This paper examines emerging market and developing economy (EMDE) central bank interventions to maintain financial stability during the COVID-19 pandemic. Through empirical analysis and case study reviews, it identifies lessons for designing future programs to address challenges faced in EMDEs, including less-developed financial markets and lower levels of institutional credibility. The focus is on the functioning of the financial markets that are key to maintaining financial stability—money, securities, and FX funding markets. Several lessons emerge, including: (i) objectives should be well-specified and communicated to facilitate eventual exit; (ii) intervention triggers should prioritize liquidity metrics over prices; (iii) actions should be sufficiently large to address market dysfunction; (iv) the risks of fiscal dominance and moral hazard should be minimized; and (v) program design should incentivize self-liquidation by appropriate pricing or through short-term operations that quickly liquidate. While interventions may increase risks to central bank balance sheets, potentially challenging policy solvency and operational independence, a well-designed framework can significantly mitigate these risks.
This paper examines emerging market and developing economy (EMDE) central bank interventions to maintain financial stability during the COVID-19 pandemic. Through empirical analysis and case study reviews, it identifies lessons for designing future programs to address challenges faced in EMDEs, including less-developed financial markets and lower levels of institutional credibility. The focus is on the functioning of the financial markets that are key to maintaining financial stability—money, securities, and FX funding markets. Several lessons emerge, including: (i) objectives should be well-specified and communicated to facilitate eventual exit; (ii) intervention triggers should prioritize liquidity metrics over prices; (iii) actions should be sufficiently large to address market dysfunction; (iv) the risks of fiscal dominance and moral hazard should be minimized; and (v) program design should incentivize self-liquidation by appropriate pricing or through short-term operations that quickly liquidate. While interventions may increase risks to central bank balance sheets, potentially challenging policy solvency and operational independence, a well-designed framework can significantly mitigate these risks.
This informal introduction to computational fluid dynamics and practical guide to numerical simulation of transport phenomena covers the derivation of the governing equations, construction of finite element approximations, and qualitative properties of numerical solutions, among other topics. To make the book accessible to readers with diverse interests and backgrounds, the authors begin at a basic level and advance to numerical tools for increasingly difficult flow problems, emphasizing practical implementation rather than mathematical theory. Finite Element Methods for Computational Fluid Dynamics: A Practical Guide explains the basics of the finite element method (FEM) in the context of simple model problems, illustrated by numerical examples. It comprehensively reviews stabilization techniques for convection-dominated transport problems, introducing the reader to streamline diffusion methods, Petrov?Galerkin approximations, Taylor?Galerkin schemes, flux-corrected transport algorithms, and other nonlinear high-resolution schemes, and covers Petrov?Galerkin stabilization, classical projection schemes, Schur complement solvers, and the implementation of the k-epsilon turbulence model in its presentation of the FEM for incompressible flow problem. The book also describes the open-source finite element library ELMER, which is recommended as a software development kit for advanced applications in an online component.
Examines the collapse of the Soviet Union in 1991 and the birth of the Russian state, focusing on Yeltsin's disastrous policies, which brought on an economic collapse almost twice as severe as America's Great Depression.
The reexamination of values that began during the USSRs last years continues today in the search for a new Russian culture, one rooted in the pre-Soviet past but dynamic and evolving. Multi-textual, polyphonic, and contradictory, the current Russian cultural discourse is richly reflected in these essays by a diverse group of authors from Russian and American academic and cultural circles. The chapters explore specific cultural domains, surveying Russian and Soviet beliefs and behaviors, and highlighting the range of choices that Russians are facing at this critical juncture. }During the waning years of Soviet power, glasnost laid bare the distress of people trapped in a system they despised but felt powerless to change. The reexamination of values that began then continues today in the search for a new Russian culture, one rooted in the pre-Soviet past but dynamic and evolving, enabling Russians to meet the challenges they face in the contemporary world. Multi-textual, polyphonic, and contradictory, the current Russian cultural discourse is richly reflected in these essays by a diverse group of authors from Russian and American academic and cultural circles. Each chapter focuses on a particular cultural domain, surveying the historical origins of Russian beliefs and behaviors, exploring their Soviet and post-Soviet permutations, and highlighting the range of choices that Russians are facing at this critical juncture. The decisions they make will shape their society and culture for generations to come.Illuminating the universal significance of the Soviet experience, this volume raises provocative questions about the social, political, and economic sources of cultural change.
The conflict in Chechnya, going through its low- and high-intensity phases, has been doggedly accompanying Russia's development. In the last decade, the Chechen war was widely covered, both in Russia and in the West. While most books look at the causes of the war, explain its zigzag course, and condemn the brutalities and crimes associated with it, this book is different. Its focus lies beyond the Caucasus battlefield. In Russia's Restless Frontier, Dmitri Trenin and Aleksei Malashenko examine the implications of the war with Chechnya for Russia's post-Soviet evolution. Considering Chechnya's impact on Russia's military, domestic politics, foreign policy, and ethnic relations, the authors contend that the Chechen factor must be addressed before Russia can continue its development.
Addressing students and researchers as well as practitioners of scientific computing, this book describes the state of the art in the development of high-resolution schemes based on the Flux-Corrected Transport (FCT) paradigm. Intended for readers who have a solid background in Computational Fluid Dynamics, the book begins with a historical note by D.L. Book. Review articles then describe various algorithmic aspects (efficient implementation of the proposed high-resolution schemes, choice of parameters and other practical tips). The topics addressed in the book and its main highlights include: the derivation and analysis of classical FCT schemes emphasizing the physical and mathematical constraints as well as flux limiting for hyperbolic systems; its generalization to implicit time-stepping and finite element discretizations on unstructured meshes; applications to Monotonically Integrated Large Eddy Simulation (MILES) of turbulent flows and for designing alternative high-resolution schemes. Further material concerns clipping and terracing, the use of characteristic variables in multidimensions and the discussions on prelimiting/steepening, 'failsafe' adjustment, and iterative flux correction. Many numerical examples are presented as academic test problems and large-scale applications alike. TOC:The Conception, Gestation, Birth and Infancy of FCT.- On the Design of Flux-Corrected Transport Algorithms.- 30 Years of FCT: Status and Directions; On Monotonically Integrated Large Eddy Simulation of Turbulent Flows Based on FCT Algorithms.- Large Scale Urban Simulation with FCT.- Algebraic Flux Correction I. Scalar Conservation Laws.- Algebraic Flux Correction II. Compressible Euler Equations.- Algebraic Flux Correction III. Incompressible Flow Problems
High-order numerical methods for hyperbolic conservation laws do not guarantee the validity of constraints that physically meaningful approximations are supposed to satisfy. The finite volume and finite element schemes summarized in this book use limiting techniques to enforce discrete maximum principles and entropy inequalities. Spurious oscillations are prevented using artificial viscosity operators and/or essentially nonoscillatory reconstructions.An introduction to classical nonlinear stabilization approaches is given in the simple context of one-dimensional finite volume discretizations. Subsequent chapters of Part I are focused on recent extensions to continuous and discontinuous Galerkin methods. Many of the algorithms presented in these chapters were developed by the authors and their collaborators. Part II gives a deeper insight into the mathematical theory of property-preserving numerical schemes. It begins with a review of the convergence theory for finite volume methods and ends with analysis of algebraic flux correction schemes for finite elements. In addition to providing ready-to-use algorithms, this text explains the design principles behind such algorithms and shows how to put theory into practice. Although the book is based on lecture notes written for an advanced graduate-level course, it is also aimed at senior researchers who develop and analyze numerical methods for hyperbolic problems.
Neutrosophy is a theory developed by Florentin Smarandache in 1995 as a generalization of dialectics, which studies the origin, nature and properties of neutralities. This book applies neutrosophic method to the General Theory of Relativity, aiming to discover new effects hidden before.Studying Einstein's basic space-time, neutrosophic method displays new trajectories and particles never considered before. Such trajectories/particles are of two "mixed" kinds, which are (1) common for sub-light mass-bearing particles and massless photons (non-isotropic/isotropic trajectories) and (2) common for massless photons and super-light mass-bearing tachyons (isotropic/non-isotropic trajectories). As it is shown, such mass-bearing/light-like particles are accessible for observing, we can see them in different phenomena of nature.Solutions of Einstein's equations (evolution scenarios for the Universe) are collected in a table in this book. Each cell of the table is a cosmological model. Neutrosophic method, analyzing this cosmological table, displays new possible models of the evolution of the Universe.The foundation of Smarandache geometries is based on S-denying an axiom, i.e. in the same space an axiom is false in at least two different ways, or is false and also true. S-denying each of 4 signature conditions in Einstein's basic space-time we arrive to 4 kinds of expanded space-time for the General Theory of Relativity. The 4th expanded space-time type permits photon teleportation, well-known from the recent experiments, but which failed in the basic space-time, and also where virtual photons are permitted --- predicted by Quantum Electrodynamics instant-moving mediators between entangled regular particles.
This long-standing series provides the guild of religion scholars a venue for publishing aimed primarily at colleagues. It includes scholarly monographs, revised dissertations, Festschriften, conference papers, and translations of ancient and medieval documents. Works cover the sub-disciplines of biblical studies, history of Christianity, history of religion, theology, and ethics. Festschriften for Karl Barth, Donald W. Dayton, James Luther Mays, Margaret R. Miles, and Walter Wink are among the seventy-five volumes that have been published. Contributors include: C. K. Barrett, Francois Bovon, Paul S. Chung, Marie-Helene Davies, Frederick Herzog, Ben F. Meyer, Pamela Ann Moeller, Rudolf Pesch, D. Z. Phillips, Rudolf Schnackenburgm Eduard Schweizer, John Vissers
This book deals with the investigation of global attractors of nonlinear dynamical systems. The exposition proceeds from the simplest attractor of a single equilibrium to more complicated ones, i.e. to finite, denumerable and continuum equilibria sets; and further, to cycles, homoclinic and heteroclinic orbits; and finally, to strange attractors consisting of irregular unstable trajectories. On the complicated equilibria sets, the methods of Lyapunov stability theory are transferred. They are combined with stability techniques specially elaborated for such sets. The results are formulated as frequency-domain criteria. The methods connected with the theorems of existence of cycles and homoclinic orbits are developed. The estimates of Hausdorff dimensions of attractors are presented.
Among the “young peredvizhniki” who joined the World of Art group, the most brilliant portraitist was Valentin Serov. Like many of his contemporaries, he delighted in painting out of doors, and some of his most appealing portraits – such as Girl with Peaches, Girl in Sunlight and In Summer - owe their naturalness to their setting or to the interplay of sunlight and shadows. Indeed, Serov regarded them as “studies” rather than portraits, giving them descriptive titles that omitted the sitter's name. The subject of Girl with Peaches – painted when Serov was only twenty-two – was in fact Mamontov's daughter Vera. The model for In Summer was Serov's wife. When only six years old, Serov began to display signs of artistic talent. At nine years old, Repin acted as his teacher and mentor, giving him lessons in his studio in Paris, then let Serov work with him in Moscow, almost like an apprentice. Eventually Repin sent him to study with Pavel Chistiakov – the teacher of many of the World of Art painters, including Nesterov and Vrubel. Chistiakov was to become a close friend. Because Serov's career spanned such a long period, his style and subject matter vary considerably, ranging from voluptuous society portraits (the later ones notable for their grand style and sumptuous dresses) to sensitive studies of children. Utterly different from any of these is the famous nude study of the dancer Ida Rubinstein, in tempera and charcoal on canvas, which he painted towards the end of his life. Although Serov's early style has much in common with the French Impressionists, he did not become acquainted with their work until after he had painted pictures such as Girl with Peaches.
The late Dmitri Volkogonov emerged in the last decade of his life as the preeminent Russian historian of this century. His crowning achievement is the account of the seven General Secretaries of the Soviet Empire in Autopsy for an Empire, a book that tells the entire history of the Soviet failure. Having utilized his still-unequaled access to the Soviet military archives, Communist Party documents, and secret Presidential Archive, Volkogonov sheds new light on some of the major events of twentieth-century history and the men who shaped them. We witness Lenin’s paranoia about foreigners in Russia, and his creation of a privileged system for top Party members; Stalin’s repression of the nationalities and his singular conduct of foreign policy; the origins and conduct of the Korean War; Kruschev’s relationship with the odious secret service chief, Beria, and his handling of the Cuban Missile Crisis; Brezhnev’s vanity and stupidity; a new view of Poland and Solidarity; the ossification of Soviet bureaucracy and the cynicism of the Politburo; and Mikhail Gorbachev’s Leninism and his role in history. By profiling the seven successive Soviet leaders from Lenin to Gorbachev, Volkogonov also depicts in painstaking detail the progressive self-destruction of the Leninist system. In his clear-eyed character assessments and political evaluations, lucidly translated and edited by Harold Shukman, Dmitri Volkogonov has once again performed an invaluable service to twentieth-century history.
This book begins with a concentrated introduction into deterministic global optimization and moves forward to present new original results from the authors who are well known experts in the field. Multiextremal continuous problems that have an unknown structure with Lipschitz objective functions and functions having the first Lipschitz derivatives defined over hyperintervals are examined. A class of algorithms using several Lipschitz constants is introduced which has its origins in the DIRECT (DIviding RECTangles) method. This new class is based on an efficient strategy that is applied for the search domain partitioning. In addition a survey on derivative free methods and methods using the first derivatives is given for both one-dimensional and multi-dimensional cases. Non-smooth and smooth minorants and acceleration techniques that can speed up several classes of global optimization methods with examples of applications and problems arising in numerical testing of global optimization algorithms are discussed. Theoretical considerations are illustrated through engineering applications. Extensive numerical testing of algorithms described in this book stretches the likelihood of establishing a link between mathematicians and practitioners. The authors conclude by describing applications and a generator of random classes of test functions with known local and global minima that is used in more than 40 countries of the world. This title serves as a starting point for students, researchers, engineers, and other professionals in operations research, management science, computer science, engineering, economics, environmental sciences, industrial and applied mathematics to obtain an overview of deterministic global optimization.
A TLS Book of the Year 2017 In this, the first anthology of Russian contemporary art writing to be published outside Russia, many of the country's most prominent contemporary artists, writers, philosophers, curators and historians come together to examine the region's contemporary art, culture and and theory. With contributions from Ilya and Emilia Kabakov, Boris Groys, Dmitri Prigov, Anton Vidokle, Keti Chukhrov, Oxana Timofeeva, Pavel Pepperstein, Arseny Zhilyaev and Masha Sumnina amongst many others, this definitive collection reveals a compelling portrait of a vibrant and complex culture: one built on a contradicting dialectic between the material and the ideal, and battling its own histories and ideologies.
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