ROLE OF GOLD IN FOREIGN EXCHANGE RESERVES OF COMMODITY EXPORTING COUNTRIES

The gold is still a reserve asset with specific features yet the variants of reserve management have improved considerably. Tendency to maintain ultra-low real interest rates potentially should affect the upward shift in demand on gold because alternative costs of holding it are declining. Demand for gold has indeed risen from the side of central banks recently. At the same time, there is no consensus in economic literature about optimal share of gold in foreign exchange reserves. However, it is presumed that incentives for more diversification are stronger than reserves hoarding is abnormal. Commodity exporters have accumulated large reserve over the last decades. Thus, their diversification decisions in favour of gold seem to be natural. However, empirical analysis paints a more complicated picture. A) Commodity exporters are getting to be more and more heterogeneous in terms holding gold as a share of foreign assets. Such heterogeneity is more vivid compared to the world as a whole. B) Distribution of gold reserves among commodity exporters is changing toward increasing number of countries with gold holdings over the median size for the group. C) There is direct correlation between global commodity prices and gold holdings in tons, but an inverse relationship in the case of share of gold in reserves. This leads to the conclusion that there are two types of demand on gold: endogenous as a function of gradual hoarding of foreign exchange reserves, and specific, that is driven by specific portfolio management needs and non-economic factors. This finding is consistent with features of holding reserves in countries with large hoarding and strong vulnerability to terms-of-trade shocks and features of political regimes in countries with resource abundance.

Nitrogen limitation reveals large reserves in metabolic and translational capacities of yeast

Cells maintain reserves in their metabolic and translational capacities as a strategy to quickly respond to changing environments. Here we quantify these reserves by stepwise reducing nitrogen availability in yeast steady-state chemostat cultures, imposing severe restrictions on total cellular protein and transcript content. Combining multi-omics analysis with metabolic modeling, we find that seven metabolic superpathways maintain >50% metabolic capacity in reserve, with glucose metabolism maintaining >80% reserve capacity. Cells maintain >50% reserve in translational capacity for 2490 out of 3361 expressed genes (74%), with a disproportionately large reserve dedicated to translating metabolic proteins. Finally, ribosome reserves contain up to 30% sub-stoichiometric ribosomal proteins, with activation of reserve translational capacity associated with selective upregulation of 17 ribosomal proteins. Together, our dataset provides a quantitative link between yeast physiology and cellular economics, which could be leveraged in future cell engineering through targeted proteome streamlining.

Features of the use of intangible resources for the life cycle stages of real estate

Use of intangible resources that can replace the declining volume of material resources for investment and construction activities is a large reserve of economic efficiency. Moreover, in modern conditions, there is a real opportunity to realize the synergetic effects of expanding the scope of use of intangible resources in the construction. As research has shown, in the context of targeted and resource mobility, the project format of interaction between economic entities makes it possible to optimize the resource turnover and the communication potential of development. At the same time, projects cover the sphere of construction production, as well as the sphere of consumption of construction products. Thus, modern trends in the development of demand form a fundamentally new cost structure. The peculiarity of the new structure is that the proportion of intangible development resources is steadily growing.

Evaluation of Dynamic Characteristics of the Footbridge with Integral Abutments

The paper presents the results of dynamic field tests and numerical analysis of the footbridge designed as a three-span composite structure with integral abutments. The adopted design solution which has allowed to achieve a high resistance of the structure to dynamic loads and to meet the requirements of the criteria of comfort of use with a large reserve has been characterized. For comparative purposes, numerical analyzes of three construction variants of the footbridge were presented: F-1 - construction with integral abutments (realized variant), F-2 - construction with girders anchored in the abutments by means of tension rocker bearings, F-3 - construction with concrete side spans.

MACHINERY LIFE INCREASE BY COMBINED STRENGTHENING

The reason of failure of many machine parts is contact fatigue. To increase contact-fatigue wear resistance it is necessary to create a surface layer possessing increased stress-strain properties which are formed by strengthening. The most effective methods of strengthening are those creating a surface layer with simultaneous high hardness and large reserve of plasticity. One of such methods is combined strengthening at which a surface to be strengthened is affected preliminarily by deformation shock waves forming a deep work-hardened layer and then its case hardening is carried out. As a result of this process a strengthened surface layer is formed which consists of hard uniformly strengthened carburized layer and a softer heterogeneously strengthened sublayer alternating hard and soft areas depending on streng-thening modes with shock waves. The operational researches of samples obtained by the offered combined strengthening have shown high efficiency of the method for life increase under conditions of contact cyclic loads which can increase considerably a range of machine parts to be strengthened.

Hypoxic Patterns of Placental Injury: A Review

Context.—In utero hypoxia is an important cause of perinatal morbidity and mortality and can be evaluated retrospectively to explain perinatal outcomes, to assess recurrence risk in subsequent pregnancies, and to investigate for medicolegal purposes by identification of many hypoxic placental lesions. Definitions of some placental hypoxic lesions have been applied relatively liberally, and many of them are frequently underreported. Objectives.—To present a comprehensive assessment of the criteria for diagnosing acute and chronic histologic features, patterns, and lesions of placental and fetal hypoxia and to discuss clinicopathologic associations and limitations of the use thereof. The significance of lesions that have been described relatively recently and are not yet widely used, such as laminar necrosis; excessive, extravillous trophoblasts; decidual multinucleate extravillous trophoblasts; and, most important, the patterns of diffuse chronic hypoxic preuterine, uterine, and postuterine placental injury and placental maturation defect, will be discussed. Data Sources.—Literature review. Conclusions.—The placenta does not respond in a single way to hypoxia, and various placental hypoxic features should be explained within a clinical context. Because the placenta has a large reserve capacity, hypoxic lesions may not result in poor fetal condition or outcome. On the other hand, very acute, in utero, hypoxic events, followed by prompt delivery, may not be associated with placental pathology, and many poor perinatal outcomes can be explained by an etiology other than hypoxia. Nevertheless, assessment of placental hypoxic lesions is helpful for retrospective explanations of complications in pregnancy and in medicolegal investigation.

“Where Is the Money Coming From?”1 the Reconstruction of Social Security Finance

This chapter examines how Social Security finance was reconstructed in response to actions by Congress, which abolished the mandate for a large reserve and authorized the use of general revenue to pay for benefits when payroll taxes became insufficient. After describing the earmarked tax system created by Congress in 1935, the chapter considers the debate between 1939 and 1948 about the survival of the Social Security tax system and whether Social Security would be financed through the same monies as all other programs. It also looks at a cadre of policymakers, including Wilbur Mills and Robert Myers, who redesigned the earmarked tax system into the structure that defined the program until 1972. It shows that the earmarked tax system left the imprint of fiscal conservatism on Social Security by imposing certain long-term restrictions on the program.

Strengthening the International Monetary System - Taking Stock and Looking Ahead

The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important. At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation. These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the IMS. Yet the debate so far suggests little consensus on the underlying problems, let alone on the solutions. This paper identifies four root causes to these problems: inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries; lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries; inadequate systemic liquidity provision mechanisms; and structural challenges in the supply of safe assets.