will haveinfluence on the government’s revenue and expenditure. Furthermore, the root ofthe European debt crisis is the uneven income distribution by financializationand neoliberalism.

  10. Debt management pays off! A Research on the Cost and Benefits of Debt Management in the Netherlands

    NARCIS (Netherlands)

    Marc Anderson; Dr. Nadja Jungmann

    2013-01-01

    The number of applications for debt management services in the Netherlands shows a steady increase of about 10 percent each year, over the last few years. Municipalities, responsible for these services, at the same need to cut back on expenditures. Our research shows that the (social) return on debt

  11. Effects of debt mutualization in a monetary union with endogenous risk premia : Can Eurobonds contribute to debt stabilization?

    NARCIS (Netherlands)

    van Aarle, B.; Engwerda, Jacob; Weeren, A.J.T.M.

    2017-01-01

    This paper analyses debt stabilization in a monetary union that features endogenous risk premia. In particular, debt stabilization in two diametrically opposed regimes is compared. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based on

  12. Thermal Transgressions and Phanerozoic Extinctions

    Science.gov (United States)

    Worsley, T. R.; Kidder, D. L.

    2007-12-01

    A number of significant Phanerozoic extinctions are associated with marine transgressions that were probably driven by rapid ocean warming. The conditions associated with what we call thermal transgressions are extremely stressful to life on Earth. The Earth system setting associated with end-Permian extinction exemplifies an end-member case of our model. The conditions favoring extreme warmth and sea-level increases driven by thermal expansion are also conducive to changes in ocean circulation that foster widespread anoxia and sulfidic subsurface ocean waters. Equable climates are characterized by reduced wind shear and weak surface ocean circulation. Late Permian and Early Triassic thermohaline circulation differs considerably from today's world, with minimal polar sinking and intensified mid-latitude sinking that delivers sulfate from shallow evaporative areas to deeper water where it is reduced to sulfide. Reduced nutrient input to oceans from land at many of the extinction intervals results from diminished silicate weathering and weakened delivery of iron via eolian dust. The falloff in iron-bearing dust leads to minimal nitrate production, weakening food webs and rendering faunas and floras more susceptible to extinction when stressed. Factors such as heat, anoxia, ocean acidification, hypercapnia, and hydrogen sulfide poisoning would significantly affect these biotas. Intervals of tectonic quiescence set up preconditions favoring extinctions. Reductions in chemical silicate weathering lead to carbon dioxide buildup, oxygen drawdown, nutrient depletion, wind and ocean current abatement, long-term global warming, and ocean acidification. The effects of extinction triggers such as large igneous provinces, bolide impacts, and episodes of sudden methane release are more potent against the backdrop of our proposed preconditions. Extinctions that have characteristics we call for in the thermal transgressions include the Early Cambrian Sinsk event, as well as

  13. EXTINCTION LAWS TOWARD STELLAR SOURCES WITHIN A DUSTY CIRCUMSTELLAR MEDIUM AND IMPLICATIONS FOR TYPE IA SUPERNOVAE

    Energy Technology Data Exchange (ETDEWEB)

    Nagao, Takashi; Maeda, Keiichi [Department of Astronomy, Kyoto University, Kitashirakawa-Oiwake-cho, Sakyo-ku, Kyoto 606-8502 (Japan); Nozawa, Takaya, E-mail: nagao@kusastro.kyoto-u.ac.jp [National Astronomical Observatory of Japan, 2-21-1, Osawa, Mitaka, Tokyo 181-8588 (Japan)

    2016-06-01

    Many astronomical objects are surrounded by dusty environments. In such dusty objects, multiple scattering processes of photons by circumstellar (CS) dust grains can effectively alter extinction properties. In this paper, we systematically investigate the effects of multiple scattering on extinction laws for steady-emission sources surrounded by the dusty CS medium using a radiation transfer simulation based on the Monte Carlo technique. In particular, we focus on whether and how the extinction properties are affected by properties of CS dust grains by adopting various dust grain models. We confirm that behaviors of the (effective) extinction laws are highly dependent on the properties of CS grains, especially the total-to-selective extinction ratio R{sub V}, which characterizes the extinction law and can be either increased or decreased and compared with the case without multiple scattering. We find that the criterion for this behavior is given by a ratio of albedos in the B and V bands. We also find that either small silicate grains or polycyclic aromatic hydrocarbons are necessary for realizing a low value of R{sub V} as often measured toward SNe Ia if the multiple scattering by CS dust is responsible for their non-standard extinction laws. Using the derived relations between the properties of dust grains and the resulting effective extinction laws, we propose that the extinction laws toward dusty objects could be used to constrain the properties of dust grains in CS environments.

  14. EXTINCTION LAWS TOWARD STELLAR SOURCES WITHIN A DUSTY CIRCUMSTELLAR MEDIUM AND IMPLICATIONS FOR TYPE IA SUPERNOVAE

    International Nuclear Information System (INIS)

    Nagao, Takashi; Maeda, Keiichi; Nozawa, Takaya

    2016-01-01

    Many astronomical objects are surrounded by dusty environments. In such dusty objects, multiple scattering processes of photons by circumstellar (CS) dust grains can effectively alter extinction properties. In this paper, we systematically investigate the effects of multiple scattering on extinction laws for steady-emission sources surrounded by the dusty CS medium using a radiation transfer simulation based on the Monte Carlo technique. In particular, we focus on whether and how the extinction properties are affected by properties of CS dust grains by adopting various dust grain models. We confirm that behaviors of the (effective) extinction laws are highly dependent on the properties of CS grains, especially the total-to-selective extinction ratio R V , which characterizes the extinction law and can be either increased or decreased and compared with the case without multiple scattering. We find that the criterion for this behavior is given by a ratio of albedos in the B and V bands. We also find that either small silicate grains or polycyclic aromatic hydrocarbons are necessary for realizing a low value of R V as often measured toward SNe Ia if the multiple scattering by CS dust is responsible for their non-standard extinction laws. Using the derived relations between the properties of dust grains and the resulting effective extinction laws, we propose that the extinction laws toward dusty objects could be used to constrain the properties of dust grains in CS environments.

  15. The Virtual Debt Factory: Towards an Analysis of Debt and Abstraction in the American Credit Crisis

    Directory of Open Access Journals (Sweden)

    Vincent R. Manzerolle

    2010-08-01

    Full Text Available Emanating from the United States, the ongoing global credit crisis has provided important insights into a shady new area of capitalist exploitation: the consumer debt factory. In an effort to speed up and quantifiably increase the circulation of consumer credit to match the consumption needs of post-Fordist accumulation, this industry—comprising financial institutions, consumer database companies, and credit rating agencies—has created a highly detailed body of information to stand-in for the corporeal self. This paper therefore examines this industry’s conceptualization of the self as a disembodied mechanism for mass-producing debt, creating a highly volatile informational commodity divorced from all material constraints. In using the credit crisis as a focal point, this paper considers how the far-reaching credit apparatus at the heart of the debt factory gives rise to the fatal abstractions that support, and ultimately undermine, contemporary capitalist economies. By substituting data for flesh, the credit industry has created an antagonism between the material and informational forms of the self, resulting in the construction of a virtual debtors prison. The ensuing analysis will highlight both the exploitative nature of this bifurcation as well as its profound contradictions.

  16. Cascades in multiplex financial networks with debts of different seniority

    Science.gov (United States)

    Brummitt, Charles D.; Kobayashi, Teruyoshi

    2015-06-01

    The seniority of debt, which determines the order in which a bankrupt institution repays its debts, is an important and sometimes contentious feature of financial crises, yet its impact on systemwide stability is not well understood. We capture seniority of debt in a multiplex network, a graph of nodes connected by multiple types of edges. Here an edge between banks denotes a debt contract of a certain level of seniority. Next we study cascading default. There exist multiple kinds of bankruptcy, indexed by the highest level of seniority at which a bank cannot repay all its debts. Self-interested banks would prefer that all their loans be made at the most senior level. However, mixing debts of different seniority levels makes the system more stable in that it shrinks the set of network densities for which bankruptcies spread widely. We compute the optimal ratio of senior to junior debts, which we call the optimal seniority ratio, for two uncorrelated Erdős-Rényi networks. If institutions erode their buffer against insolvency, then this optimal seniority ratio rises; in other words, if default thresholds fall, then more loans should be senior. We generalize the analytical results to arbitrarily many levels of seniority and to heavy-tailed degree distributions.

  17. Scale-invariant properties of public-debt growth

    Science.gov (United States)

    Petersen, A. M.; Podobnik, B.; Horvatic, D.; Stanley, H. E.

    2010-05-01

    Public debt is one of the important economic variables that quantitatively describes a nation's economy. Because bankruptcy is a risk faced even by institutions as large as governments (e.g., Iceland), national debt should be strictly controlled with respect to national wealth. Also, the problem of eliminating extreme poverty in the world is closely connected to the study of extremely poor debtor nations. We analyze the time evolution of national public debt and find "convergence": initially less-indebted countries increase their debt more quickly than initially more-indebted countries. We also analyze the public debt-to-GDP ratio {\\cal R} , a proxy for default risk, and approximate the probability density function P({\\cal R}) with a Gamma distribution, which can be used to establish thresholds for sustainable debt. We also observe "convergence" in {\\cal R} : countries with initially small {\\cal R} increase their {\\cal R} more quickly than countries with initially large {\\cal R} . The scaling relationships for debt and {\\cal R} have practical applications, e.g. the Maastricht Treaty requires members of the European Monetary Union to maintain {\\cal R} < 0.6 .

  18. Statistical ensembles for money and debt

    Science.gov (United States)

    Viaggiu, Stefano; Lionetto, Andrea; Bargigli, Leonardo; Longo, Michele

    2012-10-01

    We build a statistical ensemble representation of two economic models describing respectively, in simplified terms, a payment system and a credit market. To this purpose we adopt the Boltzmann-Gibbs distribution where the role of the Hamiltonian is taken by the total money supply (i.e. including money created from debt) of a set of interacting economic agents. As a result, we can read the main thermodynamic quantities in terms of monetary ones. In particular, we define for the credit market model a work term which is related to the impact of monetary policy on credit creation. Furthermore, with our formalism we recover and extend some results concerning the temperature of an economic system, previously presented in the literature by considering only the monetary base as a conserved quantity. Finally, we study the statistical ensemble for the Pareto distribution.

  19. Land Clearing and the Biofuel Carbon Debt

    Science.gov (United States)

    Fargione, Joseph; Hill, Jason; Tilman, David; Polasky, Stephen; Hawthorne, Peter

    2008-02-01

    Increasing energy use, climate change, and carbon dioxide (CO2) emissions from fossil fuels make switching to low-carbon fuels a high priority. Biofuels are a potential low-carbon energy source, but whether biofuels offer carbon savings depends on how they are produced. Converting rainforests, peatlands, savannas, or grasslands to produce food crop based biofuels in Brazil, Southeast Asia, and the United States creates a “biofuel carbon debt” by releasing 17 to 420 times more CO2 than the annual greenhouse gas (GHG) reductions that these biofuels would provide by displacing fossil fuels. In contrast, biofuels made from waste biomass or from biomass grown on degraded and abandoned agricultural lands planted with perennials incur little or no carbon debt and can offer immediate and sustained GHG advantages.

  20. The debt crisis: a re-appraisal

    Directory of Open Access Journals (Sweden)

    Carlos Alberto Cinquetti

    2005-09-01

    Full Text Available The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms.

  1. The extinction of the dinosaurs.

    Science.gov (United States)

    Brusatte, Stephen L; Butler, Richard J; Barrett, Paul M; Carrano, Matthew T; Evans, David C; Lloyd, Graeme T; Mannion, Philip D; Norell, Mark A; Peppe, Daniel J; Upchurch, Paul; Williamson, Thomas E

    2015-05-01

    Non-avian dinosaurs went extinct 66 million years ago, geologically coincident with the impact of a large bolide (comet or asteroid) during an interval of massive volcanic eruptions and changes in temperature and sea level. There has long been fervent debate about how these events affected dinosaurs. We review a wealth of new data accumulated over the past two decades, provide updated and novel analyses of long-term dinosaur diversity trends during the latest Cretaceous, and discuss an emerging consensus on the extinction's tempo and causes. Little support exists for a global, long-term decline across non-avian dinosaur diversity prior to their extinction at the end of the Cretaceous. However, restructuring of latest Cretaceous dinosaur faunas in North America led to reduced diversity of large-bodied herbivores, perhaps making communities more susceptible to cascading extinctions. The abruptness of the dinosaur extinction suggests a key role for the bolide impact, although the coarseness of the fossil record makes testing the effects of Deccan volcanism difficult. © 2014 The Authors. Biological Reviews © 2014 Cambridge Philosophical Society.

  2. 7 CFR 792.18 - Referral of debts to Department of Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 792.18... § 792.18 Referral of debts to Department of Justice. (a) Debts that exceed $100,000.00 exclusive of... referred to the Department of Justice before they can be discharged. (b) Debts which cannot be compromised...

  3. 36 CFR 1011.14 - How will the Presidio Trust report debts to credit bureaus?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.14 How will the Presidio Trust report debts to credit bureaus? The Presidio Trust will report delinquent debts to credit bureaus in...

  4. 26 CFR 1.593-7 - Establishment and treatment of reserves for bad debts.

    Science.gov (United States)

    2010-04-01

    ....593-10. (2) Bad debt losses. Any bad debt in respect of a nonqualifying loan shall be charged against the reserve for losses on nonqualifying loans, and any bad debt in respect of a qualifying real... option of the taxpayer, however, any bad debt in respect of either class of loans may be charged in whole...

  5. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities

    Energy Technology Data Exchange (ETDEWEB)

    JL Fuller; KM Leek

    2000-03-08

    The magnitude of Russian foreign debt, both official bilateral and commercial, compounded by collapse of the Russian economic system, is an obstacle in preventing the Russian Federation from effectively increasing the domestic priority of drawing down its nuclear weapons complex and providing a healthy, competitive environment to its nuclear cities. Debt-for-nature swaps, introduced in the early 1980s, provide debtor nations with a means of converting a portion of foreign debt into local currency, often at steep discounts, to use for purposes such as environmental protection that serve both a domestic and international need. This paper presents the debt-for-nature concept as a model for providing an infusion of funds to further U.S. and international nonproliferation objectives to help stabilize Russian closed city economic conditions through direct work on proliferation problems and remediation of the environment. A specific proposal is presented to demonstrate the utility and efficacy of the dept swap concept through initial collaboration with the city administration of Ozersk. The purpose of the proposal is to facilitate making Ozersk a safe, healthy competitive city, providing useful employment for its scientists and population and converting its superior infrastructure into productive activities.

  6. ASPECTS OF ECONOMIC CRISIS IN THE ADMINISTRATION OF GOVERNMENT DEBT

    Directory of Open Access Journals (Sweden)

    UDRIŞTIOIU ANCA ROXANA

    2012-06-01

    Full Text Available The recent years have been characterized by the general influence of the crisis on the economic growth of the states, thus triggering the significant rise in the level of budget deficit and public debt. Under these circumstances, it is highly important that we know the real causes of the rise in public debt, its effects, and also the management strategy of the government public debt. What we aim to do is to take a glimpse into the real economic situation of the country, and in order to understand the crisis impact on it, we will review the economic facts of the last 10 years.

  7. Brief history of US debt limits before 1939.

    Science.gov (United States)

    Hall, George J; Sargent, Thomas J

    2018-03-20

    Between 1776 and 1920, the US Congress designed more than 200 distinct securities and stated the maximum amount of each that the Treasury could sell. Between 1917 and 1939, Congress gradually delegated all decisions about designing US debt instruments to the Treasury. In 1939, Congress began imposing a limit on the par value of total federal debt outstanding. By summing Congressional borrowing authorizations outstanding each year for each bond, we construct a time series of implied federal debt limits before 1939. Copyright © 2018 the Author(s). Published by PNAS.

  8. The Domestic Origins of Sudan's External Debt Crisis

    Directory of Open Access Journals (Sweden)

    Abdel Rahman Ahmed Abdel Rahman

    1995-12-01

    Full Text Available Domestic factors played a significant role in Sudan's external debt crisis which emerged in the early 1980's. Personal rule and related political survival considerations undermined on-going economic adjustment programmes and prompted heavy external borrowing. Borrowing from abroad went unchecked because of the absence of an effective debt management system. It was also fuelled by economic corruption and the decline of cotton, Sudan's principal export crop. The absence of an effective debt management mechanism and economic corruption were a product of the lack of political and fiscal accountability in the context of personal rule.

  9. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...... level of liquid funds that eliminates agency costs by implementing the first-best investment policy for a given capital structure. In a second step we generalize the framework by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally...... trades off tax benefits and agency costs of debt....

  10. The Greek Public Debt Path: From Zero to Infinity

    OpenAIRE

    Sardelis, Dimitris

    2012-01-01

    The aim of the present article is to treat the Greek public debt issue strictly as a curve fitting problem. Thus, based on Eurostat data and using the Mathematica technical computing software, an exponential function that best fits the data is determined modelling how the Greek public debt expands with time. Exploring the main features of this best fit model, it is concluded that the Greek public debt cannot possibly be serviced in the long run unless a radical growth is implemented and/or pa...

  11. Adapt or Become Extinct!

    DEFF Research Database (Denmark)

    Goumas, Georgios; McKee, Sally A.; Själander, Magnus

    2011-01-01

    boundaries (walls) for applications which limit software development (parallel programming wall), performance (memory wall, communication wall) and viability (power wall). The only way to survive in such a demanding environment is by adaptation. In this paper we discuss how dynamic information collected...

  12. State Debt of the Republic of Moldova as Essential Factor of the Country Risk

    Directory of Open Access Journals (Sweden)

    Rodica HINCU

    2010-12-01

    Full Text Available State Debt of the Republic of Moldova as Essential Factor of the Country Risk Abstract: This paper discusses issues concerning of the state debt risk related to the Republic of Moldova and the determinants of the state debt in the context of the country risk. Special attention is devoted to analyzing the dynamics and structure of Moldova's foreign debt by currency and sector, in terms of the components parts of the foreign debt risk of Moldova - refinancing risk, currency risk and interest rate risk. It is analyzed the external state debt, publicly guaranteed, and non-guaranteed private external debt.

  13. The atmospheric extinction of light

    International Nuclear Information System (INIS)

    Hughes, Stephen W; Powell, Sean; Carroll, Joshua; Cowley, Michael

    2016-01-01

    An experiment is described that enables students to understand the properties of atmospheric extinction due to Rayleigh scattering. The experiment requires the use of red, green and blue lasers attached to a travelling microscope or similar device. The laser beams are passed through an artificial atmosphere, made from milky water, at varying depths, before impinging on either a light meter or a photodiode integral to a Picotech Dr. DAQ ADC. A plot of measured spectral intensity verses depth reveals the contribution Rayleigh scattering has to the extinction coefficient. For the experiment with the light meter, the extinction coefficients for red, green and blue light in the milky sample of water were 0.27, 0.36 and 0.47 cm −1 respectively and 0.032, 0.037 and 0.092 cm −1 for the Picotech Dr. DAQ ADC. (paper)

  14. Infectious Disease, Endangerment, and Extinction

    Science.gov (United States)

    MacPhee, Ross D. E.; Greenwood, Alex D.

    2013-01-01

    Infectious disease, especially virulent infectious disease, is commonly regarded as a cause of fluctuation or decline in biological populations. However, it is not generally considered as a primary factor in causing the actual endangerment or extinction of species. We review here the known historical examples in which disease has, or has been assumed to have had, a major deleterious impact on animal species, including extinction, and highlight some recent cases in which disease is the chief suspect in causing the outright endangerment of particular species. We conclude that the role of disease in historical extinctions at the population or species level may have been underestimated. Recent methodological breakthroughs may lead to a better understanding of the past and present roles of infectious disease in influencing population fitness and other parameters. PMID:23401844

  15. The dynamics and economic impact of foreign debt in South Africa

    OpenAIRE

    2010-01-01

    D.Comm. Foreign debt affects the economy through three main channels, namely: the debt overhang effect, the liquidity constraint effect and the uncertainty effect. The main aim of this study is to derive an optimal level of foreign debt relative to Gross Domestic Product (GDP) for South Africa by investigating these channels. Incurring foreign debt is like a double edge sword. On the one side the foreign debt is needed for economic development (from a demand perspective) and on the other s...

  16. DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Hendra Wijaya

    2017-04-01

    Full Text Available Companies in Indonesia have shareholders who are not dispersed or in other words the ownership is only held by one majority shareholder. This study examined the effects of investment decision on the firm value and the debt moderation on the effects of investment decisions on firm value. Debt moderation was used to test the agency conflict of debt use on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This study found that investment decision had a positive effect on firm value and the use of higher debt could lower the positive effect of investment decision on firm value.

  17. 29 CFR 100.603 - Debts that are covered.

    Science.gov (United States)

    2010-07-01

    ... whole or in part on conduct in violation of the antitrust laws; (4) A debt under the Internal Revenue... fraud, false claims, misrepresentation, or which violate antitrust laws will be promptly referred to the...

  18. Empirical Investigation of External Debt-Growth Nexus in Sub ...

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    11 (3), S/NO 47, JULY, 2017. 142. Copyright © International .... public spending or distortionary taxation, with adverse influences on growth. In the ..... fatigue, fiscal space and debt sustainability in advanced economies. Econ. J. 123. (566) ...

  19. Risk of Debt-Based Financing in Indonesian Islamic Banking

    Directory of Open Access Journals (Sweden)

    Kharisya Ayu Effendi

    2017-05-01

    Full Text Available The purpose of this study is to know the risk of debt-based financing in Islamic banking in Indonesia by using an accounting based calculation, those are NPF analysis, Credit risk Z-score and Altman Z-score. This study is telling about the risk of debt-based finacing on Indonesian Islamic banking using an accounting based measurement, those are NPF analysis, Credit Risk Z-score analysis and Altman Z-score analysis. The data was obtained from 2011 to 2015 from the website of each bank. The result is a risk on debt-based financing on Indonesian Islamic banking is low. The measurement using 3 accounting based measurement tool gives a consistent result, that is Indonesian Islamic banking use a debt-based financing have a high financial stability and a low risk.DOI: 10.15408/aiq.v9i2.4821

  20. Debt and growth: A non-parametric approach

    Science.gov (United States)

    Brida, Juan Gabriel; Gómez, David Matesanz; Seijas, Maria Nela

    2017-11-01

    In this study, we explore the dynamic relationship between public debt and economic growth by using a non-parametric approach based on data symbolization and clustering methods. The study uses annual data of general government consolidated gross debt-to-GDP ratio and gross domestic product for sixteen countries between 1977 and 2015. Using symbolic sequences, we introduce a notion of distance between the dynamical paths of different countries. Then, a Minimal Spanning Tree and a Hierarchical Tree are constructed from time series to help detecting the existence of groups of countries sharing similar economic performance. The main finding of the study appears for the period 2008-2016 when several countries surpassed the 90% debt-to-GDP threshold. During this period, three groups (clubs) of countries are obtained: high, mid and low indebted countries, suggesting that the employed debt-to-GDP threshold drives economic dynamics for the selected countries.

  1. A Critical Review of the Proposed Palestinian Public Debt Law

    International Development Research Centre (IDRC) Digital Library (Canada)

    JIHAD

    borrow from external or domestic resources to finance the gap between revenues and ... the Bir Zeit University Institute of Law, who evaluated the study. I would ... service its public debt is shaped by the capital market constraints it faces,.

  2. Sovereign public debt crisis in Europe. A network analysis

    Science.gov (United States)

    Matesanz, David; Ortega, Guillermo J.

    2015-10-01

    In this paper we analyse the evolving network structure of the quarterly public debt-to-GDP ratio from 2000 to 2014. By applying tools and concepts coming from complex systems we study the effects of the global financial crisis over public debt network connections and communities. Two main results arise from this analysis: firstly, countries public debts tend to synchronize their evolution, increasing global connectivity in the network and dramatically decreasing the number of communities. Secondly, a disruption in previous structure is observed at the time of the shock, emerging a more centralized and less diversify network topological organization which might be more prone to suffer contagion effects. This last fact is evidenced by an increasing tendency in countries of similar level of public debt to be connected between them, which we have quantified by the network assortativity.

  3. THE PROBLEM OF EXTERNAL DEBT OF DEVELOPING COUNTRIES

    African Journals Online (AJOL)

    Administrateur

    accompanied by the excessive subsidizing of prices of some commodities (also from the ... The skillful manipulation with interest rate should not only cause the .... 10 The share of a debt of changing interest rates in the global interest rates of.

  4. A Class to Prepare Students to Manage Educational Debt.

    Science.gov (United States)

    Popik, Roberta S.; And Others

    1986-01-01

    A counseling program prepared for Georgetown University School of Dentistry is described. It trains students in concepts associated with short- and long-term financial planning, banking relationships, credit, business planning and structuring debt into an individual student's lifestyle. (MLW)

  5. Extinction and ecological retreat in a community of primates

    Energy Technology Data Exchange (ETDEWEB)

    Crowley, B. E.; Godfrey, L. R.; Guilderson, T. P.; Zermeno, P.; Koch, P. L.; Dominy, N. J.

    2012-05-23

    The lemurs of Madagascar represent a prodigious adaptive radiation. At least 17 species ranging from 11 to 160 kg have become extinct during the past 2000 years. The effect of this loss on contemporary lemurs is unknown. The concept of competitive release favours the expansion of living species into vacant niches. Alternatively, factors that triggered the extinction of some species could have also reduced community-wide niche breadth. Here, we use radiocarbon and stable isotope data to examine temporal shifts in the niches of extant lemur species following the extinction of eight large-bodied species. We focus on southwestern Madagascar and report profound isotopic shifts, both from the time when now-extinct lemurs abounded and from the time immediately following their decline to the present. Unexpectedly, the past environments exploited by lemurs were drier than the protected (albeit often degraded) riparian habitats assumed to be ideal for lemurs today. Neither competitive release nor niche contraction can explain these observed trends. We develop an alternative hypothesis: ecological retreat, which suggests that factors surrounding extinction may force surviving species into marginal or previously unfilled niches.

  6. Medical student debt and major life choices other than specialty

    Directory of Open Access Journals (Sweden)

    James Rohlfing

    2014-11-01

    Full Text Available Background: Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Methods: Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students. No incentives were offered for survey completion. Results: Responses were recorded from 102 US Allopathic medical schools (n=3,032, with 22 institutions (11 public, 11 private meeting inclusion criteria of 10% student body response proportion (n=1,846. Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Conclusions: Medical student debt and particularly debt

  7. Medical student debt and major life choices other than specialty.

    Science.gov (United States)

    Rohlfing, James; Navarro, Ryan; Maniya, Omar Z; Hughes, Byron D; Rogalsky, Derek K

    2014-01-01

    Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students). No incentives were offered for survey completion. Responses were recorded from 102 US Allopathic medical schools (n=3,032), with 22 institutions (11 public, 11 private) meeting inclusion criteria of 10% student body response proportion (n=1,846). Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Medical student debt and particularly debt relative to peers at the same institution appears to

  8. DEVELOPMENT OF AQUATIC MODELS FOR TESTING THE RELATIONSHIP BETWEEN GENETIC DIVERSITY AND POPULATION EXTINCTION RISK

    Science.gov (United States)

    The relationship between population adaptive potential and extinction risk in a changing environment is not well understood. Although the expectation is that genetic diversity is directly related to the capacity of populations to adapt, the statistical and predictive aspects of ...

  9. WHAT INFLUENCE CREDIT CARD DEBTS IN YOUNG CONSUMERS IN MALAYSIA

    OpenAIRE

    Syed Shah ALAM; Ruzita Abdul RAHIM; Ridhwanul HAQ; Atiqur Rahman KHAN

    2014-01-01

    This paper examines empirically antecedents of the credit card debts in young consumers in Malaysia. We examine whether easy access to credit card, credit card related knowledge, aggressive promotion by credit card industry, low minimum payment requirement and attitude towards credit cards influence credit card debts in the younger generation. Regression model was used to meet the objectives. These findings based on a sample of 240 young credit card holders, show that the factors that affect ...

  10. Determinants of External Debt: The Case of Malaysia

    OpenAIRE

    Rafik, Rabiatul Adawiyah Mohamed

    2015-01-01

    Over the past 30 years, Malaysia‘s external debt has been on an increase, with the increase closely linked to a number of economic factors. The changing quantities and qualities of external debt have become a national concern. Data related to the changes in dependent and independent variables between 1970 and 2013 was used in the study. The model was tested for unit root tests, cointegration test, vector error correction model, and Granger causality test. The cointegration test indicates ther...

  11. Government Debt and Long-Term Interest Rates

    OpenAIRE

    Noriaki Kinoshita

    2006-01-01

    This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of governme...

  12. Leverage, debt maturity and firm investment: An empirical analysis

    OpenAIRE

    Dang, Viet A.

    2011-01-01

    In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

  13. Debt security market in lithuania: changes and tendencies

    OpenAIRE

    Zumaraitė, Birutė

    2007-01-01

    Security market in economically strong countries has deep developing traditions and acts strong role in financial system. Debt securities market helps to allocate the financial recourses between separate institutions. Also the strong role in financial system plays debts securities market, especially government bonds that help to form the lending resources effectively. Interest rate of government bonds is the main point, which turns rates of lending and borrowing. The incomes, which are gained...

  14. Analysis of debt leveraging in private power projects

    International Nuclear Information System (INIS)

    Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

    1992-08-01

    As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

  15. External Debt and Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Lawal Isola Adedoyin

    2016-12-01

    Full Text Available The study examined the impact of external debt on economic growth in Nigeria for the period 1981-2014 based on annual data sourced from the Central Bank of Nigeria (CBN Statistical Bulletin (various issues and abstract of National Bureau of Statistics (NBS. The researcher examined the existence of Co-integration among the underlying variables using Auto-regressive Distributed Lag (ARDL model after conducting preliminary statistical test to ascertain the normality of the variables as well as stationary of the data set using descriptive and unit root tests. The result of the ARDL test shows that a significant relationship exists between external debt and economic growth both at the long and short run. The study also examined the causality among the variables using Granger causality test and observed that no causality exist among the variables. The study therefore recommends that government should ensure that loans obtained are used to finance profitable projects that would generate reasonable amount of revenue to service the debts and also adequate record of debt payment obligations should be kept and debt should not be allowed to exceed a maximum limit in order to prevent debt overhang.

  16. Analysis of debt leveraging in private power projects

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

    1992-08-01

    As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.

  17. Mass Extinctions and Supernova Explosions

    Science.gov (United States)

    Korschinek, Gunther

    A nearby supernova (SN) explosion could have negatively influenced life on Earth, maybe even been responsible for mass extinctions. Mass extinction poses a significant extinction of numerous species on Earth, as recorded in the paleontologic, paleoclimatic, and geological record of our planet. Depending on the distance between the Sun and the SN, different types of threats have to be considered, such as ozone depletion on Earth, causing increased exposure to the Sun's ultraviolet radiation or the direct exposure of lethal X-rays. Another indirect effect is cloud formation, induced by cosmic rays in the atmosphere which result in a drop in the Earth's temperature, causing major glaciations of the Earth. The discovery of highly intensive gamma-ray bursts (GRBs), which could be connected to SNe, initiated further discussions on possible life-threatening events in the Earth's history. The probability that GRBs hit the Earth is very low. Nevertheless, a past interaction of Earth with GRBs and/or SNe cannot be excluded and might even have been responsible for past extinction events.

  18. Modeling Population Growth and Extinction

    Science.gov (United States)

    Gordon, Sheldon P.

    2009-01-01

    The exponential growth model and the logistic model typically introduced in the mathematics curriculum presume that a population grows exclusively. In reality, species can also die out and more sophisticated models that take the possibility of extinction into account are needed. In this article, two extensions of the logistic model are considered,…

  19. New theories about ancient extinctions

    Science.gov (United States)

    Spall, H.

    1986-01-01

    The abrupt disappearance of all the dinosaurs about 65 million years ago, along with perhaps half the plant species and other animals, has been one of the great geological mysteries. Clues to the cause of these extinctions have been scarce and open to many interpretations.

  20. The currency and tempo of extinction.

    Science.gov (United States)

    Regan, H M; Lupia, R; Drinnan, A N; Burgman, M A

    2001-01-01

    This study examines estimates of extinction rates for the current purported biotic crisis and from the fossil record. Studies that compare current and geological extinctions sometimes use metrics that confound different sources of error and reflect different features of extinction processes. The per taxon extinction rate is a standard measure in paleontology that avoids some of the pitfalls of alternative approaches. Extinction rates reported in the conservation literature are rarely accompanied by measures of uncertainty, despite many elements of the calculations being subject to considerable error. We quantify some of the most important sources of uncertainty and carry them through the arithmetic of extinction rate calculations using fuzzy numbers. The results emphasize that estimates of current and future rates rely heavily on assumptions about the tempo of extinction and on extrapolations among taxa. Available data are unlikely to be useful in measuring magnitudes or trends in current extinction rates.

  1. Relating life-history traits, environmental constraints and local extinctions in river fish

    OpenAIRE

    Bergerot, B.; Hugueny, Bernard; Belliard, J.

    2015-01-01

    The life histories of freshwater fish are widely studied because they represent fundamental determinants of population performances. However, a gap remains in our understanding of how species traits may predispose species to extinction in a changing environment. In this study, based on a large data set provided by the French National Agency for Water and Aquatic Environment (325 sites), we analysed factors that explain the probability of local extinction in 40 freshwater species across French...

  2. EARTH SCIENCE: Did Volcanoes Drive Ancient Extinctions?

    Science.gov (United States)

    Kerr, R A

    2000-08-18

    With the publication in recent weeks of two papers on a mass extinction 183 million years ago, researchers can add five suggestive cases to the list of extinctions with known causes. These extinctions coincide with massive outpourings of lava, accompanied by signs that global warming threw the ocean-atmosphere system out of whack. Although no one can yet pin any of these mass extinctions with certainty on the volcanic eruptions, scientists say it's unlikely that they're all coincidences.

  3. An investigation of the interstellar extinction

    International Nuclear Information System (INIS)

    Roche, P.F.; Aitken, D.K.; Melbourne Univ., Point Cook

    1984-01-01

    The 10 μm extinction towards six WC8 or WC9 Wolf-Rayet stars is investigated. All objects show smooth dust emission suffering silicate absorption with depths well correlated with the extinction in the visible. The de-reddened spectra are well represented by emission from featureless grain components, possibly from iron or carbon grains. The extinction to the stars is found to be dominantly interstellar in origin with little extinction from the circumstellar shell. (author)

  4. Further Evidence of Auditory Extinction in Aphasia

    Science.gov (United States)

    Marshall, Rebecca Shisler; Basilakos, Alexandra; Love-Myers, Kim

    2013-01-01

    Purpose: Preliminary research ( Shisler, 2005) suggests that auditory extinction in individuals with aphasia (IWA) may be connected to binding and attention. In this study, the authors expanded on previous findings on auditory extinction to determine the source of extinction deficits in IWA. Method: Seventeen IWA (M[subscript age] = 53.19 years)…

  5. Bad debt is (not a bad friend

    Directory of Open Access Journals (Sweden)

    Zavišić Aleksandar

    2016-01-01

    Full Text Available Investing in distressed debt is a less known investment strategy of astute investors. Bonds with uncertain cash flow are the subject of their focus, especially in the Anglo-Saxon financial systems. The range of realized rates of return is very wide and retail investors are out of the game. One aspect of this strategy are investments in non-performing loans, that is the purchase of distressed loans at a discount. It does not take a genius to see that one of the reasons of insolvency in the Serbian economy is the long-standing low economic growth in Serbia, in the region and in Europe. High systemic risk coupled with the inefficient bankruptcy process and out-of-court restructuring are the context in which the problem of non-performing loans is to be solved. A series of other factors related to banks, real estate market, tax considerations, as well as the lack of supportive actions to prevent the increase of non-performing loans act as additional constraints. In mid-2015, a strategy was adopted in Serbia, which recognized this silent and prolonged crisis that has been accumulating within the banking system.

  6. Predicting extinction rates in stochastic epidemic models

    International Nuclear Information System (INIS)

    Schwartz, Ira B; Billings, Lora; Dykman, Mark; Landsman, Alexandra

    2009-01-01

    We investigate the stochastic extinction processes in a class of epidemic models. Motivated by the process of natural disease extinction in epidemics, we examine the rate of extinction as a function of disease spread. We show that the effective entropic barrier for extinction in a susceptible–infected–susceptible epidemic model displays scaling with the distance to the bifurcation point, with an unusual critical exponent. We make a direct comparison between predictions and numerical simulations. We also consider the effect of non-Gaussian vaccine schedules, and show numerically how the extinction process may be enhanced when the vaccine schedules are Poisson distributed

  7. Extinction risk escalates in the tropics.

    Directory of Open Access Journals (Sweden)

    Jana C Vamosi

    Full Text Available The latitudinal biodiversity gradient remains one of the most widely recognized yet puzzling patterns in nature. Presently, the high level of extinction of tropical species, referred to as the "tropical biodiversity crisis", has the potential to erode this pattern. While the connection between species richness, extinction, and speciation has long intrigued biologists, these interactions have experienced increased poignancy due to their relevancy to where we should concentrate our conservation efforts. Natural extinction is a phenomenon thought to have its own latitudinal gradient, with lower extinction rates in the tropics being reported in beetles, birds, mammals, and bivalves. Processes that have buffered ecosystems from high extinction rates in the past may also buffer ecosystems against disturbance of anthropogenic origin. While potential parallels between historical and present-day extinction patterns have been acknowledged, they remain only superficially explored and plant extinction patterns have been particularly neglected. Studies on the disappearances of animal species have reached conflicting conclusions, with the rate of extinction appearing either higher or lower in species richness hotspots. Our global study of extinction risk in vascular plants finds disproportionately higher extinction risk in tropical countries, even when indicators of human pressure (GDP, population density, forest cover change are taken into account. Our results are at odds with the notion that the tropics represent a museum of plant biodiversity (places of historically lowered extinction and we discuss mechanisms that may reconcile this apparent contradiction.

  8. Extinction risk escalates in the tropics.

    Science.gov (United States)

    Vamosi, Jana C; Vamosi, Steven M

    2008-01-01

    The latitudinal biodiversity gradient remains one of the most widely recognized yet puzzling patterns in nature. Presently, the high level of extinction of tropical species, referred to as the "tropical biodiversity crisis", has the potential to erode this pattern. While the connection between species richness, extinction, and speciation has long intrigued biologists, these interactions have experienced increased poignancy due to their relevancy to where we should concentrate our conservation efforts. Natural extinction is a phenomenon thought to have its own latitudinal gradient, with lower extinction rates in the tropics being reported in beetles, birds, mammals, and bivalves. Processes that have buffered ecosystems from high extinction rates in the past may also buffer ecosystems against disturbance of anthropogenic origin. While potential parallels between historical and present-day extinction patterns have been acknowledged, they remain only superficially explored and plant extinction patterns have been particularly neglected. Studies on the disappearances of animal species have reached conflicting conclusions, with the rate of extinction appearing either higher or lower in species richness hotspots. Our global study of extinction risk in vascular plants finds disproportionately higher extinction risk in tropical countries, even when indicators of human pressure (GDP, population density, forest cover change) are taken into account. Our results are at odds with the notion that the tropics represent a museum of plant biodiversity (places of historically lowered extinction) and we discuss mechanisms that may reconcile this apparent contradiction.

  9. Rescaling of temporal expectations during extinction

    Science.gov (United States)

    Drew, Michael R.; Walsh, Carolyn; Balsam, Peter D

    2016-01-01

    Previous research suggests that extinction learning is temporally specific. Changing the CS duration between training and extinction can facilitate the loss of the CR within the extinction session but impairs long-term retention of extinction. In two experiments using conditioned magazine approach with rats, we examined the relation between temporal specificity of extinction and CR timing. In Experiment 1 rats were trained on a 12-s, fixed CS-US interval and then extinguished with CS presentations that were 6, 12, or 24 s in duration. The design of Experiment 2 was the same except rats were trained using partial rather than continuous reinforcement. In both experiments, extending the CS duration in extinction facilitated the diminution of CRs during the extinction session, but shortening the CS duration failed to slow extinction. In addition, extending (but not shortening) the CS duration caused temporal rescaling of the CR, in that the peak CR rate migrated later into the trial over the course of extinction training. This migration partially accounted for the faster loss of the CR when the CS duration was extended. Results are incompatible with the hypothesis that extinction is driven by cumulative CS exposure and suggest that temporally extended nonreinforced CS exposure reduces conditioned responding via temporal displacement rather than through extinction per se. PMID:28045291

  10. Open-path, closed-path and reconstructed aerosol extinction at a rural site.

    Science.gov (United States)

    Gordon, Timothy D; Prenni, Anthony J; Renfro, James R; McClure, Ethan; Hicks, Bill; Onasch, Timothy B; Freedman, Andrew; McMeeking, Gavin R; Chen, Ping

    2018-04-09

    The Handix Scientific Open-Path Cavity Ringdown Spectrometer (OPCRDS) was deployed during summer 2016 in Great Smoky Mountains National Park (GRSM). Extinction coefficients from the relatively new OPCRDS and from a more well-established extinction instrument agreed to within 7%. Aerosol hygroscopic growth (f(RH)) was calculated from the ratio of ambient extinction measured by the OPCRDS to dry extinction measured by a closed-path extinction monitor (Aerodyne's Cavity Attenuated Phase Shift Particulate Matter Extinction Monitor, CAPS PMex). Derived hygroscopicity (RH 1995 at the same site and time of year, which is noteworthy given the decreasing trend for organics and sulfate in the eastern U.S. However, maximum f(RH) values in 1995 were less than half as large as those recorded in 2016-possibly due to nephelometer truncation losses in 1995. Two hygroscopicity parameterizations were investigated using high time resolution OPCRDS+CAPS PMex data, and the K ext model was more accurate than the γ model. Data from the two ambient optical instruments, the OPCRDS and the open-path nephelometer, generally agreed; however, significant discrepancies between ambient scattering and extinction were observed, apparently driven by a combination of hygroscopic growth effects, which tend to increase nephelometer truncation losses and decrease sensitivity to the wavelength difference between the two instruments as a function of particle size. There was not a statistically significant difference in the mean reconstructed extinction values obtained from the original and the revised IMPROVE (Interagency Monitoring of Protected Visual Environments) equations. On average IMPROVE reconstructed extinction was ~25% lower than extinction measured by the OPCRDS, which suggests that the IMPROVE equations and 24-hr aerosol data are moderately successful in estimating current haze levels at GRSM. However, this conclusion is limited by the coarse temporal resolution and the low dynamic range of

  11. Extinction Coefficient of Gold Nanostars.

    Science.gov (United States)

    de Puig, Helena; Tam, Justina O; Yen, Chun-Wan; Gehrke, Lee; Hamad-Schifferli, Kimberly

    2015-07-30

    Gold nanostars (NStars) are highly attractive for biological applications due to their surface chemistry, facile synthesis and optical properties. Here, we synthesize NStars in HEPES buffer at different HEPES/Au ratios, producing NStars of different sizes and shapes, and therefore varying optical properties. We measure the extinction coefficient of the synthesized NStars at their maximum surface plasmon resonances (SPR), which range from 5.7 × 10 8 to 26.8 × 10 8 M -1 cm -1 . Measured values correlate with those obtained from theoretical models of the NStars using the discrete dipole approximation (DDA), which we use to simulate the extinction spectra of the nanostars. Finally, because NStars are typically used in biological applications, we conjugate DNA and antibodies to the NStars and calculate the footprint of the bound biomolecules.

  12. Dinasour extinction and volcanic activity

    Science.gov (United States)

    Gledhill, J. A.

    There is at present some controversy about the reason for the mass extinction of dinosaurs and other forms of life at the end of the Cretaceous. A suggestion by Alvarez et al. [1980] that this was due to the collision of the earth with a meteorite 10 km or so in diameter has excited considerable interest [Silver and Schultz, 1982] and also some criticism [Stanley, 1984]. A recent publication [Wood, 1984] describing the catastrophic effects of a relatively minor lava flow in Iceland suggests that intense volcanic activity could have played a large part in the extinctions. In this letter it is pointed out that the Deccan lava flows in India took place in the appropriate time and may well have been of sufficient magnitude to be a major factor in the Cretaceous-Tertiary (C-T) boundary catastrophe.

  13. Optimising Extinction of Conditioned Disgust.

    Science.gov (United States)

    Bosman, Renske C; Borg, Charmaine; de Jong, Peter J

    2016-01-01

    Maladaptive disgust responses are tenacious and resistant to exposure-based interventions. In a similar vein, laboratory studies have shown that conditioned disgust is relatively insensitive to Conditioned Stimulus (CS)-only extinction procedures. The relatively strong resistance to extinction might be explained by disgust's adaptive function to motivate avoidance from contamination threats (pathogens) that cannot be readily detected and are invisible to the naked eye. Therefore, the mere visual presentation of unreinforced disgust eliciting stimuli might not be sufficient to correct a previously acquired threat value of the CS+. Following this, the current study tested whether the efficacy of CS-only exposure can be improved by providing additional safety information about the CS+. For the CSs we included two neutral items a pea soup and a sausage roll, whereas for the Unconditioned Stimulus (US) we used one video clip of a woman vomiting and a neutral one about glass blowing. The additional safety information was conveyed by allowing actual contact with the CS+ or by observing an actress eating the food items representing the CS+. When additional safety information was provided via allowing direct contact with the CS+, there was a relatively strong post-extinction increase in participants' willingness-to-eat the CS+. This beneficial effect was still evident at one-week follow up. Also self-reported disgust was lower at one-week follow up when additional safety information was provided. The current findings help explain why disgust is relatively insensitive to CS-only extinction procedures, and provide helpful starting points to improve interventions that are aimed to reduce distress in disgust-related psychopathology.

  14. Optimising Extinction of Conditioned Disgust.

    Directory of Open Access Journals (Sweden)

    Renske C Bosman

    Full Text Available Maladaptive disgust responses are tenacious and resistant to exposure-based interventions. In a similar vein, laboratory studies have shown that conditioned disgust is relatively insensitive to Conditioned Stimulus (CS-only extinction procedures. The relatively strong resistance to extinction might be explained by disgust's adaptive function to motivate avoidance from contamination threats (pathogens that cannot be readily detected and are invisible to the naked eye. Therefore, the mere visual presentation of unreinforced disgust eliciting stimuli might not be sufficient to correct a previously acquired threat value of the CS+. Following this, the current study tested whether the efficacy of CS-only exposure can be improved by providing additional safety information about the CS+. For the CSs we included two neutral items a pea soup and a sausage roll, whereas for the Unconditioned Stimulus (US we used one video clip of a woman vomiting and a neutral one about glass blowing. The additional safety information was conveyed by allowing actual contact with the CS+ or by observing an actress eating the food items representing the CS+. When additional safety information was provided via allowing direct contact with the CS+, there was a relatively strong post-extinction increase in participants' willingness-to-eat the CS+. This beneficial effect was still evident at one-week follow up. Also self-reported disgust was lower at one-week follow up when additional safety information was provided. The current findings help explain why disgust is relatively insensitive to CS-only extinction procedures, and provide helpful starting points to improve interventions that are aimed to reduce distress in disgust-related psychopathology.

  15. Extinction Coefficient of Gold Nanostars

    OpenAIRE

    de Puig, Helena; Tam, Justina O.; Yen, Chun-Wan; Gehrke, Lee; Hamad-Schifferli, Kimberly

    2015-01-01

    Gold nanostars (NStars) are highly attractive for biological applications due to their surface chemistry, facile synthesis and optical properties. Here, we synthesize NStars in HEPES buffer at different HEPES/Au ratios, producing NStars of different sizes and shapes, and therefore varying optical properties. We measure the extinction coefficient of the synthesized NStars at their maximum surface plasmon resonances (SPR), which range from 5.7 × 108 to 26.8 × 108 M−1cm−1. Measured values correl...

  16. Public Debt, Public Investment and Economic Growth in Mexico

    Directory of Open Access Journals (Sweden)

    Isaac Sánchez-Juárez

    2016-03-01

    Full Text Available The primary objective of this article is to answer the following two research questions: has the growing public debt of state governments promoted increased public investment? If the answer is yes, then does any increase in public investment lead to more growth in the Mexican states? Dynamic Models of panel data and the Generalized Method of Moments, with information for 32 states from 1993 to 2012, were used for this purpose. The econometric results confirmed that public debt is positively correlated with public investment and that this in turn generates economic growth. This does not mean that a good economic policy strategy has been followed, since the marginal positive impact of public investment, and therefore the public debt on the production per person, is reduced (1% increase in the interaction between public investment and public debt variable causes a 0.0005% increase in economic growth. This suggests deviations from the debt contracted for purposes other than production, which could lead to a situation of unsustainability of state public finances in the medium term.

  17. Principles of land debt as a kind of real collateral

    Directory of Open Access Journals (Sweden)

    Pavićević Aleksandra

    2014-01-01

    Full Text Available The issue of the work is an analysis of characteristics of land debt, known as non-accessory real right securing claims in German and Swiss law. Using the method of comparative analysis of the characteristics of this property right, author determines the similarities and differences of land debt in relation to similar types of rights, in particular in relation to a mortgage, as most similar security right, from the group of liens. Since the Draft Code of ownership and other property real rights in Serbia in 2006. proposed the introduction of real debt in Serbian law, the author of the paper examines the advantages and disadvantages of this concept in order to evaluate this assessment.. As an essential difference to the lien, the author defines the non-accessory character of land debt and multifunctional purpose. The author advocates the introduction of institute of land debt in future Serbian law, as the original non-accessory real security right (sui generis that represents functional addittion to accessory mortgage.

  18. Extinction correction and synchrotron radiation

    International Nuclear Information System (INIS)

    Suortti, P.

    1983-01-01

    The primary extinction factor ysub(p) is defined as the ratio of the integrated reflection from a coherently diffracting domain to the integrated kinematical reflection from the same domain. When ysub(p) is larger than 0.5 it may be approximated by ysub(p)= exp[-(αdelta) 2 ], where α is about 0.5 and delta the average size of the coherent domain when measured in units of the extinction length Λ, delta = D/Λ. Transfer equations are applied to symmetrical Laue diffraction, and the reflectivity per unit length, sigma(epsilon) is solved from the measured reflecting ratio as a function of the rocking angle epsilon = theta -thetasub(B). Measurements with conventional x-ray sources are made on single crystal slabs of Be and Si using AgKβ, MoKα 1 and CuKα radiation. The primary extinction factor ysub(p)(epsilon) is solved from a point-by-point comparison of two measurements where the extinction length Λ is changed by varying the polarization and/or wavelength of the x-ray beam. The results show that primary and secondary extinction are strongly correlated, and that the customary assumption of independent size and orientation distributions of crystal mosaics is unjustified. The structure factors for Be and Si show close agreement with other recent measurements and calculations. The limitations of the method are discussed in length, particularly the effects of beam divergences and incoherence of the rays in the crystal. It is concluded that under typical experimental conditions the requirements of the theory are met. Practical limitations arising from the use of characteristic wavelengths and unpolarized radiation prohibit the use of the full potential of the method. The properties of a synchrotron radiation source are compared with a conventional x-ray source, and it is demonstrated that the experimental limitations can be removed by the use of synchrotron radiation. A diffraction experiment with synchrotron radiation is outlined, as well as generalization of the

  19. Local population extinction and vitality of an epiphytic lichen in fragmented old-growth forest.

    Science.gov (United States)

    Ockinger, Erik; Nilsson, Sven G

    2010-07-01

    extinction debt.

  20. A systematic review of financial debt in adolescents and young adults: Prevalence, correlates and associations with crime

    OpenAIRE

    Hoeve, M.; Stams, G.J.J.M.; van der Zouwen, M.; Vergeer, M.; Jurrius, K.; Asscher, J.J.

    2014-01-01

    Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k ...

  1. THE MID-INFRARED EXTINCTION LAW AND ITS VARIATION IN THE COALSACK NEBULA

    International Nuclear Information System (INIS)

    Wang Shu; Gao Jian; Jiang, B. W.; Chen Yang; Li Aigen

    2013-01-01

    In recent years, the wavelength dependence of interstellar extinction from the ultraviolet (UV) to the near- and mid-infrared (IR) has been studied extensively. Although it is well established that the UV/optical extinction law varies significantly among the different lines of sight, it is not clear how IR extinction varies among various environments. In this work, using the color-excess method and taking red giants as the extinction tracer, we determine interstellar extinction A λ in the four Spitzer/IRAC bands in [3.6], [4.5], [5.8], [8.0] μm (relative to A K s , extinction in the Two Micron All Sky Survey (2MASS) K s band at 2.16 μm) of the Coalsack nebula, a nearby starless dark cloud, based on the data obtained from the 2MASS and Spitzer/GLIMPSE surveys. We select five individual regions across the nebula that span a wide variety of physical conditions ranging from diffuse and translucent to dense environments, as traced by the visual extinction, the Spitzer/MIPS 24 μm emission, and CO emission. We find that A λ /A K s , mid-IR extinction relative to A K s , decreases from diffuse to dense environments, which may be explained in terms of ineffective dust growth in dense regions. The mean extinction (relative to A K s ) is calculated for the four IRAC bands as well and exhibits a flat mid-IR extinction law consistent with previous determinations for other regions. Extinction in the IRAC 4.5 μm band is anomalously high, much higher than that of the other three IRAC bands, and cannot be explained in terms of CO and CO 2 ice. Mid-IR extinction in the four IRAC bands has also been derived for four representative regions in the Coalsack Globule 2, which respectively exhibit strong ice absorption, moderate or weak ice absorption, and very weak or no ice absorption. The derived mid-IR extinction curves are all flat, with A λ /A K s increasing with the decrease of the 3.1 μm H 2 O ice absorption optical depth τ ice

  2. THE MID-INFRARED EXTINCTION LAW AND ITS VARIATION IN THE COALSACK NEBULA

    Energy Technology Data Exchange (ETDEWEB)

    Wang Shu; Gao Jian; Jiang, B. W.; Chen Yang [Department of Astronomy, Beijing Normal University, Beijing 100875 (China); Li Aigen, E-mail: shuwang@mail.bnu.edu.cn, E-mail: jiangao@bnu.edu.cn, E-mail: bjiang@bnu.edu.cn, E-mail: cheny@bnu.edu.cn, E-mail: lia@missouri.edu [Department of Physics and Astronomy, University of Missouri, Columbia, MO 65211 (United States)

    2013-08-10

    In recent years, the wavelength dependence of interstellar extinction from the ultraviolet (UV) to the near- and mid-infrared (IR) has been studied extensively. Although it is well established that the UV/optical extinction law varies significantly among the different lines of sight, it is not clear how IR extinction varies among various environments. In this work, using the color-excess method and taking red giants as the extinction tracer, we determine interstellar extinction A{sub {lambda}} in the four Spitzer/IRAC bands in [3.6], [4.5], [5.8], [8.0] {mu}m (relative to A{sub K{sub s}}, extinction in the Two Micron All Sky Survey (2MASS) K{sub s} band at 2.16 {mu}m) of the Coalsack nebula, a nearby starless dark cloud, based on the data obtained from the 2MASS and Spitzer/GLIMPSE surveys. We select five individual regions across the nebula that span a wide variety of physical conditions ranging from diffuse and translucent to dense environments, as traced by the visual extinction, the Spitzer/MIPS 24 {mu}m emission, and CO emission. We find that A{sub {lambda}}/A{sub K{sub s}}, mid-IR extinction relative to A{sub K{sub s}}, decreases from diffuse to dense environments, which may be explained in terms of ineffective dust growth in dense regions. The mean extinction (relative to A{sub K{sub s}}) is calculated for the four IRAC bands as well and exhibits a flat mid-IR extinction law consistent with previous determinations for other regions. Extinction in the IRAC 4.5 {mu}m band is anomalously high, much higher than that of the other three IRAC bands, and cannot be explained in terms of CO and CO{sub 2} ice. Mid-IR extinction in the four IRAC bands has also been derived for four representative regions in the Coalsack Globule 2, which respectively exhibit strong ice absorption, moderate or weak ice absorption, and very weak or no ice absorption. The derived mid-IR extinction curves are all flat, with A{sub {lambda}}/A{sub K{sub s}} increasing with the decrease of the

  3. Environment

    International Nuclear Information System (INIS)

    McIntyre, A.D.; Turnbull, R.G.H.

    1992-01-01

    The development of the hydrocarbon resources of the North Sea has resulted in both offshore and onshore environmental repercussions, involving the existing physical attributes of the sea and seabed, the coastline and adjoining land. The social and economic repercussions of the industry were equally widespread. The dramatic and speedy impact of the exploration and exploitation of the northern North Sea resources in the early 1970s, on the physical resources of Scotland was quickly realised together with the concern that any environmental and social damage to the physical and social fabric should be kept to a minimum. To this end, a wide range of research and other activities by central and local government, and other interested agencies was undertaken to extend existing knowledge on the marine and terrestrial environments that might be affected by the oil and gas industry. The outcome of these activities is summarized in this paper. The topics covered include a survey of the marine ecosystems of the North Sea, the fishing industry, the impact of oil pollution on seabirds and fish stocks, the ecology of the Scottish coastline and the impact of the petroleum industry on a selection of particular sites. (author)

  4. Biological correlates of extinction risk in bats.

    Science.gov (United States)

    Jones, Kate E; Purvis, Andy; Gittleman, John L

    2003-04-01

    We investigated patterns and processes of extinction and threat in bats using a multivariate phylogenetic comparative approach. Of nearly 1,000 species worldwide, 239 are considered threatened by the International Union for Conservation of Nature and Natural Resources (IUCN) and 12 are extinct. Small geographic ranges and low wing aspect ratios are independently found to predict extinction risk in bats, which explains 48% of the total variance in IUCN assessments of threat. The pattern and correlates of extinction risk in the two bat suborders are significantly different. A higher proportion (4%) of megachiropteran species have gone extinct in the last 500 years than microchiropteran bats (0.3%), and a higher proportion is currently at risk of extinction (Megachiroptera: 34%; Microchiroptera: 22%). While correlates of microchiropteran extinction risk are the same as in the order as a whole, megachiropteran extinction is correlated more with reproductive rate and less with wing morphology. Bat extinction risk is not randomly distributed phylogenetically: closely related species have more similar levels of threat than would be expected if extinction risk were random. Given the unbalanced nature of the evolutionary diversification of bats, it is probable that the amount of phylogenetic diversity lost if currently threatened taxa disappear may be greater than in other clades with numerically more threatened species.

  5. The ethics of reviving long extinct species.

    Science.gov (United States)

    Sandler, Ronald

    2014-04-01

    There now appears to be a plausible pathway for reviving species that have been extinct for several decades, centuries, or even millennia. I conducted an ethical analysis of de-extinction of long extinct species. I assessed several possible ethical considerations in favor of pursuing de-extinction: that it is a matter of justice; that it would reestablish lost value; that it would create new value; and that society needs it as a conservation last resort. I also assessed several possible ethical arguments against pursuing de-extinction: that it is unnatural; that it could cause animal suffering; that it could be ecologically problematic or detrimental to human health; and that it is hubristic. There are reasons in favor of reviving long extinct species, and it can be ethically acceptable to do so. However, the reasons in favor of pursuing de-extinction do not have to do with its usefulness in species conservation; rather, they concern the status of revived species as scientific and technological achievements, and it would be ethically problematic to promote de-extinction as a significant conservation strategy, because it does not prevent species extinctions, does not address the causes of extinction, and could be detrimental to some species conservation efforts. Moreover, humanity does not have a responsibility or obligation to pursue de-extinction of long extinct species, and reviving them does not address any urgent problem. Therefore, legitimate ecological, political, animal welfare, legal, or human health concerns associated with a de-extinction (and reintroduction) must be thoroughly addressed for it to be ethically acceptable. © 2013 Society for Conservation Biology.

  6. Sustainability of the public debt and the financial crisis

    Directory of Open Access Journals (Sweden)

    Aura Gabriela SOCOL

    2013-03-01

    Full Text Available The European Union sovereign-debt crisis brings up again the problem of current account sustainability, the fiscal policy sustainability and the public debt sustainability, as well as the interconditionality between them. On the background of the severe structural problems, the lack of competitiveness has constituted the main factor resulting in the severe deterioration of the European public finances. The external deficits have put additional pressure upon the fiscal deficits. Practically, they entered a vicious circle, to a great extent due to the extremely different economic evolutions of the weak economies opposite to the strongly structurally advanced and solid economies. This study makes a risk analysis of the public debt sustainability in Romania for the period 2010-2015, under the circumstances in which it will enter the Euro zone in the near future.

  7. Exchange-traded funds of the eurozone sovereign debt

    Directory of Open Access Journals (Sweden)

    Drenovak Mikica

    2010-01-01

    Full Text Available Periods of high uncertainty bring liquidity concerns to the forefront for sovereign bond investors. Arguably the most liquid and cost-effective way for retail and small institutional investors to gain diversified sovereign bond exposure is through an exchange traded fund (ETF. In this paper we study the performance, country exposure, and replicating characteristics of a sample of 31 European index ETFs with exposure to eurozone sovereign debt. The obtained results are presented in the context of underlying index selection rules, types of replication, and movements in sovereign debt interest rates and sovereign CDS spreads. It is demonstrated that the ETFs focused on accurately track corresponding bond indices. This is consistent with earlier findings for equity index ETFs. Our results may be of interest for institutional investors, regulators, and everyone interested in sovereign debt investments.

  8. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

    due to the ex-prisoners’ debt. Those convicted in Denmark are personally liable for their own legal costs. Thus, we must regard most ex-prisoners as being highly indebted to the state. The debt of ex-prisoners was generally understood as being the cause of financial problems, but legal regulation......Existing studies of crime preventive factors have illustrated that ex-prisoners who began a course of education, obtained employment and/or had permanent housing were less likely to relapse into crime. However, this study shows that the aforementioned crime preventing factors became less effective...... and informal punishment, as unintended consequences of indebtedness, were still poorly explored. This research indicates that legal regulation and informal punishment based on indebtedness may serve as an argument for considering debt as a criminal risk factor which has made the preventive factors less...

  9. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

    and informal punishment, as unintended consequences of indebtedness, were still poorly explored. This research indicates that legal regulation and informal punishment based on indebtedness may serve as an argument for considering debt as a criminal risk factor which has made the preventive factors less......Existing studies of crime preventive factors have illustrated that ex-prisoners who began a course of education, obtained employment and/or had permanent housing were less likely to relapse into crime. However, this study shows that the aforementioned crime preventing factors became less effective...... due to the ex-prisoners’ debt. Those convicted in Denmark are personally liable for their own legal costs. Thus, we must regard most ex-prisoners as being highly indebted to the state. The debt of ex-prisoners was generally understood as being the cause of financial problems, but legal regulation...

  10. Bond Indenture Consent Solicitations as a Debt Management Tool

    Directory of Open Access Journals (Sweden)

    Jamie A. Anderson-Parson

    2015-07-01

    Full Text Available Many companies in recent years are seeking new ways to manage their debt liabilities. Companies with outstanding debt securities can engage in a variety of transactions with bond holders. Choices will depend to some extent on whether or not the company has access to cash and is able to purchase in the open market or through cash tender offer, or if without cash, by making an exchange offer of new securities for existing securities. Often in either case, there is a bond indenture consent solicitation needed to waive or amend existing bond terms, the announcement of which signals management’s intent to the market. Given the increasing prevalence of this practice as a debt management tool, this study seeks to determine whether it is truly perceived to be value enhancing by stockholders. Using an event study of 50 companies announcing bond indenture consent solicitations, we find that shareholders do benefit, and companies appear well served by this practice.

  11. The Challenge of "Fixing the Debt": Recommendations from the Summit.

    Science.gov (United States)

    Harris, Donna L; Chaddock, Harry M

    2018-01-01

    With education debt repayment taking up a significant amount of veterinarians' salaries, for a significant time into the working years, concern has been building that the current debt to starting salary ratio in the veterinary profession is not sustainable. The current ratio is 1.99:1, but it can be significantly higher for students who attend schools as an out-of-state resident. In April, 180 people concerned about this issue gathered at Michigan State University's College of Veterinary Medicine for a Fix the Debt Summit, which focused on actions that would reduce this ratio to a more sustainable level. Attendees were students; new graduates; those working in veterinary academia; employers of veterinarians; and those affiliated with the profession, such as professional associations. As solutions were proposed, participants also committed to taking action within their field of influence.

  12. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time dynamic framework. We show that due to stockholder-bondholder agency conflicts, investment thresholds are U-shaped in leverage and decreasing in liquidity. While the underinvestment problem dominates...... for low-liquidity firms, there is overinvestment for high-liquidity firms. In the absence of tax effects, we derive the optimal level of liquid funds that eliminates agency costs by implementing the first-best investment policy for some given capital structure. In a second step we generalize the framework...... by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally trades off tax benefits and agency costs of debt....

  13. The extinction probability in systems randomly varying in time

    Directory of Open Access Journals (Sweden)

    Imre Pázsit

    2017-09-01

    Full Text Available The extinction probability of a branching process (a neutron chain in a multiplying medium is calculated for a system randomly varying in time. The evolution of the first two moments of such a process was calculated previously by the authors in a system randomly shifting between two states of different multiplication properties. The same model is used here for the investigation of the extinction probability. It is seen that the determination of the extinction probability is significantly more complicated than that of the moments, and it can only be achieved by pure numerical methods. The numerical results indicate that for systems fluctuating between two subcritical or two supercritical states, the extinction probability behaves as expected, but for systems fluctuating between a supercritical and a subcritical state, there is a crucial and unexpected deviation from the predicted behaviour. The results bear some significance not only for neutron chains in a multiplying medium, but also for the evolution of biological populations in a time-varying environment.

  14. 76 FR 5070 - Offset of Tax Refund Payments To Collect Delinquent State Unemployment Compensation Debts

    Science.gov (United States)

    2011-01-28

    ... Payments To Collect Delinquent State Unemployment Compensation Debts AGENCY: Financial Management Service... (referred to as ``tax refund offset'') to collect delinquent State unemployment compensation debts. The Department of the Treasury (Treasury) will incorporate the procedures necessary to collect State unemployment...

  15. Student Credit Card Debt in the 21st Century: Options for Financial Aid Administrators.

    Science.gov (United States)

    Oleson, Mark

    2001-01-01

    Provides multiple workable solutions financial aid offices can offer students throughout their college experience to deal with debt: preventive solutions for avoiding problems with credit card debt, holistic solutions for other related problems, and remedial solutions for existing problems. (EV)

  16. Debt Collection Treasury Faces Challenges in Implementing Its Cross- Servicing Initiative

    National Research Council Canada - National Science Library

    Engel, Gary

    2000-01-01

    .... For example, our analysis of debts referred since the inception of the program though May 1999 showed that almost one half of the dollar value of the debts referred were over 4 years delinquent at the time of referral...

  17. INTERNAL MARKET GOVERNMENT SECURITIES IN PROMOTING THE EFFICIENCY OF DEBT POLICY OF UKRAINE

    Directory of Open Access Journals (Sweden)

    K. Kuryshchuk

    2014-01-01

    Full Text Available The article analyzes the effectiveness of debt policy of Ukraine, to its shortcomings and implications for the economy. The evaluation of the domestic government securities market and its impact on the efficiency of debt management.

  18. The context dependency of extinction negates the effectiveness of cognitive enhancement to reduce cocaine-primed reinstatement.

    Science.gov (United States)

    Hammond, Sherri; Wagner, John J

    2013-09-01

    With respect to the treatment of addiction, the objective of extinction training is to decrease drug-seeking behavior by repeatedly exposing the patient to cues in the absence of unconditioned reinforcement. Such exposure therapy typically takes place in a novel (clinical) environment. This is potentially problematic, as the effects of extinction training include a context dependent component and therefore diminished efficacy is expected upon the patient's return to former drug-seeking/taking environments. We have reported that treatment with the NMDAR coagonist d-serine is effective in facilitating the effects of extinction to reduce cocaine-primed reinstatement. The present study assesses d-serine's effectiveness in reducing drug-primed reinstatement under conditions in which extinction training occurs in a novel environment. After 22 days of cocaine self-administration (0.5 mg/kg) in context "A", animals underwent 5 extinction training sessions in context "B". Immediately after each extinction session in "B", animals received either saline or d-serine (60 mg/kg) treatment. Our results indicate that d-serine treatment following extinction in "B" had no effect on either IV or IP cocaine-primed reinstatement conducted in "A". These results stand in contrast to our previous findings where extinction occurred in "A", indicating that d-serine's effectiveness in facilitating extinction training to reduce drug-primed reinstatement is not transferable to a novel extinction environment. This inability of d-serine treatment to reduce the context specificity of extinction training may explain the inconsistent effects observed in clinical studies published to date in which adjunctive cognitive enhancement treatment has been combined with behavioral therapy without significant benefit. Copyright © 2013 Elsevier B.V. All rights reserved.

  19. Pelagic larval duration predicts extinction risk in a freshwater fish clade.

    Science.gov (United States)

    Douglas, Morgan; Keck, Benjamin P; Ruble, Crystal; Petty, Melissa; Shute, J R; Rakes, Patrick; Hulsey, C Darrin

    2013-01-01

    Pelagic larval duration (PLD) can influence evolutionary processes ranging from dispersal to extinction in aquatic organisms. Using estimates of PLD obtained from species of North American darters (Percidae: Etheostomatinae), we demonstrate that this freshwater fish clade exhibits surprising variation in PLD. Comparative analyses provide some evidence that higher stream gradients favour the evolution of shorter PLD. Additionally, similar to patterns in the marine fossil record in which lower PLD is associated with greater extinction probability, we found a reduced PLD in darter lineages was evolutionarily associated with extinction risk. Understanding the causes and consequences of PLD length could lead to better management and conservation of organisms in our increasingly imperiled aquatic environments.

  20. High current anxiety symptoms, but not a past anxiety disorder diagnosis, are associated with impaired fear extinction.

    Directory of Open Access Journals (Sweden)

    Puck eDuits

    2016-02-01

    Full Text Available Although impaired fear extinction has repeatedly been demonstrated in patients with anxiety disorders, little is known about whether these impairments persist after treatment. The current comparative exploratory study investigated fear extinction in 26 patients treated for their anxiety disorder in the years preceding the study as compared to 17 healthy control subjects. Fear-potentiated startle and subjective fear were measured in a cue and context fear conditioning paradigm within a virtual reality environment. Results indicated no differences in fear extinction between treated anxiety patients and control subjects. However, scores on the Beck Anxiety Inventory across all participants revealed impaired extinction of fear potentiated startle in subjects with high compared to low anxiety symptoms over the past week. Taken together, this exploratory study found no support for impaired fear extinction in treated anxiety patients, and implies that current anxiety symptoms rather than previous patient status determine the success of extinction.

  1. High Current Anxiety Symptoms, But Not a Past Anxiety Disorder Diagnosis, are Associated with Impaired Fear Extinction

    Science.gov (United States)

    Duits, Puck; Cath, Danielle C.; Heitland, Ivo; Baas, Johanna M. P.

    2016-01-01

    Although impaired fear extinction has repeatedly been demonstrated in patients with anxiety disorders, little is known about whether these impairments persist after treatment. The current comparative exploratory study investigated fear extinction in 26 patients treated for their anxiety disorder in the years preceding the study as compared to 17 healthy control subjects. Fear-potentiated startle and subjective fear were measured in a cue and context fear conditioning paradigm within a virtual reality environment. Results indicated no differences in fear extinction between treated anxiety patients and control subjects. However, scores on the Beck Anxiety Inventory across all participants revealed impaired extinction of fear potentiated startle in subjects with high compared to low anxiety symptoms over the past week. Taken together, this exploratory study found no support for impaired fear extinction in treated anxiety patients, and implies that current anxiety symptoms rather than previous patient status determine the success of extinction. PMID:26955364

  2. Efek Dampak Kebijakan DEBT Switching Terhadap Keuangan negara

    Directory of Open Access Journals (Sweden)

    Eri Hariyanto

    2015-12-01

    Full Text Available As an effect of the economic crisis in 1997-1998, the Government of Indonesia has issued 650.000 billion rupiah of government bonds to restructure banks. These bonds called recapitalization bonds. Problems surface when the maturity date of bonds is in 2004 to 2009. That will burden the state budget (APBN. To overcome that problem, the Government of Indonesia implements the Debt Switching Policy in 2002 and 2003. This article is to discuss effects of the Debt Switching Policy on the state budget (APBN and to comprehend the economy and politic phenomenon informulating that poling.

  3. Growth, Debt and Sovereignty: Prolegomena to the Greek Crisis

    OpenAIRE

    Stavros B. Thomadakis

    2015-01-01

    The paper reflects a basic premise: Greek participation in the Euro-zone marked a definitive institutional break in the process of contracting and managing public debt. Instead of internal debt, used extensively in earlier decades, euro-denominated sovereign issues were now placed in the international market. Thus, the Greek state became a net ‘exporter’ of financial claims to an extent unprecedented in its recent history. In assessing the prolegomena to crisis, I offer a review of the post-j...

  4. Growth-Maximizing Public Debt under Changing Demographics

    DEFF Research Database (Denmark)

    Bokan, Nikola; Hougaard Jensen, Svend E.; Hallett, Andrew Hughes

    2016-01-01

    This paper develops an overlapping-generations model to study the growth-maximizing level of public debt under conditions of demograhic change. It is shown that the optimal debt level depends on a positive marginal productivity of public capital. In general, it also depends on the demographic par...... will have to adjust its fiscal plans to accommodate those changes, most likely downward, if growth is to be preserved. An advantage of this model is that it allows us to determine in advance the way in which fiscal policies need to adjust as demographic parameters change....

  5. Medical student debt at the Christchurch School of Medicine. The New Zealand Wellbeing, Intentions, Debt and Experiences (WIDE) survey of medical students pilot study. Results part I.

    Science.gov (United States)

    Gill, D; Palmer, C; Mulder, R; Wilkinson, T

    2001-10-26

    To determine the level and sources of medical student debt at the Christchurch School of Medicine. A questionnaire, The New Zealand Wellbeing, Intentions, Debt, and Experiences (WIDE) Survey of Medical Students, was developed and administered to all 204 medical students at the Christchurch School of Medicine and Health Sciences. Included were questions on student demographics, sources and levels of debt, parental financial support, and student perceptions of their debt. The response rate was 88%. International students, whose debt was with an overseas government, and students with mortgages were excluded from the data analysis. The combined total debt for the remaining 165 students was $7775000 with $6290000 (81%) owed to the Government Students Loans scheme. One quarter of 6th year medical students had a debt over $83250, 50% had a debt over $70000, and 75% had a debt over $50000. Student allowances were inaccessible to 64% of 4th and 5th year students and part-time employment during term-time was common. Lack of funds was reported to impair full participation in the medical course. The majority of medical students at the Christchurch School of Medicine accumulate high levels of debt, mainly dtrough the Government Student Loans scheme, during their medical training.

  6. Money circulation and debt circulation: A restatement of quantity theory of money

    OpenAIRE

    Xing, Xiaoyun; Xiong, Wanting; Chen, Liujun; Chen, Jiawei; Wang, Yougui; Stanley, H. Eugene

    2018-01-01

    Both money and debt are products of credit creation of banks. Money is always circulating among traders by facilitating commodity transactions. In contrast, debt is created by borrowing and annihilated by repayment as it is matured. However, when this creation- annihilation process is mediated by banks which are constrained by a credit capacity, there exists continuous transfer of debt among debtors, which can be defined as debt circulation. This paper presents a multi-agent model in which in...

  7. Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

    OpenAIRE

    Michael Haliassos; Christis Hassapis; Alex Karagrigoriou; George Kyriacou; Michalis C. Michael; George Syrichas

    2003-01-01

    This paper describes participation of Cyprus households in various debts using data from the first (1999) Cyprus Survey of Consumer Finances. It complements our previous paper that described household participation in various types of assets (Haliassos et al., 2001). Debts considered encompass personal unsecured loans, including credit card debt, and loans secured by housing collateral, mainly mortgage debt. Findings are of policy interest, as they show the extent of household participation i...

  8. Private Debt Overhang and the Government Spending Multiplier: Evidence for the United States

    OpenAIRE

    Bernardini, Marco; Peersman, Gert

    2015-01-01

    Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting in multipliers that are significantly below one. Conversely, in periods of private debt overhang, there is a strong crowding-in effect, while multipliers are much larger than one. In high-debt states, ...

  9. GOVERNMENT DEBT, INTEREST RATES AND INTERNATIONAL CAPITAL FLOWS: EVIDENCE FROM COINTEGRATION

    OpenAIRE

    Pene Kalulumia

    2000-01-01

    This paper examines the impact of government debt on interest rates in the United States, Germany, the United Kingdom and Canada. It builds on the general portfolio balance framework which allows for both direct and indirect tests of the link between public debt and interest rates, and uses the Johansen-Juselius multivariate cointegration techniques to perform these tests. Indirect tests in this model consist of investigating the debt impact on interest rates through the effects of debt on th...

  10. Is the quantity of government debt a constraint for monetary policy?

    OpenAIRE

    Mitra, Srobona

    2015-01-01

    This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are jointly estimated for Canada during the first decade of its inflation targeting regime of the 1990s. There are three main findings of this paper. First, a high government debt could constrain monetary policy...

  11. Temporal specificity of extinction in autoshaping.

    Science.gov (United States)

    Drew, Michael R; Yang, Cynthia; Ohyama, Tatsuya; Balsam, Peter D

    2004-07-01

    Three experiments investigated the effects of varying the conditioned stimulus (CS) duration between training and extinction. Ring doves (Streptopelia risoria) were autoshaped on a fixed CS-unconditioned stimulus (US) interval and extinguished with CS presentations that were longer, shorter, or the same as the training duration. During a subsequent test session, the training CS duration was reintroduced. Results suggest that the cessation of responding during an extinction session is controlled by generalization of excitation between the training and extinction CSs and by the number of nonreinforced CS presentations. Transfer of extinction to the training CS is controlled by the similarity between the extinction and training CSs. Extinction learning is temporally specific. (c) 2004 APA, all rights reserved

  12. Open-field exposure facilitates consummatory extinction.

    Science.gov (United States)

    Justel, Nadia; Psyrdellis, Mariana; Pautassi, Ricardo M

    2016-12-07

    During extinction, the organism learns that a conditioned stimulus or a conditioned response is no longer associated with an unconditioned stimulus, and as a consequence, a decrement in the response is presented. The exposure to novel situations (e.g. exploration of a novel open field) has been used widely to modulate (i.e. either enhance or deteriorate) learning and memory. The aim of the present study was to test whether open-field exposure could modulate consummatory extinction. The results indicated that open-field exposure accelerated the extinction response (i.e. experimental animals provided novelty exposure had lower consummatory behavior than control animals) when applied before - but not after - the first extinction trial, or when applied before the second extinction trial. The results suggest that environmental treatments such as novelty exposure provide a valuable, nonpharmacological alternative to potentially modulate extinction processes.

  13. Light extinction in the atmosphere

    International Nuclear Information System (INIS)

    Laulainen, N.

    1992-06-01

    Atmospheric aerosol particles originating from natural sources, such as volcanos and sulfur-bearing gas emissions from the oceans, and from human sources, such as sulfur emissions from fossil fuel combustion and biomass burning, strongly affect visual air quality and are suspected to significantly affect radiative climate forcing of the planet. During the daytime, aerosols obscure scenic vistas, while at night they diminish our ability to observe stellar objects. Scattering of light is the main means by which aerosols attenuate and redistribute light in the atmosphere and by which aerosols can alter and reduce visibility and potentially modify the energy balance of the planet. Trends and seasonal variability of atmospheric aerosol loading, such as column-integrated light extinction or optical depth, and how they may affect potential climate change have been difficult to quantify because there have been few observations made of important aerosol optical parameters, such as optical depth, over the globe and over time and often these are of uneven quality. To address questions related to possible climate change, there is a pressing need to acquire more high-quality aerosol optical depth data. Extensive deployment of improved solar radiometers over the next few years will provide higher-quality extinction data over a wider variety of locations worldwide. An often overlooked source of turbidity data, however, is available from astronomical observations, particularly stellar photoelectric photometry observations. With the exception of the Project ASTRA articles published almost 20 years ago, few of these data ever appear in the published literature. This paper will review the current status of atmospheric extinction observations, as highlighted by the ASTRA work and augmented by more recent solar radiometry measurements

  14. Sexual selection protects against extinction.

    Science.gov (United States)

    Lumley, Alyson J; Michalczyk, Łukasz; Kitson, James J N; Spurgin, Lewis G; Morrison, Catriona A; Godwin, Joanne L; Dickinson, Matthew E; Martin, Oliver Y; Emerson, Brent C; Chapman, Tracey; Gage, Matthew J G

    2015-06-25

    Reproduction through sex carries substantial costs, mainly because only half of sexual adults produce offspring. It has been theorized that these costs could be countered if sex allows sexual selection to clear the universal fitness constraint of mutation load. Under sexual selection, competition between (usually) males and mate choice by (usually) females create important intraspecific filters for reproductive success, so that only a subset of males gains paternity. If reproductive success under sexual selection is dependent on individual condition, which is contingent to mutation load, then sexually selected filtering through 'genic capture' could offset the costs of sex because it provides genetic benefits to populations. Here we test this theory experimentally by comparing whether populations with histories of strong versus weak sexual selection purge mutation load and resist extinction differently. After evolving replicate populations of the flour beetle Tribolium castaneum for 6 to 7 years under conditions that differed solely in the strengths of sexual selection, we revealed mutation load using inbreeding. Lineages from populations that had previously experienced strong sexual selection were resilient to extinction and maintained fitness under inbreeding, with some families continuing to survive after 20 generations of sib × sib mating. By contrast, lineages derived from populations that experienced weak or non-existent sexual selection showed rapid fitness declines under inbreeding, and all were extinct after generation 10. Multiple mutations across the genome with individually small effects can be difficult to clear, yet sum to a significant fitness load; our findings reveal that sexual selection reduces this load, improving population viability in the face of genetic stress.

  15. Comment on the extinct paradox

    International Nuclear Information System (INIS)

    Levine, D.M.

    1983-11-01

    The extinction paradox is a contradiction between geometrical optics results which predict that at high frequencies the scattering cross section of an object should equal its geometrical cross section and rigorous scattering theory which shows that at high frequencies the scattering cross section approaches twice the geometrical cross section of the object. Confusion about the reason for this paradox persists today even though the nature of the paradox was correctly identified many years ago by Brillouin. The resolution of the paradox is restated and illustrated with an example, and then the implications to the interpretation of scattering cross sections are identified

  16. Methylphenidate enhances extinction of contextual fear

    OpenAIRE

    Abraham, Antony D.; Cunningham, Christopher L.; Lattal, K. Matthew

    2012-01-01

    Methylphenidate (MPH, Ritalin) is a norepinephrine and dopamine transporter blocker that is widely used in humans for treatment of attention deficit disorder and narcolepsy. Although there is some evidence that targeted microinjections of MPH may enhance fear acquisition, little is known about the effect of MPH on fear extinction. Here, we show that MPH, administered before or immediately following extinction of contextual fear, will enhance extinction retention in C57BL/6 mice. Animals that ...

  17. The Astronomical Pulse of Global Extinction Events

    Directory of Open Access Journals (Sweden)

    David F.V. Lewis

    2006-01-01

    Full Text Available The linkage between astronomical cycles and the periodicity of mass extinctions is reviewed and discussed. In particular, the apparent 26 million year cycle of global extinctions may be related to the motion of the solar system around the galaxy, especially perpendicular to the galactic plane. The potential relevance of Milankovitch cycles is also explored in the light of current evidence for the possible causes of extinction events over a geological timescale.

  18. Price effects of sovereign debt auctions in the euro-zone: the role of the crisis

    NARCIS (Netherlands)

    Beetsma, R.; Giuliodori, M.; de Jong, F.; Widijanto, D.

    2016-01-01

    We show that new public debt issues cause an auction cycle for Italian secondary-market debt, but not for German debt. The cycle is mainly observed for the crisis period since mid-2007 and is larger when the crisis, as measured by yield volatility and CDS spreads of primary dealers, is more intense.

  19. Towards a Rhythmanalysis of Debt Dressage: Education as Rhythmic Resistance in Everyday Indebted Life

    Science.gov (United States)

    Wozniak, Jason Thomas

    2017-01-01

    Debt shapes subjectivity by rhythmically training indebted subjects. Stated slightly differently, there exists a debt dressage that produces indebted subjectivity. One of the principle aims of this article is to introduce rhythm into the debt analysis debates. Building on Henri Lefebvre's book "Rhythmanalysis: Space, Time and Everyday…

  20. 77 FR 65248 - Senior Executive Service; Public Debt Performance Review Board

    Science.gov (United States)

    2012-10-25

    ... Performance Review Board AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice. SUMMARY: This notice announces the appointment of the members of the Public Debt Performance Review Board (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career senior executives who are...

  1. 20 CFR 422.305 - Report of overdue program overpayment debts to consumer reporting agencies.

    Science.gov (United States)

    2010-04-01

    ... debts to consumer reporting agencies. (a) Debts we will report. We will report to consumer reporting... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Report of overdue program overpayment debts to consumer reporting agencies. 422.305 Section 422.305 Employees' Benefits SOCIAL SECURITY...

  2. Debt and its aftermath : The Near Eastern background to Solon's seisachtheia

    NARCIS (Netherlands)

    Blok, J.H.; Krul, Julia

    2017-01-01

    Debts were a structural factor in the lives of small peasants in the entire ancient world. In Archaic Greece, Solon of Athens took the unique measure to cancel all debts, to abolish debt-slavery and to bring back those who had been sold abroad. For this innovation, he drew on the tradition of

  3. Relationships between College Students' Credit Card Debt, Undesirable Academic Behaviors and Cognitions, and Academic Performance

    Science.gov (United States)

    Hogan, Eileen A.; Bryant, Sarah K.; Overymyer-Day, Leslie E.

    2013-01-01

    The acquisition of credit card debt by college students has long been a topic of concern. This study explores relationships among debt, undesirable academic behaviors and cognitions, and academic performance, through surveys of 338 students in a public university, replicating two past measures of credit card debt and creating new measures of…

  4. Transparency in State Debt Disclosure. Working Papers. No. 17-10

    Science.gov (United States)

    Zhao, Bo; Wang, Wen

    2017-01-01

    We develop a new measure of relative debt transparency by comparing the amount of state debt reported in the annual Census survey and the amount reported in the statistical section of the state Comprehensive Annual Financial Report (CAFR). GASB 44 requires states to start reporting their total debt in the CAFR statistical section in FY 2006.…

  5. 7 CFR 1403.17 - Referral of debts to Department of Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 1403.17... PROCEDURES § 1403.17 Referral of debts to Department of Justice. Debts which cannot be collected in accordance with these regulations may be referred to the Department of Justice for collection action. ...

  6. 45 CFR 2506.11 - Will the Corporation refer debts to the Department of Justice?

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Will the Corporation refer debts to the Department of Justice? 2506.11 Section 2506.11 Public Welfare Regulations Relating to Public Welfare (Continued... Corporation refer debts to the Department of Justice? The Corporation will refer to DOJ for litigation debts...

  7. 42 CFR 413.89 - Bad debts, charity, and courtesy allowances.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts, charity, and courtesy allowances. 413.89... Categories of Costs § 413.89 Bad debts, charity, and courtesy allowances. Link to an amendment published at 75 FR 49198, Aug. 12, 2010. (a) Principle. Bad debts, charity, and courtesy allowances are deductions...

  8. 26 CFR 1.593-5 - Addition to reserves for bad debts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Addition to reserves for bad debts. 1.593-5... bad debts. (a) Amount of addition. As an alternative to a deduction from gross income under section... a deduction under section 166(c) for a reasonable addition to a reserve for bad debts. In the case...

  9. 26 CFR 1.585-5 - Denial of bad debt reserves for large banks.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Denial of bad debt reserves for large banks. 1...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Banking Institutions § 1.585-5 Denial of bad debt... other section for an addition to a reserve for bad debts. However, for these years, except as provided...

  10. An Evaluation of the Revenue side as a source of fiscal consolidation in high debt economies

    DEFF Research Database (Denmark)

    Banerjee, Ritwik

    Unsustainable levels of debt in some European economies are causing considerable strain in the Euro area. Successful debt consolidation in high debt economies is one of the most important important objective for the European policy makers. I use a dynamic general equilibrium closed economy model...

  11. 36 CFR 1011.15 - How will the Presidio Trust refer debts to private collection contractors?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... Property PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.15 How will the Presidio Trust refer debts to private collection contractors? The Presidio Trust will transfer delinquent...

  12. 36 CFR 1011.7 - When will the Presidio Trust compromise a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... Procedures To Collect Presidio Trust Debts § 1011.7 When will the Presidio Trust compromise a debt? (a... debt owed to the Presidio Trust that is not recovered as the result of a compromise will be reported to...

  13. 76 FR 72498 - Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation

    Science.gov (United States)

    2011-11-23

    ... interest charges for outstanding debts owed to the Government. Treasury's Cash Management Requirements (TFM... DEPARTMENT OF THE TREASURY Fiscal Service Rate for Use in Federal Debt Collection and Discount and...: Pursuant to Section 11 of the Debt Collection Act of 1982, as amended, (31 U.S.C. 3717), the Secretary of...

  14. New England's Disadvantaged Populations Struggle the Most with Student Debt Repayment

    Science.gov (United States)

    Saas, Darcy Rollins

    2016-01-01

    Regularly reported statistics about high and growing student-loan debt levels, combined with increased rates of delinquency and default, have prompted calls to address the student-debt "crisis." For New England, with its highly educated population and large higher education industry, student-loan debt is an important economic policy…

  15. Price effects of sovereign debt auctions in the Euro-zone : The role of the crisis

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Giuliodori, M.; de Jong, F.C.J.M.; Widijanto, D.

    We show that new public debt issues cause an auction cycle for Italian secondary-market debt, but not for German debt. The cycle is mainly observed for the crisis period since mid-2007 and is larger when the crisis, as measured by yield volatility and CDS spreads of primary dealers, is more intense.

  16. Analysis of the Impact of External Debt on Economic Growth in an ...

    African Journals Online (AJOL)

    Analysis of the Impact of External Debt on Economic Growth in an Emerging Economy: Evidence from Nigeria. ... African Research Review ... Findings reveal that debt service payment has negative and insignificant impact on Nigeria's economic growth while external debt stock has positive and significant effect on Nigeria's ...

  17. 26 CFR 1.271-1 - Debts owed by political parties.

    Science.gov (United States)

    2010-04-01

    ... has been active in the party no bad debt deduction will be allowed with respect to the loan. (b...), no deduction shall be allowed under section 166 (relating to bad debts) or section 165(g) (relating... appears that the bad debt was incurred to or purchased by, or the worthless security was acquired by, the...

  18. Increasing public debt collection with nudging: Results of two natural field experiments

    DEFF Research Database (Denmark)

    Jensen, Niels Holm; Nielsen, Lisbeth Fyhn; Rasmussen, Stephan

    2017-01-01

    Using two natural field experiments, we tested whether nudging could contribute as a cost-free instrument to increase voluntary public debt collection. We manipulated standard reminder notices sent to two samples (N = 396 and N = 549) with public debt in a municipality in Denmark, a country...... that nudging may contribute to public debt collection....

  19. Development and External Debt: Friend or Foe? Academy for Educational Development 25th Anniversary Seminar Series.

    Science.gov (United States)

    Hope, Nicholas C.

    Arguing that the benefits from borrowing abroad exceed the costs recently imposed on countries through debt-servicing difficulties, this paper defines debt as an engine of growth, forcing the borrower to produce goods efficiently, export them, and function competitively in the international market. Debt-servicing difficulties of developing nations…

  20. 15 CFR 19.15 - How will Commerce entities refer Commerce debts to private collection agencies?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities refer Commerce debts to private collection agencies? 19.15 Section 19.15 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.15 How will...

  1. 15 CFR 19.14 - How will Commerce entities report Commerce debts to credit bureaus?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities report Commerce debts to credit bureaus? 19.14 Section 19.14 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.14 How will Commerce entities...

  2. 15 CFR 19.7 - When will Commerce entities compromise a Commerce debt?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities compromise a Commerce debt? 19.7 Section 19.7 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.7 When will Commerce entities compromise...

  3. 76 FR 64429 - Senior Executive Service; Public Debt Performance Review Board (PRB)

    Science.gov (United States)

    2011-10-18

    ... DEPARTMENT OF THE TREASURY Bureau of the Public Debt Senior Executive Service; Public Debt Performance Review Board (PRB) AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice of Members of... reviews the performance appraisals of career senior executives who are below the level of Assistant...

  4. Long-term maintenance of immediate or delayed extinction is determined by the extinction-test interval

    OpenAIRE

    Johnson, Justin S.; Escobar, Martha; Kimble, Whitney L.

    2010-01-01

    Short acquisition-extinction intervals (immediate extinction) can lead to either more or less spontaneous recovery than long acquisition-extinction intervals (delayed extinction). Using rat subjects, we observed less spontaneous recovery following immediate than delayed extinction (Experiment 1). However, this was the case only if a relatively long extinction-test interval was used; a relatively short extinction-test interval yielded the opposite result (Experiment 2). Previous data appear co...

  5. Intergalactic extinction and the deceleration parameter

    International Nuclear Information System (INIS)

    Meinel, R.

    1981-01-01

    The deceleration parameter q 0 is calculated from the relation between apparent magnitudes m of the brightest galaxies in clusters and their redshifts z considering an intergalactic extinction. The calculation is valid for a Friedman universe, homogeneously filled with dust grains, assuming the extinction to be 0.5 mag at z = 1 and aΛ -1 -law of extinction (according to Oleak and Schmidt 1976). Using the m,z-values of Kristian, Sandage, and Westphal (1978) a formal value of q 0 approximately 2.1 is obtained instead of q 0 approximately 1.6 without consideration of intergalactic extinction. (author)

  6. Interstellar extinction in the Large Magellanic Cloud

    International Nuclear Information System (INIS)

    Nandy, K.; Morgan, D.H.; Willis, A.J.; Wilson, R.; Gondhalekar, P.M.; Houziaux, L.

    1980-01-01

    Recent UV observations together with complementary visible data of several reddened and comparison stars of similar spectral types in the Large Magellanic Cloud have been used to study the interstellar extinction in that galaxy. Most of the reddened stars studied here are located within 2 0 of 30 Doradus and show remarkably high extinction in the far UV, suggesting a large abundance of small particles. From the optical wavelength to 2,600 A the normalised extinction curves of the LMC stars are similar to the mean galactic extinction law. (author)

  7. Mass extinctions vs. uniformitarianism in biological evolution

    Energy Technology Data Exchange (ETDEWEB)

    Bak, P.; Paczuski, M.

    1995-12-31

    It is usually believed that Darwin`s theory leads to a smooth gradual evolution, so that mass extinctions must be caused by external shocks. However, it has recently been argued that mass extinctions arise from the intrinsic dynamics of Darwinian evolution. Species become extinct when swept by intermittent avalanches propagating through the global ecology. These ideas are made concrete through studies of simple mathematical models of co-evolving species. The models exhibit self-organized criticality and describe some general features of the extinction pattern in the fossil record.

  8. Anatomical physiology of spatial extinction.

    Science.gov (United States)

    Ciçek, Metehan; Gitelman, Darren; Hurley, Robert S E; Nobre, Anna; Mesulam, Marsel

    2007-12-01

    Neurologically intact volunteers participated in a functional magnetic resonance imaging experiment that simulated the unilateral (focal) and bilateral (global) stimulations used to elicit extinction in patients with hemispatial neglect. In peristriate areas, attentional modulations were selectively sensitive to contralaterally directed attention. A higher level of mapping was observed in the intraparietal sulcus (IPS), inferior parietal lobule (IPL), and inferior frontal gyrus (IFG). In these areas, there was no distinction between contralateral and ipsilateral focal attention, and the need to distribute attention globally led to greater activity than either focal condition. These physiological characteristics were symmetrically distributed in the IPS and IFG, suggesting that the effects of unilateral lesions in these 2 areas can be compensated by the contralateral hemisphere. In the IPL, the greater activation by the bilateral attentional mode was seen only in the right hemisphere. Its contralateral counterpart displayed equivalent activations when attention was distributed to the right, to the left, or bilaterally. Within the context of this experiment, the IPL of the right hemisphere emerged as the one area where unilateral lesions can cause the most uncompensated and selective impairment of global attention (without interfering with unilateral attention to either side), giving rise to the phenomenon of extinction.

  9. Constraints on Enhanced Extinction Resulting from Extinction Treatment in the Presence of an Added Excitor

    Science.gov (United States)

    Urcelay, Gonzalo P.; Lipatova, Olga; Miller, Ralph R.

    2009-01-01

    Three Pavlovian fear conditioning experiments with rats as subjects explored the effect of extinction in the presence of a concurrent excitor. Our aim was to explore this particular treatment, documented in previous studies to deepen extinction, with novel control groups to shed light on the processes involved in extinction. Relative to subjects…

  10. Timing of extinction relative to acquisition: A parametric analysis of fear extinction in humans

    NARCIS (Netherlands)

    Norrholm, S.D.; Vervliet, B.; Jovanovic, T.; Boshoven, W.; Myers, K.M.; Davis, M.; Rothbaum, B.O.; Duncan, E.J.

    2008-01-01

    Fear extinction is a reduction in conditioned fear following repeated exposure to the feared cue in the absence of any aversive event. Extinguished fear often reappears after extinction through spontaneous recovery. Animal studies suggest that spontaneous recovery can be abolished if extinction

  11. Extending Entropy Stability Measure To External Debt Structure ...

    African Journals Online (AJOL)

    This study focuses on the measure of stability of external debt using entropy. This is achieved by modifying the conglomerate of Shannon and Boltzmann entropy. This modification rectifies the limitations of these models. Practical illustration of the modified model is also given to justify its use. Journal of Science ...

  12. THE ECONOMIC IMPACT OF FOREIGN DEBT IN GREECE

    Directory of Open Access Journals (Sweden)

    Olga Korol

    2015-11-01

    Full Text Available The purpose. The impact of foreign debt growth on the social and economic performance of Greece was shown. The parameters of GDP, consumption, interest rates, unemployment and government spendings were analyzed. Methodology. Data obtained for 2001-2014 was used for regression analysis, vector autoregression and as well as Kalman filter. Results. A multi-faced analysis of the debt for EU-member states and Greece in particular was performed. The events and decisions of Greek authorities leading to the crisis were summarized in structural and logical scheme. The recommendations for the economic policy of Greece, based on the performed analysis were suggested. The practical applications. Establishment of all weaknesses and empirical testing of the necessary indicators in this study was the basis for the justification of measures to stabilize the economic situation in Ukraine and Greece. Value/originality. The Mandel-Fleming model and the model of balance of savings-investments was used for the first time for the theoretical interpretation of the nature of the debt crisis in Greece, that under the influence of capital inflows caused by the deterioration of the current account balance and interest rate cuts. The increase in foreign borrowings has led to an increase in the budget deficit and reduction in savings. Also for the first time performed regression-correlation analysis, in particular the Kalman filter is used to study the effect of debt on macroeconomic performance of the Greek economy.

  13. Fiscal transparency, political parties, and debt in OECD countries

    DEFF Research Database (Denmark)

    Alt, James E.; Lassen, David Dreyer

    2006-01-01

    Many believe and argue that fiscal, or budgetary, transparency has large, positive effects on fiscal performance. However, the evidence linking transparency and fiscal policy outcomes is less compelling. To analyze the effects of fiscal transparency on public debt accumulation, we present a career...

  14. Architectural Debt Management in Value-oriented Architecting

    NARCIS (Netherlands)

    Li, Z.; Liang, P.; Avgeriou, P.

    2014-01-01

    Architectural technical debt (ATD) may be incurred when making architecture decisions. In most cases, ATD is not effectively managed in the architecting process: It is not made explicit, and architecture decision making does not consider the ATD incurred by the different design options. This chapter

  15. The consequences of Nigeria's debt burden on a new international ...

    African Journals Online (AJOL)

    The consequences of Nigeria's debt burden on a new international economic order. Goke Lalude. Abstract. No Abstract. The Nigerian Journal of Economic History Vol. 3 2000: 74-83. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · AJOL African Journals Online.

  16. Debt, the Migrant, and the Refugee: "Lampedusa" on Stage

    Science.gov (United States)

    Hemelryk Donald, Stephanie

    2018-01-01

    This article discusses Anders Lustgarten's play, "Lampedusa." The play is ostensibly about refugees and the Mediterranean crossing, as well as addressing EU migration, debt, and austerity. The article develops the idea of the debtor in neo-liberal economics suggesting that the refugee is required to become a debtor on settlement. While…

  17. An Investigation into Credit Card Debt among College Students

    Science.gov (United States)

    Williams, Dylan; Waterwall, Brian; Giardelli, Tiffany

    2008-01-01

    It is no surprise that the amount of credit card debt and outstanding loan balances of college students is increasing every year. College students are heavily targeted by credit companies through the use of e-mail, campus booths, and standard mail. The reason for these solicitations is because of the soaring expense levels of college students and…

  18. Student Loan Debt: Trends Affecting the American Dream

    Science.gov (United States)

    Greiner, Keith

    2007-01-01

    In recent years, there has been a growing interest in college access and with it, a growing concern about the debt incurred by students. Analysts on all sides suggest a variety of causes and solutions to this very complex problem. This paper presents a collection of informational items that can be seen as both disparate and connected. We can see…

  19. 32 CFR 234.13 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-07-01

    ... advertising, collecting private debts or soliciting alms upon the Pentagon Reservation is prohibited. This..., advertising to sell or rent property of Pentagon Reservation employees or their immediate families. (c... or for the benefit of welfare funds for their members, after compliance with the requirements of...

  20. A Discussion on the European Debt Crisis by Fiscal Sociology

    Directory of Open Access Journals (Sweden)

    Chia-Jen Chang

    2016-01-01

    Sociology. The economic profits conflict of investment, consumption, international business and labor market will have influence on the government’s revenue and expenditure. Furthermore, the root of the European debt crisis is the uneven income distribution by financialization and neoliberalism.

  1. Sovereign Debt in Advanced Economies: Overview and Issues for Congress

    Science.gov (United States)

    2013-10-28

    been fruitful .7 (...continued) revenue in a particular year. If spending is less than...support. Several emerging markets also restructured their debt in the late 1990s and 2000s, including Russia, Ukraine, Pakistan, Ecuador , Argentina...be denominated in foreign currencies, such as U.S. dollars and euros, and tends to have shorter maturities .18 This made emerging markets vulnerable

  2. The debt crisis, the global economy and the challenges of ...

    African Journals Online (AJOL)

    The debt crisis, the global economy and the challenges of development: sub Saharan Africa at the crossroads. ... democratization, striving towards gender parity, stemming conditions that precipitate incessant conflicts, reversing the region's crumbling environmental conditions, and fighting the HIV/AIDS pandemic. Journal of ...

  3. Reply to Keller and Springborn: No doubt about invasion debt

    Czech Academy of Sciences Publication Activity Database

    Essl, F.; Dullinger, S.; Rabitsch, W.; Hulme, P. E.; Hülber, K.; Jarošík, Vojtěch; Kleinbauer, I.; Krausmann, F.; Kühn, I.; Nentwig, W.; Vila, M.; Genovesi, P.; Gherardi, F.; Desprez-Loustau, M.-L.; Roques, A.; Pyšek, Petr

    2011-01-01

    Roč. 108, č. 25 (2011), s. 221-221 ISSN 0027-8424 Institutional research plan: CEZ:AV0Z60050516 Keywords : biological invasions * invasion debt * economics Subject RIV: EF - Botanics Impact factor: 9.681, year: 2011

  4. 77 FR 54808 - Integrated Hedging Transactions of Qualifying Debt

    Science.gov (United States)

    2012-09-06

    ..., futures contract, forward contract, option contract, notional principal contract, currency swap contract... rate nonfunctional currency denominated debt instrument that it has issued with two swaps--a nonfunctional currency/dollar currency swap and a fixed for floating dollar interest rate swap. The effect of...

  5. CERN debt to the Pension Fund (Bank loan)

    CERN Document Server

    2006-01-01

    The Finance Committee is invited to recommend the Council and the Council is invited to approve the taking out of a loan with FORTIS BANK with the purpose of the repayment of the Organization's debt to the Pension Fund, in accordance with the conditions set out in the Annex 2, thereby authorising the CERN Management to sign the Agreement on 23 June 2006.

  6. A comparison of debt and primary-deficit constraints

    NARCIS (Netherlands)

    Ribeiro, M.P.; Beetsma, R.; Schabert, A.

    2008-01-01

    This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both

  7. Estimating the optimal growth-maximising public debt threshold for ...

    African Journals Online (AJOL)

    kirstam

    Dr N. Mupunga is at the Reserve Bank of Zimbabwe, and Prof. P. le Roux is in the Department of Economics, Nelson ..... negative correlation between debt and growth. Moreover the estimated endogenous ..... GDP ratio calibrated by the IMF and World Bank (2012: 25) for low-income countries rated weak in terms of country ...

  8. Collateral, Renegotiation and the Value of Diffusely Held Debt

    NARCIS (Netherlands)

    Hege, U.; Mella-Barral, P.

    1999-01-01

    Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-a-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial

  9. Determinants of debt rescheduling in Eastern European countries

    Directory of Open Access Journals (Sweden)

    Laušev Jelena

    2011-01-01

    Full Text Available This study utilizes Panel Logit Models applied to a set of macroeconomic, financial, and political variables to estimate the debt rescheduling probabilities of 15 Eastern European countries during the transition period from 1990-2005. These transition economies became a very attractive region for foreign investment. Specifically, the region became the largest recipient of net non-FDI flows among all emerging market regions in 2005. Therefore, it is relevant for policy makers and institutional and private foreign investors to investigate factors that influence debt rescheduling probabilities, as these may directly affect the size of and return on investments in these countries. Our findings suggest that policy efforts focused on reducing government expenditure, attracting foreign direct investment, increasing export revenues, and keeping a good repayment record result in low debt rescheduling probabilities and, in turn, decrease the cost of debt for these countries. This is a common finding for all countries in the sample, including those that have become EU members.

  10. Long term government debt, financial fragility, and sovereign default risk

    NARCIS (Netherlands)

    van der Kwaak, C.; van Wijnbergen, S.

    2013-01-01

    We analyze the interaction between bank rescues, financial fragility and sovereign debt discounts. To that end we set up a model that contains balance sheet constrained financial intermediaries financing both capital expenditure of intermediate goods producers and government deficits. The financial

  11. Financial repression and high public debt in Europe

    NARCIS (Netherlands)

    van Riet, Ad

    2018-01-01

    The sharp rise in public debt-to-GDP ratios in the aftermath of the global financial crisis of 2008 posed serious challenges for fiscal policy in euro area countries. This thesis examines whether and to what extent modern financial repression has been applied in Europe to address these challenges.

  12. Debt rescheduling: the economics of entrapment under globalization ...

    African Journals Online (AJOL)

    Being, by definition, the alteration of the terms of repayment of a loan with respect to the grace period permissible, the interest rates chargeable, and the overall maturity period, its adoption and application by Nigeria has not only proved dysfunctional, but also instrumental to debt perpetuation and entrapment. The paper is a ...

  13. Determinants of sovereign debt yield spreads under EMU: Pairwise approach

    NARCIS (Netherlands)

    Fazlioglu, S.

    2013-01-01

    This study aims at providing an empirical analysis of long-term determinants of sovereign debt yield spreads under European EMU (Economic and Monetary Union) through pairwise approach within panel framework. Panel gravity models are increasingly used in the cross-market correlation literature while

  14. 32 CFR 1903.17 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-07-01

    ... INTELLIGENCE AGENCY CONDUCT ON AGENCY INSTALLATIONS § 1903.17 Soliciting, vending, and debt collection. Commercial or political soliciting, vending of all kinds, displaying or distributing commercial advertising... 5 CFR parts 110 and 950 as amended and sponsored or approved by the Director of Central Intelligence...

  15. Addressing Student Debt: A New Post Secondary Learning Support System

    Science.gov (United States)

    Association of Canadian Community Colleges, 2001

    2001-01-01

    Access and affordability are bountiful concepts and key words used by policy makers in defining the role of post-secondary education and training in Canada. However, these words have not translated into action for many learners due to student debt. Incurred from high tuition fees, costly and complex payback schemes and under-funding, chronic…

  16. Effects of external debt on national savings in Botswana | Oageng ...

    African Journals Online (AJOL)

    The main objective of the study was to investigate the effects of external debt on national savings in Botswana using time series economic tools for the period 1980-2014. Annual data for Savings as percentage of GDP, GDP per capita, Exports as percentage of GDP, Exchange rates, Gross Fixed Capital Formation as ...

  17. Unemployment Insurance Fund Insolvency and Debt in Michigan.

    Science.gov (United States)

    Blaustein, Saul J.

    Without changes in Michigan's unemployment insurance law, the state's unemployment insurance debt will probably reach $3.8 billion by the end of 1985. Currently, Michigan's employers pay unemployment insurance tax rates that vary from 1 to 9 percent, depending upon the amount of benefits charged against their accounts. Beginning with the federal…

  18. 75 FR 18259 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2010-04-09

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  19. 76 FR 2952 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2011-01-18

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  20. 75 FR 1839 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2010-01-13

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of..., financing estimates and technical charts. This briefing will give the press an opportunity to ask questions...

  1. 76 FR 41559 - Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2011-07-14

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  2. 78 FR 3498 - Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2013-01-16

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  3. 77 FR 41476 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2012-07-13

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  4. 75 FR 63541 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2010-10-15

    ... decisions on major financing operations. Historically, this advice has been offered by debt management... Treasury's final announcement of financing plans may not reflect the recommendations provided in reports of... and financing estimates. This briefing will give the press an opportunity to ask questions about...

  5. 75 FR 39729 - Departmental Offices; Debt Management Advisory Committee Meeting

    Science.gov (United States)

    2010-07-12

    ... final decisions on major financing operations. Historically, this advice has been offered by debt.... Although the Treasury's final announcement of financing plans may not reflect the recommendations provided... economic conditions and financing estimates. This briefing will give the press an opportunity to ask...

  6. Cash debt buybacks and the insurance value of reserves

    NARCIS (Netherlands)

    van Wijnbergen, S.

    Absence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail

  7. Effects of external debt burden on LDC's investments: empirical ...

    African Journals Online (AJOL)

    Effects of external debt burden on LDC's investments: empirical evidence from Nigeria. Michael I Moughalu, Chinedu B Ezirim. Abstract. No Abstract. African Journal of Finance and Management Vol. 14(2) 2006: 3-18. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT.

  8. Educational Debt in the Context of Career Planning: A Qualitative Exploration of Medical Student Perceptions.

    Science.gov (United States)

    Phillips, Julie P; Wilbanks, Deana M; Salinas, Diana F; Doberneck, Diane M

    2016-01-01

    Phenomenon: Medical students in the United States face increasing educational debt because medical education costs have risen while public investment in higher education has declined. Contemporary students borrow more money and accumulate debt far surpassing that of previous generations of physicians, and both interest rates and terms of loan repayment have changed significantly in the last decade. As a result, the experiences of medical students differ from the experiences of physician educators. Little is known about how contemporary medical students view their debt in the context of career planning. Understanding contemporary U.S. medical students' lived experiences of educational debt is important, because high debt levels may affect medical students' well-being and professional development. The study's purpose was to explore contemporary students' views of their debt in the context of career planning. In 2012, 2nd-year medical students enrolled in a health policy course at one medical school were invited to write an essay about how debt influences their career choices. The authors analyzed 132 essays using immersion and crystallization and iterative, team-based coding. Code-recode strategies, member checking, and reflexivity ensured validity and rigor. Three themes emerged about the meaning of debt: debt symbolizes lack of social investment, debt reinforces a sense of entitlement, and debt is a collective experience. Four approaches to debt management emerged: anticipation, avoidance, acceptance, and disempowerment. Insights: Medical students' views of debt are more complex than previously reported. Medical educators should recognize that many students experience debt as a stressor, acknowledge students' emotions about debt, and invite discussion about the culture of entitlement in medical education and how this culture affects students' professionalism. At the same time, educators should emphasize that students have many repayment options and that regardless

  9. Testing the role of external debt in environmental degradation: empirical evidence from Turkey.

    Science.gov (United States)

    Katircioglu, Salih; Celebi, Aysem

    2018-03-01

    This study investigates the role of external debt stock in Turkey, which has suffered from heavy (external and domestic) debt stock for many years. Annual data from 1960 to 2013 was analyzed using time series analysis in order to study this. The results confirm the validity of the conventional environmental Kuznets curve (EKC) in the case of Turkey. However, this study also found that Turkey's external debt stock did not influence the Turkish economy's long-term EKC behavior. Fortunately, the results suggest that there are important interactions among external debt stock, CO 2 emissions, energy consumption, and real income; that is, changes in external debt volume precede changes in these aggregates' volumes.

  10. Financial guarantees and public debt in South Africa

    Directory of Open Access Journals (Sweden)

    Ogutu Miruka

    2015-09-01

    Full Text Available A few years since the worst of the Euro sovereign debt crisis, many nations, from Cyprus to Ireland, including South Africa are re-visiting their public debt management to avert or lessen the impact of similar such happenings in the future. There are a number of studies on risk assessments of fiscal sustainability; however, few focus on contingent liabilities and even fewer on financial guarantees. In South Africa, financial guarantees have consistently comprised just above or below 50% of all contingent liabilities since the early days of majoritarian rule. In lieu of this, the paper analyses the risks posed by financial guarantees to fiscal sustainability in South Africa. We estimate the effect of financial guarantees on public debt in South Africa via the Engle Granger and causality model with quarterly time series data obtained from the South African Reserve Bank (SARB as well as the National Treasury. The data covers the April 1997 to December 2011 period. All econometric methods were executed using the statistical software package E-Views 7. We found that no long run relationship exists between national net loan debt and financial guarantees in South Africa. The pass rate of financial guarantees significantly affects its present value. The pass rate of financial guarantees has a predicting ability in determining the present value of national net loan debt. These findings may be contrary to what would be expected in the case of South Africa considering that the country is managing the issuance of financial guarantees prudently and that at present levels, there is no need for a radical policy shift. The study therefore offers a lesson to similar merging economies on the good governance of contingent liabilities.

  11. Long-Term Maintenance of Immediate or Delayed Extinction Is Determined by the Extinction-Test Interval

    Science.gov (United States)

    Johnson, Justin S.; Escobar, Martha; Kimble, Whitney L.

    2010-01-01

    Short acquisition-extinction intervals (immediate extinction) can lead to either more or less spontaneous recovery than long acquisition-extinction intervals (delayed extinction). Using rat subjects, we observed less spontaneous recovery following immediate than delayed extinction (Experiment 1). However, this was the case only if a relatively…

  12. Can Parallelingualism Save Norwegian from Extinction?

    Science.gov (United States)

    Linn, Andrew R.

    2010-01-01

    Language extinction is one of the most pressing issues in linguistics today, and the literature is full of discussion about how to combat it. Statements that Norwegian is amongst the languages that are already extinct are merely examples of a widespread tendency in the literature towards erroneous information about Norwegian. Nonetheless, there is…

  13. Evaluating herbivore extinction probabilities in Addo Elephant ...

    African Journals Online (AJOL)

    Abstract. Population extinction evaluations, based on the model developed by Dennis et al. (1991) that did not take density dependence into account and that were based on census data, suggest that many of the herbivore species in Addo Elephant National Park (AENP) are vulnerable to local extinction. As a result of low ...

  14. Extinction-Induced Variability in Human Behavior

    Science.gov (United States)

    Kinloch, Jennifer M.; Foster, T. Mary; McEwan, James S. A.

    2009-01-01

    Participants earned points by pressing a computer space bar (Experiment 1) or forming rectangles on the screen with the mouse (Experiment 2) under differential-reinforcement-of-low-rate schedules, followed by extinction. Variability in interresponse time (the contingent dimension) increased during extinction, as for Morgan and Lee (1996);…

  15. Context and Behavioral Processes in Extinction

    Science.gov (United States)

    Bouton, Mark E.

    2004-01-01

    This article provides a selective review and integration of the behavioral literature on Pavlovian extinction. The first part reviews evidence that extinction does not destroy the original learning, but instead generates new learning that is especially context-dependent. The second part examines insights provided by research on several related…

  16. Current extinction rates of reptiles and amphibians.

    Science.gov (United States)

    Alroy, John

    2015-10-20

    There is broad concern that a mass extinction of amphibians and reptiles is now underway. Here I apply an extremely conservative Bayesian method to estimate the number of recent amphibian and squamate extinctions in nine important tropical and subtropical regions. The data stem from a combination of museum collection databases and published site surveys. The method computes an extinction probability for each species by considering its sighting frequency and last sighting date. It infers hardly any extinction when collection dates are randomized and it provides underestimates when artificial extinction events are imposed. The method also appears to be insensitive to trends in sampling; therefore, the counts it provides are absolute minimums. Extinctions or severe population crashes have accumulated steadily since the 1970s and 1980s, and at least 3.1% of frog species have already disappeared. Based on these data and this conservative method, the best estimate of the global grand total is roughly 200 extinctions. Consistent with previous results, frog losses are heavy in Latin America, which has been greatly affected by the pathogenic chytrid fungus Batrachochytrium dendrobatidis. Extinction rates are now four orders-of-magnitude higher than background, and at least another 6.9% of all frog species may be lost within the next century, even if there is no acceleration in the growth of environmental threats.

  17. Lidar extinction measurement in the mid infrared

    Science.gov (United States)

    Mitev, Valentin; Babichenko, S.; Borelli, R.; Fiorani, L.; Grigorov, I.; Nuvoli, M.; Palucci, A.; Pistilli, M.; Puiu, Ad.; Rebane, Ott; Santoro, S.

    2014-11-01

    We present a lidar measurement of atmospheric extinction coefficient. The measurement is performed by inversion of the backscatter lidar signal at wavelengths 3'000nm and 3'500nm. The inversion of the backscatter lidar signal was performed with constant extinction-to-backscatter ration values of 104 and exponential factor 0.1.

  18. Interstellar extinction in the Large Magellanic Cloud

    International Nuclear Information System (INIS)

    Nandy, K.; Morgan, D.H.; Willis, A.J.; Wilson, R.; Gondhalekar, P.M.

    1981-01-01

    A systematic investigation of interstellar extinction in the ultraviolet as a function of position in the Large Magellanic Cloud has been made from an enlarged sample of reddened and comparison stars distributed throughout the cloud. Except for one star SK-69-108, the most reddened star of our sample, the shape of the extinction curves for the LMC stars do not show significant variations. All curves show an increase in extinction towards 2200 A, but some have maxima near 2200 A, some near 1900 A. It has been shown that the feature of the extinction curve near 1900 A is caused by the mismatch of the stellar F III 1920 A feature. The strength of this 1920 A feature as a function of luminosity and spectral type has been determined. The extinction curves have been corrected for the mismatch of the 1920 feature and a single mean extinction curve for the LMC normalized to Asub(V) = 0 and Esub(B-V) = 1 is presented. For the same value of Esub(B-V) the LMC stars show the 2200 A feature weaker by a factor 2 as compared with the galactic stars. Higher extinction shortward of 2000 A in the LMC extinction curves than that in our Galaxy, as reported in earlier papers, is confirmed. (author)

  19. Enhancing Divergent Search through Extinction Events

    DEFF Research Database (Denmark)

    Lehman, Joel; Miikkulainen, Risto

    2015-01-01

    for the capacity to evolve. This hypothesis is tested through experiments in two evolutionary robotics domains. The results show that combining extinction events with divergent search increases evolvability, while combining them with convergent search offers no similar benefit. The conclusion is that extinction...

  20. Mass extinctions: Ecological selectivity and primary production

    Science.gov (United States)

    Rhodes, Melissa Clark; Thayer, Charles W.

    1991-09-01

    If mass extinctions were caused by reduced primary productivity, then extinctions should be concentrated among animals with starvation-susceptible feeding modes, active lifestyles, and high-energy budgets. The stratigraphic ranges (by stage) of 424 genera of bivalves and 309 genera of articulate brachiopods suggest that there was an unusual reduction of primary productivity at the Cretaceous/Tertiary (K/T) boundary extinction. For bivalves at the K/T, there were (1) selective extinction of suspension feeders and other susceptible trophic categories relative to deposit feeders and other resistant categories, and (2) among suspension feed-ers, selective extinction of bivalves with active locomotion. During the Permian-Triassic (P/Tr) extinction and Jurassic background time, extinction rates among suspension feeders were greater for articulate brachiopods than for bivalves. But during the K/T event, extinction rates of articulates and suspension-feeding bivalves equalized, possibly because the low-energy budgets of articulates gave them an advantage when food was scarce.

  1. Defining the period of moa extinction

    International Nuclear Information System (INIS)

    Anderson, A.

    2000-01-01

    Few aspects of New Zealand's prehistory have engaged scientific and public attention so consistently as two interlinked questions of moa extinction; when did moas become extinct and why? Answers offered over the last 160 years have run the gamut from chronological antiquity by evolutionary senescence, to within the 19th century Maori and European disturbance. (author)

  2. Immediate extinction promotes the return of fear.

    Science.gov (United States)

    Merz, Christian J; Hamacher-Dang, Tanja C; Wolf, Oliver T

    2016-05-01

    Accumulating evidence indicates that immediate extinction is less effective than delayed extinction in attenuating the return of fear. This line of fear conditioning research impacts the proposed onset of psychological interventions after threatening situations. In the present study, forty healthy men were investigated in a differential fear conditioning paradigm with fear acquisition in context A, extinction in context B, followed by retrieval testing in both contexts 24h later to test fear renewal. Differently coloured lights served as conditioned stimuli (CS): two CS (CS+) were paired with an electrical stimulation that served as unconditioned stimulus, the third CS was never paired (CS-). Extinction took place immediately after fear acquisition or 24h later. One CS+ was extinguished whereas the second CS+ remained unextinguished to control for different time intervals between fear acquisition and retrieval testing. Immediate extinction led to larger skin conductance responses during fear retrieval to both the extinguished and unextinguished CS relative to the CS-, indicating a stronger return of fear compared to delayed extinction. Taken together, immediate extinction is less potent than delayed extinction and is associated with a stronger renewal effect. Thus, the time-point of psychological interventions relative to the offset of threatening situations needs to be carefully considered to prevent relapses. Copyright © 2016 Elsevier Inc. All rights reserved.

  3. Risk, opportunities and reasons of the household debt changes: The case of an emerging economy

    Directory of Open Access Journals (Sweden)

    Sisimogang Tracy Seane

    2016-11-01

    Full Text Available In the past decades, household debt in both developed and developing countries have been increasing. With an increase in the standard of living, household debt is also bound to increase. This paper examines the cointergation and causal link among household disposable income, household savings, debt service ratio, lending interest rate, consumer price index and household debt in South Africa. An Autoregressive Distributed Lag and Granger causality techniques was used to analyse data collected from the South African Reserve Bank and Quantec from 1984 to 2014. The results of Autoregressive Distributed Lag test revealed cointegrating relationships between household debt and debt service ratio as well as household debt and lending interest rate. However, there is no long run cointegrating relationship between household disposable income, household savings and consumer price index with household debt. The Granger causality results revealed that household disposable income, household savings, debt service ratio, lending interest rate, consumer price index do Granger cause household debt in South Africa. Policy makers should thus target these variables in order to reduce household debt in South Africa

  4. Struggle for space: viral extinction through competition for cells.

    Science.gov (United States)

    Cuesta, José A; Aguirre, Jacobo; Capitán, José A; Manrubia, Susanna C

    2011-01-14

    The design of protocols to suppress the propagation of viral infections is an enduring enterprise, especially hindered by limited knowledge of the mechanisms leading to viral extinction. Here we report on infection extinction due to intraspecific competition to infect susceptible hosts. Beneficial mutations increase the production of viral progeny, while the host cell may develop defenses against infection. For an unlimited number of host cells, a feedback runaway coevolution between host resistance and progeny production occurs. However, physical space limits the advantage that the virus obtains from increasing offspring numbers; thus, infection clearance may result from an increase in host defenses beyond a finite threshold. Our results might be relevant to devise improved control strategies in environments with mobility constraints or different geometrical properties.

  5. The Behavioral Bias of Foreign Debt Usage in Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom

    We investigate the behavioral bias in the use of debt denominated in foreign currency (foreign debt) in managing foreign exchange risks. From a strictly financial (rational) point of view foreign debt and derivates are close substitutes. Whether e.g. a European firm sells forward US dollars against...... foreign exchange risk management in medium-sized, non-financial firms in Denmark and find a behavioral bias in the use of foreign debt. Among the firms that are internationally involved (operating revenues, costs and/or assets in foreign currency), on average a quarter of the financial debt is denominated...... in foreign currency. The use / non-use of foreign debt is positively related to a number of internationality measures but most significantly to the existence of subsidiaries abroad whereas the degree of usage is particularly related to the magnitude of foreign operating assets. The use of foreign debt...

  6. Government Debt Reduction in the USA and Greece: A Comparative VECM Analysis

    Directory of Open Access Journals (Sweden)

    Gisele MAH

    2016-11-01

    Full Text Available The purpose of this paper is to estimate comparative debt reduction models for the USA and Greece using Vector Error Correction Model analysis and Granger causality test. The study provides an empirical framework that could assist in policy formulation for countries with high debt rates as well as those experiencing debt crises. The US model revealed a negative and significant relationship between general government debt and inflation as well as negative significance with primary balance. In Greece, the relationship between general government debts with primary balance is found to be positive and significant while negative and significant with net transfer from abroad. Granger causality is from general government debts to inflation in the USA and from primary balance to general government debts in Greece.

  7. 36 CFR 1011.4 - What notice will the Presidio Trust send to a debtor when collecting a debt?

    Science.gov (United States)

    2010-07-01

    ... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.4 What notice will the Presidio Trust send to a debtor when collecting a debt? (a) Notice requirements. The Presidio Trust will aggressively collect debts. The Presidio Trust will send at least one written notice to a debtor informing the...

  8. 78 FR 65430 - Notice of Rate To Be Used for Federal Debt Collection, and Discount and Rebate Evaluation

    Science.gov (United States)

    2013-10-31

    ... assessing interest charges for outstanding debts owed to the Government (The Debt Collection Act of 1982, as... DEPARTMENT OF THE TREASURY Fiscal Service Notice of Rate To Be Used for Federal Debt Collection... rate to be used for Federal debt collection, and discount and rebate evaluation. SUMMARY: The Secretary...

  9. Mass extinction in poorly known taxa.

    Science.gov (United States)

    Régnier, Claire; Achaz, Guillaume; Lambert, Amaury; Cowie, Robert H; Bouchet, Philippe; Fontaine, Benoît

    2015-06-23

    Since the 1980s, many have suggested we are in the midst of a massive extinction crisis, yet only 799 (0.04%) of the 1.9 million known recent species are recorded as extinct, questioning the reality of the crisis. This low figure is due to the fact that the status of very few invertebrates, which represent the bulk of biodiversity, have been evaluated. Here we show, based on extrapolation from a random sample of land snail species via two independent approaches, that we may already have lost 7% (130,000 extinctions) of the species on Earth. However, this loss is masked by the emphasis on terrestrial vertebrates, the target of most conservation actions. Projections of species extinction rates are controversial because invertebrates are essentially excluded from these scenarios. Invertebrates can and must be assessed if we are to obtain a more realistic picture of the sixth extinction crisis.

  10. Assessing Extinction Risk: Integrating Genetic Information

    Directory of Open Access Journals (Sweden)

    Jason Dunham

    1999-06-01

    Full Text Available Risks of population extinction have been estimated using a variety of methods incorporating information from different spatial and temporal scales. We briefly consider how several broad classes of extinction risk assessments, including population viability analysis, incidence functions, and ranking methods integrate information on different temporal and spatial scales. In many circumstances, data from surveys of neutral genetic variability within, and among, populations can provide information useful for assessing extinction risk. Patterns of genetic variability resulting from past and present ecological and demographic events, can indicate risks of extinction that are otherwise difficult to infer from ecological and demographic analyses alone. We provide examples of how patterns of neutral genetic variability, both within, and among populations, can be used to corroborate and complement extinction risk assessments.

  11. Climate predictors of late quaternary extinctions

    DEFF Research Database (Denmark)

    Nogués-Bravo, David; Ohlemüller, Ralf; Batra, Persaram

    2010-01-01

    Between 50,000 and 3,000 years before present (BP) 65% of mammal genera weighing over 44 kg went extinct, together with a lower proportion of small mammals. Why species went extinct in such large numbers is hotly debated. One of the arguments proposes that climate changes underlie Late Quaternary...... extinctions, but global quantitative evidence for this hypothesis is still lacking. We test the potential role of global climate change on the extinction of mammals during the Late Quaternary. Our results suggest that continents with the highest climate footprint values, in other words, with climate changes...... of greater magnitudes during the Late Quaternary, witnessed more extinctions than continents with lower climate footprint values, with the exception of South America. Our results are consistent across species with different body masses, reinforcing the view that past climate changes contributed to global...

  12. A phantom extinction? New insights into extinction dynamics of the Don-hare Lepus tanaiticus.

    Science.gov (United States)

    Prost, S; Knapp, M; Flemmig, J; Hufthammer, A K; Kosintsev, P; Stiller, M; Hofreiter, M

    2010-09-01

    The Pleistocene to Holocene transition was accompanied by a worldwide extinction event affecting numerous mammalian species. Several species such as the woolly mammoth and the giant deer survived this extinction wave, only to go extinct a few thousand years later during the Holocene. Another example for such a Holocene extinction is the Don-hare, Lepus tanaiticus, which inhabited the Russian plains during the late glacial. After being slowly replaced by the extant mountain hare (Lepus timidus), it eventually went extinct during the middle Holocene. Here, we report the phylogenetic relationship of L. tanaiticus and L. timidus based on a 339-basepair (bp) fragment of the mitochondrial D-loop. Phylogenetic tree- and network reconstructions do not support L. tanaiticus and L. timidus being different species. Rather, we suggest that the two taxa represent different morphotypes of a single species and the extinction of 'L. tanaiticus' represents the disappearance of a local morphotype rather than the extinction of a species.

  13. Effect of Educational Debt on Emergency Medicine Residents: A Qualitative Study Using Individual Interviews.

    Science.gov (United States)

    Young, Timothy P; Brown, Madison M; Reibling, Ellen T; Ghassemzadeh, Sassan; Gordon, Dawn M; Phan, Tammy H; Thomas, Tamara L; Brown, Lance

    2016-10-01

    In 2001, less than 20% of emergency medicine residents had more than $150,000 of educational debt. Our emergency medicine residents anecdotally reported much larger debt loads. Surveys have reported that debt affects career and life choices. Qualitative approaches are well suited to explore how and why such complex phenomena occur. We aim to gain a better understanding of how our emergency medicine residents experience debt. We conducted individual semistructured interviews with emergency medicine residents. We collected self-reported data related to educational debt and asked open-ended questions about debt influence on career choices, personal life, future plans, and financial decisions. We undertook a structured thematic analysis using a qualitative approach based in the grounded theory method. Median educational debt was $212,000. Six themes emerged from our analysis: (1) debt influenced career and life decisions by altering priorities; (2) residents experienced debt as a persistent source of background stress and felt powerless to change it; (3) residents made use of various techniques to negotiate debt in order to focus on day-to-day work; (4) personal debt philosophy, based on individual values and obtained from family, shaped how debt affected each individual; (5) debt had a normative effect and was acculturated in residency; and (6) residents reported a wide range of financial knowledge, but recognized its importance to career success. Our emergency medicine residents' debt experience is complex and involves multiple dimensions. Given our current understanding, simple solutions are unlikely to be effective in adequately addressing this issue. Copyright © 2016 American College of Emergency Physicians. Published by Elsevier Inc. All rights reserved.

  14. Trophic redundancy reduces vulnerability to extinction cascades.

    Science.gov (United States)

    Sanders, Dirk; Thébault, Elisa; Kehoe, Rachel; Frank van Veen, F J

    2018-03-06

    Current species extinction rates are at unprecedentedly high levels. While human activities can be the direct cause of some extinctions, it is becoming increasingly clear that species extinctions themselves can be the cause of further extinctions, since species affect each other through the network of ecological interactions among them. There is concern that the simplification of ecosystems, due to the loss of species and ecological interactions, increases their vulnerability to such secondary extinctions. It is predicted that more complex food webs will be less vulnerable to secondary extinctions due to greater trophic redundancy that can buffer against the effects of species loss. Here, we demonstrate in a field experiment with replicated plant-insect communities, that the probability of secondary extinctions is indeed smaller in food webs that include trophic redundancy. Harvesting one species of parasitoid wasp led to secondary extinctions of other, indirectly linked, species at the same trophic level. This effect was markedly stronger in simple communities than for the same species within a more complex food web. We show that this is due to functional redundancy in the more complex food webs and confirm this mechanism with a food web simulation model by highlighting the importance of the presence and strength of trophic links providing redundancy to those links that were lost. Our results demonstrate that biodiversity loss, leading to a reduction in redundant interactions, can increase the vulnerability of ecosystems to secondary extinctions, which, when they occur, can then lead to further simplification and run-away extinction cascades. Copyright © 2018 the Author(s). Published by PNAS.

  15. Other people as means to a safe end: vicarious extinction blocks the return of learned fear.

    Science.gov (United States)

    Golkar, Armita; Selbing, Ida; Flygare, Oskar; Ohman, Arne; Olsson, Andreas

    2013-11-01

    Information about what is dangerous and safe in the environment is often transferred from other individuals through social forms of learning, such as observation. Past research has focused on the observational, or vicarious, acquisition of fears, but little is known about how social information can promote safety learning. To address this issue, we studied the effects of vicarious-extinction learning on the recovery of conditioned fear. Compared with a standard extinction procedure, vicarious extinction promoted better extinction and effectively blocked the return of previously learned fear. We confirmed that these effects could not be attributed to the presence of a learning model per se but were specifically driven by the model's experience of safety. Our results confirm that vicarious and direct emotional learning share important characteristics but that social-safety information promotes superior down-regulation of learned fear. These findings have implications for emotional learning, social-affective processes, and clinical practice.

  16. Thermal neutrons could be a cause of biological extinctions 65 Myr ago

    International Nuclear Information System (INIS)

    Yayanos, A.A.

    1983-01-01

    Tabulations of the number of genera present before and after the Cretaceous-Tertiary extinctions have revealed certain patterns. Marine organisms were much more susceptible to extinction than were freshwater or terrestrial organisms. Benthic marine organisms were affected as much as those organisms that swam or floated. However, some marine genera were unaffected whilst some terrestrial ones were severely affected. Organisms making calcium-containing skeletons were the most sensitive. Among the hypotheses proposed for the extinctions is that they were caused by ionizing radiations. The hypothesis proposed here is that the pattern of extinction in the fossil record emerged as a consequence of neutron activation of certain elements in organisms and in their environment. (author)

  17. Extinction Mapping and Dust-to-Gas Ratios of Nearby Galaxies using LEGUS

    Science.gov (United States)

    Kahre, Lauren; Walterbos, Rene; Kim, Hwihyun; Thilker, David; Lee, Janice; LEGUS Team

    2018-01-01

    Dust is commonly used as a tracer for cold dense gas, either through IR and NIR emission maps or through extinction mapping, and dust abundance and gas metallicity are critical constraints for chemical and galaxy evolution models. Extinction mapping has been used to trace dust column densities in the Milky Way, the Magellanic Clouds, and M31. The maps for M31 use IR and NIR photometry of red giant branch stars, which is more difficult to obtain for more distant galaxies. Work by Kahre et al. (in prep) uses the extinctions derived for individual massive stars using the isochrone-matching method described by Kim et al. (2012) to generate extinction maps for these more distant galaxies.Isochrones of massive stars lie in the same location on a color-color diagram with little dependence on metallicity and luminosity class, so the extinction can be directly derived from the observed photometry. We generate extinction maps using photometry of massive stars from the Hubble Space Telescope for several of the nearly 50 galaxies observed by the Legacy Extragalactic Ultraviolet Survey (LEGUS). The derived extinction maps will allow us to correct ground-based and HST Halpha maps for extinction, and will be used to constrain changes in the dust-to-gas ratio across the galaxy sample and in different star formation, metallicity and morphological environments. Previous studies have found links between galaxy metallicity and the dust-to-gas mass ratio. We present a study of LEGUS galaxies spanning a range of distances, metallicities, and galaxy morphologies, expanding on our previous study of metal-poor dwarfs Holmberg I and II and giant spirals NGC 6503 and NGC 628. We see clear evidence for changes in the dust-to-gas mass ratio with changing metallicity. We also examine changes in the dust-to-gas mass ratio with galactocentric radius. Ultimately, we will provide constraints on the dust-to-gas mass ratio across a wide range of galaxy environments.

  18. Immediate extinction causes a less durable loss of performance than delayed extinction following either fear or appetitive conditioning

    OpenAIRE

    Woods, Amanda M.; Bouton, Mark E.

    2008-01-01

    Five experiments with rat subjects compared the effects of immediate and delayed extinction on the durability of extinction learning. Three experiments examined extinction of fear conditioning (using the conditioned emotional response method), and two experiments examined extinction of appetitive conditioning (using the food-cup entry method). In all experiments, conditioning and extinction were accomplished in single sessions, and retention testing took place 24 h after extinction. In both f...

  19. Giant comets and mass extinctions of life

    Science.gov (United States)

    Napier, W. M.

    2015-03-01

    I find evidence for clustering in age of well-dated impact craters over the last 500 Myr. At least nine impact episodes are identified, with durations whose upper limits are set by the dating accuracy of the craters. Their amplitudes and frequency are inconsistent with an origin in asteroid breakups or Oort cloud disturbances, but are consistent with the arrival and disintegration in near-Earth orbits of rare, giant comets, mainly in transit from the Centaur population into the Jupiter family and Encke regions. About 1 in 10 Centaurs in Chiron-like orbits enter Earth-crossing epochs, usually repeatedly, each such epoch being generally of a few thousand years' duration. On time-scales of geological interest, debris from their breakup may increase the mass of the near-Earth interplanetary environment by two or three orders of magnitude, yielding repeated episodes of bombardment and stratospheric dusting. I find a strong correlation between these bombardment episodes and major biostratigraphic and geological boundaries, and propose that episodes of extinction are most effectively driven by prolonged encounters with meteoroid streams during bombardment episodes. Possible mechanisms are discussed.

  20. Extinction produces context inhibition and multiple-context extinction reduces response recovery in human predictive learning.

    Science.gov (United States)

    Glautier, Steven; Elgueta, Tito; Nelson, James Byron

    2013-12-01

    Two experiments with human participants were used to investigate recovery of an extinguished learned response after a context change using ABC designs. In an ABC design, the context changes over the three successive stages of acquisition (context A), extinction (context B), and test (context C). In both experiments, we found reduced recovery in groups that had extinction in multiple contexts, and that the extinction contexts acquired inhibitory strength. These results confirm those of previous investigations, that multiple-context extinction can produce less response recovery than single-context extinction, and they also provide new evidence for the involvement of contextual inhibitory processes in extinction in humans. The foregoing results are broadly in line with a protection-from-extinction account of response recovery. Yet, despite the fact that we detected contextual inhibition, predictions based on protection-from-extinction were not fully reliable for the single- and multiple-context group differences that we observed in (1) rates of extinction and (2) the strength of context inhibition. Thus, although evidence was obtained for a protection-from-extinction account of response recovery, this account can not explain all of the data.