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Foreign Participation in Emerging Markets' Local Currency Bond Markets
Shanaka Peiris
This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the domestic government bond market tends to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in emerging markets and, in fact, could even dampen volatility in some instances.
Foreign Participation in Emerging Markets' Local Currency Bond Markets
II. EM Domestic Bond Market Developments
III. Benefits and Costs of Foreign Participation: A Literature Review
A. Can Foreign Participation Lower Bond Yields?
B. Does Foreign Participation Increase Bond Market Volatility?
C. What Does the Empirical Evidence Show?
IV. Data, Methodology, and Empirical Results
A. Data
B. Methodology
C. Empirical Results
Foreign Participation in the Bond Market
Long-term government bond yields in EMs
A vibrant and deep local currency domestic bond market promotes financial stability and economic growth. The macroeconomic and financial dislocations in emerging markets (EMs) following the crises of the late 1990s have led to increased efforts in these countries to develop local bond markets as an alternative source of debt financing for the public and corporate sectors (IMF, 2005). Local currency bond markets can help financial stability by reducing currency mismatches and lengthening the duration of debt. Such markets also help economic efficiency by generating market-determined interest rates that reflect the opportunity costs of funds at different maturities (Committee on the Global Financial System, CGFS 2007).
Foreign investors could act as catalysts for the development of local bond markets, particularly by diversifying the institutional investor base and creating greater demand for local EM debt securities. Domestic institutional investors are typically buy-and-hold investors, while foreign investors are more likely to trade and therefore contribute to a more liquid market. Selected case studies in emerging and mature government bond markets provide qualitative evidence that foreign participation can be supportive of increased market liquidity and thus lower yields (World Bank and IMF, 2001). However, there remains a lack of strong empirical evidence on the benefits and costs of foreign participation in bond market development, due to lack of data (Daniel, 2008). This paper attempts to quantify the impact of foreign participation in reducing local currency EM bond yields by compiling a novel database of foreign participation in a representative group of 10 EMs over the last decade.
An increased foreign presence could also result in greater volatility in local bond markets.Experience shows that EMs can be seriously hit by the sudden drying-up of capital flows resulting from an increase in risk aversion, sometimes irrespective of a country's fundamentals (see Calvo and Talvi, 2005). Thus, foreign involvement in the bond market can make host economies more susceptible to market volatility (World Bank and IMF, 2001, and BIS, 2002). This is borne out by the fact that the EM financial markets and institutions most exposed to foreign investors (e.g., EM equity markets rather than bond markets and banks in Central and Eastern Europe that were reliant on foreign borrowing) took the brunt of the spillovers of the 2008 global financial crisis.
This paper, estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets. It is structured as follows. Section II briefly discusses recent bond market developments in EMs. Section III reviews the relevant literature and addresses three questions: (i) Can foreign participation lower bond yields? (ii) Does foreign participation increase bond market volatility? (iii) What does the empirical evidence show? In section IV, we pursue a panel data framework to estimate the impact of foreign participation in determining long-term local currency government bond yields in a group of 10 EMs from 2000–2009.1 A time series approach is also used to estimate the impact of foreign participation in domestic government bond markets on the volatility of long-term government bond yields. Section V concludes.
Emerging markets' domestic bond markets have grown rapidly since the 1990s (CGFS 2007, 2009). The outstanding stock of domestic bonds now exceeds $6 trillion compared with only $1 trillion in the mid-1990s, according to the BIS's quarterly statistics. This is a multiple of the stock of outstanding EM bonds issued in major international markets (i.e., international bonds), which amounted to about $1 trillion at end-2008.2 Although data on the currency of denomination of domestic bonds are not collected by the BIS, the share of foreign-currency denominated domestic debt has been declining and is very small according to CGFS (2007). This highlights the shift from foreign currency to local currency denominated bond issuance by EMs and contrasts with the ―original sin" hypothesis that EMs can typically borrow only in foreign currency (Eichengreen and Hausman, 1999).
Table. 1BIS Quarterly Statistics on Bonds and Notes Outstanding Issued by Residents of EMs (in $ billions, at end-2008)
Along with the growing size of domestic bond markets, foreign participation has also increased in many EMs (Figure 1). Data on foreign participation in the domestic bond markets of EMs are not available from a common source (Daniel 2008). However, the CGFS (2007) analysis, based on national data and information from the Emerging Markets Trade Association (EMTA), shows that the non-resident bond holdings of nine EMs increased sevenfold between 2002 and 2006. For this study, we compile a new time series database of foreign participation in domestic government bond markets from the Asiabondonline database of the Asian Development Bank (ADB) and from the IMF's country desk data for 10 large EMs.3 The data clearly show a growing share of foreign participation in EM domestic government bond markets, as in CGFS (2007), with a dip in late-2008 related to the global crisis (Figure 1).
Figure 1a.Foreign Participation in the Bond Market
Figure 1b.Foreign Participation in the Bond Market
Nevertheless, domestic banks still dominate EM domestic government bond markets. Banks continue to be the largest domestic investors in EM domestic government debt, holding 42 percent of all domestic debt securities in 2005 compared to 28 percent in 2000 according to the CGFS (2007). The share is nearly four times the average percentage seen in industrial countries. Both supply and demand factors explain the increase in holdings of domestic government debt:
On the demand side, following the Asian financial crisis in the late-1990s, non-financial firms adopted more prudent financial practices, including a substantial deleveraging of their balance sheets;
An equally important factor has been the increased risk aversion among banks in the aftermath of that crisis; the low risk weight in the calculation of regulatory capital for domestic government debt may have reinforced cash-strapped banks' preference for such debt, since it is better than lending to firms for which the risk weight is 100 percent; and
Yet another contributing factor was the recapitalization of banks with government securities in Indonesia, Korea, and Turkey.
The institutionalization of the investor base in EMs has been uneven (IMF, 2007). The total share of domestic non-bank financial institutions (domestic institutional investors) in the EMs covered by the CGFS (2007) increased from 29 percent in 2000 to 38 percent in 2005. Economies like Chile, Korea, Malaysia, Singapore, and Hong Kong (China) have been the leaders. The main driving force behind their growth has been the growth of assets of the state provident funds. These economies have adopted enabling legislation and regulation to either develop privately managed pension, mutual fund and insurance sector, or to grant greater autonomy to public sector investors. One important example is Chile, which embarked on a successful pension reform drive and restricted foreign inflows into the local debt market for a long time in order to encourage the development of a local institutional investor base.
The share of fixed-rate bonds in EMs is lower than in more advanced economies.While the vast bulk of government bonds outstanding are nominal fixed-rate bonds in major industrial countries (about 90 percent), the proportion of straight fixed-rate debt in the EMs is much lower, but has increased from 65 percent to 71 percent over the past five years according to CGFS (2007). Yet there are still large variations across countries and regions, with fixed-rate bonds prevalent mainly in Asia and Central Europe, while only 23 percent of Latin American debt outstanding is in the form of fixed-rate instruments.
The maturity structure of EM domestic government debt has lengthened. Based on the BIS Quarterly Review, there is clear evidence that remaining maturities on domestic bonds in EMs have been lengthening, from 3.2 years in 2000 to 4.5 years in 2005. Shorter maturities and floating-rate debt generally continue to prevail in Latin America, although Brazil has lengthened its yield curve and a major lengthening of maturities has also occurred in Mexico. With the exception of China, Asia's larger economies have made marked progress in increasing average remaining maturity, from 2.7 years in 2000 and to 6.1 years in 2005. The yield curve is rather short for many countries in Central Europe, where short-term rates tend to be low with the exchange rate anchored to the euro, complicating the pricing of the entire yield curve. Differences in investment strategies between foreign and domestic investors add to the variety of preferences for risk, return, and maturity, and this could have helped lengthen the maturity structure of EM debt.4
Institutional investors, both domestic and foreign, have played a critical role in developing capital markets in most mature markets and in more developed EMs (IMF, 2008). Cross country empirical evidence shows a positive association between the institutional investor base and local bond market development as the wider and more diversified investor base helps provide long-term finance (IMF, 2007). Pension reforms and the growth of insurance industries have boosted demand for longer term fixed income investments, and regulation favoring prudent and transparent risk-taking by such institutions has also allowed local bond markets to grow. Foreign investors facilitate the development of liquid benchmarks, leading to improved liquidity in the secondary markets. The domestic institutional investor base in many EMs is still at a nascent stage of development and its further development face a host of regulatory bottlenecks (CGFS, 2007). Foreign participation could thus provide a ―quick win" to deepen the domestic bond market. The benefits of foreign participation, however, need to be balanced against the risks of contagion and greater volatility.
Foreign investors can be an important source of demand for local EM debt securities and thus help lower bond yields (IMF, 2005). Market surveys by MSCI Barra and IMF (2010) indicate that global bond funds are generally underweight EMs, providing scope for a continued stock adjustment into dedicated EM funds. The sheer size of global bond and hedge funds relative to EM bond markets means that even a marginal increase in the weight of EMs in their portfolio could lead to a substantial rise in demand for and lower yields on EM assets.5 Although there may be differences in investment strategies among different types of foreign investors, market participants generally perceive foreign investors as playing a supportive role in local markets (Roldos, 2004). A greater diversity of preferences and views will tend to lead to more trading, greater price discovery, and more liquid and efficient markets.
Foreign participation could also help increase the liquidity of government bond markets. The liquidity of government bond markets in EMs measured by their turnover ratio remains limited (Figure 2). Especially in Asia, the investor base for local debt instruments continues to be dominated by domestic institutional investors with buy-and-hold investment strategies (IMF, 2005), and hence liquidity is poor. This highlights the scope for enhancing liquidity by opening up bond markets to foreign investors. For example, the Australian market, which is relatively open to foreigners (about 45 percent of government bonds and 10 percent of private sector debt are held by non-residents), has a turnover ratio that is at times higher than that of the highly liquid United States' market, reaching 22 times its outstanding stock of debt (BIS 2002). Singapore, a small country but with a relatively high turnover ratio, has allowed foreign issuers and investors (including retail hedge funds) to play a bigger role in the local debt market, with non-residents accounting for more than 15 percent of the outstanding stock of Singapore dollar bonds (CGFS, 2007).
Figure 2a.Long-term government bond yields in EMs
Figure 2b.Long-term government bond yields in EMs
Foreign participation could lead to greater interest rate volatility, however. Sudden withdrawals by foreign investors from domestic bond markets, similar to what was witnessed in EMs after the collapse of Lehman Brothers in September 2008, could introduce greater bond yield volatility. Such a pattern was observed in a few EMs, which saw a rise in long-term local currency government yields post-Lehman, although the phenomenon was by no means universal (Figure 2). This would, in turn, have two potentially adverse impacts: (i) it could temporarily increase (until inflows returned) the cost of new borrowing; and (ii) it could complicate the conduct of monetary policy if central banks intervene in bond markets in an effort to stabilize bond yields and avoid exchange rate pressures.6
Bond market imbalances could also spill over to other financial markets. Past experiences show that shocks generally spread from equity markets to bond markets, rather than the reverse (Fang, Lim and Lin, 2005; Gebhardt, Hvidkjaer and Swaminathan, 2002). Nevertheless, rapid growth in foreign participation in bond markets—relative to the supply of instruments available for investment—could fuel asset price bubbles, particularly when combined with excessive concentration in a few market participants that may exhibit herding behavior. This is more likely in countries below the necessary threshold of institutional development to support greater foreign participation (IMF, 2005). Unfortunately, there has been very little analysis of the role played by foreign investors in determining bond prices and scope for bond price bubbles, which is a gap in the literature.
Foreign participation, supported by the necessary institutional and regulatory framework, may minimize volatility. Foreign participation, to the extent that it increases market liquidity and exerts pressure for strong corporate governance and institutional reform, can be a stabilizing force in the long run (Prasad and Rajan, 2008).7 Measures to prevent excessive concentration among foreign institutional investors, together with prudential limits on individual exposures, could also help mitigate the risk of asset price bubbles noted above (IMF, 2005). Foreign participation may also serve to stabilize markets by reducing currency mismatches and serving as an alternative source of funding when domestic investors divest (Burger, Warnock, and Warnock, 2009).
To our knowledge there has been very little empirical analysis of the determinants of local currency bond market yields in EMs, in general, and even less on the role of foreign investors.8 Previous studies on EMs have generally focused on explaining the determinants of sovereign foreign currency (EMBIG) spreads (Baldacci, Gupta, and Amine, 2008; Gonzales-Rosada and Levy-Yeyati, 2006; and IMF, 2006). Even the empirical evidence on the factors affecting long-term interest rates on government debt in mature markets has focused on domestic fundamentals, with little or no attention paid to foreign participation (Caporale and Williams, 2002).9 Gale and Orszag (2003) list 29 studies, finding a predominantly positive significant" effect of fiscal deficits on interest rates, although there were also several studies that found mixed" or predominantly insignificant" effects. Generally, estimated impacts range from a minimum of 10 basis points up to 60 basis points for a percentage point of GDP increase in the fiscal deficit. The impact is larger when using expected fiscal deficits (Laubach, 2009).
There is growing evidence, however, that global factors are increasingly having a pronounced effect on government securities markets in mature markets. The availability of global funds has made the demand for government securities more dependent on global investors' preferences, while country-specific risk factors may play a smaller role in G-7 countries (Kumar and Okimoto, 2009). Hauner and Kumar (2006) analyze the determinants of long-term government debt yields for the G-7 economies over 1960–2005 with quarterly data and find that United States' interest rates and current account balances partly explain why global long-term rates have continued to remain at levels that are considered unusually low, given the state of the economic cycle. In the last decade, capital inflows have also been found to increase sovereign bond market liquidity and lower yields (Hauner and Kumar, 2006). To account for insurance-related capital flows, they include the accumulation of international reserves by the rest of the world as a proxy. Hol (2006) also shows that long-term nominal interest rates in Scandinavian countries are determined by both domestic macroeconomic and international economic conditions.
A more recent paper by Baldacci and Kumar (2009) has extended the analysis of the role of global factors in determining local currency government bond yields to emerging markets, although they do not explicitly model the impact of foreign participation. Baldacci and Kumar (2009) estimate a panel of 31 advanced and emerging economies over the period 1980-2007 and show that countries with larger capital inflows (when foreign direct investment is above 10 percent of GDP) benefit from lower increases in government bond yields when fiscal deficits expand. In addition, episodes of elevated global risk aversion (measured by the VIX) lead to a significantly higher impact of deficits on both nominal and real long-term interest rates.
The literature on the determinants of bond yield volatility in EMs is even more sparse.
There have been some early studies on bond yield volatility in advanced economies (e.g., Borio and McCauely, 1996) using time series techniques, but recent research in this area has generally focused on implied volatility based on option pricing (Brooks and Currim, 2002). However, derivative markets in EMs are generally not well-developed enough to extract information on bond price volatility. Previous studies on EMs have generally analyzed whether there has been volatility contagion (e.g., Edwards, 1998; and Andritzkya, Bannister and Tamirisa, 2007).
We compile a new database of foreign participation in domestic government bond markets in EMs.Foreign participation in the domestic government bond market is defined as the share of the outstanding stock of domestic government securities held by non-residents. Data on the currency denomination of domestic government bonds are not available, but almost all the bonds are denominated in local currency according to a survey by CGFS (2007). Therefore, foreign participation in the domestic government bond market should be a good proxy of foreign participation in the local currency domestic bond market. Quarterly data on foreign participation in the domestic bond market have been obtained from the Asiabondonline database of the ADB and from the IMF's country desk data for 10 large EMs from 2000-09.
Macroeconomic and financial data have been obtained from internationally published sources (Appendix Table 1). All macro-financial data have been obtained from the International Financial Statistics (IFS) and Global Data Source (GDS) database published by the IMF. IFS data for long-term nominal local currency bond yields are used because IFS compiles benchmark long-term local currency government bond yields and ensures cross-country comparison. However, IFS data for long-term nominal local currency bond yields for Brazil, Indonesia, and Turkey are incomplete. For Brazil, Indonesia and Turkey, we use the yield on the generic 5-year local currency domestic government bond from Bloomberg.
The sample of countries was determined purely by the availability of data on foreign participation in EM bond markets. As such, it excludes a number of active local currency EM government debt markets, such as Russia, India, South Africa, and frontier markets such as Ghana, Kenya, Nigeria, and Sri Lanka, which may have different dynamics and determinants of local currency government bond yields than in the sample considered.
We follow the panel data approach of Baldacci and Kumar (2009) in analyzing the macro and external determinants of long-term local currency government bond yields. A panel data approach is used to overcome the short time series of quarterly data that are available on macroeconomic variables (e.g., GDP) and foreign participation by pooling the data across countries to model the determinants of long-term local currency government bond yields for a representative group of 10 EMs from 2000–09.10 The panel data estimation method is among the most efficient techniques to analyze the impact of a common set of global factors as well as country specific explanatory variables across a diverse group of countries, as shown by Baldacci and Kumar (2009), and IMF (2009).
The determinants of local currency government bond yields identified in the literature are used as control variables to estimate the marginal impact of foreign participation. A comprehensive set of macro-financial variables encompassing Baldacci and Kumar (2009), Caporale and Williams (2002), and Hole (2006) are included, in addition to foreign participation. The econometric analysis is based on a standard reduced-form specification for a panel of 10 EMs using the following equation (1):
where Lr denotes nominal yields on the benchmark long-term government bonds for country i, period t (2000 q1–2009 q1); Sr is the short-term nominal policy interest rate (to control for the effects of monetary policy on the bond yield term structure), π is inflation (to control for inflationary expectations through the ―Fischer theory"), b is the fiscal deficit in percent of GDP, D is the level of gross general government debt in percent of GDP, M is broad money growth (to control for the ―liquidity effect"), z is real GDP growth (to control for the country's cyclical position), USr the U.S. long-term nominal treasury bond yield (uncovered interest-parity), CA the current account balance (to control for currency risk) and FP the share of foreign participation in the government bond market.11 Results are based on fixed effects least squares estimates.12
The panel data estimates indicate that both domestic macro and global factors, particularly foreign participation, have a significant influence on long-term local currency government bond yields in EMs.13 Following a general-to-specific modeling strategy, we find five statistically significant determinants of long-term government bond yields in the representative group of 10 EMs (Table 2). The statistically insignificant variables in equation (1) are excluded to obtain the most parsimonious model. All of the statistically significant coefficients are of the expected sign and plausible magnitudes.
The annualized impact of a 1 percent rise in the fiscal balance to GDP on EMs' long-term yields is about 20bps, a similar magnitude to the value reported in Baldacci and Kumar (2009) for a group of advanced economies and EMs;
Importantly, the results also show that foreign participation has a statistically significant impact on yields, controlling for other determinants. A 1 percentage point increase in the share of foreign investors in the government bond market will tend to lower yields by about 6bps on average;
Long-term yields respond to changes in policy interest rates and inflationary expectations, as reported in studies for advanced economies, while the current account balance plays more of a role in EMs;
U.S. long-term interest rates are an important global factor in determining local currency bond yields in EMs;
Domestic monetary aggregates and real economic activity do not have a significant effect on long-term local currency government bond yields in EMs.
Table. 2Government Bond Turnover Ratios in 2008
A time series approach is used to estimate the impact of foreign participation in government bond markets on the volatility of long-term bond yields in EMs. We use a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) framework which has become the standard tool for modeling volatility in financial economics. The question at hand is whether the volatility of long-term local currency government bond yields is affected by foreign participation. For simplicity, long-term rates are modeled as an autoregressive process in the mean equation and foreign participation is introduced in the form of multiplicative heteroscedasticity in the equation for the (conditional) variance in a GARCH (1, 1) model as is standard in GARCH models.14 The equation is of the following form:
Where Lr t is the nominal long-term local currency government bond yield for each EM, and σ2t a measure of its volatility. Therefore, the sign on γ provides an estimate of the impact of foreign participation in the domestic government bond market on yield volatility, although the magnitude of γ is not comparable across countries given the conditional volatility measure used.15 The time series results for monthly data from 2000 show that greater foreign participation significantly increases yield volatility in one country (Korea) and decreases it in a few others (Malaysia, Mexico, Turkey), while being an insignificant explanatory variable in most other cases (Table 3).
Table 3.Fixed effects estimates of long-term yields (2000Q1–2009Q1)
Policy interest rates 0.12**
Inflation 0.16**
Fiscal deficit 0.05*
Foreign participation -0.06**
Current account deficit 0.13**
U.S. Interest Rate 0.45**
Constant 5.38**
R-Square (within) 0.40
F-statistic 129.3
The t-statistics are in parentheses
** significance at the 5 percent level
* significance at the 10 percent level
Table 4.Impact of Foreign Investors' Participation on Government Bond Yield Volatility
Sign of impact and statistical
Brazil Not Significant
Czech Republic Not Significant
Hungary Not Significant
Indonesia Not Significant
Korea (+)**
Malaysia (-)*
Mexico (-)**
Poland Not Significant
Thailand Not Significant
Turkey (-)**
The results presented above should be interpreted with caution. While the empirical model of long-term local currency bond yields in EMs encompasses the determinants identified in the literature, there could always be other ―omitted" variables that matter.16 The panel data estimates for a representative group of 10 EMs may also not apply to all EMs. The analysis of the impact of foreign participation on government bond yield volatility relies on a simple statistical approach, although it provides some insight into the dynamics of bond yield volatility in EMs, an area of sparse research. While a more theoretical approach would be needed to explain the findings, one would expect the relatively low level of interest rate volatility observed in EMs (figure 2) to explain why the impact of foreign participation was insignificant in most countries. In addition, as discussed in section II, the role and participation of different domestic institutional investors differ across countries, which may explain why foreign participation has a differential impact on bond yield volatility in Korea on the one hand, and Hungary, Malaysia, Mexico, and Turkey on the other.
Based on a new data base for 10 EMs, this study shows that foreign participation is associated with lower bond yields, while there is no evidence that volatility necessarily increases. There has been a sharp rise in foreign participation in local currency EM bond markets associated with their growing size and importance as a source of financing. This has raised questions as to whether foreign participation has helped deepen those markets or is a potential source of vulnerability as a transmission channel for global shocks. In practice, the significance of foreign participation in deepening markets (and thus ultimately reducing yields) has been untested due to a lack of data on foreign participation in EMs. The experience with surges in capital flows to emerging markets and economic crises has also raised concerns about the risk that greater foreign participation may lead to higher bond yield volatility. The results of a panel data analysis of 10 EM economies from 2000–09 that have significant foreign participation in the government bond markets suggest that greater foreign inflows tend to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in EMs and, in fact, could even dampen volatility in some instances. These results should not be interpreted as conclusive evidence that it is always beneficial to open up domestic local currency bond markets to foreign investors, as we do not attempt to undertake a comprehensive study of the costs and benefits of foreign participation such as their developmental role or potential for fueling asset bubbles. Instead, the study provides quantitative evidence that at least in the case of local currency bond yields in EMs, foreign participation has been beneficial.
Appendix. I. Data Sources
Foreign participation Asiabondonline database of the ADB for all
Asian economies and IMF Country Desk
data for the others
Local currency government bond yield International Financial Statistics, IMF for all
countries except Brazil, Turkey and
Indonesia where generic government rates
from Bloomberg are used.
Short-term nominal policy interest rate IMF Global Data Source
CPI Inflation International Financial Statistics, IMF
Fiscal balance to GDP International Financial Statistics, IMF
Gross government debt to GDP IMF Global Data Source
Broad money growth International Financial Statistics, IMF
Real GDP growth International Financial Statistics, IMF
U.S. 10-year treasury bond interest rate International Financial Statistics, IMF
Current account balance International Financial Statistics, IMF
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This paper narrowly focuses on the role of foreign participation in local government bond markets in EMs rather than corporate bond markets due to data limitations on foreign participation in the latter, although one could expect the impact of foreign participation on the yields and volatility of corporate bonds to be somewhat similar, in theory (see section IV).
About $157 billion of such bonds were issued in the currency of the EM issuer.
The 10 EMs included are Brazil, Czech Republic, Hungary, Indonesia, Mexico, Malaysia, Korea, Thailand, Turkey, and Poland.
The potential role of foreign participation in lengthening EM local currency debt structure is beyond the scope of this study.
For example, IMF (2010) estimates that for every 1 percent shift in the holdings of U.S.-based unlevered institutional investors of domestic securities could translate into a $45 billion reallocation to EM securities annually, or approximately two thirds of the flows to emerging markets in 2009.
Foreign investor will take a direct capital loss when exiting the bond market (as bond prices fall and yields move up) depreciates.
Foreign investors usually impose positive pressure for developing robust market infrastructure and transparent market practices (Luengnaruemitchai and Ong, 2005).
The lack of data on foreign participation in EMs has hampered such a study to date.
There is also a related literature from the finance (Ang and Piazzesi 2003) and macro-finance approaches geared to modeling the term structure (Ruedebusch and Wu 2008), which is not the focus of this study.
While foreign participation data were available for a few countries from 1995 onwards (e.g., Korea and Mexico), the analysis was restricted to 2000-09 to obtain a fairly balanced panel and estimates representative of the entire sample of 10 EMs.
The model is robust to adding to the baseline specification an index of global risk aversion (as measured by the VIX index) as in Baldacci and Kumar (2009) and alternative measures of global interest rates (e.g., federal funds rates). Panel correlations do not suggest that multicollinearity is a serious problem.
All variables are found to be stationary on the basis of Pesaran's ADF test for panel data, except public debt which is found to be I(1) not a statistically significant determinant and thus excluded from the baseline model. Standard Hausman test results rejected a random effect assumption.
Endogeneity of foreign participation and bond yields is not driving the result as the impact of foreign participation on long-term yields is significant even when instrumenting foreign participation using a General Method of Moments (GMM) estimator.
The lag length of the autoregressive mean equation is determined by the Akaike information criteria while a GARCH(1,1) specification is a standard parsimonious way of expressing the conditional variance equation.
A similar methodology was used by Edwards (1998) to estimate the impact of global factors on interest rate volatility in Latin America during the "Tequila" crisis.
Given the importance of foreign participation, the behavior of domestic institutional investors is an obvious variable. Data limitations on the share of domestic institutional investors in EM domestic bond markets through time preclude such an analysis.


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text:
Toward the Kingdom of Heaven
40 Daily Readings on the Sermon on the Mount
By Prof. Amy-Jill Levine
How is the follower of Jesus to understand the words of the Old Testament? How are those words relevant to the New Covenant He is establishing? What might the words of the Lord's Prayer have conveyed to his initial followers, and why is that historical information essential to the prayer two millennia later?
In Sermon on the Mount, Dr. Amy-Jill Levine takes a detailed and colorful overview of Matthew 5-7, collectively known as Jesus' Sermon on the Mount. Through Dr. Levine's engaging method of biblical interpretation, readers will come away with a solid understanding of the Sermon on the Mount in its historical and theological context.
This collection of 40 daily readings is drawn from Amy-Jill Levine's teachings on the Sermon on the Mount. Containing additional stories, insights, and lessons from the author, the reader further illuminates the wisdom of Jesus' most famous sermon.
Prof. Amy-Jill Levine
Amy-Jill Levine ("AJ") is Rabbi Stanley M. Kessler Distinguished Professor of New Testament and Jewish Studies at Hartford Seminary and University Professor of New Testament and Jewish Studies Emerita, Mary Jane Werthan Professor of Jewish Studies Emerita, and Professor of New Testament Studies Emerita at Vanderbilt University. An internationally renowned scholar and teacher, she is the author of numerous books including The Difficult Words of Jesus: A Beginner's Guide to His Most Perplexing Teachings, Short Stories by Jesus: The Enigmatic Parables of a Controversial Rabbi, Entering the Passion of Jesus: A Beginner's Guide to Holy Week, Light of the World: A Beginner's Guide to Advent, and Sermon on the Mount: A Beginner's Guide to the Kingdom of Heaven. She is also the coeditor of the Jewish Annotated New Testament. AJ is the first Jew to teach New Testament at Rome's Pontifical Biblical Institute. In 2021 she was elected to the American Academy of Arts and Sciences. AJ describes herself as an unorthodox member of an Orthodox synagogue and a Yankee Jewish feminist who until 2021 taught New Testament in a Christian divinity school in the buckle of the Bible Belt.

redpajama_set_name: RedPajamaCommonCrawl


text:
Monthly Climate Statement for April 2017
The Department of Science, Information Technology and Innovation (DSITI) monitors sea-surface temperature (SST) anomalies in key regions of the Pacific Ocean over autumn, winter and spring, and provides objective outlooks for summer (November to March) rainfall on this basis. The Science Division of DSITI considers that, for next summer (November to March), rainfall probabilities are currently near normal for much of Queensland. Read more (PDF, 259K, last updated 04:27PM, 18 April 2017)*
DSITI provides seasonal outlooks for summer rainfall in Queensland based on SST anomalies in key regions of the Pacific Ocean. The current outlook is based on SST anomalies in the extra-tropical Pacific Ocean. Unlike SST anomalies in the equatorial Pacific, which are strongly related to El Niño-Southern Oscillation (ENSO) phenomenon, SST anomalies in the extra-tropical Pacific at this time of year tend to persist through to summer and provide a useful basis for providing an initial long-lead outlook of summer rainfall in Queensland.
At this time of year the ENSO phenomenon tends to be in a state of transition. For this reason, ENSO indices such as the SOI and SST anomalies in the equatorial Pacific do not provide a useful indicator of summer rainfall. The weak La Niña pattern which locked in over last spring and summer has now broken down, with values of key ENSO indices being close to neutral over the last three-month period (January to March). In particular the average three-month Niño 3.4 SST anomaly was 0.0°C and the three-month average value of the SOI was -0.7. DSITI will provide an updated outlook for summer rainfall in June, taking into account the ENSO related SST pattern in May. Further updates will be provided each month until November and these updates will take into account the evolving ENSO-related SST pattern during this period.
It should be noted that seasonal outlooks are probabilistic, rather than deterministic, in nature. For example, if an outlook is described as having a 60 per cent probability of above median rainfall, there is also a 40 per cent probability of below median rainfall. In cases where outcomes with a high probability may be more likely, this does not mean that less probable events will not occur in any given year.
As noted, DSITI will provide an updated outlook for summer rainfall in June. This outlook will begin to factor in the developing ENSO-related SST pattern at that time.


LCY Globalprene™ is a styrene-based polymer. Also referred to as styrenic block copolymer (SBC), it is a member of the thermoplastic synthetic rubber family and is composed of mainly styrene/butadiene or styrene/isoprene. SBC products have a wide range of applications.
Globalprene™ SEBS is hydrogenated SBS with higher content of 1, 2 - vinyl structure. After hydrogenation, the copolymer is composed of polystyrene (S) - polyethylene (E) - polybutylene (B) - polystyrene (S) and abbreviated as SEBS.
Globalprene™ SIS is a styrene/isoprene block copolymer. It is used in hot-melt and pressure-sensitive adhesives. SIS is environmentally friendly.
Globalprene™ SBS NOE (Non-Oil-Extended) is a styrene / butadiene block copolymer. It does not contain process oil and is also called a dry grade.
Globalprene™ SBS OE (Oil-Extended) is a styrene / butadiene block copolymer. It contains process oil and is also called an oil extended grade.
Hot-melt pressure sensitive adhesives can form a coating in its molten state and rapidly bond under light pressure after it is cooled. It can be peeled off easily without contaminating the surface of the adhered substrate. Hot-melt pressure sensitive adhesives are mainly made of a thermoplastic elastomer (TPE, e.g. SBS, SIS), tackifying resin, anti-oxidant and filler. Using saturated TPE (e.g. SEBS and SEPS, produced by the hydrogenation of SBS or SIS) in the making of hot-melt pressure sensitive adhesives increases the oxidation resistance, UV resistance and heat resistance of the adhesive, and improves its weatherability. SBS can also be used to make solvent based adhesives featuring high initial bond strength, high viscosity, and long open time.
Using TPE to modify conventional asphalt can extend its service temperature, improves its mechanical properties, increases the asphalt's cold temperature flexibility and enhances its ageing performance. When used in road construction, TPE-modified asphalt in combination with the proper asphalt mix can improve road safety by increasing the road's load handling capacity. When applied in roofing and waterproofing works, TPE-modified asphalt bonds better to the structure, is less likely to have vertical flow and ages better to help reduce the high cost of maintenance and repair.
TPE is commonly used to toughen engineering plastics. TPE modified plastics show better impact strength and low-temperature resistance. TPE film added with nanoparticles has improved gas barrier properties and is extensively used in food and beverage packaging, and in precision filter infusion bags. The addition of a compatibilizing agent and polar plastic in TPE enhances the compatibility of TPE with dissimilar materials. For example, the addition of maleic anhydride (MAH) grafted SEBS and TPU enables TPE to bond with nonwoven fabrics to produce synthetic leather and various textile composites.
Grafted SEBS is used mainly in the modification of engineering plastics, such as polyamide (PA), ABS, polycarbonate (PC) and PET to increase the toughness of the material. It is also used as a compatibilizing agent in the modification of engineering plastics to enhance miscibility between materials. Adding only a small amount of grafted SEBS improves the toughness of engineering plastic markedly and increases their impact resistance. The combination of grafted SEBS and other SEBS polymers results in stable copolymers with excellent oxidation and UV resistance.
SBS is used extensively in TPR shoe soles. It can replace vulcanized rubber and polyvinyl chloride based shoe materials. SBS shoe soles have excellent elasticity, aesthetic colors, good anti-slip, gas barrier, wear resistance, flexing endurance and low-temperature resistance properties. The coefficient of friction of SBS shoe soles on an asphalt road surface and wet/drenched road surface is much higher than shoe soles made of other materials. Another feature of SBS is its environmental friendliness. Waste SBS shoe soles can be recycled and reprocessed. SBS shoe soles are moderately priced and available in a variety of styles. They can be semi-clear, imitation ox-tendon soles, colorful dual-color soles, or lightweight foam soles.


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Charinus magalhaesi est une espèce d'amblypyges de la famille des Charinidae.

Distribution
Cette espèce est endémique d'Amazonas au Brésil. Elle se rencontre vers Manaus.

Description
La carapace de la femelle holotype mesure  de long sur .

Étymologie
Cette espèce est nommée en l'honneur de Célio Magalhães.

Publication originale
 Miranda, Giupponi, Prendini & Scharff, 2021 : « Systematic revision of the pantropical whip spider family Charinidae Quintero, 1986 (Arachnida, Amblypygi). » European Journal of Taxonomy, ,  (texte intégral).

Notes et références

Charinidae
Espèce d'amblypyges (nom scientifique)
Faune endémique de l'Amazonas (Brésil)

redpajama_set_name: RedPajamaWikipedia


I am an Associate Professor at the Department of Information Systems Engineering, Ben-Gurion University of the Negev, Beer Sheva, Israel. My main research interests revolve around the use of information technology. I have been involved in studies on IT project managers, online consumer behavior, the potential distraction of mobile technology, and aiding Alzheimer's patients. Currently I study various aspects of the interactive experience with an emphasis on aesthetics.
Tractinsky, Noam, Abdu, Rotem, Forlizzi, Jodi, Seder, Thomas (2011): Towards personalisation of the driver environment: investigating responses to instrument c. In International Journal of Vehicle Design, 55 (2) pp. 208-236.
Hassenzahl, Marc, Tractinsky, Noam (2006): User experience - a research agenda. In Behaviour and Information Technology, 25 (2) pp. 91-97.
Tractinsky, Noam, Hassenzahl, Marc (2005): Arguing for Aesthetics in Human-Computer Interaction. In i-com Zeitschrift für interaktive und kooperative Medien, 4 (3) pp. 66–68.
Lavie, Talia, Tractinsky, Noam (2004): Assessing dimensions of perceived visual aesthetics of web sites. In International Journal of Human-Computer Studies, 60 (3) pp. 269-298.
Tractinsky, Noam, Meyer, Joachim (2001): Task structure and the apparent duration of hierarchical search. In International Journal of Human-Computer Studies, 55 (5) pp. 845-860.
Tractinsky, Noam, Katz, A. S., Ikar, D. (2000): What is Beautiful is Usable. In Interacting with Computers, 13 (2) pp. 127-145.
Tractinsky, Noam (2000): A Theoretical Framework and Empirical Examination of the Effects of Foreign and Translated. In Behaviour and Information Technology, 19 (1) pp. 1-13.
Tractinsky, Noam, Meyer, Joachim (1999): Junkchart or Goldgraph? Effects of Presentation Objectives and Content Desirability on Inf. In MIS Quarterly, 23 (0) pp. 397-420.
Vessey, Iris, Jarvenpaa, Sirkka L., Tractinsky, Noam (1992): Evaluating of Vendor Products: CASE Tools as Methodology Companions. In Communications of the ACM, 35 (4) pp. 90-105.
Rafaeli, Sheizaf, Tractinsky, Noam (1989): Computerized Tests and Time: Measuring, Limiting and Providing Visual Cues for Response Ti. In Behaviour and Information Technology, 8 (5) pp. 335-351.
Tractinsky, Noam (2014): Visual Aesthetics. In: Lowgren, Jonas, Carroll, John M., Hassenzahl, Marc, Erickson, Thomas, Blackwell, Alan, Overbeeke, Kees, Hummels, Caroline, Spence, Robert, Apperley, Mark, Holtzblatt, Karen, Beyer, Hugh R., Kjeldskov, Jesper, Burnett, Margaret M., Scaffidi, Christopher, Svanaes, Dag, Hook, Kristina, Sutcliffe, Alistair G., Schmidt, Albrecht, Cockton, Gilbert, Kaptelinin, Victor, Christensen, Clayton M., Hippel, Eric von, Tractinsky, Noam, Challis, Ben, Shusterman, Richard, Hudson, William, Mann, Steve, Whitworth, Brian, Ahmad, Adnan, de Souza, Clarisse Sieckenius, Fishwick, Paul A., Grudin, Jonathan, Poltrock, Steven, Gallagher, Shaun, Dix, Alan J., Nielsen, Lene, Randall, Dave, Rouncefield, Mark, Bowman, Doug A., Kock, Ned, Cairns, Paul, Few, Stephen, Dautenhahn, Kerstin, Paterno, Fabio, Cyr, Dianne, Mortier, Richard, Haddadi, Hamed, Henderson, Tristan, McAuley, Derek, Crowcroft, Jon, Crabtree, Andy, Stephanidis, Constantine, Giaccardi, Elisa, Stappers, Pieter, Blandford, Ann (eds). "The Encyclopedia of Human-Computer Interaction, 2nd Ed." The Interaction Design Foundation .
Tractinsky, Noam (1997): Aesthetics and apparent usability: empirically assessing cultural and methodological issue. In: Proceedings of the SIGCHI conference on Human factors in computing systems , 1997, . pp. 115-122.
Tractinsky, Noam (2004): Toward the study of aesthetics in information technology. In: Proceedings of the 25th International Conference on Information Systems December 12-15, 2004, Washington, DC, USA. pp. 771-780.
Tractinsky, Noam, Inbar, Ohad, Tsimhoni, Omer, Seder, Thomas (2011): Slow down, you move too fast: Examining animation aesthetics to promote eco-driving. In: 3rd International Conference on Automotive User Interfaces and Interactive Vehicular Applications AutomotiveUI 2011 November 30th-December 2nd, 2011, Salzburg, Austria.
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The final numbers, which will include total viewers and various demographics, are expected to be released later on Tuesday.
It was believed the ratings could not get much worse than they were in 2017 when far-left comedian Stephen Colbert hosted. This year's telecast was dominated by the far-left cast and producers of Saturday Night Live, but this only appears to have scared more people away.


To Be Built/New Construction.The Juliette Plan Lot #24 2-Stories Brick Front 4BR/4 Full BA w/Loft, Side Entry Garage, Big Lot Laminate Tile Floors on the Main Level, Backsplash, Granite Counter Tops in Kitchen and Secondary Baths, Stacked Stone Raised Fireplace, Blinds Front Side of Home, Black Appliances Stove, Dish Washer and Microwave Standard Features. HURRY! Home are Selling Fast. Ask On-site agent for Incentives.
546 Palmetto Oaks Trl has 4 bedrooms and 4 bathrooms located in Palmetto GA, Fulton County. This property is listed for sale at $273,490 and is currently active and accepting offers.


ReadingFilm's core mission is to develop the production community in the region. This is our third year of including special competition for student filmmakers in the ReadingFilmFEST.
Student filmmakers comprise a special group of independent filmmakers. They have not yet made the connections required of professional filmmakers, but they have fresh ideas and new visions to share. We celebrate their youthful exuberance by giving them their own section in our festival. Our goal is to attract students to submit and attend the festival. We're thrilled that so many students have made the effort to attend the festival!
This year, we also made a special effort to include local high school students through our Five Minute FilmFEST competition. The winners of that competition will be a part of our StudentFilmFEST screening!
It is our hope that ReadingFilmFEST inspires students to learn the craft of filmmaking. The world needs films and today's student filmmakers are tomorrow's Academy Award winning directors, producers, and videographers.
All films selected for the StudentFEST will play at a special Preview night on Thursday evening November 1st at the Reading Movies 11 & IMAX. The winners will also be screened during the festival on Saturday, November 3 at 5:30 PM at the Reading Movies 11 & IMAX.
Congratulations to all of our student filmmakers. You are all winners!


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How do I find out my WEP key?
Is WEP key same as Wi-Fi password?
WPA Key or Security Key: This is the password to connect your wireless network. It's also called a Wi-Fi Security Key, a WEP Key, or a WPA/WPA2 Passphrase. This is another name for the password on your modem or router.
What does a WEP key look like?
WEP keys are a sequence of hexadecimal values taken from the numbers 0 through 9 and the letters A through F. Some examples of WEP keys are: 1A648C9FE2. 99D767BAC38EA23B0C0176D152.
What is a WEP key number?
A WEP key is a security passcode for Wi-Fi-enabled devices. WEP keys let devices on a network exchange encrypted messages with each other while blocking those messages from being easily decoded and read by outsiders. WEP keys are a sequence of characters taken from the numbers 0 through 9 and the letters A through F.
What is a WEP key for DS Wi-Fi?
How many digits is a WEP key?
How do I connect my DS to Wi-Fi?
Whats SSID and WEP key?
Does WEP require a password?
Can you crack WEP?
How long is a WEP key?
What can I use instead of WEP?
Is WEP shared key?
What is WEP button on router?
How do I find my WEP key on my iPhone?
How fast can you crack WEP?
How do I create a WEP password?
Why can't I connect my DS to WiFi?
Why cant my DS find my WiFi?
Can the original DS connect to WiFi?
Is WEP the same as WPA2?
Why is WEP so easy to crack?
Does my Wi-Fi have a WEP key?
Is Wi-Fi a WEP?
Is my WIFI network WEP?
Is WEP and WPA2 the same?
WEP Key is a security setting for your router. WEP is the only security that is compatible with the Nintendo DS Wi-Fi Connection. You will need to set your router for WEP security — or remove security on your router — to use the Nintendo DS at this access point.
A 128-Bit WEP key is a 26-digit hexedecimal key that can also be represented by its 13-digit ASCII equivalent (Full list of ASCII equivalents can be found here).
To connect a Nintendo DS to your wireless home network:
Insert a wireless compatible game into your Nintendo DS and turn the unit on.
Navigate to the Nintendo Wi-Fi Connection Settings screen.
Select Nintendo Wi-Fi Connection Settings.
Select an available connection.
Select Search for an Access Point.
Some other terms used for SSID include "access point name" and "network name." A keyword or password used for encrypting data or authenticating a network. Some other terms used for network key include "encryption key," "WEP key," "WPA/WPA2 passphrase," and "preshared key (PSK)."
WEP requires a password to join the wireless network. Users can enter the password for joining the wireless network, if applicable. If this is left blank and the network requires a password, users are asked to enter it the first time a connection is established.
In order to crack WEP, we need first to capture the large number of packets that means we can capture a large number of IVs. Once we have done that, we will use a tool called aircrack-ng. This tool will be able to use statistical attacks to determine the key stream and the WEP key for the target network.
Wired Equivalent Privacy (WEP)
WEP uses a shared-secret key, which is 40 bits in length. The shared-secret key is concatenated with a 24-bit initialization vector (IV) to create a 64-bit key, which is used to encrypt packets according to the RCA RC4 PRNG algorithm.
The WPA Wi-Fi protocol is more secure than WEP, because it uses a 256-bit key for encryption, which is a major upgrade from the 64-bit and 128-bit keys used by the WEP system. WPA also uses the Temporal Key Integrity Protocol (TKIP), which dynamically generates a new key for each packet, or unit of data.
WEP utilizes a shared-key authentication that allows for encryption and decryption of wireless transmissions. Up to four keys can be defined on an AP or a client, and they can be rotated to add complexity for a higher security standard in the WLAN policy.
The WPS button assumes that if someone is in touching range of the router, they're allowed to connect a device to it. So, instead of typing in that lengthy password, you can hit the button and connect a device that way. When you press the button, the router begins looking for compatible devices.
If it is your iPhone the you go into Settings>Cellular>Personal Hotspot and it should be under Password. If you're talking about a router/modem then you would have to access your DNS. The DNS address is usually 192.168. 1.1.
Researchers have now shown that they can break 104-bit WEP, a common 802.11b/g/n security mechanism, in as little as one or two minutes.
Please find it on the bottom label of the product. Type the username and password in the login page, the default username and password are both admin. Click Wireless->Wireless Settings on left page, enable Wireless Security and select Security Type as WEP. Note: Please select Key2 and configure the password.
Here are some of the most common fixes when it comes to Nintendo 3DS connectivity: Get closer to the WiFi hotspot – your 3DS may not be getting enough signal to connect. Double check the hotspot password you may want to delete the connection information for your current WiFi connection and reenter it.
Possible solutions. Power cycle your modem and router. Power cycling your wireless router or access point may resolve an issue relating to your network being unresponsive. Ensure the access point being used is compatible with your system.
A wireless home router (recommended): The Nintendo DS is compatible with most wireless home routers. You can connect to an access point through the Wi-Fi Connection Settings on your Nintendo DS.
WEP stands for Wired Equivalent Privacy, and WPA stands for Wireless Protected Access. WPA2 is the second version of the WPA standard. Using some encryption is always better than using none, but WEP is the least secure of these standards, and you should not use it if you can avoid it.
WEP is a stream cipher which relies on never using the same key twice to provide security. Unfortunately, as demonstrated in several published attacks, an attacker is easily able to force the same key to be used twice by replaying network traffic in a way that forces a tremendous amount of packets to be generated.
How To Find Your Connection's WEP Key
WEP (Wired Equivalent Privacy) is the oldest and most common Wi-Fi security protocol. It was the privacy component established in the IEEE 802.11, a set of technical standards that aimed to provide a wireless local area network (WLAN) with a comparable level of security to a wired local area network (LAN).
Click the current wifi network your are connected to, and click Properties. Next to Security type, if it says something such as WEP or WPA2, your network is protected.
What is my WPA key for PS3? How do I find my WPA key? What is smart WiFi virgin? How do I open McAfee True Key? Can you add wireless networking to a motherboard?


Ban Pa Chi Junction is just another fork in the road. It is here that the Northwestern Line heads towards Laos and Vietnam.
The station at the junction was rebuilt entirely after being hit heavily by Allied bombing during WWII.
If your train stops, and you're feeling bold, this station is famous for the "Phachi" Coconut Ice Cream sold by the hawkers on the platform. It is normally slurped through straws, especially in the hot season when it melts quickly. Good luck!


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Garret Graves is picked as top Republican on House climate change committee
WASHINGTON - Louisiana Rep. Garret Graves says he hopes to broaden the focus of a special House committee on climate change as he becomes its top Republican. Graves, who was named to the panel Thursday (Feb. 28), said the current climate debate centers on only part of the equation.
While protecting the environment is crucial, he said, lawmakers also should also focus on employment opportunities and improving the United States' competitiveness in the global economy.
"Energy production and consumption, mitigation and adaptation, and shared responsibility must be discussed if we're truly going to be 'global' in this important conversation," he said, explaining that he favors an "all-of-the-above" energy strategy.
Graves, 47, is serving his third term representing the Baton Rouge-based 6th Congressional District and formerly chaired the state Coastal Protection and Restoration Authority under Gov. Bobby Jindal. He was among six Republicans named to the climate panel, which is led by Rep. Kathy Castor, D-Fla.
"At the risk of being self-serving," Graves said, "there's no better place on the planet to begin this conversation than coastal Louisiana."
Other Republicans on the panel are Reps. Morgan Griffith of Virginia, Gary Palmer of Alabama, Buddy Carter of Georgia, Carol Miller of West Virginia and Kelly Armstrong of North Dakota. House Minority Leader Kevin McCarthy announced the GOP members three weeks after Speaker Nancy Pelosi tapped eight Democrats to join Castor.


Patient Speculation: Have you ever been struck down by Seconditus?
Have you ever been struck down by Seconditus?
If you have been involved in sports speculation, particularly betting on horse racing, for any length of time I am sure that you will have contracted either a mild or severe case of Seconditus (also known as Seconditis).
The condition can strike at any time, it is far more widespread than people think and can in extreme cases last for a very long time.
What exactly is secondit(is/us)? Well it is a condition where by most if not all of your long priced selections finish second when you have backed the selections to win only.
The symptoms can range from mild annoyance all the way up to complete mental breakdown for the unfortunate sufferer.
What is the cure for Secondit(us/is) ? There is no cure but the best pain killer to take is to alleviate the symptoms is good sized portion of staking control. If your staking is within manageable limits you may suffer mild symptoms but you will be in control of them. Alternatively you could back eachway however there are only certain bets that offer value by backing eachway (my free eachway tips included in their number), also you then become susceptible to contracting a rarer but nearly as irritating case of the 'Fourths'.
"19 Selections - 7 runners-up (at 20/1, 20/1, 15/2, 10/1, 16/1, 16/1 & 7/1), and two fallers.
Yes I agreee, on paper and with hindsight win only betting is more profitable than win/place betting.
The daily challenge that we as sports speculators have to face is the short term pressures that win only betting can cause, seconditus being one of them.


Hmm… So am I gonna see lots of "42"s in the text or do I have to bring my towel along for the lectures and tutorials?
And I think my lecturer is hoping to outsell books like, say, Computer Security for Dummies or The Complete Idiot's Guide to Computer Security, because it is slightly cheaper and it has the words "Don't Panic" on the cover.
PS: Don't understand what I'm talking about? Go read this or watch this.
This blog post is brought to you by the letters 'O', 'R' and 'D'.
Woohoo! Finally, after enlisting three years ago, I've gotten back my pink tablet of freedom.


text:
Languages › French
What Is "Les DOM-TOM"?
Fort Louis, Marigot, Saint Martin, West Indies, French Overseas Territory.
Danita Delimont/Getty Images
Pronunciation & Conversation
ThoughtCo
Les DOM-TOM, pronounced "duhm-tuhm", is actually a French acronym, and it stands for Départements d'outre-mer, Territoires d'outre-mer, which are French overseas departments and territories. An alternate spelling is D.O.M.-T.O.M. These department and territories include:
Clipperton
Grâce à Aimé Césaire, la France a créé les DOM-TOM / Thanks to Aimé Césaire, France created its overseas departments and territories.
Les citoyens des DOM sont des citoyens de la France / Citizens in the overseas departments are citizens of France.
Facts and Figures About the French Language
The History of La Négritude
Using the French Future Tense
What is the English Translation of "RSVP"?
The Meaning of 'Vive la France!'
7 French Food Idioms - French Expressions and Phrases Food Related
"Bon Anniversaire": Saying Happy Birthday in French
At the Beach: An Easy French-English Bilingual Story
French Sentence Construction
Christmas in France: a Fun French-English Side-by-Side Story
Saint Nick in France - an Easy French Story With English Translation
The Most Common French Acronyms and Abbreviations
"Vive le Vent" : A Popular French Christmas Carol
How To Say I Love You In French
Common French Phrases
What Does TTC on a French Receipt Mean?


Me and my wife first thought it was someone firing off leftover new years fireworks but it didn't add up as it appeared out of nowhere and was too bright for that, it never went boom either. It had what looked like green sparks in the trail and got smaller and smaller as it fell.We sadly didn't catch all of it as it disappeared behind the trees ontop of the hill.
A very short trail with what looked like green sparks.


SACRAMENTO, Calif. (Feb. 8, 2019) The U.S. Department of Housing and Urban Development (HUD) has renewed more than $20 million in funding to nine homeless service providers in Sacramento's Continuum of Care (CoC) and awarded nearly $900,000 to two new programs. The awards, announced Jan. 26 and Feb. 6, represent a 3.64% increase over last year's funding.
The Sacramento Continuum of Care submits to HUD a competitive grant application each year and competes for funding with communities across the country. Since Sacramento Steps Forward took over as the Continuum of Care's administrator in 2011, funding has increased by 38% or more than $5.7 million.
The majority of the funded programs provide Permanent Supportive Housing for people who are chronically homeless and are most likely to die on the street the soonest. Renewal funding retains housing for these individuals, most of whom were housed in previous years.
New housing opportunities are created when these units turn-over or from new programs, like those created by Sacramento Self-Help Housing and Hope Cooperative (formerly TLCS, Inc.) this year.
Other funded programs include a Rapid ReHousing program for adults and Transitional Housing/Rapid ReHousing hybrid program for Transitional Age Youth, defined as people who are 18-24 years old.
The Sacramento Continuum of Care is governed by a 25 member board made up of local community stakeholders including people of lived experience, homeless service providers, faith community, advocates, business leaders, law enforcement, local government, healthcare leaders, and more.
The full list of funded programs can be found here. The Sacramento Continuum of Care program funding starts on page 17 under CA-503 Sacramento City and County CoC.


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Office of Fair Trading
The Office of Fair Trading (OFT) is the UK's consumer and competition authority and is a non-ministerial government department established by statute in 1973. They pursue their mission to "make markets work well for consumers"[1]:
encouraging businesses to comply with competition and consumer law and to improve their trading practices through self-regulation
acting decisively to stop hardcore or flagrant offenders
studying markets and recommending action where required
empowering consumers with the knowledge and skills to make informed choices and get the best value from markets, and helping them resolve problems with suppliers through Consumer Direct[2].
Philip Collins, Chairman of the Board. Collins became Chairman of the Office of Fair Trading on 1 October 2005. He is a solicitor who has practised in the UK and EU competition law field for more than 30 years, initially in London and latterly in Brussels. He was formerly a partner in Lovells where, in 1978, he was the first partner appointed to specialise in competition law. With the subsequent development of the practice, he was made head of the firm's competition and EU law practice. Subsequently, and until 30 September 2005, he was Senior Counsel at Wilmer Cutler Pickering Hale & Dorr LLP, based in Brussels. He was one of the founders of the Competition Law Forum established at the British Institute of International and Comparative Law and a member of its Advisory Board from its foundation in 2002 until 2005. He is also a member of the Editorial Board of the European Competition Journal.
John Fingleton, Chief Executive. Became Chief Executive of the OFT in October 2005 for a five year term. He had previously been Chairperson of the Irish Competition Authority since May 2000. Fingleton is Chair of the Association of Competition Economics, and represents the UK on the Competition Committee of the Organisation for Economic Cooperation and Development (OECD). He also sits on the board of several journals that specialise in competition policy. Fingleton studied economics at Trinity College, Dublin and Nuffield College Oxford. He taught economics at Trinity College, Dublin from 1991 to 2000 and held visiting positions at the Universite Libre de Bruxelles (1995) and the Graduate School of Business at the University of Chicago (1998-2000).
Jonathan May is an Executive Director of the OFT Board. He is also Executive Director of Policy and Strategy. Previously, he was the first director of the Markets and Policy Initiatives Division. He joined the OFT at the end of 2001 following two and a half years as Director of UK Competition Policy at the Department for Business, Enterprise and Regulatory Reform where he was responsible for developing strategy on competition policy. Before his secondment to the Department he worked at the Treasury with public expenditure responsibility for Home Office and overseas aid policies, later handling competition, utility regulation and energy issues.
Sean Williams became Executive Director of Markets and Projects on 4 June 2007. The Markets and Projects Area of the OFT is responsible for the enforcement of consumer and competition law in UK markets. Sean will lead OFT's new converged approach to delivering whole market solutions, to making markets work well for consumers. The Area is engaged in a wide variety activities including market studies and investigations, mergers, cartels and other competition law investigations (including super-complaints), consumer law investigations, and the regulation of consumer credit providers and estate agents. Sean joined the OFT from Ofcom where he was Executive Director and Competition Partner responsible for the development and enforcement of economic regulation and competition policies in communications markets. In particular he led Ofcom's transformation of fixed line telecoms regulation, including the operational separation of BT. Sean is also a non-executive director of Williams Lea Holdings plc, an international business services company of 10,000 employees. From 1997 to 2003 he was a partner of LEK Consulting, a strategy consulting firm, where he advised on competition and business strategy issues. He was also a special adviser in the Prime Minister's Policy Unit from 1995 to 1997.
Allan Asher, Non-executive member. Chief Executive of Energywatch. Previously he was the Campaigns Director of the Consumers' Association. Allan is also Director of FEMAG (Foundation for Effective Markets and Governance) in Canberra, Australia, and chair of INSOC (International Society of Civil Society Organisationson on Competition) in Jaipur, India. He chairs the consumer policy committee of the British Standards Institute and is a consultant to consumers' international and to the Consumer Unity and Trade Society (India). Allan is also a member of Transparency International.
Lord Norman Blackwell, Non-executive member. He is non-executive Chairman of Interserve plc and a non-executive Director of Standard Life plc and Slough Estates plc. He is also an adviser to KPMG Corporate Finance, and Chairman of the Centre for Policy Studies. From 1995 to 1997 he was Head of the Prime Minister's Policy Unit in 10 Downing Street, following which he was Director of Group Development, NatWest Group, from 1997-2000. Political activity in the last five years: Conservative Peer, House of Lords. Canvassed and addressed meetings for the Conservative Party.
Bronwyn Curtis Non-executive member. Business economist who has worked in a number of commodity, trading and financial sectors. She is currently the Chairman of the Society of Business Economists, a partner in Arch Financial Products LLP and a member of the shadow Monetary Policy Committee for The Times. She was previously a Managing Editor and a columnist in Europe for Bloomberg LP. Mrs Curtis has, in the past, held various economics, strategy and management roles at Nomura, Deutsche Bank and Masterfoods.
Alan Giles has many years experience in retail businesses. He is currently Chairman of Fat Face Limited and a Non-executive director of Rentokil Initial plc and Wilson Bowden plc. He was formerly Chief Executive Officer HMV Group plc, Managing Director of Waterstone's Booksellers Ltd and Executive Director WH Smith Group plc.
Professor Frédéric Jenny is a Professor of Economics at ESSEC Business School in Paris. He is currently Conseiller en Service Extraordinaire, Cour de Cassation (Member of the French Supreme Court) and Chairman of the OECD Competition Law and Policy Committee. He was closely involved in the establishment of what is now Conseil de la Concurrence (Competition Council) in France and latterly became its Vice-President, and has an internationally recognised reputation for his work in the competition field.
Richard Whish, Non-executive member. Professor of Law at Kings College, London where he has worked since 1991. His professional career has been devoted to competition law and policy and has written extensively on competition law matters. He was in practice, as a partner, with responsibility for the competition law practice from 1989 to 1998, and continues to act as a consultant on competition law. He has extensive experience of advising Governments and NGOs on the development of competition law. Other Government appointments: he was a member of the Director General of Fair Trading's Advisory Panel since it was formed in 2001. The advisory panel ceased to be an establishment of the Board.
OFT Audit Committee
Nigel Matthews, Chairman of Audit Committee. For 25 years until his retirement in November 2001, Matthews was the Group Secretary of J Sainsbury plc. A lawyer by training, Nigel was responsible for relations with the regulatory authorities and was closely involved with competition and trading standards matters. He served on the Monopolies and Mergers Commission from 1991 to 1997 and on a number of government and trade committees. He was awarded the OBE in 2000 for services to the food retail industry. As well as chairing the Audit Committee, Nigel serves as a governor of the University of Hertfordshire and a trustee of the National Grocers' Benevolent Fund.
Lord Norman Blackwell is non-executive Chairman of SmartStream Technologies Group. He is a non-executive Director of Slough Estates plc and The Corporate Services Group plc and its subsidiary, Comensura Ltd. He is also an advisor to KPMG Corporate Finance, and Chairman of the Centre for Policy Studies. From 1995 to 1997 he was Head of the Prime Minister's Policy Unit in 10 Downing Street, following which he was Director of Group Development, NatWest Group from 1997-2000.
Tim Head is a Chartered Accountant. From 1995 to 2001 he was the Chief Financial and Accounting Adviser to the Competition Commission and prior to that he was a partner in the London office of Coopers & Lybrand. From 2004 to 2006 Tim was an independent member, and chairman, of the Audit Committee of the Office of Rail Regulation. He is also an independent member of the audit committee of the Training and Development Agency for Schools.
Geoffrey Owen has been Senior Fellow at the Institute of Management, London School of Economics since 1996, following five years as Director of Business Policy at the Centre for Economic Performance, LSE. Previously, he was editor of the Financial Times for nine years. His other posts include journalist and deputy editor at the FT and executive with British Leyland Motor Corporation. In addition to being a member of the Audit Committee he also serves as non-executive director for The Laird Group; chairman of the Wincott Foundation; and was a member of the OFT's Advisory Committee, 2001-2003. His publications include Industry in the USA (Penguin 1967), and From Empire to Europe: the decline and recovery of British industry since the second world war (HarperCollins 1999).
Christine Wade was appointed Director of OFT Consumer Enforcement Division in July 2003. Prior to this, she was Director of Co-regulation and Co-ordination within the division. Before moving to the OFT she was Head of Essex Trading Standards, having worked in a variety of trading standards departments since leaving University in 1975. Christine was Chair of the Society of Chief Trading Standards Officers in 2000/01 and was awarded the MBE for her services to trading standards in the 2002 New Year's Honours.
^ Office of Fair Trade About the Office of Fair Trading
^ Ibid
^ Office of Fair Trade OFT Board
^ Office of Fair Trade OFT Audit Committee - members
Retrieved from "https://powerbase.info/index.php?title=Office_of_Fair_Trading&oldid=145479"


The Stated Truth » It's Just A Matter Of "Time" Before A Worldwide Cyber Attack Takes Down An Important Part Of The Worlds Economy!
The new normal in computer cyber hacking and attacks will change the way we live at some point going forward. Cyber-spies are especially targeting utility companies all over the world. This will create havoc when it happens.
According to Bloomberg, a Russian group of hackers known as "Energetic Bear" is attacking energy companies in the U.S. and Europe and may be capable of disrupting power supplies, cyber security researchers said.
Symantec started actively monitoring Dragonfly's activities in 2012, when the attacks only looked like espionage, Chien said. Some of the group's malware infiltrates remote access software used by energy companies, giving attackers the same privileges as an industrial control system.
The hackers "Dragonfly," appear to have the resources, size and organization that suggest government involvement, security company Symantec Corp. (SYMC) said in a blog post yesterday. The attackers are targeting grid operators, petroleum pipeline operators, electricity generation firms and other "strategically important" energy companies, it said.
Those group's activities highlight the increasing reach of cyber attacks as ever-larger parts of the economy become connected and controlled via the Web. They may also be symptomatic of governments using hacking to support political strategies.


text:
First Nations, governments agree to bring salmon back to Upper Columbia River
The three-year commitment is being described as 'historic'
John Boivin
Jul. 29, 2019 2:00 p.m.
Calling it an "historic" and "unprecedented" day, leaders from three Indigenous groups and the provincial and federal governments have signed an agreement to bring salmon back to the Upper Columbia River.
Representatives from the Syilx Okanagan, Ktunaxa and Secwepemc peoples, British Columbia and Canadian governments signed a letter of agreement in Castlegar on Monday.
"Our fundamental goal is to bring the salmon back to their historic range, the headwaters of Columbia Lake," said Kathryn Teneese, chair of the Ktunaxa Nation Council. "To be able to enjoy salmon again in our rivers and lakes for food. Thank you again for the representatives of the other governments for joining in this enterprise and committing financial support."
The three-year commitment between the five governments will see them work together to explore ways to reintroduce salmon to the basin.
A news release said that if successful, the agreement could restore fish stocks to support Indigenous food, social and ceremonial needs and harvest opportunities for all local communities.
The various governments and councils will spend $2.25 million supporting the talks. One-third of the money also comes from the Columbia Basin Trust, whose staff were credited for bringing the disparate parties together to the agreement.
There's a lot to study and much of the work will be technical in nature. The parties will look at everything from water levels, climate change, to the role of dam operators to provide means for fish to get over their obstructions — various methods have to be explored for their sustainability.
They'll even study how the reintroduction of salmon could negatively impact the ecosystem.
"We want to study the impacts of reintroducing salmon to the species that are already flourishing in the river," said Doug Donaldson, the Minister of Forests Lands, Natural Resources Operations and Rural Development for British Columbia. "Some of those species are endangered.
"It's a massive undertaking, and it's about time it started, but we have to look at all the different impacts on fish that are already in the system."
Salmon, once abundant up the entire Columbia River system, have been blocked from their traditional migration routes for 80 years since the introduction of dams to the system downstream in Washington State. The loss of the salmon run devastated Indigenous communities upstream that relied on the fish as a food source and cultural touchstone.
"This was the essence of our culture and life that kept us healthy, not only physically but was the bond of our communities," said Shuswap Indian Band Chief Barb Cote. "Today we have a duty to make sure the waters are healthy, so when the salmon return they will be able to reproduce and give us the sustenance that is crucial to our future generations."
Observers to the signing ceremony said it truly was a special accomplishment.
"It's huge, it's millennial, this is very, very important," said Kootenay author Eileen Delehanty Pearkes. "For 77 years there have been no salmon coming up above Grand Coulee Dam from the U.S. to Canada.
"Across the ecosystem, human and non-human, animal, bird, plant, you name it, everyone has suffered in the Upper Columbia from the loss of the salmon."
"It's absolutely an historic day," says Jay Johnson, a negotiator and policy advisor to the Okanagan Nation Alliance. "We've been trying to do this in isolation for decades. And we have had success. In the Okanagan tributary, we went from 600 salmon to 500,000 salmon.
"So at a time of global crisis, climate change, and environmental degradation, we now have an international good-news story, bringing salmon back in a sustainable way for food security purposes for generations to come, and we can do that five-fold in the basin here."
The potential for the recovery of the system is phenomenal. If they succeed in overcoming the hurdles — and the dams — Johnson says up to two-to-three million fish could be coming in and out of the system in the decades to come.
Such a sweeping environmental changes has to be carefully planned.
"That's why we need the support of all governments to do so," he says.
Officials said the agreement will be a complement to the current negotiations underway to renew the Columbia River Treaty.
The first meeting of the agreement's signatories will take place in mid-August.
Mapping of Canadian coasts showing where climate change to hit hardest this century
Richter Mountain wildfire in Similkameen now held


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text:
Q: Fourier transform Excercise I am stuck on an excerise which says that prove the fourier transform $f(k)$ of a real function satisfied the condition $f(-k)=f*(-k)$. Where the astericks denotes the complex congugate.
I am beginning to think there is a typo as I am getting it to be $f(-k)=f*(k)$.
By def
$$f(k)=\int_{-\infty}^{\infty}f(x)e^{-ikx}dx$$
LHS
$$\int_{-\infty}^{\infty}f(x)(\cos kx+i\sin kx)dx$$
RHS
$$\int_{-\infty}^{\infty}f(x)e*^{ikx}dx$$
$$..$$
$$=\int_{-\infty}^{\infty}f(x)(\cos kx-i\sin kx)dx$$
Sorry I dont have latex installed, Any help would be much appreciated

A: Definition of Fourier transform:
\begin{align*}
\tilde{f}(k) &= \int_{-\infty}^\infty e^{-ikx} f(x) dx \\
&= \int_{-\infty}^\infty f(x) \cos kx dx - i \int_{-\infty}^\infty f(x) \sin kx dx \\
\Rightarrow \tilde{f}^*(k) &= \int_{-\infty}^\infty f(x) \cos kx dx + i \int_{-\infty}^\infty f(x) \sin kx dx \\
&= \int_{-\infty}^\infty e^{ikx} f(x) dx \\
&= \tilde{f}(-k)
\end{align*}
So it seems that $\tilde{f}(-k) = \tilde{f}^*(k)$.
$\tilde{f}(-k) = \tilde{f}^*(-k)$ can't be true because it would imply that $\tilde{f}$ is always real.

redpajama_set_name: RedPajamaStackExchange


Why oh why is it on a self behind a fence?
Why? Because Darlington Council clearly have no interest in it! It could be moved and displayed in nearby North Lodge Park with a new information plaque.
would be interested in photo of your plaque of no i engine with bulmers stone , my grandfather operated he signals on the 100 year rerun anniversary regards Stan .
I also have a plaque like yours.
I think it came from my Grandfather who lived in Darlington. Did you receive any more information about it ?
I am of an age to remember both engine and stone on Bank Top Station, Darlington. I also remember the Darlington Public Library donated by the Pease family, Darlington Quakers, now moved to another building with nobody knowing or admitting they know what will happen to the donated building that also housed a wonderful junior library, art gallery, reading room and latterly computers for public use. Computers essential to some unemployed and some disabled to claim the benefits to which they are entitled. I joined that junior library some seventy eight years ago, a mind boggling experience for a child never to be forgotten. It seems political and societal requirements a very different these days.
I remember Boulmers Stone when living in Darlington as a child 60-70 years ago, more interesting is where on earth is No 1 engine, they don't even know at NRM Shildon. Also what happened to all the wonderful models that used to be in Darlington Museum before the council disposed of it.
Locomotion #1 is at the Darlington Railway Museum.


We want you to be successful in your courses at FRCC. That includes taking the appropriate level of classes in your first semester.
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CCSL is a self-supporting organization formed to foster, develop and promote adult soccer in Juneau, Alaska.
Welcome to our new website, please check the menu above, for league information, tournaments and more!
Open Soccer will be held every Sunday from 5-7pm on the Adair Kennedy Turf Field with the final session on Sunday, June 4th. Hope to see you out there! Competitive summer leagues are slated to start Sunday June 11th. More information to come.


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