In Globalizing in Hard Times, Leonardo Martinez-Diaz examines the sudden and substantial increase in cross-border ownership of commercial banks in countries where bank ownership had long been restricted by local rules. Many parties—the World Bank and the IMF, the world's largest commercial banks, their home governments, and their negotiators—had been pushing for a relaxation of ownership rules since the early 1980s and into the 1990s, when bank profitability levels in advanced industrial societies went flat. In their hunt for higher returns on assets, the major banks looked to expand business overseas, but through the mid-1990s their efforts to impose more liberal ownership regimes in nationalist countries proved largely unsuccessful.Martinez-Diaz illustrates the ongoing political resistance to liberalized ownership rules in Mexico, Indonesia, Brazil, and South Korea. He then demonstrates the importance of a series of events—the Mexican crisis and the Brazilian banking shock in 1994–1995 and the Asian crisis of 1997–1998 among them—in finally knocking down barriers to foreign ownership of banks. After these upheavals, policymakers who were worried about their political survival—and who were sometimes pressed by the IMF and foreign governments—reshaped the regulatory environment in key emerging markets. Self-proclaimed global banks eagerly grasped the opportunity to expand their operations worldwide, but after the initial shock, domestic politics reasserted themselves, often diluting the new, liberal rules.
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
The papers in this volume draw on background work done in preparation for the study Governance of the IMF: An Evaluation, Independent Evaluation Office, International Monetary Fund, May 28, 2008 (available at http://www.ieo-imf.org). This compilation presents in one collection the most recent work to date on the subject of governance of the IMF and contributes to the ongoing dialogue on how best to strengthen the governance of this important global institution. Good governance can contribute to the IMF’s legitimacy by ensuring appropriate voice and representation for the membership, by allowing the Fund to fulfill its mandates effectively and efficiently, and by facilitating accountability for relevant stakeholders. Three main conclusions follow from the studies in this volume. First, to strengthen its legitimacy and effectiveness, the Fund needs greater, higher level and more transparent involvement of member country authorities in its governance. Second, the Board needs to play a stronger role in strategy development and oversight, which requires a shift away from the day-to-day business of the organization. Finally, there are significant accountability gaps that need to be addressed if the IMF is to remain effective and regain legitimacy.
More than fifteen hundred extracts containing the Renaissance genius' maxims, prophecies, fables, letters, and brilliant observations in architecture, painting, physiology, geography, and other fields
Volume 3: A Volume in the Interventional and Neuromodulatory Techniques for Pain Management Series; Expert Consult Premium Edition -- Enhanced Online Features
Volume 3: A Volume in the Interventional and Neuromodulatory Techniques for Pain Management Series; Expert Consult Premium Edition -- Enhanced Online Features
Diagnosis, Management, and Treatment of Discogenic Pain - a volume in the new Interventional and Neuromodulatory Techniques for Pain Management series - presents state-of-the-art guidance on the full range of discogenic pain relief techniques performed today. Leonardo Kapural, MD and Philip Kim, MD offer expert advice on a variety of procedures to manage and treat discogenic pain. Comprehensive, evidence-based coverage on selecting and performing these techniques - as well as weighing relative risks and complications - helps you ensure optimum outcomes. With online access to the fully searchable text and procedural videos at www.expertconsult.com, you'll have the detailed visual assistance you need right at your fingertips. - Understand the rationale and scientific evidence behind discogenic pain relief techniques and master their execution. - Optimize outcomes, reduce complications, and minimize risks by adhering to current, evidence-based practice guidelines for treating discogenic pain, when to recommend interventional procedures, how to perform them safely, and how to manage chronic back pain in the long term. - Apply the newest techniques in discography, radiofrequency and heat procedures, disc fusion, nucleus replacement, and interventions for disc herniation. - See how it's done through step-by-step procedural videos on Expert Consult . - Quickly find the information you need in a user-friendly format with strictly templated chapters supplemented with illustrative line drawings, images, and treatment algorithms. - Access the fully searchable contents and bonus full-length videos of lumbar discography, biacuplasty, and MILD procedures at expertconsult.com.
Applied Evolutionary Algorithms for Engineers with Python is written for students, scientists and engineers who need to apply evolutionary algorithms to practical optimization problems. The presentation of the theoretical background is complemented with didactical Python implementations of evolutionary algorithms that researchers have recently applied to complex optimization problems. Cases of successful application of evolutionary algorithms to real-world like optimization problems are presented, together with source code that allows the reader to gain insight into the idiosyncrasies of the practical application of evolutionary algorithms. Key Features Includes detailed descriptions of evolutionary algorithm paradigms Provides didactic implementations of the algorithms in Python, a programming language that has been widely adopted by the AI community Discusses the application of evolutionary algorithms to real-world optimization problems Presents successful cases of the application of evolutionary algorithms to complex optimization problems, with auxiliary source code.
This book presents the Projective approach to de Sitter Relativity. It traces the development of renewed interest in models of the universe at constant positive curvature such as "vacuum" geometry. The De Sitter Theory of Relativity, formulated in 1917 with Willem De Sitter's solution of the Einstein equations, was used in different fields during the 1950s and 1960s, in the work of H. Bacry, J.M. LevyLeblond and F.Gursey, to name some important contributors. From the 1960s to 1980s, L. Fantappié and G. Arcidiacono provided an elegant group approach to the De Sitter universe putting the basis for special and general projective relativity. Today such suggestions flow into a unitary scenario, and this way the De Sitter Relativity is no more a "missing opportunity" (F. Dyson, 1972), but has a central role in theoretical physics. In this volume a systematic presentation is given of the De Sitter Projective relativity, with the recent developments in projective general relativity and quantum cosmology.
Here are clear reproductions of over 1,200 anatomical drawings by one of humanity's greatest geniuses — still considered, nearly five centuries later, the finest ever rendered. 215 plates.
This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band. The credibility of the commitment to the target zone implicit in forward market data can be extracted by estimating the model. Application to French/German data indicates that the model is capable of matching observed patterns of interest rate differentials during the EMS, while yielding estimates of the credibility parameters that accord with the experience of the FF/DM exchange rate during the 1980s.
Why do leaders of countries opt to sign on to international institutions that constrain their freedom to enact domestic policy? In this book, Leonardo Baccini and Johannes Urpelainen address this enduring question of international relations by looking at liberal economic reforms. During the past two decades, governments across the developing world have implemented many liberal economic reforms that reduce direct state intervention in different industries, for example with regard to intellectual property rights and privatization. While failure to implement them can have disastrous economic and political consequences, liberal economic reforms have also provoked intense political controversy domestically. Baccini and Urpelainen argue that international institutions help to cut this Gordian knot by allowing leaders to credibly commit to liberal policies while also creating domestic political support for reform. The book takes a comparative look at developing countries that have engaged in treaties with the United States and European Union to develop a full theory of when and how leaders enter into international institutions to effect economic reform. Cutting the Gordian Knot of Economic Reform is the first work to provide a theory on the design of international institutions, the circumstances that cause leaders to form international institutions, and the effects of international institutions on economic reform.
Discover new findings on musculoskeletal pain from experts around the world! This comprehensive book gives you new insights into musculoskeletal disorders which are among the major sources of chronic pain and disability. Although much remains to be explored in the muscle pain domain, the results of the many studies conducted have undoubtedly led to an improvement in diagnostic tools and knowledge about pathophysiological mechanisms of the various syndromes. Muscle Pain, Myofascial Pain, and Fibromyalgia is a comprehensive update on the latest developments in musculoskeletal pain and a valuable point of reference for both patients and scientists in this field. Muscle Pain, Myofascial Pain, and Fibromyalgia: Recent Advances covers the developments in musculoskeletal pain research that were presented at the MYOPAIN '98 Congresses in Silvi Marina, Italy. This work explores the results of basic and applied research regarding soft-tissue pain, with a strong focus on skeletal muscle physiology and related clinical syndromes. Muscle Pain, Myofascial Pain, and Fibromyalgia offers you the widest possible range of topics in the context of muscle pain disorders as well as a variety of clinical and experimental approaches to the different aspects of the problem. This important and informative book also gives you a detailed account of the Consensus Meeting on Diagnostic Criteria of Myofascial Pain Syndromes, which was held at the end of the Congress. Some of the topics related to musculoskeletal pain that you will explore in Muscle Pain, Myofascial Pain, and Fibromyalgia include: neurogenic inflammation in muscle pain treating myofascial pain by reducing activity of trigger points and tender spots using specific drugs and physical therapy therapeutic approaches to muscle pain for patients with myoarthropathies neurochemical pathogenesis of fibromyalgia syndrome treatments for fibromyalgia syndrome, such as the use of amitriptyline (2-6) and cyclobenzaprine (7-11) findings on tests to identify myofascial pain syndrome and fibromyalgia differential diagnosis problems when chronic myalgia is not the main symptom because other infective ailments, such as Lyme disease or HIV, are prevalent and may cause myalgia to become a secondary diagnosis As a health care professional or someone who suffers from musculoskeletal pain, you will discover that the findings in Muscle Pain, Myofascial Pain, and Fibromyalgia are invaluable for your use and the continued clinical and basic research of this growing field.
It's the worst summer vacation ever. When Rick picks a planet with strange rules regarding beach access, Jerry does everything he can to break them. What could be worse than sunburn? Sun Parasites.
A serious and original study of the beginnings and development of modernism in which the pictorial aspects are designed to aid in the communication of the author's closely reasoned formulations. Let it be said at once that the format of this work is richly handsome: it is a two-volume boxed set comprising 844 pages and well over 1,000 high-quality illustrations, and it reflects throughout its publisher's conviction that good design is an essential, not superficial, part of bookmaking. Beyond that, it should be emphasized that this work is not another facile cultural tour of modern architecture. It is a serious and original study of the beginnings and development of modernism in which the pictorial aspects are designed to aid in the communication of the author's closely reasoned formulations, rather than to gloss over a lack of substantive content. The book is a translation of the third Italian edition, published in 1966. Benevolo, who is on the faculty of architecture in Venice, has earned an international reputation as a historian of architecture and town planning, and his publications embrace the span of time from the Renaissance to the foreseeable future. One such publication, The Origins of Modern Town Planning (The MIT Press, 1967), may be read as a prelude to the present work as well as an independent contribution. Perhaps more than any other architectural historian in our time, Benevolo has made a determined effort to place developments in design and planning in their proper social and political settings. Indeed, the author argues that the development of the modern movement in architecture was determined, not by aesthetic formalisms, but largely by the social changes that have occurred since about 1760: "After the middle of the eighteenth century, without the continuity of formal activity being in any way broken, indeed while architectural language seems to be acquiring a particular coherence, the relations between architect and society began to change radically.... New material and spiritual needs, new ideas and modes of procedure arise both within and beyond the traditional limits, and finally they run together to form a new architectural synthesis that is completely different from the old one. In this way it is possible to explain the birth of modern architecture, which otherwise would seem completely incomprehensible...." This second volume is concerned with the modern movement proper, from 1914 to 1966. The author emphasizes the unity of the movement, rejecting the usual treatment that allots to the individual architects separate and unconnected biographical accounts.Benevolo remarks at one point, "When one talks about modern architecture one must bear in mind the fact that it implies not only a new range of forms, but also a new way of thinking, whose consequences have not yet all been calculated." His main concern is to provide a more exact calculation of those consequences.
Contains 131 papers presented at the September 1995 symposium. Arrangement is in sections on the mathematics and physics of acoustical imaging, novel approaches in biomedical imaging, tissue characterization, flow imaging, transducers and arrays, imaging systems and techniques, underwater and indust
Bridge Engineering: A Global Perspective is a comprehensive review of how we create and maintain bridges - one of the most vital yet vulnerable parts of our infrastructure - and how we got where we are today.Its 800 illustrated pages in full colourprovide a unique and authoritative reference for practitioners, researchers and students alike on the state-of-the-art of bridge engineering world-wide, from local community footbridges to vast multi-modal crossings between nations.
Prof Leopoldo Garcia-Colin will become 80 years old in 2010, therefore we are interested in the publication of a Festschrift (book) to honor him. Prof Garcia-Colin has worked in many different fields of statistical physics, and has applied it to biological physics, solid state physics, relativity and cosmology. We are planning a 500 pages book with original and peer-reviewed articles from his friends and former students. We may buy about 100 copies of it.
Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than their borrowing cost. (2) Purchases of domestic assets by nonresidents and purchases of foreign assets by residents are both procyclical and collapse during crises. We propose a dynamic model of endogenous default that can account for these facts. The government faces a trade-off between the benefits of keeping reserves as a buffer against rollover risk and the cost of having larger gross debt positions. Long-duration bonds, the countercyclical default premium, and sudden stops are important for the quantitative success of the model.
Alors qu'on croyait l'écosystème de Cthulhu verrouillé de l'intérieur, voilà que Rick et Morty débarquent dans l'univers de Lovecraft pour achever de bousculer la pop-culture ! Quand leur maison se trouve infestée par une terreur ancestrale (voire indicible !), Rick Sanchez et la famille Smith vont devoir plonger dans l'enfer des contrées lovecraftiennes pour traquer et vaincre le Grand Ancien : Cthulhu. Au cours de leur périple à travers Arkham et les royaumes de l'au-delà, ils seront confrontés à des monstruosités littéraires et aux personnages qui en sont hantés. Ils combattront des hordes d'hommes-poissons, trouveront l'amour avant de le perdre, lutteront contre des couleurs cosmiques susceptibles et s'en prendront à H.P. Lovecraft en personne. 128 pages de gags inédits, hilarants et référentiels !
This will help us customize your experience to showcase the most relevant content to your age group
Please select from below
Login
Not registered?
Sign up
Already registered?
Success – Your message will goes here
We'd love to hear from you!
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.