The new Basel accord and developing countries: problems and alternatives

The new Basel Accord framework relies on markets and supervisors to discipline banks. Yet both markets and supervisors fail, and more so in developing countries than in high-income countries. Therefore, the new Accord is not, as its designers claim, suitable for wide application. Nevertheless, developing country policymakers have little choice but to implement it in part or in whole. Hence there are problems of governance in international regulation. I offer seven general principles for the design of a prudential regime more robust to government and market failure. Four alternative capital regimes are evaluated in the light of these principles. Simpler and harsher regimes are likely to achieve greater safety with a given level of resources

Price Effects from an Anticipated Meatpacking Plant Opening and Unexpected Plant Closing

Livestock producers primarily, but policy makers also, have an interest in market effects from meatpacking plant closings and openings. This article presents results from a study to determine price impacts from an anticipated hog slaughtering plant opening and an unexpected fed cattle slaughtering plant closing. The estimated price effects for each plant event were modeled with price difference and partial adjustment models. The plant opening resulted in higher absolute and relative hog prices in the Provincial market where the plant was located. However, adverse price impacts from the fed cattle plant closing were less evident.buyer competition, fed cattle, hogs, livestock prices, market dynamics, meatpacking, Demand and Price Analysis,

Thermo-Optical Tuning of Whispering Gallery Modes in Er:Yb Doped Glass Microspheres to Arbitrary Probe Wavelengths

We present experimental results on an all-optical, thermally-assisted technique for broad range tuning of microsphere cavity resonance modes to arbitrary probe wavelengths. An Er:Yb co-doped phosphate glass (Schott IOG-2) microsphere is pumped at 978 nm via the supporting stem and the heat generated by absorption of the pump light expands the cavity and changes the refractive index. This is a robust tuning method that decouples the pump from the probe and allows fine tuning of the microsphere's whispering gallery modes. Pump/probe experiments were performed to demonstrate thermo-optical tuning to specific probe wavelengths, including the 5S1/2 F = 3 to 5P3/2 F' = 4 laser cooling transition of 85Rb. This is of particular interest for cavity QED-type experiments, while the broad tuning range achievable is useful for integrated photonic devices, including sensors and modulators.Comment: 20 pages, 5 figures. To appear in Japanese Journal of Applied Physic

CAPTIVE SUPPLY TRENDS AND IMPACTS SINCE THE ADVENT OF MANDATORY PRICE REPORTING

Captive supplies have been a contentious issue in the livestock industry for fifteen years and the subject of both theoretical and empirical research. In 2001, mandatory price reporting was implemented. One objective by its proponents was to increase the amount of information available on captive supplies. This paper examines data now available as a result of mandatory price reporting to determine what additional information is available compared to previously. Second, several models were specified and estimated to determine the impacts captive supplies had on fed cattle prices in the two years following implementation of mandatory price reporting. Models showed mixed results. There was a consistent negative effect on cash market prices from formula priced trades; generally a positive impact from negotiated trades and packer owned trades on cash market prices; and mixed but often a positive impact from forward contract trades on cash market prices.Livestock Production/Industries, Marketing,

Academic Cloud Computing Research: Five Pitfalls and Five Opportunities

This discussion paper argues that there are five fundamental pitfalls, which can restrict academics from conducting cloud computing research at the infrastructure level, which is currently where the vast majority of academic research lies. Instead academics should be conducting higher risk research, in order to gain understanding and open up entirely new areas. We call for a renewed mindset and argue that academic research should focus less upon physical infrastructure and embrace the abstractions provided by clouds through five opportunities: user driven research, new programming models, PaaS environments, and improved tools to support elasticity and large-scale debugging. The objective of this paper is to foster discussion, and to define a roadmap forward, which will allow academia to make longer-term impacts to the cloud computing community.Comment: Accepted and presented at the 6th USENIX Workshop on Hot Topics in Cloud Computing (HotCloud'14

Acquiring the Right to Get to the Light at the End of the Tunnel: Rationalising Property Theory

The framework of private property theory has come under increasing scrutiny over recent years. The orthodox bundle theory of ownership and labour principle of first acquisition has been the subject of attack and scepticism. This discussion suggests a new approach to the analysis of property, focus on synthesis rather than contrast. Further, the classic differences between Roman Law and Anglo-American common law, it is argued here, are in fact more apparent than real – their similarities reveal the basis for a universal grammar in property discourse. An examination of the contemporary property theories identifies that it is time to shift focus to a unifying concept and synthesis of canonical concepts