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This paper reexamines Aizenman’s (1985) results on the effects of capital controls during unanticipated trade liberalization using an intertemporal optimizing monetary model. Unlike in Aizenman’s model, which is based on the currency substitution model, foreign money is an interest-bearing asset in this paper, and its major role is to smooth intertemporal consumption. With this modification, Aizenman’s results are reversed, thus showing that the effects of capital controls during trade liberalization would vary greatly depending on the role of foreign money in a country. The effects of an anticipated trade liberalization are also studied.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Trade Policy --- International Trade Organizations --- International Investment --- Long-term Capital Movements --- Macroeconomics: Consumption --- Saving --- Wealth --- Demand for Money --- International economics --- Currency --- Foreign exchange --- Monetary economics --- Trade liberalization --- Capital controls --- Exchange rates --- Consumption --- Demand for money --- International trade --- Balance of payments --- National accounts --- Money --- Commercial policy --- Capital movements --- Economics --- Argentina

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Microarray Technology, Volumes 1 and 2, present information in designing and fabricating arrays and binding studies with biological analytes while providing the reader with a broad description of microarray technology tools and their potential applications. The first volume deals with methods and protocols for the preparation of microarrays. The second volume details applications and data analysis, which is important in analyzing the enormous data coming out of microarray experiments. Volume 2: Applications and Data Analysis includes insight into non-mammalian vertebrate systems, processes and protocols for high quality glass-based microarrays. Applications in DNA, peptide, antibody and carbohydrate microarraying, oligonucleotide microarrays generated from hydrolysis PCR probe sequences, microarray platforms in clinical practice, and screening of cDNA libraries on glass slide microarrays. Authors in this volume also discuss paraflo biochip for nucleic acid and protein analysis, volumetric mass spectrometry protein arrays, protocols for predicting DNA duplex stability on oligonucleotide arrays, and integrated analysis of microarray results. Microarray Technology, Volumes 1 and 2, provide ample information to all levels of scientists from novice to those intimately familiar with array technology.

Biochemistry. --- Biotechnology. --- Human genetics. --- Cytology. --- Bioinformatics. --- Biochemistry, general. --- Human Genetics. --- Cell Biology. --- Bio-informatics --- Biological informatics --- Biology --- Information science --- Computational biology --- Systems biology --- Cell biology --- Cellular biology --- Cells --- Cytologists --- Genetics --- Heredity, Human --- Human biology --- Physical anthropology --- Chemical engineering --- Genetic engineering --- Biological chemistry --- Chemical composition of organisms --- Organisms --- Physiological chemistry --- Chemistry --- Medical sciences --- Data processing --- Composition

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The paper finds that, given New Zealand’s conservative approach in implementing the Basel II framework, New Zealand banks’ headline capital ratios underestimate their capital strength. A comparison with Canadian, UK and Australian banks highlights the impact of New Zealand’s more conservative approach. Stress tests in the paper show that four large New Zealand banks could withstand sizable stand-alone shocks to their exposure to either residential mortgages (calibrated on the Irish crisis experience) or corporate lending. However, combined shocks to both residential mortgages and corporate lending would put more pressure on the banks’ capital. Given high bank concentration and large offshore wholesale funding needs, the merits of higher minimum capital requirements for systemically important domestic banks could be considered, together with other measures to be implemented.

Banks and banking --- Bank capital --- Capital --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- E-books --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Financial services law & regulation --- Capital adequacy requirements --- Residential mortgages --- Basel II --- Loans --- Financial regulation and supervision --- Nonperforming loans --- Asset requirements --- State supervision --- New Zealand

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During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets. This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.

Capital Movements --- Africa, Sub-Saharan --- Business & Economics --- Exports and Imports --- Finance: General --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Finance --- International economics --- Emerging and frontier financial markets --- Capital flows --- Foreign direct investment --- Capital inflows --- Private capital flows --- Financial markets --- Balance of payments --- Financial services industry --- Capital movements --- Investments, Foreign --- Nigeria