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Structural Shifts (structural + shift)
Selected AbstractsEmpirical modelling of the DEM/USD and DEM/JPY foreign exchange rate: Structural shifts in GARCH-models and their implicationsAPPLIED STOCHASTIC MODELS IN BUSINESS AND INDUSTRY, Issue 1 2002Helmut Herwartz Abstract We analyse daily changes of two log foreign exchange (FX) rates involving the Deutsche Mark (DEM) for the period 1975,1998, namely FX-rates measured against the US dollar (USD) and the Japanese yen (JPY). To account for volatility clustering we fit a GARCH(1,1)-model with leptokurtic innovations. Its parameters are not stable over the sample period and two separate variance regimes are selected for both exchange rate series. The identified points of structural change are close to a change of the monetary policies in the US and Japan, the latter of which is followed by a long period of decreasing asset prices. Having identified subperiods of homogeneous volatility dynamics we concentrate on stylized facts to distinguish these volatility regimes. The bottom level of estimated volatility turns out be considerably higher during the second part of the sample period for both exchange rates. A similar result holds for the average level of volatility and for implied volatility of heavily traded at the money options. Copyright © 2002 John Wiley & Sons, Ltd. [source] DIFFERENCES IN POLYSACCHARIDE STRUCTURE BETWEEN CALCIFIED AND UNCALCIFIED SEGMENTS IN THE CORALLINE CALLIARTHRON CHEILOSPORIOIDES (CORALLINALES, RHODOPHYTA),JOURNAL OF PHYCOLOGY, Issue 3 2010Patrick T. Martone The articulated coralline Calliarthron cheilosporioides Manza produces segmented fronds composed of calcified segments (intergenicula) separated by uncalcified joints (genicula), which allow fronds to bend and reorient under breaking waves in the wave-swept intertidal zone. Genicula are formed when calcified cells decalcify and restructure to create flexible tissue. The present study has identified important differences in the main agaran disaccharidic repeating units [,3)-,- d -Galp (1, 4)-,- l -Galp(1,] synthesized by genicular and intergenicular segments. Based on chemical and spectroscopical analyses, we report that genicular cells from C. cheilosporioides biosynthesize a highly methoxylated galactan at C-6 position with low levels of branching with xylose side stubs on C-6 of the [,3)-,- d -Galp (1,] units, whereas intergenicular segments produce xylogalactans with high levels of xylose and low levels of 6- O -methyl ,- d -Gal units. These data suggest that, during genicular development, xylosyl branched, 3-linked ,- d -Galp units present in the xylogalactan backbones from intergenicular walls are mostly replaced by 6- O -methyl -d- galactose units. We speculate that this structural shift is a consequence of a putative and specific methoxyl transferase that blocks the xylosylation on C-6 of the 3-linked ,- d -Galp units. Changes in galactan substitutions may contribute to the distinct mechanical properties of genicula and may lend insight into the calcification process in coralline algae. [source] Mumbai's Development Mafias: Globalization, Organized Crime and Land DevelopmentINTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH, Issue 1 2008LIZA WEINSTEIN Abstract For over a decade, researchers have analyzed the effects of liberalization and globalization on urban development, considering the local political implications of shifts at the national and global scales. Taking the case of Mumbai, this article examines how the past 15 years of political reforms in India have reshaped property markets and the politics of land development. Among the newly empowered actors, local criminal syndicates, often with global connections, have seized political opportunities created by these shifts to gain influence over land development. The rise of Mumbai's organized criminal activity in the 1950s was closely linked to India's macroeconomic policies, with strict regulation of imports fuelling the growth of black market smuggling. Liberalization and deregulation since the early 1990s have diminished demand for smuggled consumer goods and criminal syndicates have since diversified their operations. With skyrocketing real estate prices in the 1990s, bolstered by global land speculation, the mafia began investing in property development. Supported by an illicit nexus of politicians, bureaucrats and the police, the mafia has emerged as a central figure in Mumbai's land development politics. The article examines the structural shifts that facilitated the criminalization of land development and the implications of mafia involvement in local politics. Résumé Depuis plus d'une décennie, les chercheurs ont analysé les effets de la libéralisation et de la mondialisation sur l'aménagement urbain en étudiant les implications politiques locales de transformations effectuées à l'échelle nationale et planétaire. Prenant le cas de Mumbai, cet article examine comment les réformes politiques des quinze dernières années en Inde ont reconfiguré les marchés immobiliers et les politiques d'aménagement foncier. Parmi les nouveaux acteurs, les syndicats du crime locaux, opérant souvent dans des réseaux internationaux, ont saisi les occasions politiques créées par ces changements pour gagner en influence sur l'aménagement foncier. A Mumbai, l'activité accrue du crime organisé dans les années 1950 était étroitement liée aux politiques macroéconomiques de l'Inde, une réglementation stricte des importations alimentant l'essor de la contrebande sur le marché noir. Depuis le début des années 1990, libéralisation et déréglementation ont réduit la demande pour les biens de consommation de contrebande, poussant les syndicats du crime à diversifier leurs opérations. Face à la montée en flèche des prix de l'immobilier dans les années 1990, aidée par la spéculation foncière mondiale, la mafia a investi dans la promotion immobilière. Soutenue par un réseau illégal de politiciens, bureaucrates et policiers, elle est donc devenue un personnage central des politiques d'urbanisme à Mumbai. L'article étudie les transformations structurelles qui ont facilité la criminalisation du secteur foncier, et les implications de la présence de la mafia dans la politique locale. [source] Relationships between Australian real estate and stock market prices,a case of market inefficiencyJOURNAL OF FORECASTING, Issue 3 2002John Okunev Abstract This paper explores the relationship between the Australian real estate and equity market between 1980 and 1999. The results from this study show three specific outcomes that extend the current literature on real estate finance. First, it is shown that structural shifts in stock and property markets can lead to the emergence of an unstable linear relationship between these markets. That is, full-sample results support bi-directional Granger causality between equity and real estate returns, whereas when sub-samples are chosen that account for structural shifts the results generally show that changes within stock market prices influence real estate market returns, but not vice versa. Second, the results also indicate that non-linear causality tests show a strong unidirectional relationship running from the stock market to the real estate market. Finally, from this empirical evidence a trading strategy is developed which offers superior performance when compared to adopting a passive strategy for investing in Australian securitized property. These results appear to have important implications for managing property assets in the funds management industry and also for the pricing efficiency within the Australian property market. Copyright © 2002 John Wiley & Sons, Ltd. [source] Fire disturbance and forest structure in old-growth mixed conifer forests in the northern Sierra Nevada, CaliforniaJOURNAL OF VEGETATION SCIENCE, Issue 6 2007R. Matthew Beaty Abstract Question: This study evaluates how fire regimes influence stand structure and dynamics in old-growth mixed conifer forests across a range of environmental settings. Location: A 2000-ha area of mixed conifer forest on the west shore of Lake Tahoe in the northern Sierra Nevada, California. Methods: We quantified the age, size, and spatial structure of trees in 12 mixed conifer stands distributed across major topographic gradients. Fire history was reconstructed in each stand using fire scar dendrochronology. The influence of fire on stand structure was assessed by comparing the fire history with the age, size, and spatial structure of trees in a stand. Results: There was significant variation in species composition among stands, but not in the size, age and spatial patterning of trees. Stands had multiple size and age classes with clusters of similar aged trees occurring at scales of 113 - 254 m2. The frequency and severity of fires was also similar, and stands burned with low to moderate severity in the dormant season on average every 9,17 years. Most fires were not synchronized among stands except in very dry years. No fires have burned since ca. 1880. Conclusions: Fire and forest structure interact to perpetuate similar stand characteristics across a range of environmental settings. Fire occurrence is controlled primarily by spatial variation in fuel mosaics (e.g. patterns of abundance, fuel moisture, forest structure), but regional drought synchronizes fire in some years. Fire exclusion over the last 120 years has caused compositional and structural shifts in these mixed conifer forests. [source] Phytophthora infestans: populations, pathogenicity and phenylamides,PEST MANAGEMENT SCIENCE (FORMERLY: PESTICIDE SCIENCE), Issue 9 2002Richard C Shattock Abstract Isolates of Phytophthora infestans (Mont) de Bary (the potato and tomato late blight pathogen) resistant to phenylamides appeared in Europe and North America in the late 1970s and early 1990s respectively. Concurrent, but coincidentally, with both these events there were radical structural shifts in the pathogen populations as immigrant genotypes from Mexico displaced the indigenous populations. Both A1 and A2 mating type isolates are now present in blighted crops, permitting alternative inoculum via germinating sexually produced oospores to influence dynamics of late blight populations. Studies of inheritance of ploidy, host-specific pathogenicity, mating type and resistance to antibiotics and phenylamide fungicides have provided insight into mechanisms of variation in this potent pathogen. © 2002 Society of Chemical Industry [source] Canadian economic geography at the millenniumTHE CANADIAN GEOGRAPHER/LE GEOGRAPHE CANADIEN, Issue 1 2000TREVOR J. BARNES Over the last quarter of a century the Canadian economy experienced a series of profound changes which have affected every level of society. They include new forms of flexible production, fundamental changes in regulation at all spatial scales, structural shifts away from manufacturing towards service sector activities, the rise of information technology (IT) and computerization at the workplace, the feminization of the labour market, and, what has become the leitmotif of the age, globalization. Such changes are intimately connected with geography. By that we mean not merely that they take on a geographical form, but that geography is pan of their very constitution. In this sense Canadian economic geographers are exactly in the right time and the right place to make use of their skills. Indeed, over the last five years there has been an explosion of literature by Canadian economic geographers on precisely these kinds of changes that are simultaneously both economic and geographical. In reviewing that literature the paper begins by situating Canada within its wider global setting, which we then follow by surveying the diverse writing around the three broad sectors that make-up the Canadian economy: the resource sector, the manufacturing sector, and the service sector. We conclude by highlighting two particular research themes within Canadian economic geography that have become especially germane over the late 1990s. The first is on new labour markets and forms of work both of which have been transformed during the last decade; and the second is on new forms of industrial innovation, which are clearly pivotal to the future well-being of the country for the next millennium. Au cours des vingt-cinq dernières années, l'économie canadienne a connu une série, de changements profonds qui ont affecté toutes les couches de la société. Ces changements comprennent les nouvelles formes de production flexible, les changements fondamentaux dans la réglementation à toutes les échelles spatiales, la mutation structurelle du secteur industriel au secteur tertiaire, la montée de la technologie de l'information (Tl) et l'informatisation sur le lieu de travail, la présence plus importante des femmes sur le marché du travail, et, ce qui est devenu le leitmotiv de notre époque, la mondialisation. De tels changements sont intimement liés à la geographie. Par la, nous ne disons pas simplement qu'ils prennent une forme géographique, mais que la géographie fait partie intégrante de leur constitution. Dans ce sens, les géographes-économistes canadiens arrivent, si l'on peut dire, au bon endroit au bon moment pour mettre leurs connaissances à profit. En effet, on assiste depuis les cinq dernières années à une recrudescence impressionnante des travaux de géographes-économistes canadiens portant, précisément, sur ces types de changements qui sont à la fois économiques et géographiques. En faisant le compte-rendu de cette littérature scientifique, cet article situe d'abord le Canada dans son contexte mondial plus large, passe ensuite en revue ce qui a étéécrit au sujet des trois grands secteurs qui forment l'économie canadienne: les secteurs primaire, secondaire et tertiaire. Nous concluons en mettant en relief deux thèmes de recherches de la géographie économique canadienne qui sont devenus particulièrement pertinents depuis la fin des années 1990. Le premier traite des nouveaux marchés du travail et des nouvelles formes de travail, qui ont tous deux subi des transformations au cours de la dernière décennie. Le second traite des nouvelles formes d'innovation industrielle, qui sont cruciales pour le bien-être futur du pays à l'aube du nouveau millénaire. [source] The Politics of Asian Engagement: Ideas, Institutions, and AcademicsAUSTRALIAN JOURNAL OF POLITICS AND HISTORY, Issue 3 2009Mark Beeson The study of Australia's Asian engagement , just as much as the history of the process itself , has been shaped by structural shifts in the international system and the global political economy as they reverberate through domestic political debates. As a consequence, ideas about Asian engagement tell us as much about the character of national political debates as they do about Australian policy-makers'perceptions of the region. Understandings of Asia as a transnational political space are shaped by national conflicts and struggles over issues such as communism or national identity. Ideas and disputes over Australia's relationship with Asia become closely aligned with conflict between conservative and radical academic approaches to Asia. With the end of the Cold War in the 1980s and 1990s, the triumph of neoliberalism and the waning of ideological politics of the 1960s were mirrored in academic approaches that adopted a policy or cultural approach to Asia. [source] | ||||||||||