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Ebook Financial Integration, Financial Development and Global Imbalances

Submitted by wulan on Mon, 02/01/2010 - 05:50

At the end 2007 the United States reported the largest current account deficit and the lowest net foreign asset (NFA) position in its history. The NFA position reached -4.5 percent of the world’s output following a trend that started in the early 1980s. Throughout this period, the U.S. foreign asset portfolio also showed marked trends: net equity and FDI climbed to 1/10 of U.S. GDP, while debt obligations increased to about 1/3 of U.S. GDP.

These unprecedented global imbalances are the subject of heated debates in academic and policy circles. On the one hand there is the view that, unless major policy actions are taken, the imbalances will generate global financial turbulence and, possibly, a world economic crisis. On the other, there is the view that the imbalances are the relatively harmless outcome of various events such as differences in productivity growth, business cycle volatility, demographic dynamics, a ‘global saving glut’, or valuation effects. This view is summarized in Backus, Henriksen, Lambert, & Telmer (2005).

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Aeronautics Ebook: Mixing in gas phase turbulent jets

Submitted by acrobat on Sun, 10/19/2008 - 07:35

This free ebooks is an experimental investigation of the mixing of the nozzle fluid of a round, turbulent jet with the entrained reservoir fluid, using laser-Rayleigh scattering methods. The measurements, at Reynolds numbers of 5,000 and 16,000, cover the axial range from 20 to 90 jet exit diameters and resolve the full range of temporal and spatial concentration scales. The measured mean and rms values of the concentration, and the mean scalar dissipation rate, when estimated from the time derivative of concentration, are consistent with jet similarity laws. Concentration fluctuation power spectra are found to be self-similar along rays emanating from the virtual origin of the jet, and are consistent with the universal form of scalar spectra proposed by Gibson (1968 II). The probability density functions for the concentration, the time derivative of concentration, and the square of the time derivative of concentration, are compiled and are also found to be self-similar along rays. Features of the measured distributions and spectra are consistent with the existence of large-scale structures within the flow that span the local diameter of the jet's turbulent cone. On the centerline of the jet, the scaled probability density function of jet gas concentration is found to be almost independent of the Reynolds number while the local mixing rate in the inner part of jet is not. The usual assumptions concerning isotropy and correlation of derivatives are found to lead to erroneous results for the probablility density function of the scalar dissipation rate.

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Ebook Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets

Submitted by wulan on Mon, 12/07/2009 - 03:33

After markets for securitized credit products collapsed dramatically in the second half of 200 7, growth in a number of industrialized economies slowed markedly, suggesting that disruptions in financial markets can have important macroeconomic consequences. The fact that sharp and sudden deteriorations in financial conditions are typically followed by a prolonged period of economic weakness is a feature of a growing number of economic downturns in the U.S. and abroad.

During periods of credit market turmoil, financial asset prices, owing to their forward looking nature, are especially informative of linkages between the real and financial sides of economy: Movements in asset prices can provide early warning signals for such economic downturns and can be used to gauge the degree of strains in financial markets.

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