The impacts of Hong Kong’s Currency Board reforms on the interbank market

Among the economies with a Currency Board System (CBS), Hong Kong (HK) is probably the one with the largest and most developed financial sector, as well as the highest capital mobility. Hence, studying HK’s CBS is not only crucial to HK, but also important for the understanding of the modern CBS. This paper outlines the major monetary reforms in HK since the late 1980s. The impacts of these reforms and the 1997–1998 Asian Financial Crisis are then examined empirically. We focus on the differentials between the US and HK interbank interest rates. We assume the conditional-mean equation follows an autoregressive process and the conditional-variance equation follows a generalized autoregressive conditional heteroscedasticity process. This model captures the time-varying level and volatility of the differential. In light of the empirical results we provide an assessment of the reforms in HK.     

The persistence of knowledge‐based advantage: an empirical test for product performance and technological knowledge

Resource‐based theory maintains that intrinsic characteristics of resources and capabilities, such as their tacitness, complexity, and specificity, prevent imitation and thereby prolong exceptional performance. There is little direct evidence to verify these claims, yet a substantial literature encourages firms to formulate competitive strategies around resources with these attributes. Further, work outside the resource‐based tradition suggests that these attributes can slow innovation, and it is not clear when this effect outweighs the benefits of inimitability. This paper seeks to clarify whether and how the complexity, tacitness, and specificity of a firm's knowledge affect the persistence of its performance advantages. We find that the complexity and tacitness of technological knowledge are useful for defending a firm's major product improvements from imitation, but not for protecting its minor improvements. The design specificity of technological knowledge delayed imitation of minor improvements in this study. Copyright © 2002 John Wiley & Sons, Ltd.     

Cross Entropy Estimation of the Almost Ideal Demand System for Greek Consumption

Cross entropy is used to estimate the Almost Ideal Demand System for consumption in Greece. The entropy estimates are found to improve upon the SUR estimates. It is recommended that practitioners consider employing entropy based procedures in systems where the data set is small, where there are a large number of parameters, or where the data are deficient.     

Disinfection performance of Fe(VI) in water and wastewater: a review.

Ferrate(VI) [FeVIO4(2-), Fe(VI)] has excellent disinfectant properties and can inactivate a wide variety of microorganisms at low Fe(VI) dosages. The final product of Fe(VI) is Fe(III), a non-toxic compound. The treatment by Fe(VI) does not give any chlorination by-products, which makes Fe(VI) an environmentally-friendly ion. The results demonstrate that Fe(VI) can inactivate Escherichia coli (E. coli) at lower dosages or shorter contact time than hypochlorite. Fe(VI) can also kill many chlorine resistant organisms, such as aerobic spore-formers and sulphite-reducing clostridia, and would be highly effective in treating emerging toxins in the aquatic environment. Fe(VI) can thus be used as an effective alternate disinfectant for the treatment of water and wastewater. Moreover, Fe(VI) is now becoming economically available in commercial quantities and can be used as a treatment chemical to meet the water demand of this century. This paper reviews the potential role of Fe(VI) as disinfectant in water and wastewater treatment processes.     

Non-point sources and the waste discharge charge system.

The development of a waste discharge charge system (WDCS) in South Africa has been proposed to promote waste reduction and water conservation. The WDCS is based on the polluter pays principle and is designed such that the management of waste discharges achieves resource quality objectives (RQOs) at the minimum total cost to the catchment. Two charges are distinguished: first a charge for optimising use of the resource (incentive charge); and secondly, a charge for development and operation of mitigation measures in the resource (mitigation charge). The WDCS is applied to both point sources and non-point sources (NPS) of contamination. In the inclusion of NPS, the charge system distinguishes between registered and non-registered NPS, with the charge applied to the former group only, in the first instance. This paper introduces the WDCS by describing the principles and the theoretical basis of the WDCS, highlighting the link to RQOs as the benchmark of acceptable externalities. The paper explores the inclusion of NPS in the WDCS, describing: first, the principles of NPS inclusion in the WDCS; secondly, the types of NPS included in the present version of the WDCS; thirdly, the methodology for charge estimation; and finally, non-registered NPS and their potential inclusion in future editions of the WDCS. The paper concludes with remarks and challenges facing the first edition of the WDCS.     

New climate change scenarios for the Netherlands.

A new set of climate change scenarios for 2050 for the Netherlands was produced recently. The scenarios span a wide range of possible future climate conditions, and include climate variables that are of interest to a broad user community. The scenario values are constructed by combining output from an ensemble of recent General Climate Model (GCM) simulations, Regional Climate Model (RCM) output, meteorological observations and a touch of expert judgment. For temperature, precipitation, potential evaporation and wind four scenarios are constructed, encompassing ranges of both global mean temperature rise in 2050 and the strength of the response of the dominant atmospheric circulation in the area of interest to global warming. For this particular area, wintertime precipitation is seen to increase between 3.5 and 7% per degree global warming, but mean summertime precipitation shows opposite signs depending on the assumed response of the circulation regime. Annual maximum daily mean wind speed shows small changes compared to the observed (natural) variability of this variable. Sea level rise in the North Sea in 2100 ranges between 35 and 85 cm. Preliminary assessment of the impact of the new scenarios on water management and coastal defence policies indicate that particularly dry summer scenarios and increased intensity of extreme daily precipitation deserves additional attention in the near future.     

Calculating nitrogen-removal efficiency with a one-dimensional nitrogen budget model of a reed-wetland soil system.

A simple one-dimensional model that can evaluate the transport and fate of nitrogen in wetland soil-vegetation systems was developed to calculate the nitrogen-removal efficiencies of reed-bed wetlands. A common wetland plant, Phragmites australis, was the focus of this study. Seasonal variations of temperature, seasonal changes of nitrogen uptake by vegetation, the vertical distribution of root biomasses and oxygen transport into the soil by vegetation were considered in the model. Field observations were conducted to determine some model parameters and to validate the model, although most of the parameters were adopted from data published in Europe and North America. Field observations were carried out at the Minuma-Tanbo wetland (35 degrees 52' N, 139 degrees 43' E) in Japan. The calculated concentrations of NH4-N in the soils were about 10 times larger than those of the observational results. On the other hand, calculated NO3-N concentrations were about half of the observational data. However, the calculated nitrogen-removal efficiencies indicated the same trends as previous studies. It was found that the hydraulic loading rate played a key role in relation to nitrogen removal and nitrogen transformation in reed wetland systems.     

基于雅可比矩阵的电压控制区域划分的改进

对应用比较广泛的电压控制区域（VCA）划分方法进行了改进，在传统的去除小元素法基础上，采用牛顿 — 拉夫逊法潮流雅可比矩阵中有功和无功对电压幅值偏导数的子矩阵之和进行VCA划分;然后，将各种拓扑变化对系统电压稳定性的影响进行排序，按从大到小的顺序用这些拓扑变化对得到的VCA分区进行修正，直到修正结果不再改变为止，从而得到了适用于各种拓扑结构下电压稳定性分析的分区。改进后分区的有效性在新英格兰10机39节点系统上得到了验证。