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In order to improve the effect of injection–production coupling development to improve crude oil recovery in complex fault-block reservoirs, we carried out a physical simulation experiment based on a sandpack model of transforming water-driven development into injection–production coupling development and quantitatively evaluated the influence of rounds of injection pressure coupling on the crude oil mobilization in reservoirs with different permeability levels and on oil recovery. Meanwhile, the characteristics of residual oil were studied via a numerical simulation method. The mechanism of increased oil production via injection–production coupling development was revealed by analyzing the water and oil contents, formation pressure, and streamline fields through the establishment of mechanism models. The results of the physical experiment show that injection–production coupling can improve the recovery effect of medium- and low-permeability reservoirs by 55.66%. With an increase in the injection pressure, the oil recovery percentage of the low-permeability sandpack model at 20 MPa is 100%, and this study finds that injection–production coupling is the main way to develop the recoverable oil in a low-permeability reservoir. The numerical simulation results show that among the four remaining oil distribution types (interwell-enriched, low-permeability zone-enriched, well network imperfection, and mismatch between injection and production), the interwell-enriched type of the remaining oil reserves accounts for the highest proportion (48.52%). The simulation results of the mechanism model show that water-driven development easily leads to streamline solidification, resulting in ineffective circulation of the injected water. Compared with conventional water-driven development, the pressure propagation range is significantly increased in injection–production coupling development. The reservoir streamline distribution is more continuous and uniform, and the flooding wave is wider in volume and range. This research provides a theoretical basis for the injection–production coupling technology policy in complex fault-block reservoirs. [ABSTRACT FROM AUTHOR]

Heilangou gold deposit is located in the east of Jiaobei area, and the proven gold reserves currently account for more than 70 % of that of Penglai area. The intrusive rocks related to mineralization in this area are rich in silicon, and alkali while lacking magnesium, with TFeO (1.22 %-12.36 %,with an average of 3.38 %),and the Rb mass fraction is less than 270×10-6. The REE chondrite-normalized distribution curve has an obvious right-leaning distribution model and weak positive Eu anomaly, and the w (Rb)/w (Nb) value is 7.8-36.0,which is A-type granite, with the characteristic of low-Mg adakites. The crystal ages of intrusive rocks measured by the LA-ICP-MS zircon U-Pb method are respectively (172.8±0.3)Ma, (172.8±0.4)Ma, and (174.0±0.4)Ma, which are all related to magmatic activity in the early Middle Jurassic. Heilangou gold area is mainly controlled by the lower crust and lithospheric mantle, and the source of ore-forming material is related to the partial melting of the crust and upwelling of lithospheric mantle and asthenosphere mantle, which belongs to the mixed material source of crust and mantle. [ABSTRACT FROM AUTHOR]

Background: The widespread use and misuse of antimicrobials are the major driving factor for antimicrobial resistance (AMR) that threatens the health of human beings globally. Thus, monitoring antimicrobial consumption at national level is crucial to prevent and contain AMR. Nevertheless, there is no well-established system for recording and reporting of antimicrobial consumption in Ethiopia. Hence, the national antimicrobial consumption survey was conducted to generate evidence for decision-making on the appropriate use of antimicrobials in Ethiopia and tackle AMR. Methods: All imported and locally manufactured antimicrobials from 2017 to 2019 were from the Ethiopian Food and Drug Authority and local manufacturers database, respectively. Data were collected and analyzed descriptively in accordance with the World Health Organization (WHO) Anatomical Therapeutic Chemical (ATC) and defined daily doses (DDD) classification and methodology. Results: The average DDD/1,000 inhabitants for all antimicrobials was 15.36. The DDD/1,000 inhabitants fell down sharply from 37.03 in 2017 to 4.30 in 2018, before slightly rising to 4.75 in 2019. The majority of the consumed antimicrobials were comprised of oral antimicrobials (98.6%), while parenteral antimicrobials made up 1.4%. Tetracyclines (35.81%), fluoroquinolones (20.19%), macrolides (13.92%), antiretrovirals (10.57%), and cephalosporins (9.63%) were the most frequently consumed classes of antimicrobials during the three years period. About 75.83% of the consumed antimicrobials fall under the WHO AWaRe classification and 67.87% of antimicrobial consumption was from the WHO Access class medications, with Watch and Reserve classes accounting for 32.13% and <1%, respectively. Similarly, about 86.90% of the antimicrobials fall under the Ethiopian AWaRe classification, with Access, Watch, and Reserve accounting for 87.73%, 12.26%, and <1%, respectively. Conclusion: Due to the peculiarities of our settings, our findings may have some similarities and differences with similar studies from other countries. Hence, we recommend for all concerned bodies to work collaboratively to improve monitoring of antimicrobial consumption at different levels of the Ethiopian healthcare tier system. Future work is necessary to establish a strong system of reporting of antimicrobial consumption patterns in Ethiopia. [ABSTRACT FROM AUTHOR]

The article describes the characteristics and classification of partial (hypolactasia) and complete (alactasia) lactose intolerance; the classification of dairy products for people with lactose intolerance is considered, the lactose content requirements for low-lactose and lactose-free products are indicated. The parameters of lactose hydrolysis in milk using the enzyme β-galactosidase HA-Lactase 2100 of the Danish company Christian Hansen are given.. Lactulose has been characterized as a prebiotic used in dairy product technologies to prevent dysbacteriosis. The mass fraction of lactulose in pasteurized low-lactose milk is substantiated. The expediency of production of pasteurized low-lactose milk with a lactulose content of 0.3% is shown, which will provide the human body with 30.0–50.0% lactulose when consuming the daily norm of the product - 500 cm3. The change of quality indicators in pasteurized low-lactose milk in hermetically sealed containers - plastic bottles with a capacity of 1000 cm3, produced under production conditions at Hormolzavod LLC (Odesa), during the storage process - was determined. It was noted that during 25 days of storage, the quality indicators of the target product meet the requirements of the current regulatory documents for drinking milk, in particular, according to the "titrated acidity" indicator, and during further storage, this indicator exceeds the normative value Recommendations are provided regarding the storage parameters of pasteurized low-lactose milk with lactulose in a hermetic container: taking into account the reserve ratio, which for drinking milk should be 1.3, the maximum storage period of pasteurized low-lactose milk with lactulose, produced at Hormolzavod LLC (Odesa), should not exceed 19.2 days at a temperature of 2–6 ºС. Taking into account the fact that the storage of the product at the enterprise during experimental research was carried out at a temperature of 2 ºС, it was decided to recommend establishing a maximum storage period of pasteurized low-lactose milk with lactulose at a temperature of 2–6 ºС for no more than 18 days to prevent spoilage of the product in trade networks. where its storage temperature can be 2–6 ºС. [ABSTRACT FROM AUTHOR]

Protection of cultivated land around cities has been an important topic in the territorial spatial planning, which is of great significance in guaranteeing ecological and food security and contributing to the sustainable development of cities. In this study, we quantified the synergistic relationship between natural quality characteristics and surrounding site conditions of cultivated land, by integrating the three-line demarcation requirements of permanent basic cultivated land red line, ecological red line, and urban development boundary. On the basis of Land Evaluation and Site Assessment (LESA) theory, this study establishes a cultivated land suitability evaluation system based on the comprehensive evaluation system of natural quality and site conditions, establishes cultivated land use and protection zones around the main urban area of Anshan City, and puts forward the control measures of cultivated land protection zones. The results showed that the cultivated land in the main urban area of Anshan could be divided into four types: permanent basic cultivated land area accounting for 80.7%, permanent basic cultivated land reserve area accounting for 10.15%, urban development boundary flexible use area accounting for 3.98%, and ecological restoration area accounting for 5.17%. The evaluation results reflected the differences in the cultivated land quality and site environment stability and integrated the policy requirements of the three-line demarcation. The layout of cultivated land around the main urban area was effectively explored, and the permanent basic farmland protection zone was delineated, which met the requirements of flexible development of urban boundaries and control of ecological red line for effective land use. [ABSTRACT FROM AUTHOR]

The western Baltic Sea cod (WBC) stock is at historically low levels, mainly attributed to high fishing pressure and low recruitment. Stable stock assessment metrics suggested recovery potential, given appropriate fisheries management measures. However, changing environmental conditions violate stability assumptions, may negatively affect WBC, and challenge the resource management. The present study explored 42 years of changes in WBC biological parameters. WBC body condition gradually decreased over the last decades for juveniles and adults, with a rapid decrease in recent years when a single cohort dominated the overfished stock. The hepato-somatic index and the muscle weight decreased by 50% and 10% in the last 10 years, respectively, suggesting severely decreasing energy reserves and productivity. The changes in energy reserves were associated with changes in environmental conditions (increase in bottom water temperature, expansion of hypoxic areas during late summer/autumn), and changes in diet composition (less herring). A key bottleneck is the warming and longer-lasting summer period when WBC, trapped between warmed shallow waters and hypoxic deeper waters, have to mobilize energy reserves to account for reduced feeding opportunities and thermal stress. Our results suggest that stock recovery is unlikely to happen by fisheries management alone if environmental trajectories remain unchanged. [ABSTRACT FROM AUTHOR]

The article highlights that many Arab countries have high spending without developing a solid revenue base or adequate emergency reserves, public debt levels have skyrocketed, and governments balance sheets have struggled to cope with waves of crises and their required responses. It also discusses that many Arab countries have faced compounded shocks in the humanitarian and health spheres, in real economic and financial trends, and in the management of their pre-existing sovereign debts.

This paper investigates the shortcomings of the AISC 360–22 and Eurocode 3–22 provisions for calculating the plateau and lateral-torsional buckling (LTB) flexural resistance of thin-web singly-symmetric steel I-section members with the larger flange in compression. In addition, the paper proposes and evaluates corresponding newly recommended AISC 360 procedures, which eliminate the tension flange yielding (TFY) limit state check and implement a more mechanistically-based solution accounting for the inelastic reserve strength associated with flexural yielding in tension. The recommended procedures incorporate other recently proposed improvements to AISC 360, solving substantive LTB overprediction problems for certain types of built-up I-section members. The results from six large-scale experimental tests, associated finite element analysis (FEA) simulations, and parametric FEA simulation studies are considered. The results demonstrate improved accuracy and substantial gains in the predicted strengths by the recommended procedures relative to the AISC 360–22 and Eurocode 3–22 calculations for a significant range of geometries and loadings. In addition, the recommended methods address LTB overprediction problems exhibited by AISC 360–22 for a limited range of the member types studied. • Experimental evidence shows current flexure design codes can be overly conservative. • Accounting for tensile yield in flexure can result in substantial strength gains. • Codes do not calculate the true stain distribution for larger flanges in compression. • Experimental evidence shows current flexure design codes can overpredict capacity. • Improvements can be made to the design codes through simple modification. [ABSTRACT FROM AUTHOR]

Global warming is increasing the vulnerability of ecosystems, especially in peninsular Spain. Biosphere Reserves are internationally protected areas that seek to protect biodiversity and, at the same time, promote sustainable development. Evaluating these protected areas is essential to verify environmental changes and establish priorities in their management. In this work, we have studied the time trends of NDVI in the high mountain Biosphere Reserves of Spain from 2001 to 2016 to check if the trend patterns are associated with some environmental variables. Significant differences were found between NDVI trends and high mountain Biosphere Reserves. Firstly, significant positive trends in NDVI were observed when analysing both reserves together. However, significant differences were found between the two reserves. The Ordesa-Viñamala Reserve shows higher positive NDVI trends and lower negative trends, while this pattern is reversed in Sierra Nevada. We observed how the fluctuations in temperature and drought due to climate change have already negatively affected the Mediterranean reserve (Sierra Nevada). In contrast, the alpine reserve (Ordesa-Viñamala) maintains positive NDVI trends. This study helps to close the gap in information related to Biosphere Reserves, which gives value to the work that is being carried out by the local communities that make up them, generating statistically significant results that Biosphere Reserves are protected areas that help us understand how to manage and govern socioecological systems sustainably. • The study assesses NDVI trend in the Spanish high mountain Biosphere Reserves. • We analysis the association between NDVI trends and environmental variables. • Significant differences in NDVI trend frequency found between the reserves. • Climate change is having effects on reserves NDVI trends. • Trend data is key to ensuring reserves take into account in political decisions. [ABSTRACT FROM AUTHOR]

This paper proposes a comprehensive methodology for determining the converter droop settings to ensure the voltage security in a multi-terminal direct current (MTDC) grid. The novelty lies in the introduction of the concept of over- and under-voltage containment reserves in analogy to the frequency containment reserves in AC systems. This not only gives a distinction of the contribution between the converters in rectifying and inverting modes, but also significantly facilitates the sizing of the necessary amount of reserves within their available headroom capacity of power. In particular, the constraints of converter outages, converter rating, and DC voltage deviations are all taken into account in the design of reserves. The effectiveness of the proposed approach is demonstrated by a contingency power flow analysis algorithm and EMT simulations of a four-terminal MTDC grid. [ABSTRACT FROM AUTHOR]

Successive calamities, including bark beetle outbreaks and windthrow, have caused severe damages in German forests since 2018. The loss of forest stands as an important source of income makes it increasingly difficult for forest management to secure sustainable revenues, which in turn threatens the livelihood of many private forest enterprises. In addition, valuable ecosystem services are affected and there is a lack of financial resources for the necessary investments in reforestation and climate change adaptation. An online survey was used to investigate the attitude of private forest enterprises towards solving liquidity problems. [ABSTRACT FROM AUTHOR]

The complex pattern of gold production in Canada, which differs from the classic Hubbert´s curve, is modeled, and a short-term forecast is made, via the Fundamental Equation of Mineral Production (FEMP). For intervals of time with a variable production to reserves ratio, a discrete piecewise version of the equation updates the reserves and the Production to Reserves Ratio (PRR) by units of time. These piecewise linear portions of the PRR correspond to sub-cycles of rising and declining production embedded in the overall history of production. This version of the FEMP allows modelling of any pattern of mineral production at a universal range of scales. The Hubbert´s linearization indicates the official account of reserves underestimates the real amount of gold resources in Canada. The equivalence between the Hubbert's formula and the FEMP is introduced. The Hubbert curve is shown as a case study of the Fundamental Equation, featured as the product of a quadratic function of the cumulative production and a rational function of the PRR with time. The forecast for Canada's current gold production illustrates the metal output is about to peak with an all-time record high in the near future, unless new findings or influential global economic factors are introduced (i.e., a sharp and sustained growth of gold demand from regional markets), allowing an increase of the slope of the linear function featured by the PRR of the FEMP-based model. [ABSTRACT FROM AUTHOR]

Ch-chalcedony is a green colored member of the quartz group of gem stones. The appearance of Ch-chalcedony is very similar to that of chrysoprase. Differently, Ch-chalsedonies have a chromium element instead of a nickel element as a trace element. Green quartz used in jewelery as a seal stone, in necklaces and rings and has been one of the most valuable quartz varieties throughout history, with its beautiful green color, more rare than other quartz varieties. The Ch-chalcedonies in the North Anatolian region is yellowish-white, brownish gray, light green to dark green in color ranging from several centimeters to one meter thick in veins and lenses in the Lower-Middle Eocene dolomitic limestones. Ch-chalcedonies are composed of fine-grained and occasionally fibrous needle-like quartz; in some examples, quartz is present together with cristobalite, tridimite and cuspidine minerals. According to geochemical investigations in Ch-chalcedonies, the main oxides that were determined are as follows: SiO2 was observed in the range of 95.86-97.81%, Fe2O3 was observed in the range of 0.61-0.91% and Cr2O3 was observed in the range of 0.125-0.168%. A trace element analysis of Ch-chalcedonies, shows their significant enrichments in: Ni, Mo, Cu, Mn, V, Cr and W, especially in the Cr (up to 705 ppm). The green color of the studied Cr-chalcedonies originates from the element chromium. Taking the possible reserves into account, the hardness, color, massive structures, mineralogical, petrographical and gemological features of Ch-chalcedonies in the region are evaluated together. It is determined that they are suitable for the production of jewelry and ornaments. [ABSTRACT FROM AUTHOR]

This article examines steps taken at one academic library to address issues encountered when attempting to create a foundation of copyright knowledge to assist staff in reserves and interlibrary loan. It reviews the development of a copyright policy for the library that specifically addressed interlibrary loan and reserves activities. It also addresses how conducting staff instruction, developing process documentation, and having regular training meetings, enhanced each department's ability to incorporate the new policy into daily workflows. Finally, it points out new issues encountered when attempting to simplify how copyright and licensed materials are handled. [ABSTRACT FROM AUTHOR]

The article describes a method for estimating the U.S. government's overall programmatic credit risk exposure that recognizes the covariance across its guarantee programs. The government is urged to have a capital reserve for covering aggregate losses that is lower than the sum of the capital reserves appropriate for each separate guarantee program. Also presented is evidence of loss distributions of government-sponsored enterprises (GSEs) in the context of Fannie Mae and Freddie Mac.

The AquaCrop simulation model, originally designed for annual crops, is expanded here to simulate alfalfa, a perennial forage crop. A new routine was added to the model to mimic the assimilate partitioning between above and below-ground plant parts to account for the utilization of reserves in Spring and for their storage in the Fall. The simulation of the transfer of assimilates requires only three extra crop parameters which makes the model also easy to calibrate. To evaluate the model, yield data collected in Louvain-La-Neuve (Belgium), Isparta (Turkey), and Ottawa (Canada) for different alfalfa cultivars, various years and field and irrigation management strategies were used. To assess the accuracy and robustness of the simple assimilate remobilization process, simulations were run for the three different environments with a common set of crop parameters which were parameterized. The dispersion between the observed and simulated cumulative dry above-ground biomass during the growing cycle was small (r² = 0.97; nRMSE = 11%; Nash-Sutcliffe model EF = 0.97), and a systematic over- or underestimation by the model was not observed (Willmott's index of agreement, d = 0.99). When evaluating the goodness of fit of the 81 individual harvest events, the results were still very satisfactory although the nRMSE doubled. The simulations indicated that the AquaCrop model adapted to perennial crops and with a novel storage-remobilization routine, could predict well alfalfa yields in various climates and environments, with and without water and fertility stress, and for three different alfalfa cultivars. • The AquaCrop simulation model is expanded to simulate perennial forage crops. • A simple routine describes the transfer of assimilates between the above ground biomass and the below-ground storage organs. • Variations in partitioning along the season was simulated by increasing or reducing the crop water productivity. • Simulations were run with a common set of crop parameters for different years, alfalfa cultivars, climates, and environments. • The simulations indicated that AquaCrop can well predict the total yield of alfalfa that can be expected in various environments. [ABSTRACT FROM AUTHOR]

As librarians are increasingly identified as rights experts on campus, it is essential that they understand rights issues and how best to communicate them to a multitude of users. While scholarly literature contains many examples of librarians working with faculty on copyright issues regarding course materials, reserves, e-reserves, and intellectual property, there is far less documentation of the need for students, especially undergraduates, to understand their rights as creators and consumers of information. This article reviews relevant literature on librarian copyright skills, the need for copyright instruction, and current case studies and examples of copyright instruction for undergraduates. [ABSTRACT FROM AUTHOR]

Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time; vulnerability to current account shocks was relatively important in the 1980s but, as EMEs became more financially integrated, factors related to the magnitude of potential capital outflows gained importance. Reserve accumulation as a by-product of undervalued currencies has also become more important since the Asian crisis. Correspondingly, using quantile regressions, we find that the reason for holding reserves varies according to the country's position in the global reserves distribution. High-reserve holders, who tend to be more financially integrated, are motivated by insurance against capital account rather than current account shocks and are more sensitive to the cost of holding reserves than are low-reserve holders. Currency undervaluation is a significant determinant across the reserves distribution, albeit for different reasons. [ABSTRACT FROM AUTHOR]

China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world. The value of Chinese foreign exchange reserves peaked at just over $4 trillion in June 2014 but has since declined to $3.19 trillion (as of August 2016). This very large decline in foreign exchange reserves is unprecedented, and some analysts have speculated that continued sales of these (mostly U.S.) assets might significantly impact the U.S. and global economies. This article explains the reasons for this large decline in official assets, China's available policy choices, and how these choices could affect the U.S. economy. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to discuss more efficient mechanisms of regulation in the financial system.Design/methodology/approach The authors developed a theoretical two-period model of financial flows (FFs) that considers households, banks, and a social planner.Findings It is important to highlight that different from other studies that do not distinguish between financial crisis and financial instability, the authors assume financial instability does not mean crisis, but represents a deviation in the behavior of the aggregate financial intermediation and in the financial operations of each bank from the equilibrium.Practical implications The practical implication of the model is the proposition of an efficient policy for financial stability based on forward-looking financial regulations.Social implications An important result is that bank failures occur when banks do not maintain sufficient resources to support the liquidity constraint from the interbank market. Another result is that the central bank reacts, via exchange of reserves with the market, to financial instability. This behavior on the part of the central bank is inefficient because the banks will assume that in the case of failure they will be “saved;” thus it creates an adverse incentive (moral hazard) that can amplify the risk over the entire financial system.Originality/value The originality of the model is the proposition of an efficient policy for financial stability based on a forward-looking financial regulation. In this strategy the regulator acts in advance (ex ante) to minimize the mismatch of FFs in relation to the flow balance. This manner of acting is a counterpoint to the financial regulation based on capital requirement. [ABSTRACT FROM AUTHOR]

We study auctions with resale and reserve prices. We characterize the equilibrium, and compare the revenues of the first price auction with that of the second price auction. We show that several results change when a reserve price is introduced. First, the second-price auction may yield higher revenues than the first-price auction. Second, the strong bidder is more likely to win than the weak bidder. [ABSTRACT FROM AUTHOR]

We present evidence from 260,000 online auctions of second-hand cars to identify the impact of public reserve prices on auction outcomes. We exploit multiple discontinuities in the relationship between reserve prices and vehicle characteristics to present causal regression-discontinuity estimates of reserve price impacts. We find an increase in reserve price decreases the number of bidders, increases the likelihood the object remains unsold, and increases expected revenue conditional on sale. We then combine these estimates to calibrate the reserve price effect on the auctioneer's ex ante expected revenue. This reveals the auctioneer's reserve price policy to be locally optimal. ( JEL D44, L11, L62) [ABSTRACT FROM AUTHOR]

In recent years, numerous research works have been reported on the flexural response of aluminium alloy tubular cross-sections. However, studies on monosymmetric cross-sections and particularly channel (C-) sections are limited, albeit their increased usage in structural applications. This paper aims to address this knowledge gap providing an improved understanding about the minor axis bending behaviour of C-sections through an experimental and numerical investigation. In total 14 specimens made from 6082-T6 heat-treated aluminium alloy were subjected to four-point bending. Tensile coupon tests were also performed to determine the mechanical properties of the examined aluminium alloy. The obtained experimental results are analysed and discussed. A series of geometrically and materially nonlinear analyses were also carried out to study the flexural performance of C-sections in two aluminium alloys and two bending orientations over a range of cross-sectional aspect ratios and slendernesses. The experimental and numerical results are utilised to assess the European design standards. The applicability of the Continuous Strength Method and the Direct Strength Method is also evaluated. An alternative design method based on the plastic effective width concept is proposed for slender C-sections subjected to minor axis bending. This method accounts for the inelastic reserve capacity which is in accordance with the experimental and numerical observations. • Flexural response of aluminium alloy C-sections is investigated. • 14 four-point minor axis bending tests are reported. • A wide parametric study is carried out. • Current codified design provisions are assessed. • The plastic effective width method is proposed for slender C-sections under minor axis bending. [ABSTRACT FROM AUTHOR]

One of the primary and most important tasks of any central bank is conducting monetary policy in the state. In Macedonia the only central and issuing bank is the National Bank of Macedonia, which is responsible for the monetary and financial stability in the country, while performing important functions, without which the overall economic and financial system could not exist. In exercising its functions, the National Bank of Macedonia uses a set of economic instruments and policies, from which in RM the most efective is the required resserve. This monetary tool is showing the best results in developing countries where the financial markets are not developed and where there is a high concentration of the banking sector (in RM banks occupy a good 98% of total financial institutions). The role of the reserve will be analyzed through the prism of its effects on the process of multiplication the money supply in the country and its contribution to generating or withdrawal of money by the central bank. The main goal of the paper is to research the required reserve, as a monetary instrument, and to qualify its impact on the monetary creation in the Republic of Macedonia. The basic methods, used in this paper are the positive analysis, comparative analysis and deductive approach. [ABSTRACT FROM AUTHOR]

Previous literature believes that a commercial depreciation is associated with higher financial premium and more depletion of foreign reserves. This study re-investigates this belief. Analytical results indicate that a commercial depreciation with higher financial premium and more depletion of foreign reserves depend on the combined influences of the conditions that individuals are impatient as well as foreign interest rates are bigger than time preference rates rather than only policies of commercial depreciation. Non-distortion taxation does not solve the balance-of-payments difficulties. An exact negative relationship between foreign reserves and the financial premium cannot be found. [ABSTRACT FROM AUTHOR]

En este documento se analiza la viabilidad, las implicancias y los desafíos de ampliar el Fondo Latinoamericano de Reservas (flar) a la Argentina, el Brasil, Chile, México y el Paraguay. Se argumenta que un fondo regional de reservas debe concebirse como parte de una red amplia de mecanismos aportados por la arquitectura financiera internacional, para enfrentar problemas de balanza de pagos. Se plantea que un fondo de entre 9.000 y 10.000 millones de dólares permitiría cubrir las necesidades potenciales de financiamiento de sus miembros bajo escenarios de mayor posibilidad de ocurrencia, sin que necesariamente debiera actuar como prestamista de última instancia para todos los países integrantes. Respecto de escenarios más extremos, el fondo debería poder "ampliar sus espaldas" mediante otras instancias de la arquitectura financiera. Los mayores desafíos de aumentar la cantidad de sus miembros se plantean en términos de la gobernanza que tendría este fondo regional de reservas. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the effects of transitions from local accounting regulations (GAAP) to International Accounting Standards and International Financial Reporting Standards (IAS/IFRS) on shareholders' equity. In our study, we used 144 manufacturing corporations listed on the Istanbul Stock Exchange (ISE). As a result of our analysis, we found that the conversion to IASs/IFRSs had statistically significant effects on shareholders' equity. In another finding, we identified that capital reserves and retained earnings or accumulated losses are most affected accounts in shareholders' equity. [ABSTRACT FROM AUTHOR]

The United States has relied heavily on reserve accumulation by foreign central banks to finance its current account deficit since 2000 on. However, the currency composition of reserves has changed gradually over the past decade and the share of U.S. dollar holdings has steadied. This fact may imply that the U.S. will need to start its adjustment process very soon. [ABSTRACT FROM AUTHOR]

Abstract: This paper proposes a novel financing scheme, reserve financing, for government infrastructure investment in China. A two-sector open economy model explores the consequences and policy implications of a surge in infrastructure investment financed by international reserves. The results show that reserve financing, coupled with a managed float exchange rate system, can maintain the country's fast growth rate while mitigating fiscal pressure on local governments. Productive infrastructure capital stimulates domestic demand, reducing the country's dependence on exports. To promote growth and maintain price stability, three factors are critical: return on infrastructure, swift fiscal adjustment, and rapid infrastructure financing. [Copyright &y& Elsevier]

Las reservas internacionales constituyen una de las herramientas de que disponen los bancos centrales para proporcionar un seguro de liquidez y hacer frente a contingencias futuras y a cambios repentinos en los flujos de capitales. Este trabajo analiza los factores económicos que explican el comportamiento de las reservas en el caso argentino. Atal efecto, se estiman modelos de VEC (vector de corrección de errores), con datos trimestrales de ese país, que cubren el período 1994-2013. Los resultados muestran que el PIB real y el riesgo país serían los principales determinantes de la volatilidad en las reservas, mientras que otros factores, como los términos del intercambio y los componentes de la balanza de pagos (balanza comercial y cuenta capital y financiera, respectivamente) habrían sido menos importantes. [ABSTRACT FROM AUTHOR]

The rapid growth in international reserves accumulation in many emerging Asian economies has challenged economists with a puzzle and has revitalised the reserves adequacy literature recently. Recent works mostly focus on a large group of countries in trying to explain such behaviour. However, this paper aims to assess reserves adequacy for Thailand in particular. We see that taking into account the catastrophic impact of the 1997 Asian financial crisis, the rapid development and worldwide integration of financial systems, the current high level of Thailand's reserves seems reasonable subject to some modifications in the traditional rules and theoretical approaches used in this paper to justify the reserves level in Thailand over the past decades. [ABSTRACT FROM AUTHOR]

Development of adequate diving capabilities is crucial for survival of seal pups and may depend on age and body size. We tracked the diving behavior of 20 gray seal pups during their first 3 mo at sea using satellite relay data loggers. We employed quantile analysis to track upper limits of dive duration and percentage time spent diving as well as lower limits of surface intervals. When pups first left the breeding colony, extreme (95th percentile) dive duration and percentage time spent diving were positively correlated with age, but not mass, at departure. Extreme dive durations and percentage time spent diving peaked at 67 ± 12 days of age at values comparable with those of adults but were not sustained. Greater peaks in extreme percentage time spent diving occurred in pups that had higher initial values, were older at their peak, and were heavier at departure. Pups that were smaller and lesscapable divers when they left the colony improved extreme dive durations and percentage time spent diving more rapidly once they were at sea. We speculate that once small pups have attained a minimum degree of physiological development to support diving, they would benefit by leaving the colony when younger, but larger, to maximize limited fuel reserves. [ABSTRACT FROM AUTHOR]

The article focuses on the rejection of the idea of implementing trillion-dollar coin idea by the U.S. Department of the Treasury and the Federal Reserve to avoid the debt limit in the U.S. It informs that the U.S. government bonds issued by the Treasury aimed to pay for health care are not debt. It also informs that printing of money means to create reserves.

This research paper seeks general objective is to determine the national legal reserve in Venezuela's Bolivariana Republic Constitution of 1999. Is used the documentary research strategy and the analytical method. Sources for data collection include five different areas: constitutional, legal, sublegal, doctrinal and jurisprudential. The concept of the national legal reserve includes specific national maters which based on constitutional provisions or on immobilization of the legal rank need to be exclusively regulated by legal normative juridical acts: the formal law and the decree with force of law as such, by excluding the executive regulation. [ABSTRACT FROM AUTHOR]

Why did most central banks continue to purchase dollar reserves during the 2000s even though they suffered mounting financial losses as a result of this policy? This paper argues that domestic political considerations determine whether policy makers accumulate or dump the reserve currency. We hypothesize that central bank independence decreases support for the dollar because independent central banks reduce the political clout of exporters and increase the salience of financial performance. This argument is tested using data on countries' holdings of US Treasury securities between 2000 and 2008. The statistical results indicate that countries with independent central banks were more likely to sell and less likely to purchase US treasuries. Our findings suggest that a complete understanding of the international dollar standard requires greater attention to domestic politics and how political institutions influence the balance of power between competing interest groups. [ABSTRACT FROM PUBLISHER]

Firstly, it makes an in-depth study on the econometric relationship between the quarter increment of the foreign exchange reserve in China and the main macro-economic variables. It finds that the macro-economic situation have great effect on the increase of foreign exchange reserves. Secondly, for the first time, it puts forward the combined forecasting method of R² weight, which uses R² statistics as the combined forecasting weight to combine the different models' results. With this method, we got the stable and accurate result that the foreign exchange reserves will increase continuously. Finally, it gives some suggestions. [ABSTRACT FROM AUTHOR]

Abstract: We model a stylized banking system where banks are characterized by the amount of capital, cash reserves and their exposure to the interbank loan market as borrowers as well as lenders. A network of interbank lending is established that is used as a transmission mechanism for the failure of banks through the system. We trigger a potential banking crisis by exogenously failing a bank and investigate the spread of this failure within the banking system. We find the obvious result that the size of the bank initially failing is the dominant factor whether contagion occurs, but for the extent of its spread the characteristics of the network of interbank loans are most important. These results have implications for the regulation of banking systems that are briefly discussed, most notably that a reliance on balance sheet regulations is not sufficient but must be supplemented by considerations for the structure of financial linkages between banks. [Copyright &y& Elsevier]

El artículo se enfoca en la investigación de la política económica del gobierno mexicano en la década de los ochenta y cómo esta política aceleró al proceso de la financiarización en el país. La autora sostiene que la financiarización empezó en los años setenta debido al uso de las reservas durante la inestabilidad del periodo. La autora discute de la transición financiera desde una etapa del conflicto distributivo hasta la etapa de las compras apalancadas.

Abstract: Although the economic literature on the optimal management of bank excess reserves is age-old and large, here we suggest a fresh, more practical approach based on queuing theory. [Copyright &y& Elsevier]

Abstract: Energy companies can adjust the estimation of their reserves. We investigate how these revisions impact on the value of these firms. We analyze 100 revisions in seventeen countries for the period 2000-2010. We use an event study and find that the revisions of energy reserves significantly impact on the market value of the firm. We also discover an asymmetry in this response as the market’s reaction to downward revisions is much larger than that to upward revisions. Furthermore, the response to revisions in Australia, Canada, UK and US is smaller than that in the other 13 countries and the response is smaller in the years with turmoil on the energy markets. [Copyright &y& Elsevier]

Technical reserves that are held by a general insurance company are the amounts set aside to meet its insurance liabilities. They are established to enable the company to meet and administer its contractual obligations to policyholders. Specifi c reserves are required to meet indemnity or other compensatory payments to policyholders together with the associated administrative costs. Also, contingent reserves might be held in order to provide a further buff er against adverse developments of claims and to smooth the emergence of profi t. It is important to note here, that the reserves of general insurance companies are usually not discounted providing a further safety margin. However, some regulatory regimes insist that reserves must be calculated on a discounted basis. [ABSTRACT FROM AUTHOR]

The global financial system appears to be heading for a new crisis, triggered in large part by growing and unsustainable levels of global debt. Reserve currencies are an essential element of the world's current financial infrastructure, and are widely recognized for their role in facilitating international transactions. History has taught us that such currencies are also quite transient, being subject to adjustments and changes as economic conditions evolve over time. The United States dollar now serves as the de facto world's reserve currency. However, this is unlikely to continue unchallenged and unchanged into the future. The G20 and the International Monetary Fund (IMF) appear to be now considering a reserve currency, such as the Special Drawing Rights (SDR), which is obtained through participation of many currencies. The major question is not what will become the new global reserve currency, but how this new currency will be managed. One of the critical issues associated with this currency management effort is that of determining the information systems architecture that will be required, including whether an associated Service Oriented Architecture (SOA) would be helpful in managing this new global currency. An extremely important element in this currency determination activity is a strong governance protocol that all the governments and sovereigns will accept and comply with. Otherwise any new global reserve currency, regardless of whether it is associated with a major information systems architecture foundation, will likely be unsustainable. In this paper, we examine these issues. [ABSTRACT FROM AUTHOR]

This article examines the dynamic growth of international reserves for the entire group of Latin American countries in an international comparative perspective and with respect to variables such as imports, current account balances, capital flows and gdp. We also present a review of the theories to analyze the causes, and a balance of benefits and maintenance costs. We have used the Wijnholds methodology to determine the necessary levels of international reserves for the period 2005-2008, considering the commitments of public and private external debt in the short term, and potential leakage of deposits from the local financial system. It is estimated that, for the last year, levels of excess reserves are equivalent to between US$ 170-200 billions. Also, the annual maintenance cost is equivalent to 0.8 per cent of gdp for all the countries surveyed. Finally, it outlines a set of proposals to take advantage of these circumstances. [ABSTRACT FROM AUTHOR]

This article examines the interaction between the emerging and traditional powers in global governance reform, and asks whether we are heading towards an international financial system that is more fragmented, where power is more diffused and national and regional arrangements play a more prominent role, at the expense of global multilateral institutions. It begins with a brief discussion of the global systemic and country-specific factors that motivate Brazil, China and other emerging countries to accumulate large currency reserves. We find that national arrangements for managing financial and currency crises will continue to hold sway for emerging countries in the wake of the global crisis. However, the actual capacity of regional arrangements in managing future financial crises is uncertain, and the significance of regional alternatives in the emerging architecture should not be overstated. The real capacity of East Asian regional arrangements to manage financial crises, payments problems or currency attacks is still untested, and key thresholds in multilateralization still lie ahead. In South America, multilateral lender-of-last-resort support inside the region is largely confined to the sub-regional level and is limited by Brazil's reticence. Enduring reliance on bilateral measures for financial crisis management is noted. Where there has been progress in regional solutions, since the global crisis, has been in the role of regional development banks in providing financing for developing countries to enact counter-cyclical policies. Such support also provides insulation for states in the region against the contagion effects of international financial crisis. We are in the midst of transitioning to a more diverse and multi-tiered global financial and monetary system. A reformed IMF could have a role to play in addressing global imbalances and encouraging a shift from national reserves to collective insurance, however, it would be preconditioned by significant shifts in the policy, lending operations, and internal governance of the Fund, and willingness among the G20 to strike a new consensus on how to deal with imbalances, and new accommodation on acceptable reserve levels. [ABSTRACT FROM AUTHOR]

The buildup of reserves in the US. banking system during the financial crisis has fueled concerns that the Federal Reserve's policies may have failed to stimulate the flow of credit in the economy: banks, it appears, are amassing funds rather than lending them out. However, a careful examination of the balance sheet effects of central bank actions shows that the high level of reserves is simply a by-product of the Fed's new lending facilities and asset purchase programs. The total quantity of reserves in the banking system reflects the scale of the Fed's policy initiatives, but conveys no information about the initiatives' effects on bank lending or on the economy more broadly. [ABSTRACT FROM AUTHOR]

Countries are showing interest in accumulating foreign reserves to ensure macroeconomic stability. There has been some debate whether to beef up the level of nations' foreign reserves or make it lower, especially in developing countries like Nigeria. Whereas some argue that the foreign reserve determines the country's rating in the global market, others hold opposing views. In this light, this paper examined the interactive influence of foreign reserve (FRS) on some macroeconomic variables such as: economic size (GDP); trade; level of capital inflows (KFL); exchange rate (EXR); and inflation. Analyzing secondary data from CBN statistical bulletins (1970–2007), the econometric results obtained from cointegration test, vector error correction (VEC) within the framework of autoregressive distributed lags (ARDL) revealed the following: (1) existence of a long-run relationship between the variables and two cointegrating equations; (2) possibility of convergence of the variables from the short run to the long run with slow speed of adjustment. It is thus the conclusion of this paper that accumulation of large foreign reserves is not very productive in Nigeria due to its inability to induce some of the macroeconomic variables. [ABSTRACT FROM AUTHOR]

In this paper, we consider an insurance company whose surplus (reserve) is modeled by a jump diffusion risk process. The insurance company can invest part of its surplus in n risky assets and purchase proportional reinsurance for claims. Our main goal is to find an optimal investment and proportional reinsurance policy which minimizes the ruin probability. We apply stochastic control theory to solve this problem. We obtain the closed form expression for the minimal ruin probability, optimal investment and proportional reinsurance policy. We find that the minimal ruin probability satisfies the Lundberg equality. We also investigate the effects of the diffusion volatility parameter, the market price of risk and the correlation coefficient on the minimal ruin probability, optimal investment and proportional reinsurance policy through numerical calculations. [ABSTRACT FROM AUTHOR]

We estimate China's demand for foreign reserves from 1994:1 to 2007:4. Using a monetary model for China's reserve demand, we take into account the People's Bank of China's systematic neutralization policy to reduce inflation. While ultimately inconsistent, this policy has led to a growth in foreign exchange reserves that seems limitless: a neutralization coefficient of 0.57 leading to a “magnification effect” on the increase in reserves of 2.3. That is, a purchase of foreign reserves leads to a contraction of domestic credit of 57% of the foreign exchange purchase, which in turn magnifies the surplus under a stable exchange rate. [ABSTRACT FROM AUTHOR]