A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debtsabout the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergenciesfrom wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governmentsnow more heavily indebted than beforefinally emerge from the crisis.
Frequency-Domain Receiver Design for Doubly-Selective Channels discusses broadband wireless transmission techniques, which are serious candidates to be implemented in future broadband wireless and cellular systems, aiming at providing high and reliable data transmission and concomitantly high mobility. This book provides an overview of the channel impairments that may affect performance of single carrier and multi-carrier block transmission techniques in mobile environments. Moreover, it also provides a new insight into the new receiver designs able to cope with double selectivity that affects present and future broadband high speed mobile communication systems.
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Future broadband wireless communication systems are expected to be able to offer new and powerful services enabling fast transmission rates of several tens of Mbit/s. This is an ambitious challenge especially for mobile communication systems since these systems should be able to cope with severely time dispersive channels, associated to the signal multipath propagation. Moreover, these systems should have high spectral and power efficiencies, as well as high capacity and flexibility. Spread spectrum techniques, particularly coded division multiple access (CDMA) techniques allow high capacity and flexibility, continuous transmission requiring low-peak power requirements for the amplifiers, as well as some robustness against fading and time-dispersion effects associated with the multipath propagation. When employed in prefix assisted (PA) block transmission schemes combined with frequency-domain receiver implementations they become especially interesting for broadband wireless systems. In Frequency-Domain Multiuser Detection for CDMA Systems the use of PA block transmission is considered in the context of both DS (Direct Sequence) and MC (Multicarrier) CDMA schemes. The main goal is the study of frequency-domain multiuser detection techniques with iterative signal detection/decoding techniques, also in combination with estimation and cancelation of nonlinear distortion effects. The receiver structures are suitable to scenarios with high interference levels and strongly time-dispersive channels.
We re-assess the view that sovereigns with a history of default are charged only a small and/or short-lived premium on the interest rate warranted by observed fundamentals. Our reassessment uses a metric of such a “default premium” (DP) that is consistent with asymmetric information models and nests previous metrics, and applies it to a much broader dataset relative to earlier studies. We find a sizeable and persistent DP: in 1870-1938, it averaged 250 bps upon market re-entry, tapering to around 150 bps five years out; in 1970- 2011 the respective estimates are about 400 and 200 bps. We also find that: (i) these estimates are robust to many controls including on actual haircuts; (ii) the DP accounts for as much as 60% of the sovereign spread within five years of market re-entry; (iii) the DP rises with market exclusion spells. These findings help reconnect theory and evidence on why sovereign defaults are infrequent and earlier debt settlements are desirable.
Describing efficient transmission schemes for broadband wireless systems, Transmission Techniques for Emergent Multicast and Broadcast Systems examines advances in transmission techniques and receiver designs capable of supporting the emergent wireless needs for multimedia broadcast and multicast service (MBMS) requirements. It summarizes the resea
Fourth Generation (4G) wireless communication systems support current and emergent multimedia services such as mobile TV, social networks and gaming, high-definition TV, video teleconferencing, and messaging services. These systems feature the All-over-IP concept and boast improved quality of service. Several important R&D activities are currently under way in the field of wireless communications for 4G systems, but the coverage is widespread in the literature. Transmission Techniques for 4G Systems presents a compilation of the latest developments in the field of wireless communications for 4G systems, including evolved Multimedia Broadcast and Multicast Service (eMBMS). Topics include: Transmission schemes suitable for future broadband wireless systems Advances in transmission techniques and receiver design to support emergent wireless needs for 4G requirements Multiple-Input Multiple-Output (MIMO), base station cooperation, macro-diversity, and inter-cell interference cancellation Multihop relay techniques, hierarchical constellations, and multi-resolution techniques Advances using block transmission techniques for different propagation and multi-user environments System-level evaluation of 4G using different transmission techniques Exploring the key requirements of emergent services, this volume provides fundamentals and theory along with transmission and detection techniques and schemes transversal to many digital communication systems—including wireless, cellular, and satellite. If you’re interested in or involved with 4G multimedia systems, this is the book you need on the latest R&D wireless activities so you can plan, design, and develop prototypes and future systems.
Sustainable Construction Materials: Recycled Aggregate focuses on the massive systematic need that is necessary to encourage the uptake of recycled and secondary materials (RSM) in the construction industry. This book is the fifth and the last of the series on sustainable construction materials and like the previous four, it is also different to the norm. Its uniqueness lies in using the newly developed, Analytical Systemisation Method, in building the data-matrix sourced from 1413 publications, contributed by 2213 authors from 965 institutions in 67 countries, from 1977 to 2018, on the subject of recycled aggregate as a construction material, and systematically analysing, evaluating and modelling this information for use of the material as an aggregate concrete and mortar, geotechnics and road pavement applications. Environmental issues, case studies and standards are also discussed. The work establishes what is already known and can be used to further progress the use of sustainable construction materials. It can also help to avoid repetitive research and save valuable resources. The book is structured in an incisive and easy to digest manner and is particularly suited for researchers, academics, design engineers, specifiers, contractors, and government bodies dealing with construction works. - Provides an exhaustive and comprehensively organized list of globally-based published literature spanning 5000 references - Offers an analysis, evaluation, repackaging and modeling of existing knowledge that encourages more responsible use of waste materials - Provides a wealth of knowledge for use in many sectors relating to the construction profession, including academia, research, practice and adoption of RSM
Oral, Head and Neck Oncology and Reconstructive Surgery is the first multidisciplinary text to provide readers with a system for managing adult head and neck cancers based upon stage. Using an evidence-based approach to the management and treatment of a wide variety of clinical conditions, the extensive experience of the author and contributors in head and neck surgery and oncology are highlighted throughout the text. This includes computer aided surgical simulation, intraoperative navigation, robotic surgery, endoscopic surgery, microvascular reconstructive surgery, molecular science, and tumor immunology. In addition, high quality photos and illustrations are included, which are easily accessible on mobile devices. - Management protocols and outcomes assessment provide clear guidelines for managing problems related to adult head and neck oncology and reconstructive surgery. - State-of-the art guidance by recognized experts details current techniques as well as technological advances in head and neck/cranio-maxillofacial surgery and oncology. - Evidence-based content details the latest diagnostic and therapeutic options for treating a wide-variety of clinical problems with an emphasis on surgical technique and outcomes. - Multidisciplinary approach reflects best practices in managing head and neck oncology and cranio-maxillofacial surgery. - 900 highly detailed images clearly demonstrate pathologies and procedures. - Designed for the modern classroom which lets you access important information anywhere through mobile tablets and smart phones.
A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debtsabout the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergenciesfrom wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governmentsnow more heavily indebted than beforefinally emerge from the crisis.
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Manuel Rui’s early prose fiction focused on relations in colonial Angolan society and, in part, functioned as a contestation of Portuguese politics and culture. Rui continues to explore the complexities of Angolan life in Yes, Comrade! The stories in Yes, Comrade! communicate a sense of the atmosphere in a city occupied by rival nationalistic factions and a colonial power. The political center of consciousness is clearly the revolutionary MPLA (Popular Movement for the Liberation of Angola), which won the struggle in the political and military arena. Using immediate events as well as cultural and linguistic codes, Rui brilliantly explores the ramifications of political independence and nation-state formation. Manuel Rui is one of the leading writers postcolonial Angolan fiction. He has published several works of fiction and poetry, including Regresso Adiado, Memoria de Mar, and Quem me dera ser onda. Yes, Comrade! (originally published as Sim Camarada!) is the first of his works available in English translation. Ronald W. Sousa is professor of cultural studies and comparative literature at the University of Minnesota. He is the author of The Rediscoverers: Major Figures in the Portuguese Literature of National Regeneration and the translator of Clarice Lispector’s The Passion according to G.H. (Minnesota, 1988). Gitahi Gititi is an assistant professor of English at the University of Rhode Island at Kingston. He has taught literature at Kenyatta University in Nairobi, Kenya, and at Yale University. “...and along all the roads of tears flowers raged, saying, with a smile: ‘Yes, comrade!’” Despite his stature as one of Angola’s most important contemporary writers. Manuel Rui’s prose has never before been translated into English. With the publication of Yes, Comrade!, the non-Portuguese reader will be introduced to this essential work of Angolan fiction that offers a stunning portrait of revolutionary Angola in the 1960s and 1970s. Fascinating and extremely intricate, Yes, Comrade! emerges as a telling fictional portrayal of an extremely complex political and cultural scenario.
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