Home  About us  Contact
 

Swaps

Distribution by Scientific Domains
Business, Economics, Finance and Accounting56%
Medical Sciences10%
Engineering10%
Chemistry8%
Humanities and Social Sciences7%
Earth and Environmental Science4%
Distribution within Business, Economics, Finance and Accounting
General & Introductory Finance & Investments66%
Institutional & Corporate Finance7%
7 Other Subdomains27%

Kinds of Swaps

  • credit default swap
  • default swap
    		•
  • interest rate swap
  • rate swap
    		•

    Terms modified by Swaps

  • swap market
    		•
  • swap rate
    		•
  • swap spread
    		•

    Selected Abstracts

    Percolation characteristics of a water-repellent sandy forest soil

    EUROPEAN JOURNAL OF SOIL SCIENCE, Issue 1 2008
    G. Wessolek
    Summary In a tracer experiment TDR transect measurements were made to study percolation behaviour in a 120-year-old pine stand (Pinus sylvestris) on a water-repellent sandy soil (Haplic Arenosol). The experiment (with potassium iodide) showed an 80% labelling of the total flow in organic layers, whereas the area of transport in the mineral soil was sharply reduced to 12,30%. The average diameters of these preferential flow paths were about 8,15 cm. The TDR measurements indicate a homogeneous flow only for a short period from February until April. At this time of the year preferential flow is insignificant, because the soil is at approximately field capacity and not repellent to water. During summer (May to September) the soil dries out, and most precipitation results in preferential flow during this period. For any daily rainfall exceeding 10 mm, water infiltrates down to 1 m depth in the soil, which nevertheless, is still within the root zone. This kind of deep percolation results in the subsoil's wetting to field capacity (pF 1.8) earlier than the topsoil. A one-dimensional numerical model (SWAP) was used to simulate mean water balance with hydraulic functions with and without a water-repellency term. From the results of our tracer experiment we showed that the de-watering process in spring could be simulated well using the traditional piston flow concept, while the rewetting behaviour could be described more realistically using the mobile,immobile concept for water repellency. [source]

    The simulation of heat and water exchange at the land,atmosphere interface for the boreal grassland by the land-surface model SWAP

    HYDROLOGICAL PROCESSES, Issue 10 2002
    Yeugeniy M. Gusev
    Abstract The major goal of this paper is to evaluate the ability of the physically based land surface model SWAP to reproduce heat and water exchange processes that occur in mid-latitude boreal grassland regions characterized by a clear seasonal course of hydrometeorological conditions, deep snow cover, seasonally frozen soil, as well as seasonally mobile and shallow water table depth. A unique set of hydrometeorological data measured over 18 years (1966,83) at the Usadievskiy catchment (grassland) situated in the central part of Valdai Hills (Russia) provides an opportunity to validate the model. To perform such validation in a proper way, SWAP is modified to take into account a shallow water table depth. The new model differs from its previous version mainly in the parameterization of water transfer in a soil column; besides that, it includes soil water,groundwater interaction. A brief description of the new version of SWAP and the results of its validation are presented. Simulations of snow density, snow depth, snow water equivalent, daily snow surface temperature, daily evaporation from snow cover, water yield of snow cover, water table depth, depth of soil freezing and thawing, soil water storage in two layers, daily surface and total runoff from the catchment, and monthly evaporation from the catchment are validated against observations on a long-term basis. The root-mean-square errors (RMSEs) of simulations of soil water storage in the layers of 0,50 cm and 0,100 cm are equal to 16 mm and 24 mm respectively; the relative RMSE of simulated annual total runoff is 16%; the RMSE of daily snow surface temperature is 2·9 °C (the temperature varies from 0 to ,46 °C); the RMSE of maximum snow water equivalent (whose value averaged over 18 years is equal to 147 mm) is 32 mm. Analysis of the results of validation shows that the new version of the model SWAP reproduces the heat and water exchange processes occurring in mid-latitude boreal grassland reasonably well. Copyright © 2002 John Wiley & Sons, Ltd. [source]

    Upscaling water savings from farm to irrigation system level using GIS-based agro-hydrological modelling,

    IRRIGATION AND DRAINAGE, Issue 1 2007
    Shahbaz Khan
    simulation d'irrigation; extrapolation; efficacité d'utilisation de l'eau; économie de l'eau Abstract Irrigation continues to be the main water user on a global scale despite the increase in water use by sectors other than agriculture. More efficient water application technologies and water management practices are ways of realising potential water savings, thus moderating the negative impacts of higher water use on farm incomes and environmental impact on rivers and groundwater systems. This paper describes an integrated approach of agro-hydrological modelling for determining potential water savings achievable by adopting high-tech irrigation technologies at farm level and application of GIS techniques to upscale those benefits at the regional irrigation system level. The SWAP (Soil,Water,Atmosphere,Plant) model was used for the simulation of water use at the farm level. The results are promising, as the potential water saving ranges from 0.1 to 2.2,ML,ha,1 (10,220,mm) for different broad-acre crops, 1.0 to 2.0,ML,ha,1 (100,200,mm) in sprinkler and 2.0 to 3.0,ML,ha,1 (200,300,mm) in drip irrigation for citrus, 1.0 to 1.5,ML,ha,1 (100,150,mm) in sprinkler and up to 4.0,ML,ha,1 (400,mm) in drip irrigation for vineyards and 0.5 to 1.0,ML,ha,1 for vegetables (50,100,mm). SWAP simulations show crop water saving potential of 7% for maize, 15% for soybean, 17% for wheat, 35% for barley, 17% for sunflower and 38% for fababean from the current water use statistics in Australia. Spatial analysis in GIS environment is carried out to investigate the spatial variations of water use for a particular crop under different depths to water table and varying soil types. Maps of water need for all broad-acre crops are drawn and pixel-to-pixel comparison is performed to determine the water saving potential per unit area. The upscaling approach shows that considerable water amounts could be saved both in Murrumbidgee Irrigation Area (MIA) and Coleambally Irrigation Area (CIA) with potential water saving of 36 to 95,GL (MCM) in MIA and 42 to 72,GL (MCM) in CIA. Copyright © 2007 John Wiley & Sons, Ltd. L'irrigation reste l'usage principal de l'eau à l'échelle mondiale en dépit de l'augmentation des volumes utilisés par les secteurs autres que l'agriculture. L'amélioration des techniques d'irrigation et des procédures de gestion de l'eau permet de réaliser des économies d'eau potentielles, modérant ainsi les impacts négatifs d'une surconsommation d'eau sur les revenus agricoles et ses incidences sur l'environnement des cours d'eau et des aquifères. Cet article décrit comment un modèle agro-hydrologique intégré peut déterminer les économies d'eau réalisables grâce à l'adoption de technologies de pointe dans l'irrigation au niveau de l'exploitation agricole et à l'application des techniques de SIG à l'extension de ces avantages au niveau d'un système régional d'irrigation. Le modèle SWAP (Sol-Eau-Atmosphère-Plante) a été employé pour simuler l'utilisation de l'eau au niveau de l'exploitation. Les résultats sont prometteurs car l'économie d'eau potentielle va de 100 à 2 200 m3/ha (10 à 220 millimètres) pour différentes cultures de plein champ, de 1 000 à 2 000 m3/ha (100 à 200 millimètres) en aspersion et de 2 000 à 3 000 m3/ha (200 à 300 millimètres) en goutte à goutte sur des citronniers, de 1 000 à 1 500 m3/ha (100 à 150 millimètres) en aspersion et jusqu'à 4 000 m3/ha (400 millimètres) en goutte à goutte sur de la vigne, et de 500 à 1 000 m3/ha pour des légumes (50 à 100 millimètres). Les simulations de SWAP à partir de données statistiques australiennes courantes montrent un potentiel d'économie d'eau de 7% pour le maïs, 15% pour le soja, 17% pour le blé, 35% pour l'orge, 17% pour le tournesol et 38% pour les fèves. Une analyse par SIG permet d'étudier les variations spatiales de l'utilisation de l'eau pour une récolte particulière selon la profondeur de la nappe et le type de sol. Les besoins en eau de toutes les cultures de plein champ sont cartographiés et le potentiel d'économie d'eau par unité de surface est estimé pixel par pixel. L'extrapolation des résultats montre que des volumes d'eau considérables pourraient être économisés dans les zones irriguées de Murrumbidgee (MIA, économie potentielle de 36 à 95 millions de m3) et de Coleambally (CIA, économie potentielle de 42 à 72 m3). Copyright © 2007 John Wiley & Sons, Ltd. [source]

    Drainage and salinity assessment in the Huinong Canal Irrigation District, Ningxia, China,

    IRRIGATION AND DRAINAGE, Issue 2 2005
    Peter Hollanders
    irrigation; drainage; salinisation; développement durable Abstract In the Huinong Canal Irrigation District, Ningxia, China, annually almost half of the amount of irrigation water, which is supplied from the Yellow River, is drained back to the river through an open drainage system. Waterlogging and salinization occur in parts of the irrigated area and part of the water drains to the surrounding desert. While 85,90% of inflow to the area is irrigation water there are good possibilities for water saving. To analyse water movement at field level and resulting drainage needs, from autumn 1998 until spring 2001 observations were made in two experimental areas: Pingluo and Huinong. The data were used for the calibration and validation of three computer models: SWAP, MODFLOW and DUFLOW. Different scenarios of water and salt behaviour in the unsaturated and saturated zone were simulated, as well as the flow through one of the main drains. The effects of various irrigation amounts and groundwater tables on crop growth, percolation and drainage needs were analysed. The present average irrigation water application during the growing season is 630,mm. On average 15% of the supplied water (665 million m3,yr,1) remains in the area. This is mainly irrigation water that was not used by the crops and did not reach the drainage system. It was found that an irrigation level of 75% of the present practice with a groundwater table of 1.0,m below the surface during the growing season gave the best results. Under such a practice the soil salinity will fluctuate around 3,3.5,dS,m,1, resulting in a good growth of wheat and a yield reduction for maize of about 20%. When adequate amounts of irrigation water are supplied in combination with local drainage improvements, the areas with middle and low-yielding crops can be reduced, as well as the area of wasteland. Copyright © 2005 John Wiley & Sons, Ltd. Annuellement presque la moitié de la quantité d'eau d'irrigation dans le district d'irrigation du canal Huinong, Ningxia, Chine, alimenté par la Rivière Jaune, est retournée à la rivière par un système de drainage à ciel ouvert. Des cas de saturation d'eau et de salinisation surgissent dans certaines parties de la zone irriguée et une partie de l'eau suinte vers le désert environnant. Comme 85,90% de l'entrée de l'eau dans la zone est de l'eau d'irrigation il y a de bonnes possibilités pour économiser de l'eau. Pour analyser la circulation de l'eau au niveau du champ et la nécessité de drainage des observations ont été effectuées pendant la période d'automne 1998 jusqu'au printemps 2001 dans deux zones expérimentales, Pingluo et Huinong. Les données rassemblées ont servi pour le calibrage et la validation de trois modèles informatiques: SWAP, MODFLOW et DUFLOW. Ces modèles ont été employés pour simuler plusieurs scénarios de comportement de l'eau et du sel dans la zone non saturée et dans la zone saturée tout comme l'écoulement par un des tuyaux d'écoulement principaux: le cinquième tuyau d'écoulement. L'effet de l'apport de différentes quantités d'eau d'irrigation, de différents niveaux de la nappe phréatique sur la croissance des cultures, la percolation et la nécessité de drainage a été analysé. L'actuel apport d'eau d'irrigation est de 630,mm en moyenne pendant la saison de croissance. Quinze pour cent en moyenne de l'eau fournie (665 millions m3/année) reste dans la zone, principalement de l'eau d'irrigation qui n'a pas servi aux cultures et qui n'a pas atteint le système de drainage. Un niveau d'irrigation représentant 75% des valeurs actuelles et une surface de la nappe phréatique de 1.0,m sous la surface donnent les meilleurs résultats pendant la saison de croissance. De tels apports entretiennent une salinisation du sol qui fluctuera entre environ 3 et 3.5,dS,m,1, donnant un bon résultat de la croissance du blé et une diminution du rendement pour le maïs d'environ 20%. Lorsque l'alimentation par des quantités adéquates d'eau d'irrigation sera assurée en combinaison avec des améliorations du drainage local, la zone donnant des récoltes moyennes et basses peut être réduite ainsi que les zones incultes. Copyright © 2005 John Wiley & Sons, Ltd. [source]

    Sustainable use of groundwater for irrigation: a numerical analysis of the subsoil water fluxes,

    IRRIGATION AND DRAINAGE, Issue 3 2002
    Mobin-ud-Din Ahmad
    irrigation; eaux souterraines; surexploitation de l'aquifère; recharge des eaux souterraines; utilisation nette de l'eau souterraine; modélisation au niveau de la parcelle cultivée; le Pakistan Abstract The food-producing regions of the world increasingly rely on irrigation from groundwater resources. Further increases of groundwater use can adversely affect the sustainability of irrigated agriculture and put food security at risk. Sustainability of irrigation at field scale with groundwater is obtained if groundwater recharge is in equilibrium with tubewell extractions and capillary rise. Traditional information on phreatic surface behaviour does not explain the processes causing a phreatic surface to decline or incline. In this study, the physically based numerical model Soil,Water,Atmosphere,Plant (SWAP) was applied to compute soil moisture content and vertical soil water fluxes in the unsaturated zone for the cotton,wheat and rice,wheat cropping system of Punjab, Pakistan. SWAP has been calibrated and verified with in situ measurements of soil moisture content and evapotranspiration fluxes measured by means of the Bowen ratio surface energy balance technique. Accurate data of the soil hydraulic properties are critical for the calibration of the soil moisture distribution. With knowledge of the van Genuchten,Mualem parameters available, SWAP could be applied to assess recharge and capillary rise for most field conditions, including basin irrigation. The results under Pakistani conditions show that deep percolation cannot always be estimated from root zone water balances. An annual recharge of 23.3 cm was computed for the cotton,wheat area. Sustainability of irrigation with groundwater is obtained if a reduction in irrigation with groundwater by 36% is obtained. An annual recharge of 38.9 cm is estimated in rice,wheat systems, and a reduction of 62% in groundwater extraction is required to reach sustainability of groundwater use at field scale. Such information cannot be obtained from classical phreatic surface fluctuation data, and unsaturated zone modelling therefore provides additional insights for groundwater policy making. Copyright © 2002 John Wiley & Sons, Ltd. RÉSUMÉ Les régions de production alimentaire de la planète se servent de plus en plus de l'eau souterraine pour l'irrigation. Ultérieurs accroissements de l'utilisation des eaux souterraines peuvent avoir des répercussions négatives sur l'irrigation agricole soutenable et sur la sécurité alimentaire. Une irrigation soutenable au niveau de la parcelle cultivée en utilisant l'eau souterraine est obtenue si le taux de recharge de cette dernière est en équilibre avec le taux d'extraction des puits et la remontée capillaire. L'information traditionellement disponible concernant l'évolution du niveau phréatique ne permet pas d'expliquer les procès qui causeraient son abaissement ou son accroissement. Cette étude présente les resultats obtenus grâce à l'utilisation d'un modèle numérique appelé Soil,Water,Atmosphere,Plant (SWAP), qui se base sur des principes physiques, avec lequel ont été calculés les taux d'humidité du sol et les flux verticaux d'humidité dans la zone non-saturée du sol pour ce qui concèrne le système de cultivation coton,blé et riz,blé du Pounjab, au Pakistan. SWAP a été calibré et verifié grâce à des mesures in situ du taux d'humidité du sol et des flux d'évapotranspiration quantifiés en appliquant le rapport de Bowen, basé sur le concept du bilan énergétique au niveau du sol. Disposer de données prises concernant les propriétés hydrauliques du sol est essentiel pour calibrer la distribution de l'humidité du sol. Grâce à la connaissance des paramètres de van Genuchten,Mualem disponibles, SWAP a pu être utilisé pour évaluer le taux de recharge et la remontée capillaire en fonction de différentes conditions du terrain, irrigation de bassin incluse. Les résultats sous les conditions Pakistanes montrent que la percolation profonde ne peut pas toujours être estimée par les équilibres hydrologiques de la zone radicale. Une recharge annuelle de 23,3 cm a été estimée pour la zone coton,blé. L'utilisation soutenable de l'eau souterraine pour l'irrigation serait obtenue si on en réduisait l'extraction de 36%. Pour ce qui concerne la zone riz,blé, une recharge annuelle de 38,9 cm a été estimée, et une réduction de 62% de l'extraction de l'eau souterraine serait nécessaire pour une utilisation soutenable de l'eau souterraine à l'échelle de la parcelle cultivée. Ces informations ne peuvent pas être obtenues sur la base des données ordinaires concernant les fluctuations du niveau phréatique; la modélisation représente donc un appui essentiel en matière de prise de décision concernant la gestion de l'eau souterraine. Copyright © 2002 John Wiley & Sons, Ltd. [source]

    The use of numerical weather forecast model predictions as a source of data for irrigation modelling

    METEOROLOGICAL APPLICATIONS, Issue 4 2005
    A. Venäläinen
    The use of numerical weather forecast model data as a source of data for soil moisture modelling was tested. Results show that the potential evaporation calculated using the Penman-Monteith equation can be estimated accurately using data obtained from the output of a high resolution numerical atmospheric model (HIRLAM, High Resolution Limited Area Model). The mean bias error was 0.26 mm for a 36-hour sum and the root mean square error was 2.14 mm. The evaporation obtained directly from HIRLAM was systematically smaller because this direct model output represents the real evaporation rather than the potential evaporation. The precipitation forecasts were less accurate. When the accuracy of parameters required for the calculation of potential evaporation were studied for one station, no serious bias was found. When two different irrigation models (AMBAV and SWAP) were run over one summer using either measured or HIRLAM data as the input, the results given by the models were quite similar regardless of input data source. The largest differences between the model outputs were caused by the formulation of crop and soil characteristics in the irrigation models. Copyright © 2005 Royal Meteorological Society [source]

    Ganzfeld changes in short wavelength automated perimetry

    OPHTHALMIC AND PHYSIOLOGICAL OPTICS, Issue 6 2002
    S. Sukumar
    Purpose:, The change in perception of background illumination known as Ganzfeld changes occurs while performing perimetry test. It occurs under higher background illumination and whilst covering the non-tested eye with a black patch. We investigated the occurrence of Ganzfeld changes in Short Wavelength Automated Perimetry (SWAP) and assessed the performance while covering the non-tested eye with a standard black patch and with a translucent occluder. Methods:, Twenty-eight volunteers of age 22 ± 3 years participated in the study. A custom made 16-point test was used to analyse the sensitivity with a standard black patch and with the translucent occluder. The number and duration of Ganzfeld changes in each condition were detected by subjective responses. The visual comfort of the subjects under each patching condition was assessed using a comfort scale (0,5) and subject's preference. Results:, Ganzfeld changes occurred when a standard black patch was used and appears to influence the ability to see the test targets. With a standard black patch 5 Ganzfeld changes were observed per minute and it varied between 2 and 8 s. The duration and occurrence increased towards the end of the test. Using a translucent occluder almost eliminates the occurrence of Ganzfeld changes and improved the sensitivity (p = 0.001). Of the 28 subjects, 22 preferred translucent occluder to black patch. Conclusion:, Use of a translucent spectacle occluder over the non-tested eye significantly reduces the Ganzfeld changes and improves the performance in SWAP. [source]

    Short wavelength automated perimetry

    ACTA OPHTHALMOLOGICA, Issue 6 2001
    John M. Wild
    ABSTRACT. Short Wavelength Automated Perimetry (SWAP) utilizes a blue stimulus to preferentially stimulate the blue cones and a high luminance yellow background to adapt the green and red cones and to saturate, simultaneously, the activity of the rods. This review describes the theoretical aspects of SWAP, highlights current limitations associated with the technique and discusses potential clinical applications. Compared to white-on-white (W-W) perimetry, SWAP is limited clinically by: greater variability associated with the estimation of threshold, ocular media absorption, increased examination duration and an additional learning effect. Comparative studies of SWAP and W-W perimetry have generally been undertaken on small cohorts of patients. The conclusions are frequently unconvincing due to limitations for SWAP in the delineation of abnormality and of progressive field loss. SWAP is almost certainly able to identify glaucomatous visual field loss in advance of that by W-W perimetry although the incidence of progressive field loss is similar between the two techniques. Increasing evidence suggests that functional abnormality with SWAP is preceded by structural abnormality of the optic nerve head and/or the retinal nerve fibre layer. SWAP appears to be beneficial in the detection of diabetic macular oedema and possibly in some neuro-ophthalmic disorders. [source]

    A comparison of short wavelength automated perimetry with frequency doubling perimetry for the early detection of visual field loss in ocular hypertension

    CLINICAL & EXPERIMENTAL OPHTHALMOLOGY, Issue 4 2000
    John Landers MBBS
    ABSTRACT Background: Achromatic automated perimetry (AAP) is limited in its ability to detect very early visual field loss in ocular hypertensive patients. Tests targeting axons that are selectively damaged, or have low redundancy, may detect visual field losses before they are seen on AAP. It has been claimed that short wavelength automated perimetry (SWAP) and frequency doubling perimetry (FDP) are two tests that provide early detection. Methods: Patients (n = 62) were selected on the basis that they had raised intraocular pressure but normal visual fields detected by AAP. A SWAP and an FDP was performed on each of the patients and the results compared. Fields were scored as either normal or abnormal based on criteria used in previous studies. Results: On comparing FDP with SWAP as the ,gold standard', a sensitivity of 88.9% and a specificity of 96.2% was found, showing a high concordance between the two tests. Conclusion: These results suggest that as SWAP may be predictive of AAP visual field loss, FDP may be similarly predictive. [source]

    The Bangladesh Health SWAp: Experience of a New Aid Instrument in Practice

    DEVELOPMENT POLICY REVIEW, Issue 4 2007
    Howard White
    Sector-wide approaches are being widely adopted as a new aid modality, incorporating government ownership, partnership and a move from project to programme support. The literature to date on their performance in practice is, at best, mixed. This article reviews these issues in the light of the experience of arguably the world's oldest and largest SWAp, the Bangladesh health sector programme. A positive picture emerges of an evolutionary institutional adaptation towards a programme approach, with positive systemic effects on government processes and a reduction in transaction costs in dealing with donors. There are, however, negative aspects, notably, donor dominance in ,dialogue', though with limited influence on the government's actual strategy. [source]

    Are reproductive health NGOs in Uganda able to engage in the health SWAp?

    INTERNATIONAL JOURNAL OF HEALTH PLANNING AND MANAGEMENT, Issue 3 2005
    Frank Mugisha
    Abstract This paper explores the ability for reproductive health (RH) non-governmental organizations (NGO) in Uganda to survive in the context of SWAp and decentralization. The authors argue that, contrary to the perceptions that this context may increase NGO's financial vulnerability, a SWAp and a decentralized system may provide an opportunity that should be embraced by NGOs to enhance their sustainability and effectiveness by reducing their current dependency on donor funding. The paper discusses the systemic weaknesses of many NGOs that currently make them vulnerable, and observes that unless these weaknesses are addressed, such NGOs will lose their space in the SWAp and decentralization arena. The authors suggest that NGOs need to recognize the opportunities that participating in public-private partnerships through a SWAp can offer them for long-term and significant funding. They need also to develop their capacity to pro-actively participate in a SWAp and decentralized context by becoming more entrepreneurial in nature, through re-orienting their organizational philosophies and strategic planning and budgeting so as to be able to partner effectively with the public sector in accessing funds made available through health sector reform. Copyright © 2005 John Wiley & Sons, Ltd. [source]

    Sector Approaches, Sustainable Livelihoods and Rural Poverty Reduction

    DEVELOPMENT POLICY REVIEW, Issue 3 2001
    Jim Gilling
    This article examines the relationship between sector-wide approaches (SWAps), sustainable livelihoods approaches (SLAs) and rural poverty reduction. The authors suggest that SLAs provide one means by which SWAps can focus more effectively on poverty reduction, whilst SWAps provide an entry point via which government and donor initiatives can be made supportive of the livelihoods of the poor. The article puts forward guidelines indicating the core issues upon which donors should focus to enhance the poverty impact of sector-wide approaches. [source]

    Programme alignment in higher-level planning processes: a four-country case-study for Sexual and Reproductive Health

    INTERNATIONAL JOURNAL OF HEALTH PLANNING AND MANAGEMENT, Issue 3 2009
    Rebecca Dodd
    Abstract With international development assistance focussed on poverty reduction, national and sector-wide planning processes have become increasingly important in setting agendas. Sector-Wide Approaches (SWAps), Poverty Reduction Strategy Papers (PRSPs), and other higher level planning processes, including Millennium Development Goals (MDGs) reporting, have required new levels of engagement in national and sectoral planning processes. For Sexual and Reproductive Health (SRH), this has had mixed consequences, despite raising the profile of SRH in national planning agendas, and emphasizing the potential of SRH to contribute to the reduction of poverty. Drawing on case-study research from four countries, this paper analyzes alignment of SRH policy with higher-level planning processes. It found that SRH managers are rarely engaged in higher-level planning processes, and while SRH features prominently in the [health] sections of PRSPs, it is not reflected in other sections, and does not necessarily correspond to more resources. Despite these limitations, these planning processes offer synergies that could improve the contribution of SRH to health sector development and poverty reduction. The paper recommends that local donor organizations, including key UN agencies, offer greater support for SRH programme managers in promoting the pro-poor and systems-wide strengths of SRH programmes to planners and policy makers. Copyright © 2009 John Wiley & Sons, Ltd. [source]

    Managerial Opportunism and Capital Structure Adjustments: Equity,for,debt Swap and Convertible Debt

    INTERNATIONAL REVIEW OF FINANCE, Issue 1 2002
    Nobuyuki IsagawaArticle first published online: 16 MAY 200
    This paper shows how capital structure adjustments through an equity,for,debt swap and convertible debt can resolve the inefficiency caused by managerial opportunism. We consider a situation in which a corporate manager's investment decision is affected by the firm's debt level. Although both an equity,for,debt swap and convertible debt can induce the self,interested manager to undertake only value,increasing projects through capital structure adjustments, there exists a significant difference between these two financial instruments. An equity,for,debt swap, which requires the agreement of both shareholders and debt holders, can change a firm's debt level only prior to the manager's investment decision. On the other hand, convertible debt, which gives debt holders a unilateral right to convert, can change a firm's debt level even after the manager's investment decision. [source]

    A Term Structure Decomposition of the Australian Yield Curve,

    THE ECONOMIC RECORD, Issue 271 2009
    RICHARD FINLAY
    We use data on coupon-bearing Australian Government bonds and Overnight Indexed Swap (OIS) rates to estimate risk-free zero-coupon yield and forward curves for Australia from 1992 to 2007. These curves and analysts' forecasts of future interest rates are then used to fit an affine term structure model to Australian interest rates, with the aim of decomposing forward rates into expected future overnight cash rates plus term premia. The expected future short rates derived from the model are on average unbiased, fluctuating around the average of actual observed short rates. Since the adoption of inflation targeting and the entrenchment of low and stable inflation expectations, term premia appear to have declined in levels and displayed smaller fluctuations in response to economic shocks. This suggests that the market has become less uncertain about the path of future interest rates. Towards the end of the sample period, term premia have been negative, suggesting that investors may have been willing to pay a premium for Commonwealth Government securities. [source]

    Do Governments Use Financial Derivatives Appropriately?

    INTERNATIONAL FINANCE, Issue 2 2001
    Evidence from Sovereign Borrowers in Developed Economies
    This article provides original evidence on the use of derivatives by sovereign borrowers. Swaps are used both to increase the liquidity of long-term government bonds and for speculation. However, some sovereign borrowers have also used derivatives to ,window dress' their public accounts for the purpose of disguising budget deficits. One actual window-dressing transaction by a sovereign borrower that used it to facilitate entry into the EMU is described. It is shown that the size of the artificial deficit reduction it achieved through this transaction is large. I argue that window-dressing through derivatives might prove particularly damaging for the political stability of the EMU, the effectiveness of stabilization programmes in less developed countries, and the credibility of supranational institutions charged with monitoring the soundness of client-country economic policies. Window dressing also dangerously distorts the relationship between governments and private financial institutions. I suggest proper accounting procedures that should be used to eliminate the possibility of such operations. [source]

    Credit Default Swaps and the Stability of the Banking Sector,

    INTERNATIONAL REVIEW OF FINANCE, Issue 1 2010
    FRANK HEYDE
    ABSTRACT This paper considers credit default swaps (CDSs) used for the transfer of credit risk within the banking sector. The banks' motive to conclude these CDS contracts is to improve the diversification of their credit risk. It is shown that these CDSs reduce the stability of the banking sector in a recession. However, during a boom or in periods of moderate economic up- or downturn, they may reduce this stability. The main reasons behind these negative impacts are firstly, that banks are induced to increase their investment in an illiquid, risky credit portfolio, and secondly, that these CDSs may create a possible channel of contagion. [source]

    A Polylinker Approach to Reductive Loop Swaps in Modular Polyketide Synthases

    CHEMBIOCHEM, Issue 16 2008
    Laurenz Kellenberger Dr.
    Abstract Multiple versions of the DEBS 1-TE gene, which encodes a truncated bimodular polyketide synthase (PKS) derived from the erythromycin-producing PKS, were created by replacing the DNA encoding the ketoreductase (KR) domain in the second extension module by either of two synthetic oligonucleotide linkers. This made available a total of nine unique restriction sites for engineering. The DNA for donor "reductive loops," which are sets of contiguous domains comprising either KR or KR and dehydratase (DH), or KR, DH and enoylreductase (ER) domains, was cloned from selected modules of five natural PKS multienzymes and spliced into module 2 of DEBS 1-TE using alternative polylinker sites. The resulting hybrid PKSs were tested for triketide production in vivo. Most of the hybrid multienzymes were active, vindicating the treatment of the reductive loop as a single structural unit, but yields were dependent on the restriction sites used. Further, different donor reductive loops worked optimally with different splice sites. For those reductive loops comprising DH, ER and KR domains, premature TE-catalysed release of partially reduced intermediates was sometimes seen, which provided further insight into the overall stereochemistry of reduction in those modules. Analysis of loops containing KR only, which should generate stereocentres at both C-2 and C-3, revealed that the 3-hydroxy configuration (but not the 2-methyl configuration) could be altered by appropriate choice of a donor loop. The successful swapping of reductive loops provides an interesting parallel to a recently suggested pathway for the natural evolution of modular PKSs by recombination. [source]

    A cocaine insensitive chimeric insect serotonin transporter reveals domains critical for cocaine interaction

    FEBS JOURNAL, Issue 16 2002
    Sumandeep K. Sandhu
    Serotonin transporters are key target sites for clinical drugs and psychostimulants, such as fluoxetine and cocaine. Molecular cloning of a serotonin transporter from the central nervous system of the insect Manduca sexta enabled us to define domains that affect antagonist action, particularly cocaine. This insect serotonin transporter transiently expressed in CV-1 monkey kidney cells exhibits saturable, high affinity Na+ and Cl, dependent serotonin uptake, with estimated Km and Vmax values of 436 ± 19 nm and 3.8 ± 0.6 × 10,18 mol·cell·min,1, respectively. The Manduca high affinity Na+/Cl, dependent transporter shares 53% and 74% amino acid identity with the human and fruit fly serotonin transporters, respectively. However, in contrast to serotonin transporters from these two latter species, the Manduca transporter is inhibited poorly by fluoxetine (IC50 = 1.23 µm) and cocaine (IC50 = 12.89 µm). To delineate domains and residues that could play a role in cocaine interaction, the human serotonin transporter was mutated to incorporate unique amino acid substitutions, detected in the Manduca homologue. We identified a domain in extracellular loop 2 (amino acids 148,152), which, when inserted into the human transporter, results in decreased cocaine sensitivity of the latter (IC50 = 1.54 µm). We also constructed a number of chimeras between the human and Manduca serotonin transporters (hSERT and MasSERT, respectively). The chimera, hSERT1,146/MasSERT106,587, which involved N-terminal swaps including transmembrane domains (TMDs) 1 and 2, was remarkably insensitive to cocaine (IC50 = 180 µm) compared to the human (IC50 = 0.431 µm) and Manduca serotonin transporters. The chimera MasSERT1,67/hSERT109,630, which involved only the TMD1 swap, showed greater sensitivity to cocaine (IC50 = 0.225 µm) than the human transporter. Both chimeras showed twofold higher serotonin transport affinity compared to human and Manduca serotonin transporters. Our results show TMD1 and TMD2 affect the apparent substrate transport and antagonist sensitivity by possibly providing unique conformations to the transporter. The availability of these chimeras facilitates elucidation of specific amino acids involved in interactions with cocaine. [source]

    Prion domain interaction responsible for species discrimination in yeast [PSI+] transmission

    GENES TO CELLS, Issue 12 2003
    Hideyuki Hara
    Background:, The yeast [PSI+] factor is transmitted by a prion mechanism involving self-propagating Sup35 aggregates. As with mammalian prions, a species barrier prevents prion transmission between yeast species. The N-terminal of Sup35 of Saccharomyces cerevisiae, necessary for [PSI+], contains two species-signature elements,a Gln/Asn-rich region (residues 1,41; designated NQ) that is followed by oligopeptide repeats (designated NR). Results:, In this study, we show that S. cerevisiae[PSI+] is transmissible through plasmid shuffling and cytoplasmic transfer to heterotypic Sup35s whose NQ is replaced with the S. cerevisiae NQ. In addition to homology, the N-terminal location is essential for NQ mediated susceptibility to [PSI+] transmission amongst heterotypic Sup35s. In vitro, a swap of NQ of S. cerevisiae Sup35 led to cross seeding of amyloid formation. Conclusions:, These findings suggest that NQ discriminates self from non-self, and is sufficient to initiate [PSI+] transmission irrespective of whether NR is heterotypic. NR as well as NQ alone coalesces into existing [PSI+] aggregates, showing their independent potentials to interact with the identical sequence in the [PSI+] conformer. The role of NQ and NR in [PSI+] prion formation is discussed. [source]

    The behavior of emerging market sovereigns' credit default swap premiums and bond yield spreads

    INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 1 2010
    Michael Adler
    Abstract We test whether credit risk for Emerging Market Sovereigns is priced equally in the credit default swap (CDS) and bond markets. The parity relationship between CDS premiums and bond yield spreads (BYS), that was tested and largely confirmed in the literature, is mostly rejected. Prices below par can result in positive basis, i.e. CDS premiums that are greater than BYS and vice versa. To adjust for the non-par price, we construct the BYS implied by the term structure of CDS premiums for various maturities. We are able to restore the parity relation and confirm the equivalence of credit risk pricing in the CDS and bond markets for many countries that have bonds with non-par prices and time varying credit quality. We detect non-parity even after the adjustment mainly in countries in Latin America, where the bases are larger than the bid,ask spreads in the market. We also find that the repo rates of bonds decrease around episodes of credit quality deterioration, which helps the basis remain positive. Copyright © 2009 John Wiley & Sons, Ltd. [source]

    Managerial Opportunism and Capital Structure Adjustments: Equity,for,debt Swap and Convertible Debt

    INTERNATIONAL REVIEW OF FINANCE, Issue 1 2002
    Nobuyuki IsagawaArticle first published online: 16 MAY 200
    This paper shows how capital structure adjustments through an equity,for,debt swap and convertible debt can resolve the inefficiency caused by managerial opportunism. We consider a situation in which a corporate manager's investment decision is affected by the firm's debt level. Although both an equity,for,debt swap and convertible debt can induce the self,interested manager to undertake only value,increasing projects through capital structure adjustments, there exists a significant difference between these two financial instruments. An equity,for,debt swap, which requires the agreement of both shareholders and debt holders, can change a firm's debt level only prior to the manager's investment decision. On the other hand, convertible debt, which gives debt holders a unilateral right to convert, can change a firm's debt level even after the manager's investment decision. [source]

    A compact wideband parallel-strip 180° hybrid coupler

    MICROWAVE AND OPTICAL TECHNOLOGY LETTERS, Issue 12 2008
    L. Chiu
    Abstract In this study, a wideband compact parallel-strip 180° hybrid coupler with the center frequency of 2 GHz is presented. By replacing the 270° section in the 180° hybrid coupler with a parallel-strip phase reversal swap, the total circuit size is reduced by half. In this structure, the phase gradients of the four arms of the coupler are equalized; therefore, the operation bandwidth is dramatically enhanced. S-parameters of the coupler are simulated and measured with good agreement. As predicted from the measured data, the bandwidth of the 90% combining efficiency is increased from 45 to 124%. The proposed design achieves more than ,25 dB signal suppression within the whole measured frequency range (0,4 GHz) as opposed to 1.8 to 2.2 GHz of the conventional design. The proposed 180° hybrid coupler can serve as a wideband in-phase/differential power divider/combiner, which are essential for many RF and microwave subsystem designs. © 2008 Wiley Periodicals, Inc. Microwave Opt Technol Lett 50: 3271,3274, 2008; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/mop.23926 [source]

    Delay discounting determines delivery fees in an e-commerce simulation: A behavioral economic perspective

    PSYCHOLOGY & MARKETING, Issue 2 2005
    Donald A. Hantula
    Participants ordered music CDs and bargained for delivery time and fees in a simulated on-line store. After ordering a CD, participants engaged in a delivery-fee bargaining task that was embedded in a psychophysical up,down staircase titration procedure in which options of next-day delivery for a fee and delayed free delivery were made more or less attractive based on previous choices. A hyperbolic function derived from the matching law fit the data. These results are consistent with a behavioral-economic account of intertemporal choice in which delivery fees are seen as a swap of money for time. © 2005 Wiley Periodicals, Inc. [source]

    Optimal approximations of nonlinear payoffs in static replication,

    THE JOURNAL OF FUTURES MARKETS, Issue 11 2010
    Qiang Liu
    Static replication of nonlinear payoffs by line segments (or equivalently vanilla options) is an important hedging method, which unfortunately is only an approximation. If the strike prices of options are adjustable (for OTC options), two optimal approximations can be defined for replication by piecewise chords. The first is a naive minimum area approach, which seeks a set of strike prices to minimize the area enclosed by the payoff curve and the chords. The second improves on the first by taking the conditional distribution of the underlying into consideration, and minimizes the expected area instead. When the strike prices are fixed (for exchange-traded options), a third or the approach of least expected squares locates the minimum for the expected sum of squared differences between the payoff and the replicating portfolio, by varying the weights or quantities of the options used in the replication. For a payoff of variance swap, minimum expected area and least expected squares are found to produce the best numerical results in terms of cost of replication. Finally, piecewise tangents can also be utilized in static replication, which together with replication by chords, forms a pair of lower or upper bound to a nonlinear payoff. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark [source]

    Pricing and hedging illiquid energy derivatives: An application to the JCC index

    THE JOURNAL OF FUTURES MARKETS, Issue 5 2008
    Elisa Scarpa
    In this paper a simple strategy for pricing and hedging a swap on the Japanese crude oil cocktail (JCC) index is discussed. The empirical performance of different econometric models is compared in terms of their computed optimal hedge ratios, using monthly data on the JCC over the period January 2000,January 2006. An explanation to how to compute a bid/ask spread and to construct the hedging position for the JCC swap contract with variable oil volume is provided. The swap pricing scheme with backtesting and rolling regression techniques is evaluated. The empirical findings show that the price-level regression model permits one to compute more precise optimal hedge ratios relative to its competing alternatives. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:464,487, 2008 [source]

    Benchmark tipping and the role of the swap market in price discovery

    THE JOURNAL OF FUTURES MARKETS, Issue 10 2007
    Russell PoskittArticle first published online: 14 AUG 200
    The author uses a high-frequency data set to investigate the roles of the sterling swap and futures markets in price discovery at the short-end of the sterling yield curve. Information flows between the futures and swap markets are found to be largely contemporaneous. Causal information flows are bidirectional, although the futures market dominates the information flow over the very short term. Thus, the futures market remains the primary locus of price discovery despite the increased use of swaps as a pricing benchmark and hedging instrument in recent years. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:981,1001, 2007 [source]

    Back to the future: Futures margins in a future credit default swap index futures market

    THE JOURNAL OF FUTURES MARKETS, Issue 1 2007
    Hans N. E. Byström
    The introduction of exchange-traded credit default swap (CDS) index futures is eminent and this development in the credit market is the subject of this article. A theoretically appealing and practically implementable approach to computing accurate futures margins based on extreme value theory is suggested. The approach is then exemplified with a study of the increasingly popular iTraxx Europe CDS index market. Although this market is not organized through an exchange and is not a futures market, the empirical results together with an arbitrage argument nonetheless suggest margin levels in a future exchange-traded CDS index futures market computed using extreme value theory to be superior to those computed using the traditional normal distribution or the actual historical distribution. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:85,104, 2007 [source]

    Non-Heme Hydroxylase Engineering For Simple Enzymatic Synthesis of L - threo -Hydroxyaspartic Acid

    CHEMBIOCHEM, Issue 3 2008
    Matthias Strieker
    The direct hydroxylation of aliphatic carbon atoms is a challenging task in organic chemistry. Nature's unique ability to solve this problem by using non-heme iron hydroxylases was applied to the stereospecific synthesis of the medically important compound L - threo -hydroxyaspartic acid. We switched the substrate specificity of a hydroxylase (AsnO) from L -asparagine to L -aspartic acid by a simple side chain swap in the substrate binding pocket. [source]

    The "End of Geography" in Financial Services?

    ECONOMIC GEOGRAPHY, Issue 4 2000
    Local Embeddedness, Territorialization in the Interest Rate Swaps Industry
    Abstract: This paper provides evidence that the globalization of financial services has not undermined the importance of local embeddedness in world financial centers, among global banks. Using qualitative data from interviews with senior bankers in the interest rate swaps (derivatives) industry in Australia, in this paper I demonstrate the importance of spatial relationships and processes of local embeddedness in the production of swaps. Local embeddedness is attributable to the rapid exchange of financial information in formal dealing networks that serve as central information sources, enabling dealers to formulate a "market feel" that influences their dealing strategies. Information interpretation and decision making in dealing processes and specialist financial labor provide the foundations for the product-based learning orientation of swaps dealing. Dealing networks are underpinned by social relationships, requiring face-to-face interaction that is facilitated by spatial proximity. Although the global swaps industry is dominated by multinational banks, the centrality of these embedded networks impedes globalization in interest rate swaps dealing. The global swaps industry comprises an international network of highly localized but interconnected operations based in world financial centers. [source]