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Ebook A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises

The essence of central banking lies in the pursuit of macroeconomic and financial stability. There are complete models of macroeconomic stability, and a reasonably broad consensus on how to achieve it. Not so for financial stability. There is no widely accepted model, much less a consensus on how to achieve it even the definition is a matter of debate. This is disturbing, given the frequency with which financial instability has befallen the world in the last 25 years, often with devastating productive and redistributive consequences.

This paper extends the reach of macroeconomics to financial instability in a very simple and explicit way. We depart from Kiyotaki and Moore’s (1997) model of credit cycles. They consider leveraged firms, and how their exposure to asset prices generates macroeconomic dynamics. We believe that taking the route of leverage and asset prices is even more promising for understanding financial stability, the other dimension of central banking.

Ebook SMART GROWTH is Smart Business

A cross America, communities are grappling with the economic, environmental, and civic impacts of sprawl, including traffic congestion, crowded schools, pollution, loss of open space, and decaying infrastructure. Community leaders and local government officials have been on the front line, trying to manage the enormous changes affecting their hometowns. Many local officials have discovered that strong partnerships with the private sector, particularly with businesses that are promoting “smart growth” alternatives to sprawl, can be critical to addressing the challenges of sprawling development.

The National Association of Local Government Environmental Professionals (NALGEP) and the Smart Growth Leadership Institute partnered to produce this report, Smart Growth is Smart Business. The report profiles 17 businesses and business groups that are putting smart growth into action in communities across the nation. It outlines the reasons why these business leaders are supporting smart growth policies and projects, and it puts forth five key smart growth business approaches.

Ebook Osmoregulation in elasmobranchs: a review for fish biologists, behaviourists and ecologists

Elasmobranchs are predominantly marine, although some 10% are estuarine, 2% are euryhaline and 1% are obligate in fresh water (Martin 2005). Studies of osmoregulation in elasmobranchs have been reported in the literature over the last seventy-five years; however, there have been significant advances in our understanding of the mechanisms underlying elasmobranch osmoregulation in the past decade. Although there have been several recent reviews of elasmobranch osmoregulation (Hazon et al. 2003; Evans et al. 2004, 2005), these have restricted focus to selected aspects of osmoregulation and tended to be highly technical. This article provides a broad review of osmoregulation in elasmobranchs for non-specialists, particularly fish biologists, behaviourists and ecologists with limited training in the biochemistry and physiology of osmoregulation.

Osmoregulation depends on the relationship between the solute-to-solvent concentrations of the internal body fluids (extracellular and intracellular) and the outside medium that surrounds the animal. Unless the internal body fluids and the outside medium have the same solute concentration, water will enter the body when its fluids contain a higher concentration of solute and leave the body when the surrounding medium contains a higher concentration. Electrolytes will similarly diffuse through the body down concentration gradients. These considerations hold true at both the extracellular and intracellular level. Thus, marine animals face problems of dehydration and the elimination of excess salts, while freshwater animals must conserve their salts and eliminate excess water.

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