... territory of like extent in the Old World or the New Of these manifold blessings the temperature ofthe air, the distribution ofthe rains, the disposition of land and water, the plenty ofthe sea, ... celebrated for the profusion and variety of their spontaneous and their cultivated products, and for the wealth and social advancement of their inhabitants—is either deserted by civilized man and surrendered ... prose in the preface: The object ofthe present volume is: to indicate the character and, approximately, the extent ofthe changes produced by human action in the physical conditions ofthe globe...
... America andtheLawofthe Sea’, in L M Alexander (ed.), TheLawofthe Sea: A New Geneva Conference Proceedings ofthe 6th Annual Conference oftheLawofthe Sea Institute, Kingston, Rhode Island, ... Oceans andtheLawofthe Sea’ (POLOS, 1996–8).1 The POLOS project, which was directed by the editor of this book, sought to analyse global and regional solutions in thelawofthe sea and ocean policy ... Regionalism in the pre-UNCLOS III lawofthe sea Thelawofthe sea is inherently global The International Law Commission assumed as much in its codification ofthe subject in the 1950s; andthe words...
... to the more aggregated structure, and longer time horizon, of models used to examine climate policy In Figure we show the ratios ofthe emissions of NOx, CO/VOC, and SOx in the year 2100 to the ... differently to these caps due to the short air pollutant lifetimes and dominance of northern over southern hemispheric emissions (Figs 4b and 4c) The northern hemisphere contributes the most to the global ... induced by the capping of SOx Note that these climate calculations in Figure omit the cooling effects ofthe CO2 reductions caused by the lessening ofthe inhibition ofthe land sink by ozone (Figure...
... Article 179 ofthe 1992 Constitution, I have the singular honour and privilege to stand before this august House andthe people of Ghana to present the 2011 Budget Statement and Economic Policy on ... balance of payments The third review ofthe programme is expected to be completed by the end of January, 2011 31 The programme has contributed to the stabilization ofthe economy, as the disbursements ... anticipated, andthe accelerated clearance of domestic arrears than programmed for the first three quarters ofthe year 42 Based on the projected revenues and expenditures up to the end ofthe 2010...
... context ofthe market It focuses on the role and limitations ofthelawof contract, but also considers the place ofthelawof tort Although contract law could be viewed as a technique of regulation, ... degree of protection for the consumer The main limitations are the doctrine of privity andthe existence of transaction costs Contract and privity A major limitation in the ability ofthelawof ... itself Just as there has been state intervention in thelawof contract, so there has been in thelawof tort Since the implementation of Part I ofthe Consumer Protection Act 1987 there has been...
... Budget Office produce its own projections ofthe economic impact of a sustained increase in defense spending The Economic Impact oftheIraq War and Higher Military Spending Introduction TheIraq ... attributable to the war in Iraqandthe continuing cost ofthe occupation in Afghanistan Appendix Table compares projected the levels of defense spending in the Budget and Economic Outlook issued by the ... the people ofIraqandthe soldiers who serve there, it is still important to recognize the cost that a prolonged period of higher military defense spending will impose on the economy It is often...
... pressures and densities), and if we mix them together, then among the states of one mole of nitrogen that can be reached adiabatically there is one in which the energy is the sum ofthe two energies and, ... will not be construed as part ofthe structure ofthe second lawThe definitions and theorems are self-contained, as we state them, andthe remarks that surround them are intended only as a helpful ... redo the whole theory using only the notion of OO An emphasis on OO appears in Lewis and Randall’s discussion ofthe second law (Lewis and Randall, 1923, p 116) Remark It should be noted that the...
... to the improvement of quality and efficiency of such cooperation in the future Outcomes ofthe thesis shall contribute to the research and teaching ofthe history ofthe Communist Party of ... process, the Ministry of Education and Training identified the means to increase the scale andthe efficiency of international integration ofthe 2000-2005 period Implementing the mandate ofthe 6th ... 8th, 2002 on the promulgation ofthe action plan ofthe educational field regarding the mandate ofthe 6th plenum ofthe 9th Central Committee term andthe educational strategy for the 21 2001-2010...
... staffs ofthe center Practical meaning: The results ofthe thesis has performed the effectiveness oftheintervention model to help planners andpolicy makers as well as presventing LRT for FSW and ... incidences and efectiveness of interventions, in order to improve the knowledge and pratising for FSW, who were being in the Center II The thesis has proved the evidence on effectiveness of interventions ... improve knowledge and pratising STD managing for health workers, base on that to expand this intervention model for other centers over the nation The layout ofthe thesis The thesis is presented...
... teach these lectures in many other places: the Oslo BI School of Management (March 2002), the Bank of Finland (April 2002), the Bank of England (May 2002), Wuhan University (November 2002 and December ... Economic Review, the Journal ofthe European Economic Association, the Journal of Financial Intermediation, andthe Economic Review ofthe Federal Reserve of New York—for giving me the right to use ... supervisors is then to represent the interests of depositors (or rather ofthe DIF) vis-à-vis banks’ managers and shareholders • Macroprudential policy is justified by the (partial) failure ofthe market...
... following the observation of private signals on the future realization of R If the proportion x of these withdrawals exceeds the cash reserves M ofthe bank, then the bank is forced to sell some of ... both the amount of equity andthe riskiness of assets are taken as given As a consequence of our assumptions, the relation between the proportion x of early withdrawals andthe failure ofthe ... all ofthe banks was provided, but the stockholders ofthe banks were not expropriated and some managers remained in charge As a result the cost was huge, ofthe order of 8% of GDP For Norway (and...
... ofthe liquidity ratio m andthe solvency (E/I) ofthe bank, ofthe critical withdrawal probability γ, andof ¯ the expected return on the bank’s assets R (ii) R ∗ is an increasing function of ... well as the profit rates ofthe bankers in different states ofthe world, as a function of E (the equity ofthe bank) andthe parameters characterizing investment returns and bankers’ actions The object ... for the LLR policy Thus we provide a theory ofthe LLR in crisis periods even in the absence of contagion threats Our results may thus help clarify the debate on the role ofthe LLR: when the...
... discussion ofthe issue and a model ofthe IMF’s preferred creditor status to mitigate financial crises 24 Memorandum of Understanding between HM Treasury, the Bank of England, andthe FSA (Available ... two effects: it raises the issue ofthe feasibility ofthe efficient allocation in the presence of an interbank market; and it limits the role ofthe CB to situations in which the interbank market ... capture Furthermore, the ability ofthe CB to shift losses from ELA onto the DIF strengthens the incentive ofthe supervisor to detect and close insolvent banks Our policy recommendation is therefore...
... the lower the value ofthe interbank loan andthe higher the overall liquidity shock of bank While the qualitative features ofthe implementation ofthe optimum are clear, the exact details of ... One ofthe key issues addressed in this paper is whether the rescue ofthe lending bank operates through a bailout ofthe borrowing bank, a move that we take to be the hallmark ofthe TBTF policy ... between the banks andthe DIF on the one hand, and pure public supervision on the other hand Proposition 4.3 A purely private organization ofthe banking sector leads to too many closures in the...
... crisis, the Mexican, Asian, and Russian crises, andthe crisis ofthe Long Term Capital Management hedge fund have all shown the importance oftheinterventionofthe central banks andofthe international ... monitor each other 7.3 Resiliency and Market Discipline in the Interbank System In the next two sections we tackle the issue ofthe impact ofthe insolvency of one bank on the rest ofthe system ... structured and what should be the role ofthe lender of last resort (LLR) A good illustration ofthe wedge between theory and reality is provided by the deposits shift that followed the distress of Bank...
... uncertainty and we focus on the implications ofthe insolvency of one bank in terms of market discipline andthe stability ofthe system In particular in proposition 7.4 we show how the structure of interbank ... another location have the natural interpretation of demand of goods of other countries, i.e., import demand Goods ofthe other country can be purchased through currency (like in autarky in the ... that one of these banks (and only one) is insolvent (this is known at t = 1) The next proposition illustrates how the closure of a and X2 = max − 20 See, for example, theinterventionofthe monetary...
... similar to the conflict of interest between bondholders and shareholders of undercapitalized firms Figure 9.2 represents the typical pattern ofthe value ofthe bank’s equity E, as a function ofthe value ... Value ofthe Bank The value ofthe bank (when assets are monitored) equals the expected present value of future cash flows βAt , net ofthe monitoring cost r γ, until the stopping time τL (the first ... consider the general case in which both µ and σ are altered by the banker’s decision In the absence of shirking, the value ofthe bank’s equity is given by a simple formula in the spirit of equation...
... level of risk chosen by the bank Then they examine the complementarity between two policy instruments of bank regulators: the level of capital requirements andthe intensity of supervision In the ... (2000), and Milne and Whalley (2001) that analyze the impact of solvency regulations and supervision intensity on the behavior of commercial banks Let us briefly summarize the main findings of these ... possibility of strategic default In the other strand ofthe literature, Merton (1977, 1978) is the first to use a diffusion model for studying the behavior of commercial banks He computes the fair...
... the Head ofthe Department of Health in the Free State, andthe study protocol was approved by the Human Research Ethics Committees ofthe Faculty of Health Sciences ofthe University ofthe Free ... extended to the STRETCH trainers, management and staff in the province andthe districts, andthe ART sites in the Free State for their time and cooperation The financial support ofthe STRETCH ... prescribing ART at the Page of 11 intervention sites; and facilitating the establishment of management teams to oversee the implementation oftheinterventionThe involvement ofthe STRETCH coordinator...