The appropriate response of a central banks interest rate policy to banking crises is the subject of a continuing and important debate. A standard view is that monetary policy should play a role only if a financial disruption directly affects inflation or the real economy; monetary policy should not be used to alleviate financial distress per se. Additionally, several studies on interlinkages between monetary policy and financial stability policy recommend the complete separation of the two, with evidence of higher and more volatile inflation rates in countries where the central bank is in charge of banking stability.
This view of monetary policy is challenged by observations that during a banking crisis, interbank interest rates often appear to be a key instrument used by central banks for limiting threats to financial stability. During the recent crisis starting in August 2007, interest rate setting in both the U.S. and the E.U. appeared to be geared heavily toward alleviating stress in the banking system. This also appears to be the case in previous financial disruptions, as Goodfriend (2002) states: Consider the fact that the Fed cut interest rates sharply in response to two of the most serious financial crises in recent years: the October 1987 stock market break and the turmoil following the Russian default in 1998. The practice of reducing interbank rates during financial turmoil also challenges the long debated view originated by Bagehot (1873) that central banks should provide liquidity to banks at high penalty interest rates (see Martin 2009, for example).
Architecture is a structured relationship of physical elements in which use, experience and memory are integral to its sense of shelter. Beginning with the drawn and built conceptions of the House at Yellow Sulfur Springs, structural fragments of the project included cast concrete studies, a desired relationship between surface, physical structure and light, an indirect path of entry and pre-existing qualities of the site. These fragments coalesced as a house with varying degrees of enclosure, a structure defined by material distinctions and assembly details, and a sensual path between inside and outside.
Chacma baboons (Papio hamadryas ursinus) are a widespread and successful primate species in southern Africa (Estes 1992, Rowe 1996). The ability to live in many habitats, under challenging environmental conditions, is a major reason for their success (Altmann 1998). In South Africa, the rapid increase of urbanization and decreasing number of unprotected natural areas has caused many species, including baboons, to become scattered and isolated. This is the situation facing a population of chacma baboons in the Suikerbosrand Nature Reserve, a small mountainous grassland reserve situated in Gauteng Province.
Suikerbosrand Nature Reserve comprises ideal habitat for baboons with a range of different habitats such as open grassland, Acacia savannah, mixed shrub land and denser wooded areas. Challenges facing baboons include seasonal fluctuations and spatial changes in food availability with regard to habitat availability. Problems arise when a population grows too large for small areas of protected natural habitats. When the foraging needs imposed by baboons on natural resources are not sustainable, it is likely that baboons will look to adjacent human resources, such as farming or urban environments, to meet energy demands.
