Short-term debt that can serve as a medium of exchange is designed to be information insensitive. No one should be tempted to acquire private information to gain an informational advantage in trading that could destabilize the value of the debt.
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Short-term debt minimizes the incentive to acquire information among all securities of equal value backed by the same underlying asset. These features align with observed practice in money markets markets for short-term debt.
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They are also consistent with financial crises occurring periodically. In the information view adopted here, financial crisis can occur when the collateral backing the short-term debt is thought to have lost enough value to raise doubts among the traders that some may acquire private information.
The purpose of this paper is to review some of the burgeoning empirical literature that bears on the information view sketched above. We focus on evidence related to three key implications of information insensitive debt: i adjustments to external shocks will occur along non-price dimensions less debt issued, higher haircuts, added collateral, etc ; ii in a crisis some of the short-term debt turns information sensitive; iii money markets feature low transparency as well as purposeful opacity.
You may purchase this paper on-line in. GOV" domain name, or a resident of nearly any developing country or transition economy. The email address must be connected to a subscribing college, university, or other subscribing institution. The mountainous terrain necessitated extensive use of aircraft, so maps showing air routes and air hazards were also needed. Maps also helped in meeting communications equipment needs. Fire spread forecasting using FireView, a GIS-based product developed by Esri business partner The Omega Group, was used by incident commanders to anticipate demands in the coming hours and days and form contingency plans.
Predicting fire spread also improved evacuation planning, and maps assisted the law enforcement agencies carrying out mandatory evacuation orders.
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Printed maps and modeling were used extensively for briefing President George W. Bush, Governor Gray Davis, and Governor-elect Arnold Schwarzenegger and other top government officials as well as the public. Online maps helped disseminate timely information to the public. Current data and maps were made available to journalists through MapShop, an ArcWeb Services Web application for creating customized maps that supply access to current and accurate data in output formats editable in typical illustration software.
As the fires were contained, damage assessment began. Firefighters quickly gathered data on the location and extent of burned areas and damaged structures using GPS-enabled handheld devices running ArcPad.
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This information was valuable in determining where evacuation orders could be lifted and in formulating plans for safe reentry into affected areas. The far-reaching impacts of these fires are currently being evaluated using GIS. Public health officials are considering the effects of smoke exposure on children in this area. Fish and Wildlife Service, U.
Department of Agriculture Natural Resources Conservation Service are working on models that will anticipate subsequent problems caused by flooding and debris movement on denuded slopes. Dead trees remain as a ticking bomb, and mitigation efforts in these areas are continuing.
The high level of cooperation and swift execution of response efforts in San Bernardino and Riverside Counties were largely made possible through the exercise of foresight by groups in those counties.
Eighteen months before the fires, government agencies, private companies, and volunteer organizations in both counties formed Mountain Area Safety Taskforce MAST organizations. They used GIS to assemble related data into one shared database. This data was used for modeling, analysis, resource management, and response planning.
The site was expanded during the fires to include a public information section containing maps for each fire and constantly updated fire, evacuation, road closure, and other related information. While GIS continues to quietly improve the day-to-day lives of ordinary people in ways that go unnoticed by most, disaster response applications highlight the value of GIS. GIS helps provide that information and make it readily available to those whose life work is responding to disaster.
The six-module course explores how GIS technology is applied to tasks associated with the mitigation, response, and recovery phases of emergency management.