Swaps definition

Although it is traditional in Marxian frameworks for capitalists to initiate the circulation of money with an advance of constant and variable capital, our previous discussion, in Chapter 4, showed that there are a number of ways in which the circulation of money can be modelled. In the single swap approach all of income is advanced in the Franco-Italian circuit approach only the wage bill is advanced in Nell s mutual exchange approach only wages in the capital goods sector are advanced. Our contribution has been to suggest, under the Kalecki principle (first introduced in Chapter 3), that capitalists advance an amount of money sufficient to realize their profits. This model is predicated on the definition of investment as accumulation of constant and variable capital. 

Note that there are some variations in the literature about the definition of these quantities sometimes the definitions of 4> and 4 are swapped, and their sign is also sometimes different. Here we choose the convention that and 4 are equal in the absence of anisotropic stress (see below), and that is the quantity that appears in the Laplacian term of the 00 part of the Einstein equations (the general relativistic analog of the Poisson equation), thus following the Newtonian convention to note the gravitational potential by. ) It is of course possible to define other scalar gauge invariant quantities. For example one can define... 

The rationale of using hybrid simulation here is that a classic diffusion-adsorption type of model, Eq. (2), can efficiently handle large distances between steps by a finite difference coarse discretization in space. As often happens in hybrid simulations, an explicit, forward discretization in time was employed. On the other hand, KMC can properly handle thermal fluctuations at the steps, i.e., provide suitable boundary conditions to the continuum model. Initial simulations were done in (1 + 1) dimensions [a pseudo-2D KMC and a ID version of Eq. (2)] and subsequently extended to (2 + 1) dimensions [a pseudo-3D KMC and a 2D version of Eq. (2)] (Schulze, 2004 Schulze et al., 2003). Again, the term pseudo is used as above to imply the SOS approximation. Speedup up to a factor of 5 was reported in comparison with KMC (Schulze, 2004), which while important, is not as dramatic, at least for the conditions studied. As pointed out by Schulze, one would expect improved speedup, as the separation between steps increases while the KMC region remains relatively fixed in size. At the same time, implementation is definitely complex because it involves swapping a microscopic KMC cell with continuum model cells as the steps move on the surface of a growing film. 

Although there are different definitions of the GA move class operator mutate, the purpose of mutate is the same to prevent the population of candidate structures becoming a population of similar candidate structures (to maintain the diversity of the population). Likewise there are also different definitions for the GA move class crossover. In one definition mutate is the process of randomly displacing one ion within a candidate structure and crossover is the process of swapping a random number of ionic coordinates in the simulated DNA of two candidate structures within the current population. Note that in the crossover process the nth variable of one simulated DNA sequence is swapped with the nth variable of the other. 

ISDA Credit Derivatives Definitions. International Swaps and Derivatives Association (ISDA) (1999). 

The rapid rise in use of credit derivatives has contributed to the liquidity and depth of this market worldwide. It has also fostered the adoption of standardized terms and definitions. Terminology and definitions in credit derivative contracts have been developed and harmonized in recent years and assisted in the takeup of these products by a variety of financial and nonfinancial institutions. The need for appropriate credit derivatives definitions have been considered by the International Swaps and Derivatives Association (ISDA). ISDA s definitions and terms are used in the confirmations and termsheets for most credit derivative transactions. 

The 1999 ISDA Credit Derivatives Definitions listed six credit events that could be incorporated into credit default swaps. These are... 

In Europe and Asia, the standard credit default swap contract used the restructuring definition (sometimes referred to as old restructuring ), whereas in the North American markets the standard credit default swap contracts refer to modified restructuring. The 1999 ISDA Credit Derivative Definitions would have been effective until early 2003. The 2003 ISDA Credit Derivative Definitions, which were in place in early 2003 (implementation in May 2003), have implemented some key amendments to the 1999 definitions, some of which were previously included in supplements issued by ISDA. 

This approach is circular and only works well in cases where liquid credit default markets already exist for an issuer. This is not always the case and was definitely not the case when default swaps were first introduced. Nonetheless, it still requires a highly subjective recovery value assumption. 

At the time of writing, the International Swaps and Dealers Association is about to publish a new version of the ISDA Credit Derivatives Definitions. 

A swap s fixed-rate payments are known in advance, so deriving their present values is a straightforward process. In contrast, the floating rates, by definition, are not known in advance, so the swap bank predicts them using the forward rates applicable at each payment date. The fotward rates are those that are implied from current spot rates. These are calculated using equation (7.6). 

The model of Figure 6.14 is based upon contact hemispheres for the PU electrodes with radius a 0, but for the CC electrodes a > 0 according to our definition of a technically ideal CC dipole. The system is therefore not necessarily reciprocal if the two dipoles are swapped. In Figure 6.14 therefore r > a. 

For example, we have h(S ) = n, for all nonnegative integers n. We remark that for a nonempty Z2-space X we have wi X) = 0 if and only if no connected component of X is mapped onto itself by the structural Z2-action in other words, the structural involution must swap the connected components of X. In this case, consistent with Definition 8.24, we will say that the height of X is equal to 0. 

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