Asian Crises: Theory, Evidence, Warning-Signals

In July 1997, the economies of East Asia became embroiled in one of the worst financial crises of the postwar period. Yet, prior to the crisis, these economies were seen as models of economic growth experiencing sustained growth rates that exceeded those earlier thought unattainable. Why did the market not anticipate the crises? To this end, we review the Asian financial crisis from two related perspectives - whether the crisis was precipitated by a failure of the real exchange rate to be aligned with its fundamental determinants and/or whether the crisis was precipitated by a divergence of the foreign debt from its optimal path. The first perspective is based on a coherent theory of the equilibrium real exchange rate - the NATREX model - that shows how “misalignments” lead to currency crises. The second perspective is based on a model of optimal foreign debt ratio - derived from stochastic optimal control - which shows why “divergences” lead to debt crises. The important point here is that these models suggest important variables which may serve as warning signals to predict crises.Asian crises, optimal debt, equilibrium exchange rates, NATREX, stochastic optimal control, warning signals of crises, exchange rate misalignment

Asian Crises: Theory, Evidence, Warning-Signals

In July 1997, the economies of East Asia became embroiled in one of the worst financial crises of the postwar period. Yet, prior to the crisis, these economies were seen as models of economic growth experiencing sustained growth rates that exceeded those earlier thought unattainable. Why did the market not anticipate the crises? To this end, we review the Asian financial crisis from two related perspectives - whether the crisis was precipitated by a failure of the real exchange rate to be aligned with its fundamental determinants and/or whether the crisis was precipitated by a divergence of the foreign debt from its optimal path. The first perspective is based on a coherent theory of the equilibrium real exchange rate - the NATREX model - that shows how misalignments lead to currency crises. The second perspective is based on a model of optimal foreign debt ratio - derived from stochastic optimal control - which shows why divergences lead to debt crises. The important point here is that these models suggest important variables which may serve as warning signals to predict crises

Microelectrode study of pore size, ion size, and solvent effects on the charge/discharge behavior of microporous carbons for electrical double-layer capacitors

The capacitive behavior of TiC-derived carbon powders in two different electrolytes, NEt4BF4 in acetonitrile AN and NEt4BF4 in propylene carbonate PC, was studied using the cavity microelectrode CME technique. Comparisons of the cyclic voltammograms recorded at 10–1000 mV/s enabled correlation between adsorbed ion sizes and pore sizes, which is important for understanding the electrochemical capacitive behavior of carbon electrodes for electrical double-layer capacitor applications. The CME technique also allows a fast selection of carbon electrodes with matching pore sizes different sizes are needed for the negative and positive electrodes for the respective electrolyte system. Comparison of electrochemical capacitive behavior of the same salt, NEt4BF4, in different solvents, PC and AN, has shown that different pore sizes are required for different solvents, because only partial desolvation of ions occurs during the double-layer charging. Squeezing partially solvated ions into subnanometer pores, which are close to the desolvated ion size, may lead to distortion of the shape of cyclic voltammograms

Field theoretic description of the abelian and non-abelian Josephson effect

We formulate the Josephson effect in a field theoretic language which affords a straightforward generalization to the non-abelian case. Our formalism interprets Josephson tunneling as the excitation of pseudo-Goldstone bosons. We demonstrate the formalism through the consideration of a single junction separating two regions with a purely non-abelian order parameter and a sandwich of three regions where the central region is in a distinct phase. Applications to various non-abelian symmetry breaking systems in particle and condensed matter physics are given.Comment: 10 pages no figure

Two-particle interference in standard and Bohmian quantum mechanics

The compatibility of standard and Bohmian quantum mechanics has recently been challenged in the context of two-particle interference, both from a theoretical and an experimental point of view. We analyze different setups proposed and derive corresponding exact forms for Bohmian equations of motion. The equations are then solved numerically, and shown to reproduce standard quantum-mechanical results.Comment: Minor corrections, 2 references added, version to appear in J. Phys.

Use of inert gas jets to measure the forces required for mechanical gene transfection

BACKGROUND: Transferring genes and drugs into cells is central to how we now study, identify and treat diseases. Several non-viral gene therapy methods that rely on the mechanical disruption of the plasma membrane have been proposed, but the success of these methods has been limited due to a lack of understanding of the mechanical parameters that lead to cell membrane permeability. METHODS: We use a simple jet of inert gas to induce local transfection of plasmid DNA both in vitro (HeLa cells) and in vivo (chicken chorioallantoic membrane). Five different capillary tube inner diameters and three different gases were used to treat the cells to understand the dependency of transfection efficiency on the dynamic parameters. RESULTS: The simple setup has the advantage of allowing us to calculate the forces acting on cells during transfection. We found permeabilization efficiency was related to the dynamic pressure of the jet. The range of dynamic pressures that led to transfection in HeLa cells was small (200 ± 20 Pa) above which cell stripping occurred. We determined that the temporary pores allow the passage of dextran up to 40 kDa and reclose in less than 5 seconds after treatment. The optimized parameters were also successfully tested in vivo using the chorioallantoic membrane of the chick embryo. CONCLUSIONS: The results show that the number of cells transfected with the plasmid scales with the dynamic pressure of the jet. Our results show that mechanical methods have a very small window in which cells are permeabilized without injury (200 to 290 Pa). This simple apparatus helps define the forces needed for physical cell transfection methods

Circular RNAs as novel regulators of β-cell functions in normal and disease conditions.

There is strong evidence for an involvement of different classes of non-coding RNAs, including microRNAs and long non-coding RNAs, in the regulation of β-cell activities and in diabetes development. Circular RNAs were recently discovered to constitute a substantial fraction of the mammalian transcriptome but the contribution of these non-coding RNAs in physiological and disease processes remains largely unknown. The goal of this study was to identify the circular RNAs expressed in pancreatic islets and to elucidate their possible role in the control of β-cells functions. We used a microarray approach to identify circular RNAs expressed in human islets and searched their orthologues in RNA sequencing data from mouse islets. We then measured the level of four selected circular RNAs in the islets of different Type 1 and Type 2 diabetes models and analyzed the role of these circular transcripts in the regulation of insulin secretion, β-cell proliferation, and apoptosis. We identified thousands of circular RNAs expressed in human pancreatic islets, 497 of which were conserved in mouse islets. The level of two of these circular transcripts, circHIPK3 and ciRS-7/CDR1as, was found to be reduced in the islets of diabetic db/db mice. Mimicking this decrease in the islets of wild type animals resulted in impaired insulin secretion, reduced β-cell proliferation, and survival. ciRS-7/CDR1as has been previously proposed to function by blocking miR-7. Transcriptomic analysis revealed that circHIPK3 acts by sequestering a group of microRNAs, including miR-124-3p and miR-338-3p, and by regulating the expression of key β-cell genes, such as Slc2a2, Akt1, and Mtpn. Our findings point to circular RNAs as novel regulators of β-cell activities and suggest an involvement of this novel class of non-coding RNAs in β-cell dysfunction under diabetic conditions

Representations of twisted Yangians of types B, C, D: I

We initiate a theory of highest weight representations for twisted Yangians of types B, C, D and we classify the finite-dimensional irreducible representations of twisted Yangians associated to symmetric pairs of types CI, DIII and BCD0

Setting the stage: social-environmental and motivational predictors of optimal training engagement

In this paper, we will firstly explore the central tenets of SDT. Research that has examined the social-environmental and motivation-related correlates of optimal training, performance and health-related engagement through the theoretical lens of SDT will be reviewed. Drawing from SDT-driven work undertaken in educational, sport and dance settings, we will draw conclusions and suggest future directions from a research and applied perspective