REPATRIATION OF DEBT IN THE EURO CRISIS

With the beginning of the Euro Crisis, the long‐standing trend of European financial integration reversed. Investors unwound cross‐border positions of debt obligations and increased holdings of locally issued debt. In other words, debt obligations were repatriated. We use data on bank portfolios to document three new empirical regularities of the financial disintegration: (i) repatriation affected mainly debt of crisis countries; (ii) repatriation affected mainly public debt; (iii) the public debt of crisis countries that was not repatriated was reallocated to large and politically influential countries within the Euro area. We read these results in light of standard theories of cross‐border portfolio allocation and argue that the sum of these patterns constitutes evidence for the secondary market theory of public debt.     

DISTRIBUTIONAL INCENTIVES IN AN EQUILIBRIUM MODEL OF DOMESTIC SOVEREIGN DEFAULT

Europe's debt crisis resembles historical episodes of outright default on domestic public debt about which little research exists. This paper proposes a theory of domestic sovereign default based on distributional incentives affecting the welfare of risk‐averse debt and nondebtholders. A utilitarian government cannot sustain debt if default is costless. If default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A government favoring bond holders can also sustain debt, with debt rising as ownership becomes more concentrated. These results are robust to adding foreign investors, redistributive taxes, or a second asset.     

弗·施勒格尔的反讽方法论

弗·施勒格尔对浪漫主义有重要影响,反讽是他的重要概念之一。修辞学上的反讽与浪漫反讽是截然不同的,浪漫反讽具有重要的哲学方法论地位,它虽与形式逻辑相对,但却不是完全的非理性。对弗·施勒格尔来说,反讽是解决二元对立,达致统一哲学的唯一路径。     

基于ABAQUS的高速切削锯齿形切屑仿真

为了更好地研究在高速金属切削过程中出现的锯齿形切屑的形成机理,以ABAQUS/Explicit软件为平台,利用 有限元方法对AISI1045的高速切削过程进行了建模与仿真,建立了分离线模型,利用拉格朗日网格划分方法对模型进 行了网格划分,实现了仿真功能,获得了在锯齿形切屑形成的过程中,应力、温度、切削力和总能量随时间变化情况的数 据。在此基础上,以绝热剪切理论为基础分析了锯齿形切屑的形成机理。研究表明,在应力和温度图中,有明显的绝热 剪切带,说明了用绝热剪切理论分析高速切削塑性材料的可行性;锯齿形上升的总能量图说明了加工过程是一个有规律 的振动的过程;切削力的波动图说明了切削振动的频率过大。     

自动窗帘远程控制系统

针对目前自动窗帘需要通过按钮或遥控器且只能实现近程控制的现状,提出了一种以STM32F103芯片为核心, 结合Wi-Fi通信技术和互联网技术,能够简单有效地对自动窗帘进行远程控制的解决方案。方案采用模块化的设计思 路,重点分析了系统无线通信模块、继电器模块、按键模块、电源保护和电平转换模块的设计过程,介绍了系统的基本工 作原理和操作方法,设计了基于TCP通信协议的服务端和客户端软件以通过互联网或者个人移动设备实现窗帘的远程 控制。实际结果表明,该方案可以应用于家居或办公环境,具有稳定性高、操作简单等特点。     

The linkage effects of raw material processing in economic development: A survey of modeling and other approaches

Processing of primary raw materials has become an important and widely recommended strategy for economic development. Yet, even as the councils of many LDCs call for primary commodity producers to gain greater participation in downstream activities, there remain doubts on fundamental questions:What comparative advantage and what disadvantages do processing activities have in the LDCs?What linkages do processing activities offer?What is the potential contribution of processing to economic goal attainment in the LDCs?In this article we survey the material on processing, particularly with respect to modeling direct and indirect linkages between processing and the LDC economies. The article examines the following topics: (1) the literature on processing in economic development; (2) modeling processing linkages; and (3) outstanding questions regarding processing linkages.We focus on quantifiable linkages between the processing industry and the rest of the economy. There is also the possibility of other linkages, such as the development of entrepreneurship and management talent and technology, that are more difficult to quantify. It is important to distinguish between micro linkages, which refer to the direct impact on supplier and user sectors, and macro linkages, which include indirect general economic effects transmitted through government revenue and expenditures, the money supply, and foreign exchange availabilities.     

An adaptive sampling scheme guided by BART—with an application to predict processor performance

The evaluation of new processor designs is an important issue in electrical and computer engineering. Architects use simulations to evaluate designs and to understand trade‐offs and interactions among design parameters. However, due to the lengthy simulation time and limited resources, it is often practically impossible to simulate a full factorial design space. Effective sampling methods and predictive models are required. In this paper, the authors propose an automated performance predictive approach which employs an adaptive sampling scheme that interactively works with the predictive model to select samples for simulation. These samples are then used to build Bayesian additive regression trees, which in turn are used to predict the whole design space. Both real data analysis and simulation studies show that the method is effective in that, though sampling at very few design points, it generates highly accurate predictions on the unsampled points. Furthermore, the proposed model provides quantitative interpretation tools with which investigators can efficiently tune design parameters in order to improve processor performance. The Canadian Journal of Statistics 38: 136–152; 2010 © 2010 Statistical Society of Canada