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Herbig-Haro objects were discovered 50 years ago, and during this half century they have developed from being mysterious small nebulae to be­ coming an important phenomenon in star formation. Indeed, HH flows are now recognized not only as fascinating astrophysical laboratories involving shock physics and chemistry, hydrodynamics and radiation processes, but it has gradually been realized that HH flows hold essential clues to the birth and early evolution of low mass stars. IAU Symposium No. 182 on Herbig-Haro Flows and the Birth of Low Mass Stars were held from January 20 to 24, 1997 in Chamonix in the french alps. A total of 178 researchers from 26 countries met to discuss our present level of understanding of Herbig-Haro flows and their relation to disk accretion events and T Tauri winds and other outflow phenomena like molecular outflows, embedded molecular hydrogen flows and radio jets. The present book contains the manuscripts from the oral contributions of the symposium. The poster papers were printed in a separate volume Low Mass Star Formation - from Infall to Outflow, edited by Fabien Malbet and Alain Castets, which was distributed at the beginning of the meeting. Together these two books document the vigorous state and the scientific appeal which research into Herbig-Haro flows and related issues in star formation enjoys today, observationally as well as theoretically.

52 <063> --- Astrophysical jets --- -Bipolar outflows (Astrophysics) --- -Herbig-Haro objects (Astronomy) --- -Low mass stars --- -Disks (Astrophysics) --- -Stars --- HH objects (Astronomy) --- Nebulae --- Bipolar flows (Astrophysics) --- Flows, Bipolar (Astrophysics) --- Outflows, Bipolar (Astrophysics) --- Astrophysics --- Jets --- Radio sources (Astronomy) --- Astronomie. Astrofysica. Ruimteonderzoek. Geodesie--Congressen --- Congresses --- -Astronomie. Astrofysica. Ruimteonderzoek. Geodesie--Congressen --- -HH objects (Astronomy) --- Bipolar outflows (Astrophysics) --- Disks (Astrophysics) --- Herbig-Haro objects (Astronomy) --- Low mass stars --- Stars --- Bipolar outflows --- Observations, Astronomical. --- Astronomy—Observations. --- Astrophysics. --- Astronomy, Observations and Techniques. --- Astrophysics and Astroparticles. --- Astronomical physics --- Astronomy --- Cosmic physics --- Physics --- Astronomical observations --- Observations, Astronomical

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This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.

Exports and Imports --- Finance: General --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- Portfolio Choice --- Investment Decisions --- International economics --- Currency --- Foreign exchange --- Finance --- Capital outflows --- Exchange rates --- Capital inflows --- Capital flows --- Liquidity --- Capital movements --- Economics --- United States

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The general objective of this study is to analyze the external debt and debt burdens of the severely indebted sub-Saharan African countries, estimate the magnitude of capital flight from them, and relate the estimate of capital flight to some macroeconomic aggregates. The study also contains policy implications of international efforts to deal with the high levels of external debt in sub-Saharan Africa in conditions of extreme poverty, and stagnant and declining exports. It questions the theoretical foundation in which the external debt strategy has been based and offers solutions to the external debt problem.

Exports and Imports --- Economic Methodology --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- International Investment --- Long-term Capital Movements --- Trade: General --- International economics --- Capital outflows --- External debt --- Debt burden --- Debt service --- Exports --- Balance of payments --- International trade --- Capital movements --- Debts, External --- Côte d'Ivoire

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This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized facts on crisis duration and review the economic and financial circumstances that prevailed at the dusk of crises, a relatively unexplored area. We use the econometric technique of duration analysis to gauge the relative importance of various factors affecting the probability of exiting a crisis. We find that initial and external conditions are key determinants. But fiscal and monetary policies can also help shorten crisis duration.

Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Financial Crises --- International economics --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Capital account crisis --- Financial crises --- Capital outflows --- Capital flows --- Exchange rates --- Balance of payments --- Capital movements --- Turkey

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Russia entered the global crisis with strong fiscal position, low public debt, and large fiscal and monetary reserves, which helped it cushion the crisis shocks. But the rise in the non-oil fiscal deficit in 2007-08 and, more importantly, the massive impact of the global crisis in late 2008 and 2009 have dramatically altered Russia's medium-term and long-term economic and fiscal outlook. While Russia is emerging from this crisis on a much stronger footing than during the 1998-09 crisis thanks to its strong-pre crisis fundamentals, large fiscal reserves and solid management of the crisis, it will nevertheless need to implement sustained fiscal adjustment in the coming years. Both revenue and expenditure measures will be needed. This will require 2-3 percentage points of GDP in fiscal adjustment for about five years in addition to keeping total expenditure levels at a relatively low 31.5 percent of GDP, consistent with long-term social expenditure needs and requirements of long-term fiscal sustainability. Following a period of adjustment, if Russia would restrain its long-term non-oil deficits to the permanent income (PI) equivalent of its oil revenues as proposed in this paper, its fiscal policy will return to long-term sustainable path. The long-term, sustainable level of non-oil fiscal deficit is estimated at about 4.3 percent of GDP. With the 2009 actual non-oil fiscal deficit of about 14 percent of GDP, this implies significant and sustained fiscal adjustment over the medium term. The expenditure needs of the social security system as well as a reduction in key non-oil taxes represent a major fiscal risk to all scenarios.

Capital outflows --- Currencies and Exchange Rates --- Debt Markets --- Deficits --- Domestic liquidity --- Economic Stabilization --- Environment --- Environmental Economics & Policies --- Expenditure --- Expenditures --- External borrowing --- Federal budget --- Finance and Financial Sector Development --- Fiscal deficit --- Fiscal policy --- Government revenues --- International bank --- Macroeconomics and Economic Growth --- Oil price --- Oil prices --- Price uncertainty --- Public debt --- Public finances --- Public Sector Development --- Public Sector Expenditure Policy --- Reserve --- Reserve fund --- Reserves --- Return