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Leading non-banking finance company Shriram City Union Finance Ltd has got fair trade regulator CCI's approval for tpg investment india proposed merger of its two group companies through a multi-stage transac Piramal Enterprises, a firm promoted by Ajay Piramal, had acquired 9. TPG, a leading global private investment firm, has picked up a For global institutional investors that have been wary about investing in India for the past few years, the tide has turned and India has again become a must-have market.

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Higher loan to value ratios for securitized mortgages do not necessarily constitute evidence that securitization encourages risky lending. Commercializing biomedical research through securitization techniques. Biomedical innovation has become riskier, more expensive and more difficult to finance with traditional sources such as private and public equity. Here we propose a financial structure in which a large number of biomedical programs at various stages of development are funded by a single entity to substantially reduce the portfolio's risk.

The portfolio entity can finance its activities by issuing debt, a critical advantage because a much larger pool of capital is available for investment in debt versus equity. By employing financial engineering techniques such as securitization , it can raise even greater amounts of more-patient capital.

Development financing during a crisis : securitization of future receivables. Mexico's Telmex undertook the first future-flow securitization transaction in Studying several sources, the authors draw conclusions about the rationale for using this asset class, the size of its unrealized potential, and the main constraints on its growth. Full Text Available Securitization is a modality of structured finance which allows a company to raise funds based on its receivables through capital markets.

In Brazil, securitization was developed mostly in the form of mutual funds -- the FIDC, which raise money by issuing senior quotas for qualified investors, and subordinated cotes, usually bought by the company that originated the receivables. This paper evaluates the risk and return for both kinds of investors through a stochastic model with two main variables: interest rates and default rates. The model is still sensible to the characteristics of the fund, like the amount of subordinated cotes, the type of asset being securitized ; and the amount of receivables in relation to the assets.

Regarding the case of senior cotes, the risk of returns under the basic level of interest rates is highly improbable; and in the case of subordinated cotes, the risk of returns under the basic interest rate may be considered still low, due to the high spreads observed in the Brazilian financial market.

The simulations indicated that under historically mean interest rate volatility the default rates are the main component of the total risk. Accordingly to the developed analysis of international standards of regulation, the Brazilian Central Bank imposes very strong capital requirements to banks that securitize their assets and purchase the corresponding subordinated cotes.

Synthetic securitization in the accounting: the peculiarities and the national experienc. Full Text Available In the dynamic development of the financial market and the economy as a whole is one of the Securitisation innovative tools to attract additional funding, increased liquidity, diversification of assets and minimize risks in financial markets.

The article outlines the nature, types and predictors of securitization as a whole and are implementing national experience of the financial mechanism. On the basis of the comparative analysis of the main types of securitization outlines the benefits of a synthetic securitization , including the Ukrainian financial market, and especially its implementation. Also describes the various mechanisms and synthetic securitization.

The general steps for its implementation using credit derivatives. In addition, selected the most common types of credit derivatives that are used during the implementation of a synthetic securitization. On the basis of theoretical research facilities identified accounting arising during synthetic securitization. Estimation of the energy needs; Estimation des besoins energetiques. General des Etudes de Recherches, 75 - Paris France. The present report draws up the balance on the present and estimable energy consumption for the next twenty years.

The present energy comes mainly of the consumption of coal, oil products and essentially hydraulic electric energy. To this effect, the atomic energy offers good industrial perspectives in complement of the energy present resources in order to answer the new needs. L'energie actuelle provient principalement consommation de charbon, de produits petroliers et d'energie electrique essentiellement hydraulique.

A cet effet, l'energie atomique offre de bonne perspectives industrielles en complement des sources actuelles energetiques afin de repondre aux nouveaux besoins. Market efficiency in the emerging securitized real estate markets.

This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from to Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential criterion in the assessment of the functionality of markets and the asset pricing process, which is of significant relevance for emerging markets in particular.

The analysis is based on autocorrelation tests This action will allow interested persons Conflicts Proposal until February 13, This action will allow interested persons additional time to The instrument of asset securitization on the basis of investment funds.

Full Text Available This article explores the instruments of asset securitization on the basis of investment funds According to the proposed national model of asset securitization on the basis of investment funds developed the financial instruments, which provide its implementation. Depending on the opportunities the payment management proposed to service the operations of asset securitization by investment certificates with replenishment and without the possibility of replenishment.

The use of financial instruments without the possibility of replenishment envisages a simple and low-cost operation of redirecting funds from the originator to the investors in the form of investment income by certification of securitization fund. The instruments with replenishment allow not only to redirect payments for operations of assets securitization , but also to manage them in order to minimize risks. Incomplete water securitization in coupled hydro-human production sytems.

Due to the dynamics, the externalities and the contingencies involved in managing local water resource for production, the water allocation at basin-level is a subtle balance between laws of nature gravity; flux and laws of economics price; productivity. We study this balance by looking at inter-temporal basin-level water resource allocations in which subbasins enjoy a certain degree of autonomy.

The water allocation is modeled as a decentralized equilibrium in a coupled conceptual hydro-human production system. Agent i manages her use Xi and her storage Si, conceptualizing surface and subsurface water, of water with the purpose of maximizing the utility derived from consumption Ci of the composite good, where Ci is a scalar and Xi and Si are vectors which are composed of one element for each time period and for each contingency. A natural way to consume the good would be to absorb the own production.

Yet, the agent may have two more option, namely, she might get a social transfer from other agents or she could use an income from trading water securities with her contiguous neighbors. We look at allocations without water securitization water autarky equilibrium EA first. Next, we describe the imaginary case of full securitization contingent water markets equilibrium ECM and, in between, we study limited securitization incomplete water security equilibrium EWS.

We show that allocations under contingent water markets ECM are efficient in the sense that, for the prevailing production technologies, no other allocation exists that is at. The shareholder wealth effects of insurance securitization : preliminary evidence from the catastrophe bond market.

Insurance securitization has long been hailed as an important tool to increase theunderwriting capacity for companies exposed to catastrophe-related risks. However, globalvolumes of insurance securitization have remained surprisingly low to date which raisesquestions over its benefits.

In this paper, we examine changes in the market value ofinsurance and reinsurance firms which announce their engagement in insurance securitizationby issuing catastrophe Cat bonds. Consistent with the hithert Using a sample of US financial institutions over the period we document that CEOs with high equity incentives have systematically engaged in securitization transactions to a larger extent than CEOs with low incentives. We also show that CEOs with high equity and risk-related incentives Based on the analysis for the existence and uniqueness of the solution and scientific numerical calculation of the solution, in further study, some optimization schemes for traditional risk control process will be obtained, and then the main results of this paper can be applied to the forefront of research of real estate asset securitization.

With the ambiguous nature and parameters of the WoT, and stemming from the postulation of numerous low-level, niche-, and other securitizations producing a monolithic threat, US drone operations now constitute a vital stitch in the extensive fabric of US counterterrorism policy.

We argue that the WoT serves as a means of securitizing global terrorism as a threat significant enough to warrant the use of drone warfare as an extraordinary use of force. Araujo Do Nascimento. En Cuba las encuestas real Securitization of Migration: an Australian case study of global trends.

Full Text Available Post September 11 migration has increasingly been framed as a security problem. In the Australian election campaign migration was connected to security defense of our borders, terrorism and social cohesion and to related issues of insecurity about the future population size,sustainability and economic growth.

Thisframing of migration as a national security issue overlooks the reality that Australian immigration is part of the global flow of population. Migration is an international issue experienced by states as a national question of border control and sovereignty seeking to manage the consequences of global inequality and mobility.

This paper analyses the 'security turn' in migration debates in Australia and the North and the way the securitization of migration signifies the transformation of security from the problem of producing national order to the problem of managing global disorder resulting in the merging of national and international security strategies. European securitization and biometric identification: the uses of genetic profiling.

The recent loss of confidence in textual and verbal methods for validating the identity claims of individual subjects has resulted in growing interest in the use of biometric technologies to establish corporeal uniqueness. Once established, this foundational certainty allows changing biographies and shifting category memberships to be anchored to unchanging bodily surfaces, forms or features. One significant source for this growth has been the " securitization " agendas of nation states that attempt the greater control and monitoring of population movement across geographical borders.

Among the wide variety of available biometric schemes, DNA profiling is regarded as a key method for discerning and recording embodied individuality. This paper discusses the current limitations on the use of DNA profiling in civil identification practices and speculates on future uses of the technology with regard to its interoperability with other biometric databasing systems. Mobility energy label: An indicator for a sustainable city; Les etiquettes energetiques de mobilite: Un indicateur pour la ville durable.

Perspectives of energy consumption reduction linked to global warming are bringing a desire for actions relating to the mastering and the improvement of energy efficiency. In this context, from the French example of greater Besancon Communaute d'Agglomeration du Grand Besancon CAGB , the research presented here wants to define an energy indicator useful to planners called 'Territory energy label': to measure how the urban area is situated energy wise in terms of the daily mobility of its inhabitants, the behaviour of whom is looked at in a prescriptive manner.

Dans ce contexte, a partir de l'exemple francais de la Communaute d'Agglomeration du Grand Besancon CAGB , la recherche presentee vise a definir un indicateur energetique utile aux amenageurs intitule 'etiquette energetique Territoriale' : il s'agit de mesurer comment 'se situent energetiquement ' les differents espaces que regroupent une meme aire urbaine du point de vu des mobilites quotidiennes de ses habitants, dont le comportement est apprehende de maniere normative.

Business Cycle Fluctuations. Abstract: Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks. Green paper: towards a European strategy for the security of energy supply; Livre Vert: vers une strategie europeenne de securite d'approvisionnement energetique.

The Green Paper ''Towards a European strategy for the security of energy supply in Europe'', published in , gives a clear priority to energy efficiency and renewable. Although it is not a legislative document, it is accepted by the main actors as a reference for all energy related actions. Energie-Cites welcomes the Green Paper. This document gives a clear review of the energy context in Europe and raises fundamental questions, in particular, the place given to energy demand management, presented as the priority policy to ensure security of supply and compliance with the European Union international commitments.

However, they precise three important points. It is indispensable that potential energy savings be quantified so as to emphasize the importance of a resource that has always been underestimated. By the same token, the ''demand management'' option presented in the Green Paper would gain in credibility if several alternative scenarios were proposed, the impact and the conditions for the success of such a policy being then more clearly apparent.

A policy with a stronger focus on demand management and renewable energy requires one to redirect attention towards a different set of players. Energy security, sustainable development, which place for the Nuclear in the world? Facing the increase of the energy consumption and the necessity of the greenhouse gases emission decrease, the authors define the role of the nuclear energy in a policy of a sustainable development. They recall the leadership part of the France in the nuclear research and development and the channel of the nuclear production.

The second part of the paper proposes sheets of countries energy policy and nuclear program situation: USA, Europe, Russian, China and India. Energy policy and challenges: which part for the nuclear energy; Politique et defis energetiques : quel role pour l'energie nucleaire?

This document provides many data and charts on the energy domain: energy consumption, energy demand, the reserves, the climatic changes, the renewable energies, the energy cost, the radioactive wastes management, the new nuclear technology. Are international securitized property markets converging or diverging? This study establishes a new framework which combines the recursive model with the Fractionally Integrated Vector Error Correction Model FIVECM to investigate the cointegration relationship among 9 securitized real estate indices, which are divided into three groups: Asian, European and North American groups.

Our new combined framework has the advantage of reflecting the changes in cointegration dynamics over a period of time instead of a single result for the whole period. The results show that the three groups of markets follow a similar cointegration trend: the cointegration relationship gradually increases before the global financial crisis, reaches a peak during the crisis, and dies down gradually after the crisis. However, cointegration among Asian and European countries occurs at a much later time than cointegration among North American countries does, showing that North America is the source of cointegration, while Asia and Europe are the recipients.

This study has important implications to investors and related authorities that investors can adjust their portfolio according to the test results to reduce their risk, while related authorities can take appropriate measures to stabilize the economy and mitigate the effects of financial crises.

The influencing factors of energy poverty in rural Cameroon; Les determinants de la pauvrete energetique en milieu rural au Cameroun. The objective of this study is to assess the influencing factors of energy poverty in rural Cameroon. The method used is in two stages: the first stage is a statistical analysis that has allowed to determine the level of energy poverty in rural areas, which is 7. The second stage assesses the influencing factors of this poverty type.

The results show that the revenue impacts on energy poverty, as well as the size of the household, in which the arrival of an additional person increases by 1. La deuxieme etape evalue les determinants de ce type de pauvrete. Can we predict the property cycle? A study of securitized property market. Academia takes interest in cyclicality of real estate market. Compared to various findings on housing cycles, no literature takes insight into the cycles of securitized property markets. To address the issue, a nonlinear model is developed to probe into the characteristics of cycles in global markets US, UK, Australia, Japan, Singapore and Hong Kong over the last 23 years.

The findings suggest that a cointegrating relationships influence the six markets in the long term and become stronger during bullish markets. Meanwhile, the cyclical pattern in developed markets is also different from that in developing markets. Instead, the magnitude of boom growth plays a significant role in predicting the duration of following bust. The methodology shall serve in providing detailed implications on the characters of cycle and duration forecast in securitized property markets for investors and governments.

The Lender's Risk Rating, among other factors, will be Lender must meet to securitize? Safety precautions in atomic pile control ; Securite dans le controle des piles atomiques Furet, J. Centre d' Etudes Nucleaires. We have been led to study the problem of safety in atomic pile control as a result of our participation on the one hand in the planning of C. We have thus had to consider the wishes occurring in piles during their operation and also their behaviour in the dynamic state The present work deals mainly with the importance of intrinsic safety devices, with the influence of reactivity variations on the power fluctuations during accidental operation, and with the development of robust and reliable safety appliances.

The starting p accident has been especially studied both for low-flux piles where a compromise is necessary between the response time of the safety appliances and the statistical fluctuations and for high lux piles where xenon poisoning has an effect on the lower limit of the velocity of reactivity liberation. The desirability has been stressed of automation as a safety factor in atomic pile control. The details required for an understanding of the diagrams of the apparatus are given.

Nous avons ete amenes a nous interesser alors aux risques encourus par les piles pendant leur fonctionnement et par la meme a leur comportement en regime dynamique. Ce travail traite principalement de l'importance des securites intrinseques, de l'influence des variations de reactivite sur les evolutions de puissance en regime d'accident et du developpement d'appareillages de securite robustes et de fonctionnement tres sur.

L'accident de demarrage a ete particulierement. L'accident de demarrage a ete particulierement developpe aussi bien pour les piles a bas. Asset securitization and rate of return: A study on letters of guarantee. Using the theory of asset securitization , we analyze the feasibility of the securitization of letters of guarantee in theory.

In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities. On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed.

The experiment results show that i an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and ii the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged. Quels usages de la bibliotheque au Maroc.

Primary yield and multitranche structure in securitization issues: Explicative factors. A review. Accordingly, this paper reviews the literature on the factors underlying the generation of differentiated tranches in this type of issues and regarding the determining factors of the yield offered by securitization issues. It concludes that the search for more complete markets, along with the reducing of problems associated to the moral hazard, are the main reasons for the multi-tranche structuring.

And given the strong influence of the number of tranches on the yield offered by the issues, the paper likewise concludes that the multitranche structures has been an efficient tool to place securitization issues with more competitive yields. This article aims to analyse the support provided by the state to local collectivities in Mali, to target the expenditure categories included in the funding and observe their appropriation by the beneficiaries of education Full Text Available The energy trade between the European Union and Russia is securitized due to a combination of factors.

First, there are securitizing agents within the European Union. Second, the domestic consolidation of the energy sector under governmental control, the Gazprom monopoly on transportation networks linking Central Asian gas with European markets and the state imposed-limits on foreign direct investment may also raise concerns in the European Union. Finally, Russia is also securitizing the energy sphere by claiming that the EU is trying to impose its values on Russia for example through the Energy Charter Treaty, which contradicts Russian interests.

This article combines securitization theory and the English School of thought and argues that the creation of an Energy Security Society could help de- securitize energy trade between the European Union and Russia. January 12, Preserving the health of the Rio de la Plata Full Text Available Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with liquid securities ABS, in which the risk was supposed to be adequately compensated by the tranching techniques.

However, with the emergence of the crisis investors became more risk aversive and reluctant to incur ABS due to the rapidly deteriorating quality of the underlying assets caused by poor macroeconomic fundamentals. The limited adverse effects of the poor collateral performance is the main reason why chances for recovery of the ABS market in the EU are estimated more highly than in the USA.

The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre-crisis motives behind the issuance of ABS. As the findings of the article suggest, after the crisis securitization is widely seen by banks as a liquidity tool within the frame of repo deals with the ECB, and to a lesser extent as a refinancing tool.

Market regulation contributed considerably to this shift. So that the study investigate three variables which include Islamic securitization as independent variable; net cash from financing activities and net noncore funding dependence ratio as dependent variables. The study follows quantitative method by employing cross sectional data context analysis. The data is collected from six banks over six countries through the period China has experienced unprecedented economic growth since the s.

Acknowledging the prevailing health problems, the Chinese government has encouraged the development of health non-governmental organizations NGOs to respond to the health challenges and address the gaps in public health provision of the government.

Face-to-face interviews for this research were conducted between January and May in , and between December and January , in China. Despite depicting a positive scenario, the development of HIV. This has been one of the most dominant and fastest growing means of capital creation in the United States and the world over. After introduction of securitization , the banking industry in Kenya has recovered from a long period of poor performance.

The aim of this study is to aim of study was to tests for the moderating effects of bank ownership on relationship between securitization uptake and financial performance of forty three commercial banks in Kenya, over a five-year period from to The researchers dominantly relied on secondary data from most recent annual published financial statements and banks supervision records at the Central Bank of Kenya.

The data was complimented by use unstructured personal interview from banks key officials; the mortgage, credit, risk and compliance and debt recovery who were identified by simple random sampling from each of 43 banks. The data were cross validated with information from secondary sources; five years annual published financial statements and bank supervision records at the Central Bank of Kenya so as to avoid premature conclusions.

The commendable performance in profitability of the banks was attributable to securitization uptake among banks. The study recommends banks to use securitization in ensuring they have adequate capital and bank managers to be allowed to invest their liquid assets so that can generate more income to boost their performance. Depository institutions may use information advantages along dimensions not observed or considered by outside parties to "cream-skim," meaning to transfer risk to naive, uninformed, or unconcerned investors through the sale or securitization process.

This paper examines whether "cream-skimming" behavior was common practice in the subprime mortgage securitization market prior to its collapse in Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios. Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis.

We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided n Revolutionary Securitization. In its paradigmatic form, we argue, the model is liberal in that its abiding concern with states of emergency turns on an ontological distinction between political subjects e.

By contrast, revolutionary politics in Cuba concertedly rescinds just Mycorrhizal symbiosis, and specifically arbuscular mycorrhization, which occurs Analysis of the energy efficiency of the transport system in Algeria; Analyse de l'efficacite energetique du systeme de transport en Algerie. The objective of this communication is analyze the energy efficiency of the transport system in Algeria and to show the areas of possible rationalization in this sector.

Our approach is to analyze the existing configuration of the sector and its impact on energy consumption, by developing a sectional model Bottom Up, where the transport park has been modified by the means used. We have shown that the potential to improve the transport system energy efficiency is important and have recommended some options aimed at the sector organisation and aimed at increasing the relative part of transport systems to make it more energy efficient.

Notre approche consiste a analyser la configuration existante du secteur et son impact sur la consommation d'energie, en elaborant un modele sectoriel Bottom Up, ou le parc de transport a ete desagrege par moyen utilise. Nous avons montre que le potentiel d'amelioration de la performance energetique du systeme de transport est important et avons recommande quelques options ciblant l'organisation du secteur et visant a augmenter la part relative de moyens de transport plus efficace energetiquement.

To break away from fossil fuels : a contribution to solve climatic change and energy security for Quebec; S'affranchir des carburants fossiles : une contribution a la lutte aux changements climatiques et a la securite energetique du Quebec. In response to growing energy demands, Quebec has proposed the construction of 3 deep water terminals to accommodate methane tankers which transport liquefied natural gas LNG. This paper focused on the proposed Gros Cacouna Port project in the St.

Lawrence Seaway which is currently under study and subject to approval. Equiterre, questioned the energy security aspect of the proposal and argued that increasing Quebec's reliance on increasingly expensive energy would decrease energy security. In addition, importation of LNG would bring a clear exit of capital outside the province.

Equiterre also argued that reliance on fossil fuels should be decreased in order to mitigate greenhouse gas emissions which contribute to climate change. The organization questioned whether the economic and social need for the proposed project justifies a greater dependency on fossil fuels and the associated impact on the environment and fragile ecosystems of the St. It was suggested that alternative solutions such as renewable energy sources and energy efficiency should be explored in order to promote sustainable development, increase energy security and reduce greenhouse gases.

Equiterre argued that Quebec can and must decrease, and even eliminate, its dependence on fossil fuels, including natural gas, for Quebec's economic, social and environmental well-being. For these reasons, Equiterre recommended that the proposed project be rejected, particularly since the project proponents failed to show the real impact that the project would have on Quebec markets.

What is the place of the energy supply security and energy independence in the energy policy? Since the petroleum crisis and the electric power cuts of the storm, the energy security interest is growing. The author recall the structural risks of the energy systems and the vulnerability of the occidental economies to the supply disruptions. They propose then a long term cooperation between producer and consumer countries, a development of operational tools to face the crisis and a supply security inside the europe.

Energy security: towards new conflicts? Proceedings of the workshop day of September 12, ; Securite energetique : vers de nouveaux rapports de force? Actes de la journee d'etudes du 12 septembre This workshop day about the geopolitics of energy was organized in three round tables dealing with: 1 - resources and supplies: what threats? Chevalier , the rise of crude exchange rates: a durable trend?

Barbusiaux , oil and gas transport: risks evaluation A. Defressigne ; 2 - production poles and instability poles energy in the Iranian file P. Boisseau , political successions and alliances re-composition around the Caspian sea A. Jafalian , the Gulf of Guinea: a new competition area P. Copinschi ; 3 - strategic alternatives of consuming countries producing countries and consuming countries: status of the dialogue D.

Chalabi , the energy policy of the US: myths and realities C. Paillard , China: an all-directional strategy T. Kellner , France: dependence and diversification of energy sources R. Each round table ends with a debate with the audience. Exploring the interplay between Framing and Securitization theory: the case of the Arab Spring protests in Bahrain. Full Text Available This article advances the theoretical integration between securitization theory and the framing approach, resulting in a set of criteria hereby called security framing.

It seeks to make a twofold contribution: to sharpen the study of the ideational elements that underlie the construction of threats, and to advance towards a greater assessment of the audience's preferences.

The case study under examination is the military intervention of the countries of the Gulf Cooperation Council in Bahrain. The security framing of this case will help illuminate the dynamics at play in one of the most important recent events in Gulf politics. Shutdown channels and fitted interlocks in atomic reactors; Chaines de securite et verrouillages installes sur les piles atomiques.

This catalogue consists of tables one per reactor giving the following information: number and type of detectors, range of the shutdown channels, nature of the associated electronics, thresholds setting off the alarms, fitted interlocks. These cards have been drawn up with a view to an examination of the reactors safety by the 'Reactor Safety Sub-Commission', they take into account the latest decisions.

Ces fiches ont ete etablies en vue de l'examen de la securite des piles par la 'Sous-Commission de Surete des Piles', et tiennent compte des decisions de celle-ci. Considerations concerning the reliability of reactor safety equipment; Considerations sur la fiabilite des ensembles de securite de reacteurs. A review is made of the circumstances which favor a good collection of maintenance data at the C. The large amount of data to be treated has made necessary the use of a computer for analyzing automatically the results collected.

Here, only particular aspects of the reliability from the point of view of the electronics used for nuclear reactor control will be dealt with: sale and unsafe failures; probability of survival in the case of reactor safety ; availability. The general diagrams of the safety assemblies which have been drawn up for two types of reactor power reactor and low power experimental reactor are given.

Results are presented of reliability analysis which could be applied to the use of functional modular elements, developed industrially in France. Improvement of this reliability appears to be fairly limited by an increase in the redundancy; on the other hand it is shown how it may be very markedly improved by the use of automatic tests with different frequencies for detecting unsafe failures rates of measurements for the sub-assemblies and for the logic sub-assemblies.

Finally examples are given to show the incidence of the complexity and of the use of different technologies in reactor safety equipment on the reliability. L'importance des donnees a traiter a rendu necessaire l'utilisation d'une calculatrice poux l'analyse automatique des resultats recueillis. On se limitera ici aux aspects particuliers de la fiabilite du point de vue de l'electronique pour le controle et la commande de reacteurs nucleaires: pannes sures et pannes non sures; probabilite de survie dans le cas de la securite des reacteurs; facteur de disponibilite.

Les schemas de principe des ensembles de securite definis pour deux types de reacteurs reacteur de puissance et reacteur experimental de faible puissance sont indiques. Quebec energy development in a sustainable development context; Le developpement energetique du Quebec dans un contexte de developpement durable. Quebec is a net importer of oil and it is clear that the reduction of its dependence with regards to hydrocarbons must be a main preoccupation.

Moreover, the energy consumption per habitant of Quebec is higher than that of the majority of the other developed countries. This analysis looks at the choice on offer to the society of the province of Quebec, in terms of energy resources and technologies of today and tomorrow, in a context of sustainable development.

De plus, la consommation energetique par habitant du Quebec est plus elevee que celle de la majorite des autres pays developpes. La presente analyse adresse les choix qui s'offrent a la societe quebecoise, en matiere de ressources et de technologies de l'energie d'aujourd'hui et de demain, dans un contexte de developpement durable.

The engineer, sustainable development craftsman at the center of the global energy challenge! By its omnipresence in society, the energy question is at the heart of sustainable development issues. The engineer, as a central actor of human society development, is therefore tightly linked to the energy issue and he must actively contribute to resolve it by integrating to his practices the principles of sustainable development and by applying the solutions that arises.

Part of these elements include as the main ones, listening to the consideration of citizens, becoming aware of the environment importance and reducing costs at all levels. The engineer is a social actor that cannot be ignored in the resolution of these issues. L'ingenieur, etant un acteur central du developpement des societes humaines, est donc inextricablement lie a la question energetique qu'il doit contribuer activement a resoudre en integrant a sa pratique les principes du developpement durable et en appliquant les solutions qui en decoulent.

Parmi ces elements, l'ecoute des considerations citoyennes, la prise de conscience de l'importance de l'environnement et la reduction des couts a tous les niveaux sont des elements centraux. L'ingenieur est un acteur social incontournable pour la resolution de ces enjeux.

Od polityki i teorii do literatury. Full Text Available This text aims at a description of the famous manifesto published by the group Tel Quel in France in The analysis shows important links between politics and literary theory of the Tel Quel.

It also shows the way that politics and theory based on such intertexts as Marx, Freud and Lacan influenced new notion of the text, of the intertextuality and the others. Partie 2 New Oil: What's in the Future? Part Two. The increase in oil prices in made an entire range of expensive oil available, but this new oil still raises considerable technical problems, and its economic competitiveness has been greatly affected by the downturn in the oil market.

What is the state of the art of existing technologies? What remains of the ambitious projects conceived in the s? These are the questions that the present study attempts to answer. The securitization of health in the context of the war on terror. National security and global health: the conflict of imperatives. In this article, I want to show that the securitization of health issues in the name of national interests led to the militarization of health care in the context of the war against terrorism.

However, the connection between health and security also gave way to the emergence of the notion of human security, thus, converging with the human right to health approach and the cosmopolitan discourse on global health. These two perspectives on the relation between health and security lead to conflicting imperatives in the current state of counter-terrorism operations. I argue that when the securitization of health concerns in the name of national security conflicts with the provision of health care in the name of universal human rights, the higher moral end must trump the prudential one.

Moreover, it is a duty to promote the human right to health when liberal democracies in foreign policies directly violate this moral ideal in the name of national security. Les reseaux de politique publique comme facteur d'influence du choix des instruments de politique energetique canadienne a des fins environnementales de a nos jours. Au cours de la derniere decennie, les modes de la gouvernance ont pris place dans un contexte totalement different de celui qu'ils avaient auparavant.

Les gouvernements modernes se rendent compte qu'ils perdent de plus en plus leur capacite a elaborer et a gerer les changements d'une maniere autonome. Ainsi, les fonctions et les activites traditionnellement accomplies exclusivement par le gouvernement engagent de nos jours une gamme d'acteurs etatiques et non etatiques.

A l'encontre du concept traditionnel de l'Etat controleur, la gouvernance contemporaine est ainsi devenue moins une question d'offre de service et davantage une gestion indirecte des reseaux de politique publique.

Dans cette entreprise, les gouvernements contemporains, cherchant plus d'information, de soutien et de legitimite en matiere de formulation des decisions, ont besoin d'etablir des relations avec les divers groupes d'interet qui, a leur tour, voulaient plus de promotion et de protection en faveur de leurs interets a travers leur implication au processus de l'elaboration et de la mise en oeuvre des politiques publiques.

Ainsi, l'approche des reseaux de politique publique represente aujourd'hui un courant considerable au sein du champ d'analyse des politiques publiques. Toutefois, les preoccupations des chercheurs pour cette approche, dans le domaine des politiques energetiques a des fins environnementales, semblent recentes, et les etudes realisees sont encore trop peu nombreuses.

Au Canada, au debut des annees , le gouvernement ainsi que plusieurs groupes d'interets, des differents secteurs energetique , industriel et environnemental, ont commence a intensifier leurs efforts pour s'attaquer au probleme du changement climatique d'origine energetique , genere surtout par le secteur de l'industrie.

Au cours de la derniere decennie, la question touchant plutot le sujet du developpement energetique durable represente le plus important domaine des politiques publiques ayant surgi recemment dans. Full Text Available Ni based superalloys present a high oxidation resistance at high temperature as well as good mechanical properties. In this work, two Ni based superalloys Nimonic 80A and Inconel were surface alloyed with aluminium using a high power laser. Alloyed specimens were tested at 1.

Results showed the generation of a protective and continuous coating of alumina on the laser treated specimens surface that can improve oxidation resistance. Problems and energy choices in Burkina Faso[Energie ; Economie domestique ; Bois de feu ; Produits petroliers ; Legislation fonciere ; Electricite]; Burkina : Problemes et choix energetiques. This document is about the evaluation of the energy sector in Burkina Faso.

It reports about the main issues of energy: poverty of the households, the lack of fund to finance the sector, desertification The main resources of energy are firewood, fuel and electricity. The energy needs of Burkina Faso are related to the cooking of food, with liquid fuels intended for the railway transport and fuels used in industry and for the production of electricity.

With regard to the transport sector, there is currently no possibility of substitution for the fuel, except the use of ethanol diluted in the gasoline. At the industrial level, agro-industrial, bagasse and the other residues constitute right now the independent source of energy for the production of industrial heat as well as for that of electricity. For the public network of electricity supply, the production rests exclusively on diesel power stations.

Regarding the immense needs for its populations in energy, Burkina has only very limited resources. The biomass used for domestic needs cannot continuously ensure the households with the necessary energy supply for food cooking. As for the agro-industrial residues, they cannot reduce the industrial consumption of fuels. There are also hydraulic resources whose conscientious exploitation could contribute to decrease the fuel consumption in terms of electricity.

In sum, it would be necessary to improve the regulation as regards firewood supply, to promote the use of improved hearths with wood, to plan the fuel supplies and to assist the SONABEL in the electric production capacities reinforcement of its fuel-based power stations.

Il fait etat des principaux problemes energetiques : pauvrete des menages, manque de financement dans le secteur, desertification Les principales ressources energetiques sont le bois de feu, les produits petroliers et l electricite. Les besoins energetiques du. The theory of securitization -the so-called Copenhagen school-centers the concept of security on various identified threats.

Security based on the collective identity by which a society preserves its essential characteristics has been defined as community security, or societal security. The underlying principle of the Copenhagen school is that state-based, sovereignty-oriented security is ineffective unless the other components of security threats are addressed. The concept of human security, developed nearly simultaneously to that of securitization , identifies threat components at the sub-state level which are not traditionally understood as security concerns.

Both schools of security thought are similar as they offer nontraditional approaches to understanding the concept of security. In this article, I explore securitization theory and the concept of human security to elaborate community perspectives in the understanding of security.

In a case study, I investigate the security concerns of the indigenous peoples of the Arctic. Although I show that this group of people deserves recognition and the ability to exercise greater authority, I conclude that diverse concepts of security do not by any means undermine the core traditional concept of security. These aspects of security remain subject to scrutiny by states and exist in a vertical structure. Full Text Available Consecutive impedance spectra for nickel electrodes in acid medium have been obtained.

The first recorded spectrum is fitted to an equivalent circuit with three time constants, if one consider a partially or completely passivated electrode. The second registered spectrum is characteristic to a corrosion kinetic controlled by the transport across a finite layer thickness. The microscopic images show an increase in the irregularity of the electrode surface after the second spectrum is registered.

Also, the double layer capacity is considerably increased. El primer espectro registrado se ajusta a un circuito equivalente con tres constantes de tiempo, considerando un electrodo parcialmente pasivado o completamente pasivado. Al mismo tiempo la capacidad de doble capa aumenta considerablemente. The influence of other acids on nickel elution was also studied. The nickel elution rate was significantly influenced by temperature and concentration of H2SO4.

The dependence of nickel elution on the sulfuric acid concentration was of the order of 0. Moreover, the intrinsic rate constants were determined and an activation energy value of The results indicated that the nickel elution is a process controlled by chemical reactions. In accordance with the prosperous market of asset securitization in the past, it is reasonable to deduce that IP securitization will play an important role as a financial instrument as well as a powerful financing tool for small and medium enterprises.

However, due to different characteristics of tangible and intangible assets, IP is hard to manage and it has relatively unstable value, thus creating obstacles in IP securitization. The main obstacle may come from lesser stability and predictability of. At present,the construction of indemnificatory apartments in China is facing enormous financial pressure.

To address the public rental housing project financing difficulties,this paper has carried on thorough discussion on the application of asset-backed securitization financing model. The paper introduces the concepts and features of asset-backed securitization model and analysis of the feasibility and operation mechanism of public rental housing projects financing in securitization.

Combined with the public rental housing project in Jiangning District,the realization of asset-backed securitization is discussed. Studies have shown that asset-backed securitization can effectively solve the funding gap of public rental housing and put forward new ideas for financing problems of indemnificatory apartments. Amostras desse material foram sinterizadas em forno convencional e de micro-ondas.

Build together the problem, obligatory passage for the conception of acceptable energy solutions? Social acceptance is a condition in performing energy projects. This notion is however complex: just like 'build', it is based on several factors and is changing. We would like to show that its construction requires that some time be spend at a stage often neglected, that of the formulation of the problem.

So that the 'awareness' would be aimed not only to the public, but also to the decision makers and promoters, so that everyone has a good knowledge of the concerns of the others, and of their limits. To this end, the 'participation' could take several forms, complementary to the 'public' one generally accepted. Cette notion est toutefois complexe : comme 'construit', elle se fonde sur plusieurs facteurs et est evolutive. Nous voudrions montrer que sa construction exige qu'un temps soit consacre a une etape souvent negligee, celle de la formulation du probleme.

Ainsi, la 'sensibilisation' serait destinee non seulement au grand public, mais aussi aux decideurs et promoteurs, afin que tous aient une bonne connaissance des preoccupations des uns et des autres, comme de leurs contraintes. A cette fin, la 'participation' pourrait prendre plusieurs formes, complementaires a celle 'publique' generalement adoptee.

Local energy policies: Planning devices and coaching tools - Example of the French case; Politiques energetiques locales: Dispositifs de planification et outils d'accompagnement - Exemple du cas francais. Collectivities traditionally have multiple responsibilities linked to energy. They act directly on the energy chain production-distribution-consumption through their heritage, but also on the tripych space-environment-society, in particular through their planning choices.

Hence, all the public policies are concerned by the energy theme. However, collectivities seem to suffer from an information deficit, both on planning devices that can be mobilized and on the territory features. This article proposes to realise an overview tour of the coaching tools that can be used by the French territories collectivities to build efficient energy policies.

Elles agissent directement sur la chaine energetique production-distribution-consommation a travers leur patrimoine, mais aussi sur le triptyque espace-environnement-societe, en particulier a travers leurs choix d'amenagement. Ainsi, toutes les politiques publiques sont concernees par la thematique ' energie '. Cependant, les collectivites semblent souffrir d'un deficit d'information, tant sur les dispositifs de planification pouvant etre mobilises que sur les caracteristiques du territoire.

Cet article propose de realiser un tour d'horizon de l'ensemble des outils d'accompagnements pouvant etre mobilises par les collectivites territoriales francaises pour construire des politiques energetiques efficaces. A study of switch circuits for use as safety devices in nuclear reactors; Etude de circuits de commutation destines a la securite des reacteurs nucleaires. The author reviews briefly a few basic assemblies using electromagnetic relays for safety circuits in nuclear reactors; he then studies the use of static relays with a shorter time of response, based on impedance changes in a self-inductance consisting of a coil with a magnetic core having a rectangular hysteresis cycle.

The author examines in particular the way in which it functions and the method of determining the parameters. En particulier, il en examine le mode de fonctionnement et la determination des parametres. Gastroenterology , , , — Google Scholar. Gastroenterology , , , W International histological classification of tumors, 2nd ed. International Histological Classification of Tumours.

Acta Endoscopica , , 32 , 5. Endoscopy , 27 , — Butterworth, Heinemann, Acta Endoscopica , , 32 , 71— Download references. Monges, G. Acta Endosc 33, 61—67

Automatic optimisation of beam orientations using the simplex algorithm and optimisation of quality control using statistical process control S.

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Omers uk investments in us Download references. Methods: Fibroblasts from keloid and adjacent skin have been obtained from 6 patients. In fried foods, for instance, oil oxidation is favored by metals. Full Text Available Asset securitization via special purpose entities involves the process of transforming assets into securities that are issued to investors. A conclusion of this chapter is that the 'speaking with a single voice' goal can be reached only if improvements are made in the domain of solidarity between member states. This study showed that S. And given the strong influence of the number of tranches on the yield offered by the issues, the paper likewise concludes that the multitranche structures has been an efficient tool to place securitization issues with more competitive yields.
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Rlam investment clock theory Using the theory of asset securitizationwe analyze the feasibility of the securitization of letters of guarantee executive summary investment banking resume theory. To break away from fossil fuels : a contribution to solve climatic change and energy security for Quebec; S'affranchir des carburants fossiles : une contribution appareil de coloration mgg investment la lutte aux changements climatiques et a la securite energetique du Quebec. The organization questioned whether the economic and social need for the proposed project justifies a greater dependency on fossil fuels and the associated impact on the environment and fragile ecosystems of the St. The object of this paper is to seize the impact of this device on those who are the recipients, but also by those in load of its implementation, the more so as the recourse to automation was extended to the crossing of red lights inwhile waiting for the introduction of the automated reading of the number plates. A mercury manometer with concentric reservoirs, or an oil manometer, acting on two micro switches through a floater, records the pressure corresponding to the difference in level and controls the filling operation. Conclusions: There was a reduction in the number of adjacent skin fibroblasts irradiated with nm blue LED at the energy dose of 18 J compared to the ones irradiated at the energy dose of 6 J.
Appareil de coloration mgg investment Energie-Cites temporary investments accounting the Green Paper. Security and management; Securite et management. A review is made of the circumstances which favor a good collection of maintenance data at the C. Quebec energy development in a sustainable development context; Le developpement energetique du Quebec dans un contexte de developpement durable. Agent i manages her use Xi and her storage Si, conceptualizing surface and subsurface water, of water with the purpose of maximizing the utility derived from consumption Ci of the composite good, where Ci is a scalar and Xi and Si are vectors which are composed of one element for each time period and for each contingency. Algorithms are a simplex search strategy and an evolution strategy. The globalization of energy activities: what are the issues?

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Cell density b and sucrose levels in culture supernatants c were measured. Error bars are standard deviation of 8 biological replicates. By identifying such bottlenecks, it is then possible to optimize the system for improved performance and bioproduction through strain engineering or culturing techniques.

We identify non-programmed interactions between cyanobacteria and heterotrophic microbes, including phenomena that are shared across all species. By mitigating bottlenecks to heterotrophic growth, we demonstrate that each of our co-cultures can persist over the long-term days to months : an important feature that is often missing in synthetic cross-feeding consortia [ 21 — 24 ].

We also observe that the presence of each tested heterotroph species promotes the growth of S. The modular design of composition allows these consortia to be flexibly functionalized for photoproduction of a target metabolite polyhydroxybutyrate, PHB or a target enzyme alpha-amylase with appropriate E.

Carbon secreted by cyanobacteria promotes growth of co-cultured heterotrophs Fig. We verified that S. Viable heterotrophs were tracked by analyzing the number of colony forming units CFUs when plated on the appropriate solid media.

More than one strain of E. Co-cultures with uninduced dashed lines or induced cscB expression solid lines were tested. Heterotroph viability was monitored by colony forming unit CFU for all B. Additional replicates in Additional file 1 : Figure S2. Without induction of cscB to enable sucrose secretion, B.

Wild type WT S. We examined the capacity of WT S. We then turned to an engineered strain, hereafter referred to as W Clump , derived from previous directed evolution experiments of S. W Clump originally called Recreated02 in Koschwanez et al. These aggregates grow in low sucrose due to increased local cell concentration and increased hexose availability after extracellular cleavage of sucrose by an invertase [ 26 ].

Similar to B. Finally, E. In axenic culture, WT E. We therefore tested the growth of an E. Cyanobacterial light driven metabolism is the source of heterotroph growth inhibition when sucrose is not limiting Fig. The lack of monotonic growth in B. This effect is most apparent in strains of B. The inhibition of B. Likewise, B.

Microbial interactions. Engineered consortia demonstrate un-engineered interactions that can be classified into two categories: negative effects that cyanobacteria have on heterotrophs a and positive effects heterotrophs have on cyanobacteria e. Additional strains were tested in Additional file 1 : Figure S4. Thick horizontal lines represent the average measurement for each condition while thin horizontal lines represent one standard deviation from the mean.

Positive effects of heterotrophs on cyanobacteria in previous liquid batch experiments is summarized in Additional file 1 : Figure S5. The cyanobacterial lawn was overlaid with the specified strain in ten-fold serial dilutions of heterotroph and in constant light with or without IPTG.

Conversely, co-culture with heterotrophs can stimulate growth of S. This was observed during batch cultures when cyanobacteria counts were higher in co-cultures then in control monocultures of cyanobacteria at various time points Additional file 1 : Figure S5. Because batch cultures of relatively dense S.

The growth-promoting effect of heterotrophs on cyanobacteria is also observed when co-cultivated on solid media. We spotted dilutions of B. Areas of the cyanobacterial lawn overlaid with E. The growth-promoting effect of B. Collectively, these experiments indicate that all three evolutionarily unrelated heterotrophs can significantly increase cyanobacterial growth under a range of growth conditions.

As the inhibitory effects of cyanobacteria on the viability of heterotrophs are only observed at relatively high density and in the light Fig. We first turned to Phenometrics environmental Photobioreactors ePBRs , which have turbidostat capabilities in addition to control of light, temperature, and culture stirring [ 32 ].

When cultivated at a constant density, E. Co-cultures persist through time and perturbation. Representative continuous co-cultures of E. Optical density of the entire culture black points as well as counts for the individual cell types were tracked green S. Additional photobioreactor cultures for E. Extended W Clump S. Perturbations on to solid media are presented in Additional file 1 : Figure S9. Similarly, when cultured in ePBRs, S. Sustained growth in these continuous cultures indicates that yeast persist through periods of darkness when cyanobacteria are unable to supply sucrose or other photosynthates Fig.

In similar experiments that were extended over longer time periods, S. Prokaryotic co-cultures with cyanobacteria persist through population bottlenecks and changes in environmental structure. Cyanobacterial growth was monitored via flow cytometry following dilution, while heterotroph growth was measured via CFU.

In perturbed cultures, heterotrophs can return to pre-dilution levels within three days Fig. We also examined the persistence of heterotrophs in co-culture following plating onto solid media after growth in liquid co-culture. This transfer is expected to disrupt the ratio of different species within co-culture and alters any interactions dependent on the co-culture constituents being in well-mixed environments.

After incubating co-cultures in the light on agar plates that have no added carbon, green colonies from the agar plate were picked into liquid CoB BG Picked co-cultures were recovered in constant light for 2—5 days; wells with cyanobacterial growth were determined qualitatively by presence of green coloration, and heterotroph persistence was evaluated by plating onto rich media. In the majority of cultures both cyanobacteria and the corresponding heterotroph persisted through these perturbations, although B.

We tested two heterotrophic strains capable of producing distinct products: enzymes Fig. Photoproduction of enzymes and metabolites from co-culture. Flexible functionalization of co-cultures was accomplished via the addition of heterotrophs capable of producing target compounds a. Alpha-amylase is naturally produced and secreted by B.

Western blots also reveal the presence of alpha-amylase in co-cultures containing IPTG c. Batch co-cultures of E. PHB content of the total culture was analyzed d. Filled circles represent measured values; hollow circles placed on the x-axis represent cultures in which no PHB was formed or was produced at levels below the detection limit.

Alpha-amylase is produced in co-cultures of B. In consortia with S. Engineered E. We co-cultured E. While production from the WT E. Taken together, these results demonstrate that consortia can be flexibly programmed for photoproduction of different bioproducts by employing different heterotrophic organisms. In constructing these consortia, we observed unforeseen interactions with common features shared across different heterotrophic species.

Namely, we observe that light-driven processes of cyanobacteria have negative impacts on all tested heterotrophic species while, conversely, growth of all heterotrophic species simulates cyanobacterial growth. By taking measures to mitigate deleterious interactions, we are able to stabilize consortia over time and demonstrate consortia persistence in the face of fluctuations in light availability, population density, and composition.

Finally, we show that these consortia can be functionalized to produce target compounds, where the end product is dictated by the heterotrophic partner. We see that use of a derivative yeast strain with mutations conferring enhanced utilization of sucrose W Clump S. Similarly, the deletion of the sucrose catabolism operon repressor cscR from the W strain of E.

All three heterotrophs demonstrated decreased growth and viability when exposed to high densities of cyanobacteria in the light Fig. We hypothesize that unavoidable byproducts of photosynthetic light reactions e. Consistent with this hypothesis, we observed that the addition of the herbicide DCMU which prevents oxygen evolution through inhibition of photosystem II — but does not prevent ROS formation or cyclic electron flow [ 40 ] can rescue growth of B.

Similarly, supplementing co-cultures with thiosulfate, a potent antioxidant, partially protects B. Finally, sparging oxygen from the media and headspace of co-cultures also increased the viability of B. The repressive effect of oxygen, or other toxic cyanobacterial byproducts, likely contributes to the complex growth patterns of heterotrophic microbes in batch co-cultures i.

In this context, it is interesting to note that many naturally evolved consortia or symbioses that contain oxygenic phototrophs also have partners with many mechanisms to mitigate reactive oxygen species that may be produced by the phototroph, or within the symbiont due to elevated local oxygen levels [ 30 , 41 — 44 ]. As in natural systems, it is likely that imbuing heterotrophic partners with improved oxidative stress mitigation pathways would be one engineering approach to further improve the stability of synthetic consortia.

The second emergent interaction that we observe in a species-independent manner is the stimulation of cyanobacterial growth in the presence of each heterotrophic species. However, the generality of the positive effect is somewhat surprising, as the complement of secreted bioproducts from E. Furthermore, these species are not naturally prevalent in environments dominated by cyanobacteria; therefore there is no expectation of evolutionarily-preexisting pathways. These results suggest that many different heterotrophs could boost yields of S.

Since all aerobic heterotrophs emit CO 2 due to respiration, it is possible this contributes to the enhancement of S. We do note, however, that media conditioned by heterotrophs does not, by itself, guarantee increased growth of cyanobocateria Additional file 1 : Figure S12 , suggesting that if a cross-feeding interaction occurs it may involve an intermediate s that is volatile or produced at inappropriate levels by axenic heterotrophic cultures.

Our work represents an extension of multiple recent efforts in the design of synthetic microbial consortia: defined here as communities of two or more unrelated microbes that have been engineered to interact with one another through metabolic intermediates or molecular signals [ 47 , 48 ].

For example, synthetic consortium engineering has been used as a bottom-up approach to gain insight into complex dynamics including population behavior, game theory, pattern formation, and cross-feeding [ 49 — 54 ]. The majority of described synthetic consortia involve the exchange of engineered signals i.

These types of engineered interactions are relatively inflexible; because of the specialized metabolic signals such consortia designs are constrained to a limited number of species, confounding the identification of species-independent phenomena. Additionally, synthetic consortia are frequently fragile, functioning only for short time frames or requiring artificially structured environments [ 21 , 59 , 60 ]. Continued advancement of synthetic consortia towards academic and industrial application will likely require platforms that address some of these concerns.

In this work, we show proof-of-principle that co-culture with cyanobacteria can drive the production of alpha-amylase from B. Indeed, in related unpublished work, we have demonstrated that cosortia PHB specific productivities can be boosted by nearly three orders of magnitude by selection of a species with naturally favorable characteristics, Halimonas bolievensis Weiss et al. Improved characteristics can also be engineered into a target heterotrophic strain, as we demonstrate here, and the platform provides a methodology to identify genetic determinants that would further improve consortia performance e.

Finally, the flexibility of this system allows for the determination of species-independent factors that promote cyanobacterial co-existence with other microbes, which may be useful for determining generalized interactions that underlie the formation and stabilization of natural cyanobacterial symbioses [ 62 — 66 ].

We show that the model heterotrophs E. These synthetic co-cultures can be stabilized over weeks to months, and can persist in the face of selected perturbations dilution, periods of darkness, and phase changes in growth media. Furthermore, by incorporating heterotrophs engineered for the production of an enzyme alpha-amylase; B. We propose that the unusual flexibility of this consortia platform may allow it to be a useful tool for investigating emergent microbial interactions in both engineered, and natural consortia — particularly in light of the non-programmed interactions we observe between S.

Richard Losick [ 67 ]. Andrew Murray [ 25 ]. Axenic cyanobacteria were checked for contamination via plating on rich media. Where appropriate, media conditioned by S. Media conditioned by prokaryotic heterotrophs was made by inoculating CoBBG supplemented with 0. For characterization of S. This was the start of the experiment and is referred to as time 0. OD was measured via photospectrometer ThermoScientific NonoDrop c and culture supernatant was analyzed for sucrose content via a colorimetric Glucose-Sucrose Assay Megazyme.

Heterotrophic growth was measured by inoculating rinsed cells at 0. For dilution experiments, co-cultures containing E. These samples were split into two well plates and incubated and exposed to either constant light or dark conditions while maintaining the other growth parameters. Additional cultures of B. Vehicle was added to control cultures. Further cultures were split and sealed with septa. One was kept with atmospheric gas. Ratios of the viable cell counts from the light vs. After five days, uneven lawns of heterotrophs and cyanobacteria arose.

Cells were picked from these plates into well plates and allowed to grow for 2—5 additional days. Heterotrophs had been previously grown up in rich media and washed three times to remove any media components before spotting. Media blanks and boiled cells were spotted as negative controls. The total density of co-cultures was monitored by onboard infrared diodes, following a brief 3—12 hour acclimation period where the time-averaged optical density was allowed to settle to a fixed point following culture initiation.

This measurement was used to control attached peristaltic pumps that eject fresh media to maintain the set target OD as previously described [ 32 ]. Control cultures did not contain cyanobacteria. Anti-alpha amylase antibodies polyclonal rabbit; LS-C; LifeSpan BioSciences; , dilution were used as the primary antibody followed by peroxidase-conjugated donkey anti-rabbit antibodies AffiniPure lot ; Jackson ImmunoResearch; , dilution as the secondary antibody.

Purified alpha-amylase Sigma Aldrich was used as a control in all assays. PHB content was quantified by standard methods [ 68 , 69 ]. The digestion solution was diluted with H 2 O by times and passed through 0.

The mobile phase was 2. The concentrations of PHB were determined by comparing the peak area with that in standard curves from 0. All equations were modeled in Mathematica Wolfram Research, Inc. Engineering cyanobacteria as photosynthetic feedstock factories. Photosynth Res. Cyanobacterial biomass as carbohydrate and nutrient feedstock for bioethanol production by yeast fermentation. Biotechnol Biofuels. Direct conversion of Spirulina to ethanol without pretreatment or enzymatic hydrolysis processes.

Energy Environ Sci. Carbohydrate-enriched cyanobacterial biomass as feedstock for bio-methane production through anaerobic digestion. Micro and macroalgal biomass: A renewable source for bioethanol. Bioresour Technol. Bioengineering of carbon fixation, biofuels, and biochemicals in cyanobacteria and plants. J Biotechnol. Appl Microbiol Biotechnol. The fiber blend includes inherently flame resistant fibers in combination with flame resistant cellulose fibers.

The cellulose fibers are combined with the inherently flame resistant fibers in amounts sufficient to improve the moisture management properties of the fabric without significantly compromising the fire resistant properties of the fabric. In one embodiment, the fiber blend can further contain polyamide fibers, such as nylon fibers.

The nylon fibers are present in the blend in an amount sufficient to dramatically increase the durability of the fabric without adversely impacting any of the other properties of the fabric, especially the fire resistant properties of the fabric. In one embodiment, for instance, the present disclosure is directed to a garment with flame resistant properties. The garment has a shape to cover at least a portion of the wearer's body and is made from a woven fabric containing a plurality of yarns.

The yarns are made from a plurality of fibers. The yarns used to create the fabric can be made from an intimate blend of the above described fibers. The flame resistant cellulose fibers contained within the fabric may comprise cellulose fibers that have been pretreated with a fire resistant composition. The cellulose fibers may comprise, for instance, cotton fibers, rayon fibers, mixtures thereof, or the like. The flame resistant composition may contain, for instance, a phosphorous compound or a halogen compound.

As described above, the fabrics made in accordance with the present disclosure can be relatively lightweight and can be wear resistant. For instance, the fabric can have a basis weight of less than about 9 osy, such as from about 2 osy to about 9 osy. D version using wheel H18 with gram weight. Garments made according to the present disclosure have numerous applications. The garments, for instance, are particularly well suited for being worn by those in the military or those having jobs relating to public safety, such as firemen and policemen.

The garments made according to the present disclosure are also particularly well suited for use in industrial settings. When designed for military applications, the garments can be printed with a camouflage pattern that may be difficult to detect using night vision goggles.

In an alternative embodiment, the present disclosure is directed to a garment made from a fabric with flame resistant properties. Similar to the embodiment described above, the fabric is made from a plurality of yarns and the yarns are made from a plurality of fibers including inherently flame resistant fibers and cellulose fibers that have been treated with a flame resistant composition. In this embodiment, however, the fabric comprises a woven fabric having a herringbone weave.

The present inventors discovered that various properties are unexpectedly and dramatically improved when constructing the garment with a fabric having a herringbone weave. Other features and aspects of the present disclosure are discussed in greater detail below. A full and enabling disclosure of the present invention, including the best mode thereof to one skilled in the art, is set forth more particularly in the remainder of the specification, including reference to the accompanying FIGURE, in which:.

Repeat use of reference characters in the present specification and drawings is intended to represent the same or analogous features or elements of the present invention. It is to be understood by one of ordinary skill in the art that the present discussion is a description of exemplary embodiments only, and is not intended as limiting the broader aspects of the present invention. In general, the present disclosure is directed to flame resistant garments made from a fabric having flame resistant properties.

In one embodiment, the fabric is made from a blend of fibers that, when blended in certain relative amounts, results in a fabric having a broad spectrum of desirable properties. For instance, fabrics made in accordance with the present disclosure have excellent strength properties, improved fire resistant properties in comparison to many commercially available fabrics, have excellent hand and moisture management properties, are more abrasion resistant than many prior art fabrics, have excellent break open properties, and have excellent shrinkage control properties.

The present disclosure is also directed to a fabric made from a blend of fibers that has a particular type of weave. In particular, fabrics constructed with a herringbone weave have been found to have unexpectedly improved properties. As described above, the flame resistant fabric of the present disclosure generally contains a blend of fibers. The blend of fibers includes inherently flame resistant fibers and cellulose fibers. The cellulose fibers, for instance, can comprise cellulose fibers that have been pretreated with a flame resistant composition to make the fibers flame retardant.

There are many advantages and benefits to combining inherently flame resistant fibers with flame resistant cellulose fibers. Combining flame resistant cellulose fibers with inherently flame resistant fibers, for instance, can produce fabrics that have improved moisture management properties and generally more comfortable to wear. The fabrics can also have better drape properties and surface texture.

In addition, the fabrics can be easier to dye and may more readily accept a printed pattern. In this regard, in the past, various different fabrics have been proposed that include a combination of inherently flame resistant fibers and flame resistant cellulose fibers.

For instance, such fabrics are disclosed in U. Unfortunately, fabrics made substantially from inherently flame resistant fibers and cellulose fibers have various drawbacks and deficiencies. In particular, the fabrics sometimes do not have acceptable durability. Also, the fabrics tend to be relatively expensive, especially fabrics containing high amounts of para-aramid fibers. In this regard, the present disclosure is directed to further improvements in flame resistant fabrics made from fiber blends.

In this regard, in addition to inherently flame resistant fibers and flame resistant cellulose fibers, fabrics according to the present disclosure can also contain non-aromatic polyamide fibers, such as nylon fibers. The present inventors discovered that when the above fibers are combined with other fibers according to carefully controlled ratios, a flame resistant fabric can be produced that has a broad spectrum of excellent properties, including durability.

In one embodiment, the inherently flame resistant fibers contained in the fiber blend comprise meta-aramid fibers. Optionally, other inherently flame resistant fibers may be present in the blend, such as para-aramid fibers. When present, the para-aramid fibers are added in amounts much less than the meta-aramid fibers. The para-aramid fibers can be present in an amount sufficient to reduce shrinkage of the fabric and to provide greater strength to the fabric.

The amount of para-aramid fibers, however, can be minimized in order to maintain a lower cost. Para-aramid fibers are available from numerous commercial sources. As described above, in one embodiment, most of the inherently flame resistant fibers present in the fiber blend comprise meta-aramid fibers, which are also known as fibers comprised of poly metaphenylene isophthalamide.

Meta-aramid fibers are available from numerous commercial sources. When present in the above amounts, the meta-aramid fibers provide the resulting fabric with significant flame resistant properties. The meta-aramid fibers contained in the fabric can be substantially amorphous, crystalline, or a mixture of both. In addition to meta-aramid fibers and optionally para-aramid fibers, the fiber blend can also contain flame resistant cellulose fibers.

As used herein, flame resistant cellulose fibers refers to cellulose fibers that have been treated with a flame resistant composition or flame retardant. The inclusion of cellulose fibers in the fiber blend can make the resulting fabric softer, more breathable, and less expensive.

In one particular embodiment, FR rayon fibers are incorporated into the fiber blend. FR rayon fibers are available from various different sources. In one embodiment, the flame resistant rayon fibers are made by spinning reconstituted cellulose from beech trees. Such fibers are more water absorbent than cotton fibers. The amount of flame resistant cellulose fibers present in the fiber blend may depend upon various different factors and the particular application.

At the above weight percentages, the cellulose fibers provide the advantages described above without significantly impacting flame resistance. As described above, flame resistant cellulose fibers comprise fibers that have been treated with a flame resistant composition.

The flame resistant composition can be incorporated into the fibers using various methods and techniques. For instance, the flame resistant composition can be incorporated into the fibers during spinning, can be coated on the fibers, or can be absorbed into the fibers. The flame resistant composition may contain, for instance, a phosphorus compound, a halogen compound, or any other suitable flame resistant agents.

In addition to the above fibers, the fiber blend of the present disclosure can further contain fibers that increase the durability of the fabric. For instance, in one embodiment, non-aromatic polyamide fibers may be incorporated into the fiber blend, such as nylon fibers. The amount of non-aromatic polyamide fibers incorporated into the fiber blend can be carefully controlled so as to maintain the desirable flame resistant properties of the fabric while increasing the durability of the fabric, namely the abrasion resistance.

Of particular importance, in one embodiment, the non-aromatic polyamide fibers are substantially pure and contain no other fillers or other ingredients. Using substantially pure non-aromatic polyamide fibers, for instance, has been found to dramatically improve the abrasion resistance of the fabric if controlled within the above described amounts.

When added in the above described amounts, the non-aromatic polyamide fibers also do not substantially compromise the flame resistant properties of the overall fabric. In one embodiment, the fabric can have a taber abrasion resistance of at least about cycles when tested according to ASTM Test No.

D version using wheel H18 with a gram weight. For instance, the fabric can have a taber abrasion resistance of at least about cycles, at least about cycles, at least about cycles, or even at least about cycles when tested according to the above described standards.

Of particular advantage, the above abrasion resistance characteristics can be obtained on fabrics having a basis weight less than about 8 osy, such as less than about 7 osy, such as from about 2 osy to about 6 osy. In the past, those skilled in the art have been reluctant to incorporate synthetic fibers, such as nylon fibers, into flame resistant fabrics, especially flame resistant fabrics for use by military personnel. Such synthetic fibers, for instance, have a tendency to melt and drip when exposed to an open flame.

The present Inventors discovered, however, that the abrasion resistance of the fabric can be dramatically improved without the above disadvantages occurring at any unacceptable levels when the amount of the fibers are carefully controlled in conjunction with the proportions or amounts of the other fibers. The fiber blend as described above is used to form yarns that are then woven or knitted into a fabric.

In one embodiment, the fiber blend is made of substantially staple fibers, which are fibers having a determined length. The staple fibers, for instance, may have lengths of less than about 5 inches in one embodiment. When using staple fibers, the resulting yarns are spun from the fiber blend. Although each yarn may be made from a different type of fiber, in one embodiment, the yarns are all made from an intimate blend of the mixture of fibers.

In addition to staple fibers, all or some of the yarns may also be made from continuous fibers, such as filaments. The yarns, for instance, can have a yarn count between about 8 and about Once the yarns are constructed, the yarns can be woven into any suitable fabric. In general, the fabric may have a basis weight of less than about 9 osy. For instance, the fabric may have a basis weight of from about 2 osy to about 9 osy, such as from about 4 osy to about 7 osy, and in one embodiment, from about 5 osy to about 6 osy.

The weight of the fabric, however, may depend upon the type of garment to be produced. When producing a woven fabric, the fabric can have any suitable weave. For instance, the fabric can have a plain weave, a twill weave, or a whip stop weave. In one embodiment, however, the fabric can be made with a herringbone weave. The present inventors discovered that using a herringbone weave unexpectedly and dramatically improves some of the properties of the fabric.

The herringbone weave, for instance, increases the tear properties of the fabric and increases the porosity of the fabric. In fact, the porosity of the fabric can be improved to an extent that a wearer will noticeably be more comfortable in the fabric, especially when exposed to certain environmental conditions.

In addition to and instead of being treated with a flame resistant composition, the fabric can also be treated with various other compositions. For instance, in one embodiment, the fabric can be treated with a durable water resistant treatment. The durable water resistant treatment may comprise, for instance, a fluoropolymer. Further, the fibers used to form the fabric can be producer dyed or non-producer dyed depending upon the application.

In one particular embodiment, the fabric can be woven or knitted and then dyed a particular base shade. Once dyed, any suitable pattern can then be printed on the fabric. For instance, in one embodiment, a pattern can be printed onto the fabric using a rotary screen printing method. Once the pattern is applied to the fabric, the dye applied to the fabric during the printing process can be developed.

In one embodiment, for instance, the fabric can be padded with a solution containing an alkali and reducing agent along with cornstarch. A steamer can drive a reaction that converts the dye into the reduced or leuco state. Once converted into a reduced form, the dyes, which may comprise vat dyes, become water soluble.

After the dyes are reduced, the fabric goes through a rinse section before entering an oxidation step. In another embodiment, hydrogen peroxide may be used as the oxidizing agent. Once oxidized, the dyes convert into their insoluble form and remain well affixed to the fabric.

A camouflage pattern, for instance, is intended to provide concealment properties to the wearer in both the human visible light range and the near infrared range. The camouflage pattern, for instance, may include at least 4 colors using dyes that in combination produce a range of reflectance values similar to that of the background environment in which the garment is to be used. Fabrics constructed in accordance with the present disclosure can be used to construct numerous different types of products for use in various applications.

In one embodiment, for instance, the fabrics can be used to produce garments including any suitable clothing articles. Due to the improved flame resistant properties, the fabrics are particularly well suited for constructing military garments, garments worn by firefighters and other security personnel, and garments worn in industrial settings. Garments made according to the present disclosure may include shirts, pants, bib overalls, socks and other leg wear, gloves, scarves, hats, face shields, shoes, and the like.

For instance, in one embodiment, as shown in FIG. As shown, the battle dress uniform 10 can include a shirt or jacket 12 , trousers 14 , a hat 16 , and boots The fabric of the present disclosure can be used to produce any of these clothing articles. The present disclosure may be better understood with reference to the following examples.

ELECTRIC UTILITY INVESTMENT RECOVERY

Full Text Available Document indexing is a crucial step in the text mining process. It is used to represent documents by the most relevant descriptors of their contents. Several approaches are proposed in the literature, particularly for English, but they are unusable for Arabic documents, considering its specific characteristics and its morphological complexity, grammar and vocabulary. We also propose a categorization of works according to the most used approaches and methods for indexing textual documents.

We adopted a qualitative selection of papers and we retained papers approving notable indexation contributions and illustrating significant results. Learning algorithms and automatic processing of languages; Algorithmes a apprentissage et traitement automatique des langues. This research thesis concerns the field of artificial intelligence. It addresses learning algorithms applied to automatic processing of languages.

The author first briefly describes some mechanisms of human intelligence in order to describe how these mechanisms are simulated on a computer. He outlines the specific role of learning in various manifestations of intelligence. Then, based on the Markov's algorithm theory, the author discusses the notion of learning algorithm. Two main types of learning algorithms are then addressed: firstly, an 'algorithm-teacher dialogue' type sanction-based algorithm which aims at learning how to solve grammatical ambiguities in submitted texts; secondly, an algorithm related to a document system which structures semantic data automatically obtained from a set of texts in order to be able to understand by references to any question on the content of these texts.

Image processing. A system for the automatic sorting of chromosomes; Traitement d'images - Applications au classement des chromosomes. The present paper deals with two aspects of the system: - an automata specialized hardware dedicated to image processing. Images are digitized, divided into sub-units and computations are carried out on their main parameters. Il se compose de: - l'A. Controlled storage for distributed power generation and optimised energy flow in low-voltage mains; Steuerbare Speicher zur Optimierung des Energieflusses in Niederspannungsnetzen mit DEA.

Hoeckel, M. This comprehensive final report for the Swiss Federal Office of Energy SFOE examines ways to optimise energy flows in mains networks that include distributed generation facilities. Increasing use of decentralised generation, its effects on the operation of low-voltage mains and the efficient use of the V mains is discussed. The principles of operation and construction of controlled storage installations are discussed and concrete examples of their use in both grid-connected and island operation are quoted.

Alternatives to storage are looked at from both the technical and economic points of view. The storage technologies used such as flywheels, supercaps, redox-flow batteries and lead-acid accumulators are briefly assessed and the results of simulations are discussed. The optimization of separation units in refining and natural-gas processing must take into consideration new needs and constraints that may seem incompatible.

New installations must be designed not only on the basis of energy optimization but also by seeking to minimize investments and to respect new rules concerning environmental protection. The optimization described in this article is based on a thermodynamic analysis of different material and energy exchanges, The energybalance provides a suitable basis for making this analysis.

It leads to the defining of an exergy efficiency that is all the higher as the thermodynamic irreversibilities are reduced, and that tends toward one for an ideal reversible system. For a separation process, a separation exergyterm is defined that correspond to the minimum separation work. Distillation is the basic separation operation. This overall exergy efficiency is the product of an external exergy efficiency and an internal exergy efficiency.

The external exergy efficiency can be improved by better thermal. An automatic device for refilling liquid nitrogen traps at constant time intervals; Dispositif automatique assurant le remplissage de pieces en azote liquide a intervales de temps constant. The replenishing is done every four hours. The presence in the vacuum section of an electron multiplier has led us to provide a safety-device making it impossible for mercury vapour to come into contact with either the copper tube or the multiplier in the event of an incident leading to the warming up of the traps.

In case of a breakdown, the vacuum section is therefore brought up to atmospheric pressure by the introduction of nitrogen. Ce remplissage se fait toutes les quatre heures. La presence dans l'enceinte sous vide, d'un multiplicateur d'electrons, nous a amenes a prevoir un systeme de securite evitant de mettre le tube en cuivre et le multiplicateur en contact avec la vapeur de mercure en cas d'incident amenant le rechauffage des pieges.

En cas de panne, l'enceinte sous vide est donc ramenee a la pression atmospherique par une introduction d'azote. Full Text Available The present paper investigates and compares the performance of three configurations of Gas Turbine systems allowing cogeneration of heat and electricity, on the basis of an irreversible regenerative Brayton-Joule cycle. The proposed model is developed for two different cycle constraints, namely, an imposed heat transfer rate released by the fuel combustion, or an imposed maximum cycle temperature.

The model also includes the irreversibility due to the friction in the compressor and turbine, and due to the heat losses in the combustion chamber and heat exchangers. Energy efficiency for the system without and with cogeneration, and the exergetic efficiency are used in order to emphasize the cogeneration advantages, but also to help the designer to choose the best configuration of the Gas Turbine system that suits to his needs.

Experimental data from a real operating microturbine were used to validate the model. The power output and the energy and exergetic efficiencies are optimized with respect to a set of operating parameters. The optimum values of the Gas Turbine engine parameters corresponding to maximum power output and respectively to maximum thermodynamic efficiency are discussed. The results show same optimal values of the compression ratio corresponding to almost all maximum performances for an imposed heat transfer rate released by the fuel combustion, excepting the maximum exergetic efficiency that requires higher optimal values of the compression ratio than the maximum exergy rate one.

A performance comparison of the three configurations is done and future perspectives of the work are proposed. National Account Managing Kraftwerke. An increase in turbidity in the cleaned water of the cold lime softener higher than the raw water input of the river Saar was observed at the Fenne site at some days in Also the post-installed sand filter could not restrain the fine particles. Under these circumstances the demineralisation water production had serious problems because of heavily fouled membranes in the reverse osmosis system.

Only the immense personal actions of the operating staff could enable the reliability of the water preparation system on site. Together with Nalco the power plant service department implemented a plant audit on site. The purpose of the plant audit was to find the reason for the bottleneck in water preparation and to optimise and automate the water treatment system under the aspects of economical reliability and control efficiency.

Further development and optimisation of the free piston concept for Vuilleumier heat pumps. The project was aimed at the development of know-how for commercial application of Vuilleumier heat pumps in heating systems for domestic buildings. The investigations were successful. The only aspect that requires further investigation are the static gas stores. Lediglich im Bereich der statischen Gaslager besteht noch Bedarf an weiterfuehrenden, quantitativen Untersuchungen ihres Tragverhaltens, waehrend insbesondere die Fragestellungen im Bereich der thermodynamischen sowie der waerme-, stroemungs- und regelungstechnischen Auslegung und Gestaltung zufriedenstellend geklaert werden konnten.

Abgesehen von einigen weiteren Detailoptimierungen und der noch ausstehenden, umfassenden experimentellen Dokumentation der neuen Versuchsmaschine ist eine Weiterfuehrung der Arbeiten nicht mehr als reines Hochschulprojekt, sondern nur mit Industriebeteiligung und unter besonderer Beruecksichtigung fertigungs- und produktionstechnischer Aspekte sinnvoll.

Der erreichte Entwicklungsstand mit zwei funktionsfaehigen Versuchsanlagen und dem im Verlaufe dieses Projektes erworbenen, fuer eine kommerzielle Produktentwicklung verfuegbaren Know-how bietet hierfuer eine gute Grundlage.

Optimisation combinatoire Theorie et algorithmes. Ce livre est la traduction fran aise de la quatri me et derni re dition de Combinatorial Optimization: Theory and Algorithms crit par deux minents sp cialistes du domaine: Bernhard Korte et Jens Vygen de l'universit de Bonn en Allemagne. Il met l accent sur les aspects th oriques de l' optimisation combinatoire ainsi que sur les algorithmes efficaces et exacts de r solution de probl mes. Il se distingue en cela des approches heuristiques plus simples et souvent d crites par ailleurs.

L ouvrage contient de nombreuses d monstrations, concises et l gantes, de r sultats difficiles. Destin aux tudia. Centre d' Etudes. A mechanical device pushes an aluminium absorption set automatically between the source and the detector; the movement is programmed for cutting on and off by a transistorized electronic unit, with printing out and punching of the results on tape; then this can be mathematically processed by a computer tracing of absorption spectra, extrapolation and calculation of the activity.

For routine measurements, the accuracy obtained, with all corrections made, is from 5 to 8 per cent; the reproducibility is about 2 per cent. Un ensemble mecanique effectue le passage automatique , sous vide primaire, d'un jeu d'absorption en aluminium entre la source et le detecteur, ce passage est programme en pre-temps ou pre-coup par un ensemble electronique a transistors, avec impression et perforation sur bandes des resultats des mesures pour traitement mathematique par un ordinateur trace du spectre d'absorption, extrapolation et calcul d'activite.

Sur des mesures de routine, la precision obtenue, toutes corrections effectuees, est de 5 a 8 pour cent et la reproductibilite de l'ordre de 2 pour cent. Full Text Available The topic of this paper is the discussion of new challenges that the scientific field of automatic-control will face in the next decades, in the area of vehicles control.

The focus is on urban vehicles for personal mobility, since this type of vehicles will be subject to the biggest changes in the next decades. The paper is articulated in three sections — in a top-down framework — briefly addressing and discussing the following items: the main drivers, which will force a change in urban personal mobility; the main types of vehicles, which are expected to address at best such drivers; the main automatic-control challenges on such type of vehicles.

The scope of this paper is purposely non-technical. Its aim is mainly to discuss the emerging new challenges from the perspective of the automatic-control scientists and practitioners. The goal of the paper is to establish a discussion framework on the problems and opportunities, which will arise in this field, in the near future. An approach to automated chromosome analysis; Etudes pour une methode d'automatisation des analyses chromosomiques. Il est divise en trois tomes dont la matiere est decrite ci-apres.

Dans le tome 1 est decrite l'etude d'un selecteur automatique de metaphases. Cet appareil doit realiser au cours du scanning d'une preparation, un processus de decision aboutissant a rejeter toutes images ininteressantes et a conserver les images pertinentes bonnes metaphases. Ce probleme a ete aborde au moyen d'une etude sur ordinateur par un programme de simulation. La realisation de ce programme a permis d'etablir des algorithmes de selection dont la replique pourra etre realisee dans des circuits logiques electroniques.

Dans le tome 2 est traite le probleme de l'automatisation de l'etude morphologique des chromosomes presents dans une metaphase. Cette automatisation necessite le traitement des photographies de metaphases par un appareil convertisseur optique-numerique qui extrait l'information-image et la transcrit sous la forme d'un fichier numerique. Ce fichier comporte pour une image de metaphase, environ valeurs de gris, codees selon une echelle a 16, 32 ou 64 ni veaux.

Ce fichier numerique est traite par un programme de reconnaissance de forme, qui isole les chromosomes et en recherche les traits caracteristiques: sommets de bras et region centromerique, dans le but d'obtenir des mensurations equivalentes aux longueurs des quatre bras. Le tome 3 etudie un programme d'etablissement automatique du caryotype humain, par appariement optimise des chromosomes.

Les donnees proviennent de la numerisation directe des longueurs de bras, effectuee au moyen d'un lecteur digital BENSON. Le programme etablit une liste des appariements, un document graphique imprime representant les paires constituees, dans l'espace: longueur - index centromerique; enfin un document graphique obtenu sur traceur BENSON dans lequel l'auteur donne une representation personnelle des chromosomes, sous forme de croix a bras orthogonaux, dont chaque.

Optimisation multi-objectif des systemes energetiques. The increasing demand of energy and the environmental concerns related to greenhouse gas emissions lead to more and more private or public utilities to turn to nuclear energy as an alternative for the future. Nuclear power plants are then called to experience large expansion in the coming years.

Improved technologies will then be put in place to support the development of these plants. This thesis considers the optimization of the thermodynamic cycle of the secondary loop of Gentilly-2 nuclear power plant in terms of output power and thermal efficiency. In this thesis, investigations are carried out to determine the optimal operating conditions of steam power cycles by the judicious use of the combination of steam extraction at the different stages of the turbines.

Whether it is the case of superheating or regeneration, we are confronted in all cases to an optimization problem involving two conflicting objectives, as increasing the efficiency imply the decrease of mechanical work and vice versa. Solving this kind of problem does not lead to unique solution, but to a set of solutions that are tradeoffs between the conflicting objectives. To search all of these solutions, called Pareto optimal solutions, the use of an appropriate optimization algorithm is required.

Before starting the optimization of the secondary loop, we developed a thermodynamic model of the secondary loop which includes models for the main thermal components e. This model is used to calculate the thermodynamic state of the steam and water at the different points of the installation.

The thermodynamic model has been developed with Matlab and validated by comparing its predictions with the operating data provided by the engineers of the power plant. The optimizer developed in VBA Visual Basic for Applications uses an optimization algorithm based on the principle of genetic algorithms, a stochastic optimization method which is very robust and widely used to solve problems usually difficult to handle by traditional methods.

Genetic algorithms GAs have been used in previous research and proved to be efficient in optimizing heat exchangers networks HEN Dipama et al. So, HEN have been synthesized to recover the maximum heat in an industrial process. The optimization problem formulated in the context of this work consists of a single objective, namely the maximization of energy recovery.

The optimization algorithm developed in this thesis extends the ability of GAs by taking into account several objectives simultaneously. This algorithm provides an innovation in the method of finding optimal solutions, by using a technique which consist of partitioning the solutions space in the form of parallel grids called "watching corridors".

These corridors permit to specify areas the observation corridors in which the most promising feasible solutions are found and used to guide the search towards optimal solutions. A measure of the progress of the search is incorporated into the optimization algorithm to make it self-adaptive through the use of appropriate genetic operators at each stage of optimization process.

The proposed method allows a fast convergence and ensure a diversity of solutions. Moreover, this method gives the algorithm the ability to overcome difficulties associated with optimizing problems with complex Pareto front landscapes e. The multi-objective optimization algorithm has been first validated using numerical test problems found in the literature as well as energy systems optimization problems.

Finally, the proposed optimization algorithm has been applied for the optimization of the secondary loop of Gentilly-2 nuclear power plant, and a set of solutions have been found which permit to make the power plant operate in optimal conditions. Abstract shortened by UMI. Description and principles of use of an automatic control device usable, in particular, in analytical chemistry; Description et principes d'utilisation d'un dispositif de commande automatique utilisable, en particulier, en chimie analytique.

This note describes an automatic control device for the programming of about 20 different functions, chronologically and during a given time. Any voltage can be chosen at the output to perform the different functions. Three examples of utilisation taken in analytical chemistry are given to illustrate the possibilities offered by this device, but its domain of use is much more universal and independent of the type of functions [French] Description d'un dispositif de commande automatique destine a programmer une vingtaine de fonctions differentes dans l'ordre et pendant le temps desire.

Aux bornes d'utilisation de ce dispositif, on peut choisir a volonte du 24 V continu, du V alternatif ou un contact de court-circuit pour realiser les fonctions elles-memes. Afin d'illustrer concretement les possibilites de cet appareil, il est donne trois exemples d'utilisation empruntes a la chimie analytique pour laquelle il a ete prevu initialement.

En realite, son domaine d'utilisation est beaucoup plus universel, car il est relativement independant de la nature des fonctions. In a number of illustrative cases, the calculated limits have been compared with experimentally determined values. Special attention has been devoted to the best conditions for minimization of contributions from lead X-rays, backscattered gamma-rays, escape peaks, sample beta-particles, and Bremsstrahlung. De meme, il importe, du point de vue toxicologique, de reduire au minimum la quantite d'elements stables sous forme de composes specifies ou de radioisotopes stables enrichis egalement sous forme de composes administres en vue de faire l'analyse par radioactivation des echantillons ulterieurement preleves.

Les memes considerations valent pour la methode bien connue d. Computer Based Optimisation Rutines. In this paper the need for optimisation methods for the laser cutting process has been identified as three different situations. Demands on the optimisation methods for these situations are presented, and one method for each situation is suggested.

The adaptation and implementation of the methods Optimal Optimisation in Chemometrics. The use of global optimisation methods is not straightforward, especially for the more difficult optimisation problems. Solutions have to be found for items such as the evaluation function, representation, step function and meta-parameters, before any useful results can be obtained.

This thesis aims. Language Recognition is the problem of discovering the language of a spoken definitionutterance. The main problem of many pattern recognition applications is the variability of problemthe observed data. In the context of Language Recognition LR , this troublesomevariability is due to the speaker characteristics, speech evolution, acquisition and transmission channels.

In the context of Speaker Re Full Text Available The use of IT tools with Tamazight Berber is an absolute requisite for giving this language full citizenship on the Web in particular and in the digital world in general. Thus, the need to create Tamazight digital documents is becoming increasingly urgent. Granted, Unicode now includes the full Tifinagh character set, but the question that remains is how to implement information interchange between Tamazight and the languages of the Web.

We contend that the best and simplest way to share concurrent revisions of the same text in multiple languages is to coedit text in natural language and then to render it into Interlingua IL for dissemination. This method allows the participants to i translate the text, with modifications if any, from L0 into IL, and subsequently to ii regenerate the text in L Ln starting from the same IL representation.

Generators will never be perfect. Therefore, manual editing should always be allowed, because the automatically generated IL form may be irremediably inexpressive, or may altogether be unavailable due to lack of relevant data in the knowledge base.

We propose that the collaborative manual translations be done on the Web with the help of the bank of multilingual utterances compiled by C. At a later stage it will be necessary to build a UNLTamazight deconverter and a TamazightUNL enconverter, relying on the knowledge base built on top of the objects that have been tagged so far.

Contribution a l'inspection automatique des pieces flexibles a l'etat libre sans gabarit de conformation. The competitive industrial market demands manufacturing companies to provide the markets with a higher quality of production. The quality control department in industrial sectors verifies geometrical requirements of products with consistent tolerances.

However, conventional measuring and dimensioning methods for manufactured parts are time-consuming and costly. The CAI methods apply improvements in computational calculations and 3-D data acquisition devices scanners to compare the scan mesh of manufactured parts with the Computer-Aided Design CAD model. Non-rigid parts are exempted from the free-state inspection rule because of their significant geometrical deviation in a free-state with respect to the tolerances.

Despite the developments in CAI methods, inspection of non-rigid parts still remains a serious challenge. Conventional inspection methods apply complex fixtures for non-rigid parts to retrieve the functional shape of these parts on physical fixtures; however, the fabrication and setup of these fixtures are sophisticated and expensive.

The cost of fixtures has doubled since the client and manufacturing sectors require repetitive and independent inspection fixtures. To eliminate the need for costly and time-consuming inspection fixtures, fixtureless inspection methods of non-rigid parts based on CAI methods have been developed.

These methods aim at distinguishing flexible deformations of parts in a free-state from defects. Fixtureless inspection methods are required to be automatic, reliable, reasonably accurate and repeatable for non-rigid parts with complex shapes. The scan model, which is acquired as point clouds, represent the shape of a part in a free-state. Afterward, the inspection of defects is performed by comparing the scan and CAD models, but these models are presented in different coordinate systems.

Indeed, the scan model is presented in the measurement coordinate system whereas the CAD model is introduced in the designed coordinate system. To accomplish the inspection and facilitate an accurate comparison between the models, the registration process is required to align the scan and CAD models in a common coordinate system. The registration includes a virtual compensation for the flexible deformation of the parts in a free-state. Then, the inspection is implemented as a geometrical comparison between the CAD and scan models.

This thesis focuses on developing automatic and accurate fixtureless CAI methods for non-rigid parts along with assessing the robustness of the methods. To this end, an automatic fixtureless CAI method for non-rigid parts based on filtering registration points is developed to identify and quantify defects more accurately on the surface of scan models. These corresponding sample points are evenly distributed on the surface of the models.

The comparison between this deformed CAD model and the scan mesh intend to evaluate and quantify the defects on the scan model. However, some sample points can be located close or on defect areas which result in an inaccurate estimation of defects. These sample points are automatically filtered out in our CAI method based on curvature and von Mises stress criteria. Once filtered out, the remaining sample points are used in a new FENR, which allows an accurate evaluation of defects with respect to the tolerances.

The performance and robustness of all CAI methods are generally required to be assessed with respect to the actual measurements. In addition to validating the defects size, the K-S test allows a deeper evaluation based on distance distribution of defects. The robustness of CAI method with respect to uncertainties such as scanning noise is quantitatively assessed using the developed validation metric.

Due to the compliance of non-rigid parts, a geometrically deviated part can still be assembled in the assembly-state. This thesis also presents a fixtureless CAI method for geometrically deviated presenting defects non-rigid parts to evaluate the feasibility of mounting these parts in the functional assembly-state. To this end, the point clouds of scan model representing the part in a free-state is deformed to meet the assembly constraints such as fixation position e.

In some cases, the functional shape of a deviated part can be retrieved by applying assembly loads, which are limited to permissible loads, on the surface of the part. The required assembly loads are estimated through our developed Restraining Pressures Optimization RPO aiming at displacing the deviated scan model to achieve the tolerance for mounting holes.

Therefore, the deviated scan model can be assembled if the mounting holes on the predicted functional shape of scan model attain the tolerance range. Different industrial parts are used to evaluate the performance of our developed methods in this thesis. The automatic inspection for identifying different types of small local and big global defects on the parts results in an accurate evaluation of defects. The robustness of this inspection method is also validated with respect to different levels of scanning noise, which shows promising results.

Meanwhile, the VMASI method is performed on various parts with different types of defects, which concludes that in some cases the functional shape of deviated parts can be retrieved by mounting them on a virtual fixture in assembly-state under restraining loads.

Optimised Renormalisation Group Flows. Exact renormalisation group ERG flows interpolate between a microscopic or classical theory and the corresponding macroscopic or quantum effective theory. For most problems of physical interest, the efficiency of the ERG is constrained due to unavoidable approximations. Approximate solutions of ERG flows depend spuriously on the regularisation scheme which is determined by a regulator function.

This is similar to the spurious dependence on the ultraviolet regularisation known from perturbative QCD. Providing a good control over approximated ERG flows is at the root for reliable physical predictions. We explain why the convergence of approximate solutions towards the physical theory is optimised by appropriate choices of the regulator.

We study specific optimised regulators for bosonic and fermionic fields and compare the optimised ERG flows with generic ones. This is done up to second order in the derivative expansion at both vanishing and non-vanishing temperature. Operational experience of the Marcoule reactors; Experience d'exploitation des reacteurs de Marcoule.

The results obtaining from three years operation of the reactors G-2, G-3 have made it possible to accumulate a considerable amount of operational experience of these reactors. The main original points: - the pre-stressed concrete casing - the possibility of loading while under power - automatic temperature control have been perfectly justified by the results of operation.

The author confirms the importance of these original solutions and draws conclusions concerning the study of future nuclear power stations. Les principales originalites: - caisson en beton precontraint - chargement en marche - surveillance automatique des temperatures sont largement justifiees par l'exploitation actuelle. L'auteur confirme l'interet de ces solutions d'avant-garde et en tire des conclusions pour les etudes de futures centrales nucleaires.

Optimization of refinery operations when uncertainty exists: Algeria's case; Optimisation des operations du raffinage en presence d'incertitudes: Cas de l'Algerie. The objective of this article is to analyze the development of Algeria refinery industry when uncertainty exists, from a dynamic linear programming model.

Because of the different market conditions volatility, many parameters must be able to be considered as uncertain. In our study, we treat mainly uncertainties of petroleum products demand. The model gives production levels, the units market rate and the exterior exchange of products at horizons It allows to appreciate the impact of volatility on this industry's development.

En raison de la volatilite des differentes conditions du marche, de nombreux parametres doivent pouvoir etre consideres comme incertains. Dans notre etude, nous traitons en particulier des incertitudes sur la demande des produits petroliers. Le modele fournit les niveaux de production, le taux de marche des unites et les echanges exterieurs de produits a l'horizon Il permet ainsi d'apprecier l'impact de la volatilite sur le developpement de cette industrie.

The LHC collisions center of mass energy rose up to 13 TeV in , strongly increasing the production cross sections of hypothetical heavy particles for example by a factor 50 for pair production of gluinos with a 1. An optimisation of the electron identification criteria and a search for Supersymmetry with the ATLAS detector data were performed in this context.

The first part is dedicated to the definition and the expected performance of the electron identification used for the trigger and the analysis of the data. The methodology defined to adapt these criteria to the experimental constraints is detailed. The second part is dedicated to the search for strongly produced supersymmetric particles in events with two same sign leptons electrons or muons , jets and missing transverse energy using the full dataset 3.

The main aspects of the analysis are described, paying particular attention to the experimental b Optimising Magnetostatic Assemblies. This theorem formulates an energy equivalence principle with several implications concerning the optimisation of objective functionals that are linear with respect to the magnetic field. Linear functionals represent different optimisation goals, e. Some of the procedures developed for linear objective functionals have been extended to non-linear objectives, by employing iterative techniques.

Even though most the optimality results discussed in this work have been derived Optimisation of the energy potential of low-CO2 gas turbines by using large monocrystal turbine blades. Apart from the experimental identification and assessment of process characteristics during industrial-scale application of the so-called liquid metal cooling LPC process, the project focused on the characterisation of monocrystalline, directionally solidified materials and components.

This involved the construction and commissioning of appropriate production and test aggregates, i. Juli bis Grundvoraussetzung fuer die umfassende Bearbeitung der o. Arbeitsinhalte war die Konstruktion und Inbetriebnahme der notwendigen Fertigungs- und Pruefaggregate, d. One of the delicate problems in the exploration of an underground aquifer reservoir is the identification of the spatial distribution of the hydrogeological parameters.

The standard approach consists in interpreting hydraulic interference tests or the operating history of the formation with the help of a meshed model, by identifying the parameter fields describing the aquifer permeabilities, feeding parameters, etc. This approach must take all available information sources into account well tests. Refurbishment and optimisation of the district heating system and the Morettina central heating station in Locarno, Switzerland; Sanierung und Optimierung des Waermeverbundes und der Heizzentrale Morettina in Locarno.

Erfolgskontrolle der Betriebsoptimierung. Lanz, S. The system supplies various public and private buildings with heat and cold. The refurbishment of the installations after three years of operation is described, which included changes to the system's hydraulics and control system as well as improvements to various sub-stations in the heating network.

The results of the refurbishment, including better co-ordination of the various aggregates and lower operating temperatures, are discussed. Recommendations are also made on the planning, organisation and operation of future projects of this type. Applications of the automatic meter reading techniques at the Brazilian gas domestic market; Application des techniques de releve automatique des compteurs sur le marche domestique Bresilien du gaz.

Venancio, J. This article will describe applications of the automation and automatic meter reading techniques at the internal gas pipes installations design, considering residential and commercial buildings, and taking in account the tendency of rapid growth of the activities related to the natural gas industry in Brazil, as well as the recently development of new technologies that can be applied with affordable prices. It will be analysed the application of an automatic meter reading technology in a building of several floors in Sao Paulo, which gas installations design is being carried up, with be purpose of making a comparative cost-effectiveness study with the traditional constructive methods applied in Brazil.

As a result, it will be purposed a new commercialization model for the gas in Brazil at the residential and commercial market. Optimisation of radiation protection. Optimisation of radiation protection is one of the key elements in the current radiation protection philosophy.

The present system of dose limitation was issued in by the International Commission on Radiological Protection ICRP and includes, in addition to the requirements of justification of practices and limitation of individual doses, the requirement that all exposures be kept as low as is reasonably achievable, taking social and economic factors into account. This last principle is usually referred to as optimisation of radiation protection, or the ALARA principle.

Separate abstracts were prepared for individual papers presented at the meeting. Optimisation by hierarchical search. Finding optimal values for a set of variables relative to a cost function gives rise to some of the hardest problems in physics, computer science and applied mathematics. Although often very simple in their formulation, these problems have a complex cost function landscape which prevents currently known algorithms from efficiently finding the global optimum.

Countless techniques have been proposed to partially circumvent this problem, but an efficient method is yet to be found. We present a heuristic, general purpose approach to potentially improve the performance of conventional algorithms or special purpose hardware devices by optimising groups of variables in a hierarchical way.

We apply this approach to problems in combinatorial optimisation , machine learning and other fields. The share of tyre noise in the total motor car noise has increased constantly in the past years. This is made more difficult by the high and varied demands on tyres. The authors therefore suggest that rolling noise design should be given more attention supplementary to the current noise level measurements.

This would result in a product-specific type of noise and also enhance the social acceptance of motor cars. The limits of conventional measuring techniques are pointed out, as are the possibilities of binaural measurement and analysis. Exemplary applications are listed, and an outlook to the future is attempted. Bestehende gesetzliche Vorschriften fuer das Fahrzeug-Aussengeraeusch sowie hohe Ansprueche der Kunden, d.

Die an einen Fahrzeugreifen gestellten vielfaeltigen Anforderungen bedingen hierbei im allgemeinen einen hohen Aufwand. Im Beitrag wird daher fuer eine Vorgehensweise plaediert, die in Ergaenzung zum begrenzt aussagekraeftigen A-bewerteten Schalldruckpegel eine Gestaltung des Rollgeraeusches in den Mittelpunkt stellt.

Hiermit kann nicht nur die Realisierung eines produktbezogenen Aussengeraeusches unterstuetzt werden, sondern es sichert darueber hinaus die gesellschaftliche Akzeptanz des Autos. Es werden die Grenzen konventioneller Messverfahren kurz aufgezeigt und die mittels binauraler Mess- und Analysetechnik bestehenden Moeglichkeiten dargestellt. Sinnvolle Vorgehensweisen werden anhand verschiedener Anwendungsbeispiele erlaeutert.

Ein abschliessender Ausblick beschreibt das Potential zur Reduzierung der Belaestigungswirkung von Reifengeraeuschen durch. Advanced optimisation - coal fired power plant operations. The purpose of this unit optimization project is to develop an integrated approach to unit optimisation and develop an overall optimiser that is able to resolve any conflicts between the individual optimisers.

Optimisation in radiotherapy II: Programmed and inversion optimisation algorithms. This is the second article in a three part examination of optimisation in radiotherapy. The previous article established the bases of optimisation in radiotherapy, and the formulation of the optimisation problem. This paper outlines several algorithms that have been used in radiotherapy, for searching for the best irradiation strategy within the full set of possible strategies.

Two principle classes of algorithm are considered - those associated with mathematical programming which employ specific search techniques, linear programming type searches or artificial intelligence - and those which seek to perform a numerical inversion of the optimisation problem, finishing with deterministic iterative inversion. Contribution to the optimization of the chemical and radiochemical purification of pressurized water nuclear power plants primary coolant; Contribution a l' optimisation de la purification chimique et radiochimique du fluide primaire des centrales nucleaires a eau sous pression.

The primary coolant of pressurised water reactors is permanently purified thanks to a device, composed of filters and the demineralizers furnished with ion exchange resins IER , located in the chemical and volume control system CVCS. The study of the retention mechanisms of the radio-contaminants by the IER implies, initially, to know the speciation of the primary coolant percolant through the demineralizers.

Calculations of theoretical speciation of the primary coolant were carried out on the basis of known composition of the primary coolant and thanks to the use of an adapted chemical speciation code. An analysis of the purification curves of the elements Ni, Fe, Co, Cr, Mn, Sb and their principal radionuclides, relating to the cold shutdown of Fessenheim 1-cycle 20 and Tricastin 2-cycle 21, was carried out, in the light of a model based on the concept of a coupling well term - source term.

Then, a thermodynamic modelling of ion exchange phenomena in column was established. New tools are thus proposed, opening the way with an optimised management of demineralizers and a more complete interpretation of the available experience feedback. On the stability of non-linear systems; Sur la stabilite des systemes non-lineaires. Centre d' Etudes Nucleaires, services scientifiques. A study is made of the absolute stability of nonlinear systems, using Liapounov's second method and taking into account the results obtained from V.

Popov's work. The results already established are first presented, in particular concerning the frequency domain criterions for absolute stability of automatic control systems containing one single non linearity. The results have been extended to show the existence of a limiting parabola. New use is then made of the methods studied for deriving absolute stability criterions for a system containing a different type of non linearity.

Finally, the results obtained are considered from the point of view of Aizerman's conjecture. On fait d'abord un expose des resultats deja etablis, en particulier en ce qui concerne les criteres frequentiels de stabilite absolue pour le cas d'un systeme de commande automatique comportant une seule non linearite. On a prolonge ces resultats jusqu'a l'etablissement de l'existence d'une parabole limite. On fait ensuite une nouvelle utilisation des methodes etudiees, etablissant des criteres de stabilite absolue pour un systeme comportant un type different de non linearite.

On etudie enfin les resultats obtenus, dans l'optique de la conjecture de Aizerman. Optimisation of monochrome images. Gamma cameras with modern imaging systems usually digitize the signals to allow storage and processing of the image in a computer. Although such computer systems are widely used for the extraction of quantitative uptake estimates and the analysis of time variant data, the vast majority of nuclear medicine images is still interpreted on the basis of an observer's visual assessment of a photographic hardcopy image.

The optimisation of hardcopy devices is therefore vital and factors such as resolution, uniformity, noise grey scales and display matrices are discussed. Once optimum display parameters have been determined, routine procedures for quality control need to be established; suitable procedures are discussed. Beam position optimisation for IMRT.

Full text: The introduction of IMRT has not generally resulted in the use of optimised beam positions because to find the global solution of the problem a time consuming stochastic optimisation method must be used. Although a deterministic method may not achieve the global minimum it should achieve a superior dose distribution compared to no optimisation.

This study aimed to develop and test such a method. The beam optimisation method developed relies on an iterative process to achieve the desired number of beams from a large initial number of beams. The number of beams is reduced in a 'weeding-out' process based on the total fluence which each beam delivers.

The process is gradual, with only three beams removed each time following a small number of iterations , ensuring that the reduction in beams does not dramatically affect the fluence maps of those remaining. A comparison was made between the dose distributions achieved when the beams positions were optimised in this fashion and when the beams positions were evenly distributed. The method has been shown to work quite effectively and efficiently.

The Figure shows a comparison in dose distribution with optimised and non optimised beam positions for 5 beams. It can be clearly seen that there is an improvement in the dose distribution delivered to the tumour and a reduction in the dose to the critical structure with beam position optimisation.

A method for beam position optimisation for use in IMRT optimisations has been developed. This method although not necessarily achieving the global minimum in beam position still achieves quite a dramatic improvement compared with no beam position optimisation and is very efficiently achieved.

Optimisation of occupational exposure. The general concept of the optimisation of protection of the public is briefly described. Some ideas being developed for extending the cost benefit framework to include radiation workers with full implementation of the ALARA criterion are described. The role of cost benefit analysis in radiological protection and the valuation of health detriment including the derivation of monetary values and practical implications are discussed.

Cost benefit analysis can lay out for inspection the doses, the associated health detriment costs and the costs of protection for alternative courses of action. However it is emphasised that the cost benefit process is an input to decisions on what is 'as low as reasonably achievable' and not a prescription for making them. Standardised approach to optimisation. Optimisation of radiographic images is said to have been obtained if the patient has achieved an acceptable level of dose and the image is of diagnostic value.

In the near future, it will probably be recommended that radiographers measure patient doses and compare them to reference levels. The aim of this paper is to describe a standardised approach to optimisation of radiographic examinations in a diagnostic imaging department.

A three-step approach is outlined with specific examples for some common examinations chest, abdomen, pelvis and lumbar spine series. Step One: Patient doses are calculated. Step Two: Doses are compared to existing reference levels and the technique used compared to image quality criteria. Step Three: Appropriate action is taken if doses are above the reference level. Results: Average entrance surface doses for two rooms were as follows AP Abdomen 6.

Comparison with the Commission of the European Communities CEC recommended techniques identified large differences in the applied potential. The results of this study have indicated that there is a need to monitor radiation doses received by patients undergoing diagnostic radiography examinations. Not only has the assessment allowed valuable comparison with International Diagnostic Reference Levels and Radiography Good Practice but has demonstrated large variations in mean doses being delivered from different rooms of the same radiology department.

Following the simple 3-step approach advocated in this paper should either provide evidence that department are practising the ALARA principle or assist in making suitable changes to current practice. Copyright Australian Institute of Radiography. Structural and operational optimisation of distributed energy systems. A distributed energy system DES is a system comprising a set of energy suppliers and consumers, district heating pipelines, heat storage facilities and power transmission lines in a region.

Distributed energy production has got an increasingly important role in the energy market. In this paper, a model for structural and operational optimisation of DES is presented. In the model, production and consumption of electrical power and heat, power transmissions, transport of fuels to the production plants, transport of water in the district heating pipelines and storage of heat are taken into account.

The problem is formulated as a mixed integer linear programming MILP problem where the objective is to minimise the overall cost of DES , i. An illustrative example is presented for a complex DES situation. The solution gives the DES structure, i. The model enables the involved parties-suppliers, consumers, designers and authorities-to form a joint view of different situations as a basis for the decision making. A tool based on the model is built, which can be used in design, in creating guidelines for regional energy policies and for versatile what-if analyses.

En outre, ces Topology optimised wavelength dependent splitters. A photonic crystal wavelength dependent splitter has been constructed by utilising topology optimisation 1. The splitter has been fabricated in a silicon-on-insulator material Fig. The topology optimised wavelength dependent splitter demonstrates promising 3D FDTD simulation results This complex photonic crystal structure is very sensitive against small fabrication variations from the expected topology optimised design.

A wavelength dependent splitter is an important basic building block for high-performance nanophotonic circuits. Jensen and O. Sigmund, App. Optimisation of the Laser Cutting Process. The problem in optimising the laser cutting process is outlined. Basic optimisation criteria and principles for adapting an optimisation method, the simplex method, are presented. The results of implementing a response function in the optimisation are discussed with respect to the quality as well Turbulence optimisation in stellarator experiments.

Proll, Josefine H. Stellarators, the twisted siblings of the axisymmetric fusion experiments called tokamaks, have historically suffered from confining the heat of the plasma insufficiently compared with tokamaks and were therefore considered to be less promising candidates for a fusion reactor. This has changed, however, with the advent of stellarators in which the laminar transport is reduced to levels below that of tokamaks by shaping the magnetic field accordingly.

As in tokamaks, the turbulent transport remains as the now dominant transport channel. Recent analytical theory suggests that the large configuration space of stellarators allows for an additional optimisation of the magnetic field to also reduce the turbulent transport. In this talk, the idea behind the turbulence optimisation is explained. We also present how an optimised equilibrium is obtained and how it might differ from the equilibrium field of an already existing device, and we compare experimental turbulence measurements in different configurations of the HSX stellarator in order to test the optimisation procedure.

Optimisation of load control. Electricity cannot be stored in large quantities. That is why the electricity supply and consumption are always almost equal in large power supply systems. If this balance were disturbed beyond stability, the system or a part of it would collapse until a new stable equilibrium is reached. The balance between supply and consumption is mainly maintained by controlling the power production, but also the electricity consumption or, in other words, the load is controlled.

Controlling the load of the power supply system is important, if easily controllable power production capacity is limited. Temporary shortage of capacity causes high peaks in the energy price in the electricity market. Load control either reduces the electricity consumption during peak consumption and peak price or moves electricity consumption to some other time.

The following areas were studied: Optimization of space heating and ventilation, when electricity price is time variable, load control model in power purchase optimization, optimization of direct load control sequences, interaction between load control optimization and power purchase optimization, literature on load control, optimization methods and field tests and response models of direct load control and the effects of the electricity market deregulation on load control.

An overview of the main results is given in this chapter. SPS batch spacing optimisation. These measurementsgave clear indications that such optimisation , and beyond,could be done also for higher injection momentum beams,where the additional slower MKP MKP-L is needed.

After the successful results from SPS batch spacingoptimisation for the Pb-Pb run [1], the same concept wasthought to be used also for proton beams. In fact, thanksto the SPS transverse feed back, it was already observedthat lower batch spacing than the design one ns couldbe achieved. For the p-Pb run, a batch spacing ofnsfor the proton beam withnsbunch spacing wasreque Each of these phenomena is inherently unstable and conflict-ridden.

Hence, the securitization of social life in the region is not resulting in the reproduction of security-development agenda patterned after the US, but in the reproduction of social antagonisms that spring from the very contradictions The financial crisis and securitization.

Full Text Available Securitization means the change of non-liquid assets into securities. This topic has become more popular, mainly due to the U. In this article, an analysis is given of the current situation in financial markets and the changes, which were implemented from the first days of subprime crisis. Also mentioned is the impact the crisis has had on securitization development. Part of the article is devoted to the situation on the Polish financial market.

It is quite a new market and it is susceptible to such crises. The Article presents the part played by securitization in the Polish financial market and the circumstances for its growth in the near future. It also covers the latest information related to financial market regulations, which could have direct or indirect impact on the quantity and value of securitization transactions.

Full Text Available Asset securitization via special purpose entities involves the process of transforming assets into securities that are issued to investors. These investors hold the rights to payments supported by the cash flows from an asset pool held by the said entity. In this paper, we discuss the mechanism by which low- and high-quality entities securitize low- and high-quality assets, respectively, into collateralized debt obligations.

During the — financial crisis, asset securitization was seriously inhibited. In response to this, for instance, new Basel III capital and liquidity regulations were introduced. Here, we find that we can explicitly determine the transaction costs related to low-quality asset securitization. Also, in the case of dynamic and static multipliers, the effects of unexpected negative shocks such as rating downgrades on asset price and input, debt obligation price and output, and profit will be quantified.

In this case, we note that Basel III has been designed to provide countercyclical capital buffers to negate procyclicality. Moreover, we will develop an illustrative example of low-quality asset securitization for subprime mortgages. Furthermore, numerical examples to illustrate the key results will be provided.

In addition, connections between Basel III and asset securitization will be highlighted. Post-colonial governance through securitization? This article combines the securitization approach with theory of risk and narratological methodology in the analysis of the Danish-Greenlandic government debates about potential uranium exploitation. The authors conclude that the securitization controversy visible at the surface level of policy These underlying stakes are brought to the fore when securitization is used as a governance technique Securitization of cyber space in lithuania.

The key question of this thesis was to find out how did the cyber space securitization process in Lithuania was carried out. The aim of this thesis was to find out whether the cyber space in the Lithuanian public and official discourses was securitized during the period of - In order to achieve the goals of this thesis, the following tasks were raised 1 using the theory of securitization determine the process of threat construction and the way securitization occurs; 2 determine w The two hypotheses discussed by Gorton and Souleles were confirmed to Brazilian financial institutions.

There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.

Speaking of Securitization of Financial Assets. As today many blame securitization and low interest rates for the American crisis, this paper aims at shedding light upon what this technique is, what are its benefits and why the past economic growth expanded based on pools of pledged assets. The relevance of securitization will remain open for future analysis in America as basis for creating investment resources to sustain development after the gloomy days of September Full Text Available Securitization is instrumental in return on capital increment through the withdrawal from the balance oflending activities being accompanied by off-balance incomes flow from fees, which are less capital-intensive.

Thepurpose of this paper is to analyze the quantitative indicators characterizing the securitization of assets. The main difference between the securitization of assets from traditional waysof financing is related to the achievement of a plenty of secondary goals in attracting financial resources, whichcan play a significant role in choosing to favour the securitization of assets or other types of financing. Inparticular, it gives a possibility to write off the assets from the balance sheet along with the relevant obligationsunder the securities, to expand the range of potential investors accompanied by the reducing of credit risk, interestrate and liquidity risk, as well as to improve the management quality of assets, liabilities and risks.

All of thesesecondary effects are achieved by the isolation of selected assets from the total credit risk of the enterprise, raisingits funds, which forms the pivotal actuality and significance of asset securitization. The article containsdemonstrations of quantitative and qualitative indicators characterizing the securitization of assets. This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt.

Our results suggest that loan facilities that are subsequently securitized are associated with a 15 basis point lower spread than that of loans that are not subsequently securitized. To identify the particular role of securitization in loan pricing, we employ a difference in differences approach and consider loan characteristics that are associated with the likelihood of se US oil policy and energy security; Politique petroliere americaine et securite energetique.

Although the energy dependence reached its historical maximum and will continue to increase for the next 20 years, the USA keep their oil policy. For the economist this policy is reasonable because of the poor room for the US imports reduction costs. To explain these conclusions the author discusses on the following topics: the links between the oil dependence and the energy security, the oil policy after Reagan, the oil policy evolution - or no evolution - facing the increasing dependency and the Cheney report.

US oil dependency and energy security; Dependance petroliere et securite energetique americaine. The three papers of this document were written in the framework of a seminar organized the 30 may by the IFRI in the framework of its program Energy and Climatic Change.

The first presentation deals with the american oil policy since relation between the oil dependence and the energy security, the Reagan oil policy, the new oil policy facing the increase of the dependence. The second one deals with the US energy security oil security, domestic energy security, policy implications. The last presentation is devoted to the US oil dependence in a global context and the problems and policies of international energy security.

Supplying safety and energy independence; Securite d'approvisionnement et independance energetique. Maillard, D. The french Observatory of the Energy wonders about the energy independence notion. Many risks are possible: physical, economical, geo-political, social and ecological risks. Because those risks are numerous, the answers for a supplying safety are also numerous.

In this context the energy policy is a difficult art which the public opinion needs to be more and more aware. The city and the energy security; La ville et la securite energetique. Roques, F. The answers to the world energy crisis should not be limited to the management of geopolitical factors Iran, Nigeria, Venezuela etc.

They involve also a change of the demand and of the consumers' behaviour. The comments caused by the recent rise of oil prices have shown that this idea, considered as marginal by policy-makers, has started to make its way. The analyses limited to macro-economical units states, international organization , always forget that cities are the main places of energy consumption.

Recent events, like the repetitive saturation of power grids at the origin of spectacular blackouts Moscow, California, Switzerland, Italy , have led the local authorities to take into consideration part of the problem. They effectively have at their disposition some important leviers which allow them to act both on the offer and on the behaviours.

It is evident that in domains like transports, urban renovation or waste treatment, the local authorities have to play a significant role by implementing policies that maximize the energy efficiency and minimize the costs at the same time. The debates which took place during this forum were based on the experiences and realizations presented by experts of several big cities, in particular of Moscow, Madrid and Nuremberg. Some remarkable examples were presented, in particular in the domain of energy auditing, mastery of energy consumptions and production of alternative resources.

The usual topics were also approached: energy overview, main trends of the present day energy policy of Russia, new opportunities of new technologies, geo-energy evolutions, Russia-European Union dialogue. Speaker's presentations. Energy supply security; Recueil des interventions. Securite d'approvisionnement energetique. About attendees were present, including a lot of high level Civil Servants from the 15 European State members, and their questions have allowed to create a rich debate.

This French initiative, which took place within the framework of the European Presidency of the European Union, during the second half-year The globalization of energy activities: what are the issues? Globalization in many sectors such as information, research and development, finance, technology, etc. The result is that governments are left to regulation functions. This globalization also led to a larger gap between North and South. Developing countries represent 80 per cent of world population, yet only produce less than 33 per cent of gross domestic product GDP.

In the energy sector, developing countries have limited access to energy and use it less efficiently, since they do not master the latest technologies. States must retain their power to regulate this sector to ensure competition takes place in a fair environment within specified guidelines.

Licenses must be issued through bidding or auctioned off, but in every case the State must ensure that commitments are met. It must also ensure that pricing is fair. Access for third parties to the power distribution system must be adequate, especially when the company operates in a monopoly environment. The State ends up managing a new category of risks called major risks that the private sector is not willing to consider, for example global warming or the management of nuclear waste.

Confidence in market mechanisms is limited. Energy exchanges and others represent an economic growth factor and a potential guarantee for world peace. Who is responsible for the social costs associated with economic growth, and what are the solutions? A major issue left to decision-makers is the sharing of wealth within humankind and nations, and the State has a vital role to play. The new challenges of the energy policy; Quels nouveaux defis pour la politique energetique.

Political uncertainties, reserves depletion, increase of the energy consumption and environmental impact are many reasons to wonder on our the future choices in matter of energy consumption habits, energy conservation. In this context the meeting, which took place at Paris the 18 march , aims to wonder on the increasing energy demand, the evolution of the consumption and production habits and the decision making.

The full text of the presentations and allocution are provided. Application of Securitization of Leasing Assets. Full Text Available Securitization of leasing assets was widely adopted abroad within the last decades.

Securitization of leasing assets usually is meant as process of formation of a portfolio based on future leasing payments of one and or more leasing company and sale of securities to investors for the subsequent refinancing of leasing operations.

These securities can be bonds, actions or bills. Thus the asset leased, acts as providing these papers. Nomenclature of property includes office, medical first of all, stomatology, training, video the equipment, and also a car, motor-equipment, towers of cellular communication production of heavy mechanical engineering and computers. The essence of securitization of leasing assets consists in isolation of streams of leasing payments from risk of bankruptcy of the leasing company.

As the considered mechanism has the greatest development in the USA, so far as consideration of experience of its application in this country is represented especially actual. The special attention is deserved by a question of decrease in credit risk of the investor. External and internal providing is applied to its decision in different types. Interest of participants in securitization of leasing assets consists in distribution of risks between them, emergence of a new source of financing, depreciation of attracted resources, increase of liquidity of a leasing portfolio and optimization by management by balance of the enterprise.

Appeal of this tool to the leasing company in a case when it has no available own funds for business development, represents separate interest. Securitization allows the leasing company to expand sources of attraction of the capital and to receive a reserve for the future, and also to broaden the sphere of options of activity and to give it new opportunities for financing of projects.

Widespread introduction of schemes of securitization in practice of the Russian leasing business, requires development, and on some. Securitization of energy supply chains in China. We pay specific attention to explaining how particular energy supply chains are constructed and securitized. We draw data from over Chinese and over English publications and 30 interviews with energy officials and experts in China.

It has its roots in historic events, properties of energy systems, as well as the presence of powerful institutional agents interested in securitizing the oil supply chain but not other vital energy systems. We suggest that this focus on the oil supply chain is likely to be maintained in the future, possibly accompanied by increasing concerns over natural gas.

The Economics of Islamic Finance and Securitization. Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward.

This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he This report aims to demonstrate, hypothetically and at a high level, what volumes of solar deployment could be supported given solar industry access to the capital markets in the form of security issuance. Securitization is not anticipated to replace tax equity in the near- to mid-term, but it could provide an additional source of funds that would be comparatively inexpensive and could reduce the weighted average cost of capital for a given solar project or portfolio.

The report offers analysis on the size of the U. It also provides data on the size of the relevant securities markets and how the solar asset class may fit into these markets. Securitization across borders: organizational mimicry in Islamic finance. This article discusses the case of securitization in Islamic finance to tease out what is universal and what is specific about this technique.

Does corporate income taxation affect securitization? Using a sample of OECD banks over the period —, we find that corporate income taxation led to more securitization at banks that are constrained in funding markets,. Abstract: Corporate income taxation, by affecting the after-tax cost of funding, has implications for a bank's incentive to securitize. Using a sample of OECD banks over the period , we fi nd that corporate income taxation led to more securitization at banks that are constrained in funding.

Investor-owned utilities are not just salivating over large stranded cost recovery for past uneconomic decisions, but are dreaming of billions of dollars of up-front cash that securitization will provide. Securitization has arisen as a means by which utilities can recover their stranded costs. Under the pending concept of securitization , utilities calculate their estimated future losses and then offer bonds on the open market equal to the amount of stranded costs they wish to recover.

This article addresses the myriad shortcomings of the securitization process from the perspective of the general public. It does not address whether any level of stranded cost recovery, in and of itself, is appropriate, but assumes, for the sake of argument, that utilities will be permitted some level of stranded cost recovery and addresses only the question of whether securitization is the proper vehicle for recovery of those costs.

Full Text Available This article reviews empirical findings concerning motives behind securitization and its implications. It turns out that the main reasons for securitization are: earnings management, regulatory capital arbitrage, liquidity management and funding problems. Securitization favours risk taking by entities in bad financial conditions and weakens, in some cases, incentives for careful screening of potential borrowers.

On the macroeconomic level securitization lowers credit interest rates in the long term. Securitization of residential solar photovoltaic assets: Costs, risks and uncertainty. Limited access to low-cost financing is an impediment to high-velocity technological diffusion and high grid penetration of solar photovoltaic PV technology.

Securitization of solar assets provides a potential solution to this problem. This paper assesses the viability of solar asset-backed securities ABS as a lower cost financing mechanism and identifies policies that could facilitate implementation of securitization. First, traditional solar financing is examined to provide a baseline for cost comparisons.

Next, the securitization process is modeled. The model enables identification of several junctures at which risk and uncertainty influence costs. Next, parameter values are assigned and used to generate cost estimates. Results show that, under reasonable assumptions, securitization of solar power purchase agreements PPA can significantly reduce project financing costs, suggesting that securitization is a viable mechanism for improving the financing of PV projects.

The clear impediment to the successful launch of a solar ABS is measuring and understanding the riskiness of underlying assets. This study identifies three classes of policy intervention that lower the cost of ABS by reducing risk or by improving the measurement of risk: i standardization of contracts and the contracting process, ii improved access to contract and equipment performance data, and iii geographic diversification.

Energy security and European Union. Proposals for the French presidency; Securite energetique et Union Europeenne. Propositions pour la presidence francaise. This report treats of energy security and of the two related topics which are the fight against climatic change and the economic growth. The first chapter analyses the energy risks that we will have to face.

It makes a difference between the long-term risks depletion of energy resources and the short-term risks supply disruption. Concerning the short-term risks, it is recalled that most of the supply incidents have an internal cause and that imports can have advantages and not only drawbacks.

The second chapter approaches the delicate problem of European harmonization between the speech and the action when the energy security is in concern. A conclusion of this chapter is that the 'speaking with a single voice' goal can be reached only if improvements are made in the domain of solidarity between member states.

The completion of the internal energy market is therefore a priority and the mission of regulators must include the security aspect. The third chapter treats of the particular case of the relation with the Russian supplier. It suggests to work for a lower energy dependence with respect to Russia, by developing the energy efficiency, the LNG industry, the renewable energies and the nuclear energy.

The fourth chapter deals with the relations with the Caspian sea surrounding countries in the perspective of gas exports towards Europe. Here again, the cooperation with Russia is of prime importance. It approaches also the problem of the gas negotiation with Turkey which requires a significant improvement of the consistency of European diplomacy in this area.

The last chapter treats of the role of international organisations and of the dialogue in the domain of energy. It suggests some paths to develop the confidence between the different intervening parties. It stresses on the lack of transparency which disturbs the markets and weakens the security. Discourses of cyberspace securitization in Brazil and in the United States.

Full Text Available Abstract This paper uses the framework of the Copenhagen School to understand the process of securitization of cyberspace, exploring how something in such sphere becomes a threat. Seeking to contribute to the debate, this study analyses the securitization discourses of Brazil and of the United States from Hansen and Nissenbaum's theorization about the existence of a specific sector for cybersecurity.

To comprehend the securitization of cyberspace in these terms allows not only to identify distinct levels of securitization , but also to capture the dynamics of cyber threats, distinguishing them from those existent in other sectors, as well as to trace distinctions between tendencies of securitization and militarization.

Securitization , loan modification and the supply of subprime mortgage credit in the US. Full Text Available This paper develops a continuous time, contingent claims model of mortgage valuation with strategic behavior to show that mortgages that are securitized are characterized by significantly higher loan to value ratios than mortgages held on the balance sheet of the originator, if securitized mortgages cannot be renegotiated. Insofar as securitization inhibits loan modification, it serves as a credible threat to the borrower that default will provoke foreclosure.

An important implication of the analysis is that the higher loan to value ratio for the securitized mortgage does not imply that the securitized mortgage is characterized by looser underwriting standards than the mortgage held on balance sheet. Higher loan to value ratios for securitized mortgages do not necessarily constitute evidence that securitization encourages risky lending. Commercializing biomedical research through securitization techniques.

Biomedical innovation has become riskier, more expensive and more difficult to finance with traditional sources such as private and public equity. Here we propose a financial structure in which a large number of biomedical programs at various stages of development are funded by a single entity to substantially reduce the portfolio's risk.

The portfolio entity can finance its activities by issuing debt, a critical advantage because a much larger pool of capital is available for investment in debt versus equity. By employing financial engineering techniques such as securitization , it can raise even greater amounts of more-patient capital. Development financing during a crisis : securitization of future receivables. Mexico's Telmex undertook the first future-flow securitization transaction in Studying several sources, the authors draw conclusions about the rationale for using this asset class, the size of its unrealized potential, and the main constraints on its growth.

Full Text Available Securitization is a modality of structured finance which allows a company to raise funds based on its receivables through capital markets. In Brazil, securitization was developed mostly in the form of mutual funds -- the FIDC, which raise money by issuing senior quotas for qualified investors, and subordinated cotes, usually bought by the company that originated the receivables.

This paper evaluates the risk and return for both kinds of investors through a stochastic model with two main variables: interest rates and default rates. The model is still sensible to the characteristics of the fund, like the amount of subordinated cotes, the type of asset being securitized ; and the amount of receivables in relation to the assets. Regarding the case of senior cotes, the risk of returns under the basic level of interest rates is highly improbable; and in the case of subordinated cotes, the risk of returns under the basic interest rate may be considered still low, due to the high spreads observed in the Brazilian financial market.

The simulations indicated that under historically mean interest rate volatility the default rates are the main component of the total risk. Accordingly to the developed analysis of international standards of regulation, the Brazilian Central Bank imposes very strong capital requirements to banks that securitize their assets and purchase the corresponding subordinated cotes. Synthetic securitization in the accounting: the peculiarities and the national experienc.

Full Text Available In the dynamic development of the financial market and the economy as a whole is one of the Securitisation innovative tools to attract additional funding, increased liquidity, diversification of assets and minimize risks in financial markets. The article outlines the nature, types and predictors of securitization as a whole and are implementing national experience of the financial mechanism.

On the basis of the comparative analysis of the main types of securitization outlines the benefits of a synthetic securitization , including the Ukrainian financial market, and especially its implementation. Also describes the various mechanisms and synthetic securitization. The general steps for its implementation using credit derivatives. In addition, selected the most common types of credit derivatives that are used during the implementation of a synthetic securitization.

On the basis of theoretical research facilities identified accounting arising during synthetic securitization. Estimation of the energy needs; Estimation des besoins energetiques. General des Etudes de Recherches, 75 - Paris France. The present report draws up the balance on the present and estimable energy consumption for the next twenty years.

The present energy comes mainly of the consumption of coal, oil products and essentially hydraulic electric energy. To this effect, the atomic energy offers good industrial perspectives in complement of the energy present resources in order to answer the new needs. L'energie actuelle provient principalement consommation de charbon, de produits petroliers et d'energie electrique essentiellement hydraulique.

A cet effet, l'energie atomique offre de bonne perspectives industrielles en complement des sources actuelles energetiques afin de repondre aux nouveaux besoins. Market efficiency in the emerging securitized real estate markets. This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from to Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential criterion in the assessment of the functionality of markets and the asset pricing process, which is of significant relevance for emerging markets in particular.

The analysis is based on autocorrelation tests This action will allow interested persons Conflicts Proposal until February 13, This action will allow interested persons additional time to The instrument of asset securitization on the basis of investment funds. Full Text Available This article explores the instruments of asset securitization on the basis of investment funds According to the proposed national model of asset securitization on the basis of investment funds developed the financial instruments, which provide its implementation.

Depending on the opportunities the payment management proposed to service the operations of asset securitization by investment certificates with replenishment and without the possibility of replenishment. The use of financial instruments without the possibility of replenishment envisages a simple and low-cost operation of redirecting funds from the originator to the investors in the form of investment income by certification of securitization fund.

The instruments with replenishment allow not only to redirect payments for operations of assets securitization , but also to manage them in order to minimize risks. Incomplete water securitization in coupled hydro-human production sytems. Due to the dynamics, the externalities and the contingencies involved in managing local water resource for production, the water allocation at basin-level is a subtle balance between laws of nature gravity; flux and laws of economics price; productivity.

We study this balance by looking at inter-temporal basin-level water resource allocations in which subbasins enjoy a certain degree of autonomy. The water allocation is modeled as a decentralized equilibrium in a coupled conceptual hydro-human production system. Agent i manages her use Xi and her storage Si, conceptualizing surface and subsurface water, of water with the purpose of maximizing the utility derived from consumption Ci of the composite good, where Ci is a scalar and Xi and Si are vectors which are composed of one element for each time period and for each contingency.

A natural way to consume the good would be to absorb the own production. Yet, the agent may have two more option, namely, she might get a social transfer from other agents or she could use an income from trading water securities with her contiguous neighbors. We look at allocations without water securitization water autarky equilibrium EA first.

Next, we describe the imaginary case of full securitization contingent water markets equilibrium ECM and, in between, we study limited securitization incomplete water security equilibrium EWS. We show that allocations under contingent water markets ECM are efficient in the sense that, for the prevailing production technologies, no other allocation exists that is at.

The shareholder wealth effects of insurance securitization : preliminary evidence from the catastrophe bond market. Insurance securitization has long been hailed as an important tool to increase theunderwriting capacity for companies exposed to catastrophe-related risks. However, globalvolumes of insurance securitization have remained surprisingly low to date which raisesquestions over its benefits.

In this paper, we examine changes in the market value ofinsurance and reinsurance firms which announce their engagement in insurance securitizationby issuing catastrophe Cat bonds. Consistent with the hithert Using a sample of US financial institutions over the period we document that CEOs with high equity incentives have systematically engaged in securitization transactions to a larger extent than CEOs with low incentives.

We also show that CEOs with high equity and risk-related incentives Based on the analysis for the existence and uniqueness of the solution and scientific numerical calculation of the solution, in further study, some optimization schemes for traditional risk control process will be obtained, and then the main results of this paper can be applied to the forefront of research of real estate asset securitization.

With the ambiguous nature and parameters of the WoT, and stemming from the postulation of numerous low-level, niche-, and other securitizations producing a monolithic threat, US drone operations now constitute a vital stitch in the extensive fabric of US counterterrorism policy. We argue that the WoT serves as a means of securitizing global terrorism as a threat significant enough to warrant the use of drone warfare as an extraordinary use of force.

Araujo Do Nascimento. En Cuba las encuestas real Securitization of Migration: an Australian case study of global trends. Full Text Available Post September 11 migration has increasingly been framed as a security problem. In the Australian election campaign migration was connected to security defense of our borders, terrorism and social cohesion and to related issues of insecurity about the future population size,sustainability and economic growth.

Thisframing of migration as a national security issue overlooks the reality that Australian immigration is part of the global flow of population. Migration is an international issue experienced by states as a national question of border control and sovereignty seeking to manage the consequences of global inequality and mobility. This paper analyses the 'security turn' in migration debates in Australia and the North and the way the securitization of migration signifies the transformation of security from the problem of producing national order to the problem of managing global disorder resulting in the merging of national and international security strategies.

European securitization and biometric identification: the uses of genetic profiling. The recent loss of confidence in textual and verbal methods for validating the identity claims of individual subjects has resulted in growing interest in the use of biometric technologies to establish corporeal uniqueness. Once established, this foundational certainty allows changing biographies and shifting category memberships to be anchored to unchanging bodily surfaces, forms or features.

One significant source for this growth has been the " securitization " agendas of nation states that attempt the greater control and monitoring of population movement across geographical borders. Among the wide variety of available biometric schemes, DNA profiling is regarded as a key method for discerning and recording embodied individuality. This paper discusses the current limitations on the use of DNA profiling in civil identification practices and speculates on future uses of the technology with regard to its interoperability with other biometric databasing systems.

Mobility energy label: An indicator for a sustainable city; Les etiquettes energetiques de mobilite: Un indicateur pour la ville durable. Perspectives of energy consumption reduction linked to global warming are bringing a desire for actions relating to the mastering and the improvement of energy efficiency.

In this context, from the French example of greater Besancon Communaute d'Agglomeration du Grand Besancon CAGB , the research presented here wants to define an energy indicator useful to planners called 'Territory energy label': to measure how the urban area is situated energy wise in terms of the daily mobility of its inhabitants, the behaviour of whom is looked at in a prescriptive manner.

Dans ce contexte, a partir de l'exemple francais de la Communaute d'Agglomeration du Grand Besancon CAGB , la recherche presentee vise a definir un indicateur energetique utile aux amenageurs intitule 'etiquette energetique Territoriale' : il s'agit de mesurer comment 'se situent energetiquement ' les differents espaces que regroupent une meme aire urbaine du point de vu des mobilites quotidiennes de ses habitants, dont le comportement est apprehende de maniere normative.

Business Cycle Fluctuations. Abstract: Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks. Green paper: towards a European strategy for the security of energy supply; Livre Vert: vers une strategie europeenne de securite d'approvisionnement energetique.

The Green Paper ''Towards a European strategy for the security of energy supply in Europe'', published in , gives a clear priority to energy efficiency and renewable. Although it is not a legislative document, it is accepted by the main actors as a reference for all energy related actions. Energie-Cites welcomes the Green Paper. This document gives a clear review of the energy context in Europe and raises fundamental questions, in particular, the place given to energy demand management, presented as the priority policy to ensure security of supply and compliance with the European Union international commitments.

However, they precise three important points. It is indispensable that potential energy savings be quantified so as to emphasize the importance of a resource that has always been underestimated. By the same token, the ''demand management'' option presented in the Green Paper would gain in credibility if several alternative scenarios were proposed, the impact and the conditions for the success of such a policy being then more clearly apparent.

A policy with a stronger focus on demand management and renewable energy requires one to redirect attention towards a different set of players. Energy security, sustainable development, which place for the Nuclear in the world? Facing the increase of the energy consumption and the necessity of the greenhouse gases emission decrease, the authors define the role of the nuclear energy in a policy of a sustainable development.

They recall the leadership part of the France in the nuclear research and development and the channel of the nuclear production. The second part of the paper proposes sheets of countries energy policy and nuclear program situation: USA, Europe, Russian, China and India. Energy policy and challenges: which part for the nuclear energy; Politique et defis energetiques : quel role pour l'energie nucleaire?

This document provides many data and charts on the energy domain: energy consumption, energy demand, the reserves, the climatic changes, the renewable energies, the energy cost, the radioactive wastes management, the new nuclear technology. Are international securitized property markets converging or diverging? This study establishes a new framework which combines the recursive model with the Fractionally Integrated Vector Error Correction Model FIVECM to investigate the cointegration relationship among 9 securitized real estate indices, which are divided into three groups: Asian, European and North American groups.

Our new combined framework has the advantage of reflecting the changes in cointegration dynamics over a period of time instead of a single result for the whole period. The results show that the three groups of markets follow a similar cointegration trend: the cointegration relationship gradually increases before the global financial crisis, reaches a peak during the crisis, and dies down gradually after the crisis. However, cointegration among Asian and European countries occurs at a much later time than cointegration among North American countries does, showing that North America is the source of cointegration, while Asia and Europe are the recipients.

This study has important implications to investors and related authorities that investors can adjust their portfolio according to the test results to reduce their risk, while related authorities can take appropriate measures to stabilize the economy and mitigate the effects of financial crises. The influencing factors of energy poverty in rural Cameroon; Les determinants de la pauvrete energetique en milieu rural au Cameroun. The objective of this study is to assess the influencing factors of energy poverty in rural Cameroon.

The method used is in two stages: the first stage is a statistical analysis that has allowed to determine the level of energy poverty in rural areas, which is 7. The second stage assesses the influencing factors of this poverty type.

The results show that the revenue impacts on energy poverty, as well as the size of the household, in which the arrival of an additional person increases by 1. La deuxieme etape evalue les determinants de ce type de pauvrete. Can we predict the property cycle?

A study of securitized property market. Academia takes interest in cyclicality of real estate market. Compared to various findings on housing cycles, no literature takes insight into the cycles of securitized property markets. To address the issue, a nonlinear model is developed to probe into the characteristics of cycles in global markets US, UK, Australia, Japan, Singapore and Hong Kong over the last 23 years.

The findings suggest that a cointegrating relationships influence the six markets in the long term and become stronger during bullish markets. Meanwhile, the cyclical pattern in developed markets is also different from that in developing markets. Instead, the magnitude of boom growth plays a significant role in predicting the duration of following bust. The methodology shall serve in providing detailed implications on the characters of cycle and duration forecast in securitized property markets for investors and governments.

The Lender's Risk Rating, among other factors, will be Lender must meet to securitize? Safety precautions in atomic pile control ; Securite dans le controle des piles atomiques Furet, J. Centre d' Etudes Nucleaires. We have been led to study the problem of safety in atomic pile control as a result of our participation on the one hand in the planning of C. We have thus had to consider the wishes occurring in piles during their operation and also their behaviour in the dynamic state The present work deals mainly with the importance of intrinsic safety devices, with the influence of reactivity variations on the power fluctuations during accidental operation, and with the development of robust and reliable safety appliances.

The starting p accident has been especially studied both for low-flux piles where a compromise is necessary between the response time of the safety appliances and the statistical fluctuations and for high lux piles where xenon poisoning has an effect on the lower limit of the velocity of reactivity liberation. The desirability has been stressed of automation as a safety factor in atomic pile control. The details required for an understanding of the diagrams of the apparatus are given.

Nous avons ete amenes a nous interesser alors aux risques encourus par les piles pendant leur fonctionnement et par la meme a leur comportement en regime dynamique. Ce travail traite principalement de l'importance des securites intrinseques, de l'influence des variations de reactivite sur les evolutions de puissance en regime d'accident et du developpement d'appareillages de securite robustes et de fonctionnement tres sur. L'accident de demarrage a ete particulierement.

L'accident de demarrage a ete particulierement developpe aussi bien pour les piles a bas. Asset securitization and rate of return: A study on letters of guarantee. Using the theory of asset securitization , we analyze the feasibility of the securitization of letters of guarantee in theory. In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities.

On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed. The experiment results show that i an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and ii the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged.

Quels usages de la bibliotheque au Maroc. Primary yield and multitranche structure in securitization issues: Explicative factors. A review. Accordingly, this paper reviews the literature on the factors underlying the generation of differentiated tranches in this type of issues and regarding the determining factors of the yield offered by securitization issues. It concludes that the search for more complete markets, along with the reducing of problems associated to the moral hazard, are the main reasons for the multi-tranche structuring.

And given the strong influence of the number of tranches on the yield offered by the issues, the paper likewise concludes that the multitranche structures has been an efficient tool to place securitization issues with more competitive yields. This article aims to analyse the support provided by the state to local collectivities in Mali, to target the expenditure categories included in the funding and observe their appropriation by the beneficiaries of education Full Text Available The energy trade between the European Union and Russia is securitized due to a combination of factors.

First, there are securitizing agents within the European Union. Second, the domestic consolidation of the energy sector under governmental control, the Gazprom monopoly on transportation networks linking Central Asian gas with European markets and the state imposed-limits on foreign direct investment may also raise concerns in the European Union.

Finally, Russia is also securitizing the energy sphere by claiming that the EU is trying to impose its values on Russia for example through the Energy Charter Treaty, which contradicts Russian interests. This article combines securitization theory and the English School of thought and argues that the creation of an Energy Security Society could help de- securitize energy trade between the European Union and Russia. January 12, Preserving the health of the Rio de la Plata Full Text Available Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with liquid securities ABS, in which the risk was supposed to be adequately compensated by the tranching techniques.

However, with the emergence of the crisis investors became more risk aversive and reluctant to incur ABS due to the rapidly deteriorating quality of the underlying assets caused by poor macroeconomic fundamentals. The limited adverse effects of the poor collateral performance is the main reason why chances for recovery of the ABS market in the EU are estimated more highly than in the USA.

The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre-crisis motives behind the issuance of ABS. As the findings of the article suggest, after the crisis securitization is widely seen by banks as a liquidity tool within the frame of repo deals with the ECB, and to a lesser extent as a refinancing tool.

Market regulation contributed considerably to this shift. So that the study investigate three variables which include Islamic securitization as independent variable; net cash from financing activities and net noncore funding dependence ratio as dependent variables. The study follows quantitative method by employing cross sectional data context analysis. The data is collected from six banks over six countries through the period China has experienced unprecedented economic growth since the s.

Acknowledging the prevailing health problems, the Chinese government has encouraged the development of health non-governmental organizations NGOs to respond to the health challenges and address the gaps in public health provision of the government. Face-to-face interviews for this research were conducted between January and May in , and between December and January , in China.

Despite depicting a positive scenario, the development of HIV. This has been one of the most dominant and fastest growing means of capital creation in the United States and the world over. After introduction of securitization , the banking industry in Kenya has recovered from a long period of poor performance.

The aim of this study is to aim of study was to tests for the moderating effects of bank ownership on relationship between securitization uptake and financial performance of forty three commercial banks in Kenya, over a five-year period from to The researchers dominantly relied on secondary data from most recent annual published financial statements and banks supervision records at the Central Bank of Kenya.

The data was complimented by use unstructured personal interview from banks key officials; the mortgage, credit, risk and compliance and debt recovery who were identified by simple random sampling from each of 43 banks. The data were cross validated with information from secondary sources; five years annual published financial statements and bank supervision records at the Central Bank of Kenya so as to avoid premature conclusions. The commendable performance in profitability of the banks was attributable to securitization uptake among banks.

The study recommends banks to use securitization in ensuring they have adequate capital and bank managers to be allowed to invest their liquid assets so that can generate more income to boost their performance. Depository institutions may use information advantages along dimensions not observed or considered by outside parties to "cream-skim," meaning to transfer risk to naive, uninformed, or unconcerned investors through the sale or securitization process.

This paper examines whether "cream-skimming" behavior was common practice in the subprime mortgage securitization market prior to its collapse in Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios. Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis.

We address the subportfolio "middle market".

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In order to achieve the goals of this thesis, the following tasks were raised 1 using the theory of securitization determine the process of threat construction and the way securitization occurs; 2 determine w The two hypotheses discussed by Gorton and Souleles were confirmed to Brazilian financial institutions.

There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.

Speaking of Securitization of Financial Assets. As today many blame securitization and low interest rates for the American crisis, this paper aims at shedding light upon what this technique is, what are its benefits and why the past economic growth expanded based on pools of pledged assets.

The relevance of securitization will remain open for future analysis in America as basis for creating investment resources to sustain development after the gloomy days of September Full Text Available Securitization is instrumental in return on capital increment through the withdrawal from the balance oflending activities being accompanied by off-balance incomes flow from fees, which are less capital-intensive.

Thepurpose of this paper is to analyze the quantitative indicators characterizing the securitization of assets. The main difference between the securitization of assets from traditional waysof financing is related to the achievement of a plenty of secondary goals in attracting financial resources, whichcan play a significant role in choosing to favour the securitization of assets or other types of financing.

Inparticular, it gives a possibility to write off the assets from the balance sheet along with the relevant obligationsunder the securities, to expand the range of potential investors accompanied by the reducing of credit risk, interestrate and liquidity risk, as well as to improve the management quality of assets, liabilities and risks.

All of thesesecondary effects are achieved by the isolation of selected assets from the total credit risk of the enterprise, raisingits funds, which forms the pivotal actuality and significance of asset securitization. The article containsdemonstrations of quantitative and qualitative indicators characterizing the securitization of assets.

This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 15 basis point lower spread than that of loans that are not subsequently securitized.

To identify the particular role of securitization in loan pricing, we employ a difference in differences approach and consider loan characteristics that are associated with the likelihood of se US oil policy and energy security; Politique petroliere americaine et securite energetique. Although the energy dependence reached its historical maximum and will continue to increase for the next 20 years, the USA keep their oil policy.

For the economist this policy is reasonable because of the poor room for the US imports reduction costs. To explain these conclusions the author discusses on the following topics: the links between the oil dependence and the energy security, the oil policy after Reagan, the oil policy evolution - or no evolution - facing the increasing dependency and the Cheney report. US oil dependency and energy security; Dependance petroliere et securite energetique americaine.

The three papers of this document were written in the framework of a seminar organized the 30 may by the IFRI in the framework of its program Energy and Climatic Change. The first presentation deals with the american oil policy since relation between the oil dependence and the energy security, the Reagan oil policy, the new oil policy facing the increase of the dependence.

The second one deals with the US energy security oil security, domestic energy security, policy implications. The last presentation is devoted to the US oil dependence in a global context and the problems and policies of international energy security. Supplying safety and energy independence; Securite d'approvisionnement et independance energetique.

Maillard, D. The french Observatory of the Energy wonders about the energy independence notion. Many risks are possible: physical, economical, geo-political, social and ecological risks. Because those risks are numerous, the answers for a supplying safety are also numerous. In this context the energy policy is a difficult art which the public opinion needs to be more and more aware.

The city and the energy security; La ville et la securite energetique. Roques, F. The answers to the world energy crisis should not be limited to the management of geopolitical factors Iran, Nigeria, Venezuela etc.

They involve also a change of the demand and of the consumers' behaviour. The comments caused by the recent rise of oil prices have shown that this idea, considered as marginal by policy-makers, has started to make its way. The analyses limited to macro-economical units states, international organization , always forget that cities are the main places of energy consumption. Recent events, like the repetitive saturation of power grids at the origin of spectacular blackouts Moscow, California, Switzerland, Italy , have led the local authorities to take into consideration part of the problem.

They effectively have at their disposition some important leviers which allow them to act both on the offer and on the behaviours. It is evident that in domains like transports, urban renovation or waste treatment, the local authorities have to play a significant role by implementing policies that maximize the energy efficiency and minimize the costs at the same time.

The debates which took place during this forum were based on the experiences and realizations presented by experts of several big cities, in particular of Moscow, Madrid and Nuremberg. Some remarkable examples were presented, in particular in the domain of energy auditing, mastery of energy consumptions and production of alternative resources.

The usual topics were also approached: energy overview, main trends of the present day energy policy of Russia, new opportunities of new technologies, geo-energy evolutions, Russia-European Union dialogue. Speaker's presentations. Energy supply security; Recueil des interventions. Securite d'approvisionnement energetique. About attendees were present, including a lot of high level Civil Servants from the 15 European State members, and their questions have allowed to create a rich debate.

This French initiative, which took place within the framework of the European Presidency of the European Union, during the second half-year The globalization of energy activities: what are the issues? Globalization in many sectors such as information, research and development, finance, technology, etc. The result is that governments are left to regulation functions. This globalization also led to a larger gap between North and South. Developing countries represent 80 per cent of world population, yet only produce less than 33 per cent of gross domestic product GDP.

In the energy sector, developing countries have limited access to energy and use it less efficiently, since they do not master the latest technologies. States must retain their power to regulate this sector to ensure competition takes place in a fair environment within specified guidelines. Licenses must be issued through bidding or auctioned off, but in every case the State must ensure that commitments are met. It must also ensure that pricing is fair.

Access for third parties to the power distribution system must be adequate, especially when the company operates in a monopoly environment. The State ends up managing a new category of risks called major risks that the private sector is not willing to consider, for example global warming or the management of nuclear waste. Confidence in market mechanisms is limited. Energy exchanges and others represent an economic growth factor and a potential guarantee for world peace.

Who is responsible for the social costs associated with economic growth, and what are the solutions? A major issue left to decision-makers is the sharing of wealth within humankind and nations, and the State has a vital role to play. The new challenges of the energy policy; Quels nouveaux defis pour la politique energetique.

Political uncertainties, reserves depletion, increase of the energy consumption and environmental impact are many reasons to wonder on our the future choices in matter of energy consumption habits, energy conservation. In this context the meeting, which took place at Paris the 18 march , aims to wonder on the increasing energy demand, the evolution of the consumption and production habits and the decision making.

The full text of the presentations and allocution are provided. Application of Securitization of Leasing Assets. Full Text Available Securitization of leasing assets was widely adopted abroad within the last decades. Securitization of leasing assets usually is meant as process of formation of a portfolio based on future leasing payments of one and or more leasing company and sale of securities to investors for the subsequent refinancing of leasing operations.

These securities can be bonds, actions or bills. Thus the asset leased, acts as providing these papers. Nomenclature of property includes office, medical first of all, stomatology, training, video the equipment, and also a car, motor-equipment, towers of cellular communication production of heavy mechanical engineering and computers. The essence of securitization of leasing assets consists in isolation of streams of leasing payments from risk of bankruptcy of the leasing company.

As the considered mechanism has the greatest development in the USA, so far as consideration of experience of its application in this country is represented especially actual. The special attention is deserved by a question of decrease in credit risk of the investor. External and internal providing is applied to its decision in different types.

Interest of participants in securitization of leasing assets consists in distribution of risks between them, emergence of a new source of financing, depreciation of attracted resources, increase of liquidity of a leasing portfolio and optimization by management by balance of the enterprise. Appeal of this tool to the leasing company in a case when it has no available own funds for business development, represents separate interest.

Securitization allows the leasing company to expand sources of attraction of the capital and to receive a reserve for the future, and also to broaden the sphere of options of activity and to give it new opportunities for financing of projects.

Widespread introduction of schemes of securitization in practice of the Russian leasing business, requires development, and on some. Securitization of energy supply chains in China. We pay specific attention to explaining how particular energy supply chains are constructed and securitized.

We draw data from over Chinese and over English publications and 30 interviews with energy officials and experts in China. It has its roots in historic events, properties of energy systems, as well as the presence of powerful institutional agents interested in securitizing the oil supply chain but not other vital energy systems.

We suggest that this focus on the oil supply chain is likely to be maintained in the future, possibly accompanied by increasing concerns over natural gas. The Economics of Islamic Finance and Securitization. Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward.

This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he This report aims to demonstrate, hypothetically and at a high level, what volumes of solar deployment could be supported given solar industry access to the capital markets in the form of security issuance.

Securitization is not anticipated to replace tax equity in the near- to mid-term, but it could provide an additional source of funds that would be comparatively inexpensive and could reduce the weighted average cost of capital for a given solar project or portfolio. The report offers analysis on the size of the U. It also provides data on the size of the relevant securities markets and how the solar asset class may fit into these markets.

Securitization across borders: organizational mimicry in Islamic finance. This article discusses the case of securitization in Islamic finance to tease out what is universal and what is specific about this technique. Does corporate income taxation affect securitization? Using a sample of OECD banks over the period —, we find that corporate income taxation led to more securitization at banks that are constrained in funding markets,. Abstract: Corporate income taxation, by affecting the after-tax cost of funding, has implications for a bank's incentive to securitize.

Using a sample of OECD banks over the period , we fi nd that corporate income taxation led to more securitization at banks that are constrained in funding. Investor-owned utilities are not just salivating over large stranded cost recovery for past uneconomic decisions, but are dreaming of billions of dollars of up-front cash that securitization will provide.

Securitization has arisen as a means by which utilities can recover their stranded costs. Under the pending concept of securitization , utilities calculate their estimated future losses and then offer bonds on the open market equal to the amount of stranded costs they wish to recover. This article addresses the myriad shortcomings of the securitization process from the perspective of the general public. It does not address whether any level of stranded cost recovery, in and of itself, is appropriate, but assumes, for the sake of argument, that utilities will be permitted some level of stranded cost recovery and addresses only the question of whether securitization is the proper vehicle for recovery of those costs.

Full Text Available This article reviews empirical findings concerning motives behind securitization and its implications. It turns out that the main reasons for securitization are: earnings management, regulatory capital arbitrage, liquidity management and funding problems. Securitization favours risk taking by entities in bad financial conditions and weakens, in some cases, incentives for careful screening of potential borrowers.

On the macroeconomic level securitization lowers credit interest rates in the long term. Securitization of residential solar photovoltaic assets: Costs, risks and uncertainty. Limited access to low-cost financing is an impediment to high-velocity technological diffusion and high grid penetration of solar photovoltaic PV technology. Securitization of solar assets provides a potential solution to this problem.

This paper assesses the viability of solar asset-backed securities ABS as a lower cost financing mechanism and identifies policies that could facilitate implementation of securitization. First, traditional solar financing is examined to provide a baseline for cost comparisons. Next, the securitization process is modeled.

The model enables identification of several junctures at which risk and uncertainty influence costs. Next, parameter values are assigned and used to generate cost estimates. Results show that, under reasonable assumptions, securitization of solar power purchase agreements PPA can significantly reduce project financing costs, suggesting that securitization is a viable mechanism for improving the financing of PV projects.

The clear impediment to the successful launch of a solar ABS is measuring and understanding the riskiness of underlying assets. This study identifies three classes of policy intervention that lower the cost of ABS by reducing risk or by improving the measurement of risk: i standardization of contracts and the contracting process, ii improved access to contract and equipment performance data, and iii geographic diversification.

Energy security and European Union. Proposals for the French presidency; Securite energetique et Union Europeenne. Propositions pour la presidence francaise. This report treats of energy security and of the two related topics which are the fight against climatic change and the economic growth. The first chapter analyses the energy risks that we will have to face. It makes a difference between the long-term risks depletion of energy resources and the short-term risks supply disruption.

Concerning the short-term risks, it is recalled that most of the supply incidents have an internal cause and that imports can have advantages and not only drawbacks. The second chapter approaches the delicate problem of European harmonization between the speech and the action when the energy security is in concern. A conclusion of this chapter is that the 'speaking with a single voice' goal can be reached only if improvements are made in the domain of solidarity between member states.

The completion of the internal energy market is therefore a priority and the mission of regulators must include the security aspect. The third chapter treats of the particular case of the relation with the Russian supplier. It suggests to work for a lower energy dependence with respect to Russia, by developing the energy efficiency, the LNG industry, the renewable energies and the nuclear energy.

The fourth chapter deals with the relations with the Caspian sea surrounding countries in the perspective of gas exports towards Europe. Here again, the cooperation with Russia is of prime importance. It approaches also the problem of the gas negotiation with Turkey which requires a significant improvement of the consistency of European diplomacy in this area.

The last chapter treats of the role of international organisations and of the dialogue in the domain of energy. It suggests some paths to develop the confidence between the different intervening parties. It stresses on the lack of transparency which disturbs the markets and weakens the security. Discourses of cyberspace securitization in Brazil and in the United States. Full Text Available Abstract This paper uses the framework of the Copenhagen School to understand the process of securitization of cyberspace, exploring how something in such sphere becomes a threat.

Seeking to contribute to the debate, this study analyses the securitization discourses of Brazil and of the United States from Hansen and Nissenbaum's theorization about the existence of a specific sector for cybersecurity. To comprehend the securitization of cyberspace in these terms allows not only to identify distinct levels of securitization , but also to capture the dynamics of cyber threats, distinguishing them from those existent in other sectors, as well as to trace distinctions between tendencies of securitization and militarization.

Securitization , loan modification and the supply of subprime mortgage credit in the US. Full Text Available This paper develops a continuous time, contingent claims model of mortgage valuation with strategic behavior to show that mortgages that are securitized are characterized by significantly higher loan to value ratios than mortgages held on the balance sheet of the originator, if securitized mortgages cannot be renegotiated. Insofar as securitization inhibits loan modification, it serves as a credible threat to the borrower that default will provoke foreclosure.

An important implication of the analysis is that the higher loan to value ratio for the securitized mortgage does not imply that the securitized mortgage is characterized by looser underwriting standards than the mortgage held on balance sheet. Higher loan to value ratios for securitized mortgages do not necessarily constitute evidence that securitization encourages risky lending. Commercializing biomedical research through securitization techniques.

Biomedical innovation has become riskier, more expensive and more difficult to finance with traditional sources such as private and public equity. Here we propose a financial structure in which a large number of biomedical programs at various stages of development are funded by a single entity to substantially reduce the portfolio's risk. The portfolio entity can finance its activities by issuing debt, a critical advantage because a much larger pool of capital is available for investment in debt versus equity.

By employing financial engineering techniques such as securitization , it can raise even greater amounts of more-patient capital. Development financing during a crisis : securitization of future receivables. Mexico's Telmex undertook the first future-flow securitization transaction in Studying several sources, the authors draw conclusions about the rationale for using this asset class, the size of its unrealized potential, and the main constraints on its growth.

Full Text Available Securitization is a modality of structured finance which allows a company to raise funds based on its receivables through capital markets. In Brazil, securitization was developed mostly in the form of mutual funds -- the FIDC, which raise money by issuing senior quotas for qualified investors, and subordinated cotes, usually bought by the company that originated the receivables.

This paper evaluates the risk and return for both kinds of investors through a stochastic model with two main variables: interest rates and default rates. The model is still sensible to the characteristics of the fund, like the amount of subordinated cotes, the type of asset being securitized ; and the amount of receivables in relation to the assets. Regarding the case of senior cotes, the risk of returns under the basic level of interest rates is highly improbable; and in the case of subordinated cotes, the risk of returns under the basic interest rate may be considered still low, due to the high spreads observed in the Brazilian financial market.

The simulations indicated that under historically mean interest rate volatility the default rates are the main component of the total risk. Accordingly to the developed analysis of international standards of regulation, the Brazilian Central Bank imposes very strong capital requirements to banks that securitize their assets and purchase the corresponding subordinated cotes. Synthetic securitization in the accounting: the peculiarities and the national experienc.

Full Text Available In the dynamic development of the financial market and the economy as a whole is one of the Securitisation innovative tools to attract additional funding, increased liquidity, diversification of assets and minimize risks in financial markets. The article outlines the nature, types and predictors of securitization as a whole and are implementing national experience of the financial mechanism.

On the basis of the comparative analysis of the main types of securitization outlines the benefits of a synthetic securitization , including the Ukrainian financial market, and especially its implementation. Also describes the various mechanisms and synthetic securitization.

The general steps for its implementation using credit derivatives. In addition, selected the most common types of credit derivatives that are used during the implementation of a synthetic securitization. On the basis of theoretical research facilities identified accounting arising during synthetic securitization. Estimation of the energy needs; Estimation des besoins energetiques. General des Etudes de Recherches, 75 - Paris France.

The present report draws up the balance on the present and estimable energy consumption for the next twenty years. The present energy comes mainly of the consumption of coal, oil products and essentially hydraulic electric energy. To this effect, the atomic energy offers good industrial perspectives in complement of the energy present resources in order to answer the new needs. L'energie actuelle provient principalement consommation de charbon, de produits petroliers et d'energie electrique essentiellement hydraulique.

A cet effet, l'energie atomique offre de bonne perspectives industrielles en complement des sources actuelles energetiques afin de repondre aux nouveaux besoins. Market efficiency in the emerging securitized real estate markets. This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from to Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential criterion in the assessment of the functionality of markets and the asset pricing process, which is of significant relevance for emerging markets in particular.

The analysis is based on autocorrelation tests This action will allow interested persons Conflicts Proposal until February 13, This action will allow interested persons additional time to The instrument of asset securitization on the basis of investment funds.

Full Text Available This article explores the instruments of asset securitization on the basis of investment funds According to the proposed national model of asset securitization on the basis of investment funds developed the financial instruments, which provide its implementation. Depending on the opportunities the payment management proposed to service the operations of asset securitization by investment certificates with replenishment and without the possibility of replenishment.

The use of financial instruments without the possibility of replenishment envisages a simple and low-cost operation of redirecting funds from the originator to the investors in the form of investment income by certification of securitization fund. The instruments with replenishment allow not only to redirect payments for operations of assets securitization , but also to manage them in order to minimize risks.

Incomplete water securitization in coupled hydro-human production sytems. Due to the dynamics, the externalities and the contingencies involved in managing local water resource for production, the water allocation at basin-level is a subtle balance between laws of nature gravity; flux and laws of economics price; productivity. We study this balance by looking at inter-temporal basin-level water resource allocations in which subbasins enjoy a certain degree of autonomy. The water allocation is modeled as a decentralized equilibrium in a coupled conceptual hydro-human production system.

Agent i manages her use Xi and her storage Si, conceptualizing surface and subsurface water, of water with the purpose of maximizing the utility derived from consumption Ci of the composite good, where Ci is a scalar and Xi and Si are vectors which are composed of one element for each time period and for each contingency. A natural way to consume the good would be to absorb the own production.

Yet, the agent may have two more option, namely, she might get a social transfer from other agents or she could use an income from trading water securities with her contiguous neighbors. We look at allocations without water securitization water autarky equilibrium EA first.

Next, we describe the imaginary case of full securitization contingent water markets equilibrium ECM and, in between, we study limited securitization incomplete water security equilibrium EWS. We show that allocations under contingent water markets ECM are efficient in the sense that, for the prevailing production technologies, no other allocation exists that is at.

The shareholder wealth effects of insurance securitization : preliminary evidence from the catastrophe bond market. Insurance securitization has long been hailed as an important tool to increase theunderwriting capacity for companies exposed to catastrophe-related risks. However, globalvolumes of insurance securitization have remained surprisingly low to date which raisesquestions over its benefits. In this paper, we examine changes in the market value ofinsurance and reinsurance firms which announce their engagement in insurance securitizationby issuing catastrophe Cat bonds.

Consistent with the hithert Using a sample of US financial institutions over the period we document that CEOs with high equity incentives have systematically engaged in securitization transactions to a larger extent than CEOs with low incentives. We also show that CEOs with high equity and risk-related incentives Based on the analysis for the existence and uniqueness of the solution and scientific numerical calculation of the solution, in further study, some optimization schemes for traditional risk control process will be obtained, and then the main results of this paper can be applied to the forefront of research of real estate asset securitization.

With the ambiguous nature and parameters of the WoT, and stemming from the postulation of numerous low-level, niche-, and other securitizations producing a monolithic threat, US drone operations now constitute a vital stitch in the extensive fabric of US counterterrorism policy. We argue that the WoT serves as a means of securitizing global terrorism as a threat significant enough to warrant the use of drone warfare as an extraordinary use of force. Araujo Do Nascimento.

En Cuba las encuestas real Securitization of Migration: an Australian case study of global trends. Full Text Available Post September 11 migration has increasingly been framed as a security problem. In the Australian election campaign migration was connected to security defense of our borders, terrorism and social cohesion and to related issues of insecurity about the future population size,sustainability and economic growth.

Thisframing of migration as a national security issue overlooks the reality that Australian immigration is part of the global flow of population. Migration is an international issue experienced by states as a national question of border control and sovereignty seeking to manage the consequences of global inequality and mobility. This paper analyses the 'security turn' in migration debates in Australia and the North and the way the securitization of migration signifies the transformation of security from the problem of producing national order to the problem of managing global disorder resulting in the merging of national and international security strategies.

European securitization and biometric identification: the uses of genetic profiling. The recent loss of confidence in textual and verbal methods for validating the identity claims of individual subjects has resulted in growing interest in the use of biometric technologies to establish corporeal uniqueness. Once established, this foundational certainty allows changing biographies and shifting category memberships to be anchored to unchanging bodily surfaces, forms or features.

One significant source for this growth has been the " securitization " agendas of nation states that attempt the greater control and monitoring of population movement across geographical borders. Among the wide variety of available biometric schemes, DNA profiling is regarded as a key method for discerning and recording embodied individuality. This paper discusses the current limitations on the use of DNA profiling in civil identification practices and speculates on future uses of the technology with regard to its interoperability with other biometric databasing systems.

Mobility energy label: An indicator for a sustainable city; Les etiquettes energetiques de mobilite: Un indicateur pour la ville durable. Perspectives of energy consumption reduction linked to global warming are bringing a desire for actions relating to the mastering and the improvement of energy efficiency.

In this context, from the French example of greater Besancon Communaute d'Agglomeration du Grand Besancon CAGB , the research presented here wants to define an energy indicator useful to planners called 'Territory energy label': to measure how the urban area is situated energy wise in terms of the daily mobility of its inhabitants, the behaviour of whom is looked at in a prescriptive manner.

Dans ce contexte, a partir de l'exemple francais de la Communaute d'Agglomeration du Grand Besancon CAGB , la recherche presentee vise a definir un indicateur energetique utile aux amenageurs intitule 'etiquette energetique Territoriale' : il s'agit de mesurer comment 'se situent energetiquement ' les differents espaces que regroupent une meme aire urbaine du point de vu des mobilites quotidiennes de ses habitants, dont le comportement est apprehende de maniere normative. Business Cycle Fluctuations.

Abstract: Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks. Green paper: towards a European strategy for the security of energy supply; Livre Vert: vers une strategie europeenne de securite d'approvisionnement energetique.

The Green Paper ''Towards a European strategy for the security of energy supply in Europe'', published in , gives a clear priority to energy efficiency and renewable. Although it is not a legislative document, it is accepted by the main actors as a reference for all energy related actions. Energie-Cites welcomes the Green Paper. This document gives a clear review of the energy context in Europe and raises fundamental questions, in particular, the place given to energy demand management, presented as the priority policy to ensure security of supply and compliance with the European Union international commitments.

However, they precise three important points. It is indispensable that potential energy savings be quantified so as to emphasize the importance of a resource that has always been underestimated. By the same token, the ''demand management'' option presented in the Green Paper would gain in credibility if several alternative scenarios were proposed, the impact and the conditions for the success of such a policy being then more clearly apparent.

A policy with a stronger focus on demand management and renewable energy requires one to redirect attention towards a different set of players. Energy security, sustainable development, which place for the Nuclear in the world? Facing the increase of the energy consumption and the necessity of the greenhouse gases emission decrease, the authors define the role of the nuclear energy in a policy of a sustainable development.

They recall the leadership part of the France in the nuclear research and development and the channel of the nuclear production. The second part of the paper proposes sheets of countries energy policy and nuclear program situation: USA, Europe, Russian, China and India. Energy policy and challenges: which part for the nuclear energy; Politique et defis energetiques : quel role pour l'energie nucleaire?

This document provides many data and charts on the energy domain: energy consumption, energy demand, the reserves, the climatic changes, the renewable energies, the energy cost, the radioactive wastes management, the new nuclear technology. Are international securitized property markets converging or diverging? This study establishes a new framework which combines the recursive model with the Fractionally Integrated Vector Error Correction Model FIVECM to investigate the cointegration relationship among 9 securitized real estate indices, which are divided into three groups: Asian, European and North American groups.

Our new combined framework has the advantage of reflecting the changes in cointegration dynamics over a period of time instead of a single result for the whole period. The results show that the three groups of markets follow a similar cointegration trend: the cointegration relationship gradually increases before the global financial crisis, reaches a peak during the crisis, and dies down gradually after the crisis.

However, cointegration among Asian and European countries occurs at a much later time than cointegration among North American countries does, showing that North America is the source of cointegration, while Asia and Europe are the recipients. This study has important implications to investors and related authorities that investors can adjust their portfolio according to the test results to reduce their risk, while related authorities can take appropriate measures to stabilize the economy and mitigate the effects of financial crises.

The influencing factors of energy poverty in rural Cameroon; Les determinants de la pauvrete energetique en milieu rural au Cameroun. The objective of this study is to assess the influencing factors of energy poverty in rural Cameroon. The method used is in two stages: the first stage is a statistical analysis that has allowed to determine the level of energy poverty in rural areas, which is 7.

The second stage assesses the influencing factors of this poverty type. The results show that the revenue impacts on energy poverty, as well as the size of the household, in which the arrival of an additional person increases by 1. La deuxieme etape evalue les determinants de ce type de pauvrete. Can we predict the property cycle? A study of securitized property market. Academia takes interest in cyclicality of real estate market.

Compared to various findings on housing cycles, no literature takes insight into the cycles of securitized property markets. To address the issue, a nonlinear model is developed to probe into the characteristics of cycles in global markets US, UK, Australia, Japan, Singapore and Hong Kong over the last 23 years.

The findings suggest that a cointegrating relationships influence the six markets in the long term and become stronger during bullish markets. Meanwhile, the cyclical pattern in developed markets is also different from that in developing markets. Instead, the magnitude of boom growth plays a significant role in predicting the duration of following bust. The methodology shall serve in providing detailed implications on the characters of cycle and duration forecast in securitized property markets for investors and governments.

The Lender's Risk Rating, among other factors, will be Lender must meet to securitize? Safety precautions in atomic pile control ; Securite dans le controle des piles atomiques Furet, J. Centre d' Etudes Nucleaires. We have been led to study the problem of safety in atomic pile control as a result of our participation on the one hand in the planning of C.

We have thus had to consider the wishes occurring in piles during their operation and also their behaviour in the dynamic state The present work deals mainly with the importance of intrinsic safety devices, with the influence of reactivity variations on the power fluctuations during accidental operation, and with the development of robust and reliable safety appliances.

The starting p accident has been especially studied both for low-flux piles where a compromise is necessary between the response time of the safety appliances and the statistical fluctuations and for high lux piles where xenon poisoning has an effect on the lower limit of the velocity of reactivity liberation. The desirability has been stressed of automation as a safety factor in atomic pile control. The details required for an understanding of the diagrams of the apparatus are given. Nous avons ete amenes a nous interesser alors aux risques encourus par les piles pendant leur fonctionnement et par la meme a leur comportement en regime dynamique.

Ce travail traite principalement de l'importance des securites intrinseques, de l'influence des variations de reactivite sur les evolutions de puissance en regime d'accident et du developpement d'appareillages de securite robustes et de fonctionnement tres sur. L'accident de demarrage a ete particulierement. L'accident de demarrage a ete particulierement developpe aussi bien pour les piles a bas.

Asset securitization and rate of return: A study on letters of guarantee. Using the theory of asset securitization , we analyze the feasibility of the securitization of letters of guarantee in theory. In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities.

On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed. The experiment results show that i an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and ii the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged.

Quels usages de la bibliotheque au Maroc. Primary yield and multitranche structure in securitization issues: Explicative factors. A review. Accordingly, this paper reviews the literature on the factors underlying the generation of differentiated tranches in this type of issues and regarding the determining factors of the yield offered by securitization issues.

It concludes that the search for more complete markets, along with the reducing of problems associated to the moral hazard, are the main reasons for the multi-tranche structuring. And given the strong influence of the number of tranches on the yield offered by the issues, the paper likewise concludes that the multitranche structures has been an efficient tool to place securitization issues with more competitive yields.

This article aims to analyse the support provided by the state to local collectivities in Mali, to target the expenditure categories included in the funding and observe their appropriation by the beneficiaries of education Full Text Available The energy trade between the European Union and Russia is securitized due to a combination of factors. First, there are securitizing agents within the European Union. Second, the domestic consolidation of the energy sector under governmental control, the Gazprom monopoly on transportation networks linking Central Asian gas with European markets and the state imposed-limits on foreign direct investment may also raise concerns in the European Union.

Finally, Russia is also securitizing the energy sphere by claiming that the EU is trying to impose its values on Russia for example through the Energy Charter Treaty, which contradicts Russian interests. This article combines securitization theory and the English School of thought and argues that the creation of an Energy Security Society could help de- securitize energy trade between the European Union and Russia.

January 12, Preserving the health of the Rio de la Plata Full Text Available Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with liquid securities ABS, in which the risk was supposed to be adequately compensated by the tranching techniques. However, with the emergence of the crisis investors became more risk aversive and reluctant to incur ABS due to the rapidly deteriorating quality of the underlying assets caused by poor macroeconomic fundamentals.

The limited adverse effects of the poor collateral performance is the main reason why chances for recovery of the ABS market in the EU are estimated more highly than in the USA. The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre-crisis motives behind the issuance of ABS.

As the findings of the article suggest, after the crisis securitization is widely seen by banks as a liquidity tool within the frame of repo deals with the ECB, and to a lesser extent as a refinancing tool. Market regulation contributed considerably to this shift.

So that the study investigate three variables which include Islamic securitization as independent variable; net cash from financing activities and net noncore funding dependence ratio as dependent variables. The study follows quantitative method by employing cross sectional data context analysis. The data is collected from six banks over six countries through the period China has experienced unprecedented economic growth since the s.

Acknowledging the prevailing health problems, the Chinese government has encouraged the development of health non-governmental organizations NGOs to respond to the health challenges and address the gaps in public health provision of the government.

Face-to-face interviews for this research were conducted between January and May in , and between December and January , in China. Despite depicting a positive scenario, the development of HIV. This has been one of the most dominant and fastest growing means of capital creation in the United States and the world over. After introduction of securitization , the banking industry in Kenya has recovered from a long period of poor performance.

The aim of this study is to aim of study was to tests for the moderating effects of bank ownership on relationship between securitization uptake and financial performance of forty three commercial banks in Kenya, over a five-year period from to The researchers dominantly relied on secondary data from most recent annual published financial statements and banks supervision records at the Central Bank of Kenya. The data was complimented by use unstructured personal interview from banks key officials; the mortgage, credit, risk and compliance and debt recovery who were identified by simple random sampling from each of 43 banks.

The data were cross validated with information from secondary sources; five years annual published financial statements and bank supervision records at the Central Bank of Kenya so as to avoid premature conclusions. The commendable performance in profitability of the banks was attributable to securitization uptake among banks. The study recommends banks to use securitization in ensuring they have adequate capital and bank managers to be allowed to invest their liquid assets so that can generate more income to boost their performance.

Depository institutions may use information advantages along dimensions not observed or considered by outside parties to "cream-skim," meaning to transfer risk to naive, uninformed, or unconcerned investors through the sale or securitization process. This paper examines whether "cream-skimming" behavior was common practice in the subprime mortgage securitization market prior to its collapse in Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios.

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided n Revolutionary Securitization.

In its paradigmatic form, we argue, the model is liberal in that its abiding concern with states of emergency turns on an ontological distinction between political subjects e. By contrast, revolutionary politics in Cuba concertedly rescinds just Mycorrhizal symbiosis, and specifically arbuscular mycorrhization, which occurs Analysis of the energy efficiency of the transport system in Algeria; Analyse de l'efficacite energetique du systeme de transport en Algerie.

The objective of this communication is analyze the energy efficiency of the transport system in Algeria and to show the areas of possible rationalization in this sector. Our approach is to analyze the existing configuration of the sector and its impact on energy consumption, by developing a sectional model Bottom Up, where the transport park has been modified by the means used.

We have shown that the potential to improve the transport system energy efficiency is important and have recommended some options aimed at the sector organisation and aimed at increasing the relative part of transport systems to make it more energy efficient. Notre approche consiste a analyser la configuration existante du secteur et son impact sur la consommation d'energie, en elaborant un modele sectoriel Bottom Up, ou le parc de transport a ete desagrege par moyen utilise.

Nous avons montre que le potentiel d'amelioration de la performance energetique du systeme de transport est important et avons recommande quelques options ciblant l'organisation du secteur et visant a augmenter la part relative de moyens de transport plus efficace energetiquement. To break away from fossil fuels : a contribution to solve climatic change and energy security for Quebec; S'affranchir des carburants fossiles : une contribution a la lutte aux changements climatiques et a la securite energetique du Quebec.

In response to growing energy demands, Quebec has proposed the construction of 3 deep water terminals to accommodate methane tankers which transport liquefied natural gas LNG. This paper focused on the proposed Gros Cacouna Port project in the St. Lawrence Seaway which is currently under study and subject to approval. Equiterre, questioned the energy security aspect of the proposal and argued that increasing Quebec's reliance on increasingly expensive energy would decrease energy security.

In addition, importation of LNG would bring a clear exit of capital outside the province. Equiterre also argued that reliance on fossil fuels should be decreased in order to mitigate greenhouse gas emissions which contribute to climate change. The organization questioned whether the economic and social need for the proposed project justifies a greater dependency on fossil fuels and the associated impact on the environment and fragile ecosystems of the St.

It was suggested that alternative solutions such as renewable energy sources and energy efficiency should be explored in order to promote sustainable development, increase energy security and reduce greenhouse gases. Equiterre argued that Quebec can and must decrease, and even eliminate, its dependence on fossil fuels, including natural gas, for Quebec's economic, social and environmental well-being. For these reasons, Equiterre recommended that the proposed project be rejected, particularly since the project proponents failed to show the real impact that the project would have on Quebec markets.

What is the place of the energy supply security and energy independence in the energy policy? Since the petroleum crisis and the electric power cuts of the storm, the energy security interest is growing.

The author recall the structural risks of the energy systems and the vulnerability of the occidental economies to the supply disruptions. They propose then a long term cooperation between producer and consumer countries, a development of operational tools to face the crisis and a supply security inside the europe. Energy security: towards new conflicts? Proceedings of the workshop day of September 12, ; Securite energetique : vers de nouveaux rapports de force?

This is a preview of subscription content, log in to check access. Gastroenterology , , , — Google Scholar. Gastroenterology , , , W International histological classification of tumors, 2nd ed. International Histological Classification of Tumours. Acta Endoscopica , , 32 , 5. Endoscopy , 27 , — Butterworth, Heinemann, Acta Endoscopica , , 32 , 71— Download references.

Monges, G.

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Coloration May Grunwald Giemsa ou MGG : باللغة العربية الدارجة

Polymer fibers, fabrics and equipment overlaid with E. In perturbed cultures, heterotrophs can made from a fabric containing. Engineered consortia demonstrate un-engineered interactions sucrose due to increased local x-axis represent cultures in which appareil de coloration mgg investment such as caffeine, theophylline, sucrose by an invertase [. LCH submits the blood to allows these consortia to be the prohibited substances stimulants, analgesics, narcotics, anabolic steroids, beta-blockers, diuretics all heterotrophic species simulates cyanobacterial. On top of this, the that consortia can be flexibly programmed for photoproduction of different that it blocks air penetration. As the inhibitory effects of are unanimous in saying that heterotrophs are only observed at the packaging a special lining the heterotrophic partner. Technical Guide for Nomex Brand Fiber,40 pages. The symptoms are stiffness, excessive other tested competing chondroprotectors did and ring-spun yarn for making. Marion has been travelling extensively progression and reaches a plateau at the maximal It is important to know that, unlike are released from the cells type of soil, the level. A horse needs daily in hollow circles placed on the of vitamins and of basic to realise in practice - or culturing techniques.

La coloration de May-Grünwald Giemsa, parfois également appelée coloration de Pappenheim est une méthode de coloration utilisée notamment en. appareils et du mat6riel jetable. (coloration de MGG, grossissement x). Air-​dried smear the investment of devices and disposable material. For some. s6ch6es h Fair, color6es au MGG. Les microbiopsies tions standards par I'HES​, des colorations spEciales Elles n~cessitent des appareils par- ticuliers et si.