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Templecombe has Thales Underwater Systems; and Taunton presently has the United Kingdom Hydrographic Office and Avimo, which became part of Thales Optics. It has been announced twice, in 2006 and 2007, that manufacturing is to end at Thales Optics' Taunton site, but the Trade Unions and Taunton Deane District Council are working to reverse or mitigate these decisions. Bath has Ministry of Defence offices; and Norton Fitzwarren is the home of 40 Commando. Other high-technology companies include the optics company Gooch and Housego, at Ilminster. Agriculture and food and drink Agriculture and food and drink production continue to be major industries in the county, employing over 15,000 people.
Apple orchards were once plentiful, and Somerset is still a major producer of cider. The towns of Taunton and Shepton Mallet are involved with the production of cider, especially Blackthorn Cider, which is sold nationwide, and there are specialist producers such as Sheppy's Cider Burrow Hill Cider Farm and Thatchers Cider. Gerber Products Company in Bridgwater are the largest producer of fruit juices in Europe, producing brands such as 'Sunny Delight' and 'Ocean Spray'. Development of the milk-based industries, such as Yeo Valley Organic, has resulted in the production of ranges of desserts, yoghurts and cheeses, including Cheddar cheese – some of which has the West Country Farmhouse Cheddar PDO.
Clothing Towns such as Castle Cary and Frome grew around the medieval weaving industry. Street developed as a centre for the production of woollen slippers and, later, boots and shoes, with C&J Clark establishing its headquarters in the town. C&J Clark's shoes are no longer manufactured there as the work was transferred to lower-wage areas, such as China and Asia. Instead, in 1993, redundant factory buildings were converted to form Clarks Village, the first purpose built factory outlet in the UK. C&J Clark also had shoe factories, at one time at Bridgwater and Minehead, to provide employment outside of the main summer tourist season, but these satellite sites had been were closed, in the late 1980s, before the main site at Street.
Dr. Martens shoes were also made in Somerset, by the Northampton-based R. Griggs Group, using redundant skilled shoemakers from C&J Clark; this work has also been transferred to Asia. Quarrying The county has a long tradition of supplying freestone and building stone. Quarries at Doulting supplied the freestone used in the construction of Wells Cathedral. Bath stone is also widely used. Ralph Allen promoted its use in the early 18th century, but it was used locally long before then. It was mined underground at Combe Down and Bathampton Down Mines, and as a result of cutting the Box Tunnel, at various locations in Wiltshire, including Box.
Bath stone is still used today, on a reduced scale; but more often as a cladding, rather than a structural material. Further south, Hamstone is the colloquial name given to stone from Ham Hill, which is also widely used in the construction industry. Blue Lias has been used locally as a building stone; and as a raw material for lime mortar and Portland cement. Puriton up to the 1960s had Blue Lias stone quarries, as did several other Polden Villages. Its quarries also supplied a Lime mortar and Portland cement factory at Dunball, adjacent to the King's Sedgemoor Drain. Its derelict, early 20th century, remains were removed when the M5 motorway was constructed in the mid-1970s.
Keinton Mandeville was also heavily involved in quarrying; the village's quarries are now abandoned, but they are still remembered in the name of a Public House. Quarrying of blue lias is still undertaken at Charlton Mackrell and Charlton Adam. Since the 1920s, the county has supplied aggregates. Foster Yeoman is Europe's large supplier of limestone aggregates, with quarries at Merehead Quarry. It has a dedicated railway operation, Mendip Rail, which is used to transport aggregates by rail from a group of Mendip quarries. Tourism Much of the county is scenic and unspoilt. Tourism is a major industry, estimated in 2001 to support around 23,000 people.
Attractions include the coastal towns, from the west to the north east, Minehead, Watchet, Burnham-on-Sea, Weston-super-Mare, Clevedon and Portishead, with their various piers and beaches. Inland the county includes part of the Exmoor National Park, the West Somerset Railway (a heritage railway), and the museum of the Fleet Air Arm at RNAS Yeovilton. The town of Glastonbury has mythical associations, and the annual open-air Glastonbury Festival (actually in Pilton), while the Cheddar Gorge has show caves open to visitors, as well as its locally produced cheese, although there is now only one cheese maker remaining in the village of Cheddar.
Regional gross value Notes Components may not sum to totals due to rounding Includes hunting and forestry Includes energy and construction Includes financial intermediation services indirectly measured References
The 1916 Pittsburgh Panthers football team represented the University of Pittsburgh in the 1916 college football season. Led by coach Pop Warner, the Panthers won all eight games and outscored their opponents by a combined total of 255 to 25. The team was retroactively selected as the national champion by the Billingsley Report (using its alternate "margin of victory" methodology), Helms Athletic Foundation, Houlgate System, and National Championship Foundation, and as a co-national champion with Army by Parke H. Davis. The lone scare of the 1916 season occurred at Navy when, following a delay of the team's train heading to Annapolis that caused a late arrival, the team overcame several fumbles and eked out a 20–19 victory.
The 1916 team was led by center Bob Peck, Pitt's first First Team All-American, and All-American end James Pat Herron, as well as All-Americans fullback Andy Hastings and guard "Tiny" Thornhill. Also on that team were Jock Sutherland and H.C. "Doc" Carlson who would go on to become perhaps Pitt's most legendary coaches in football and basketball, respectively. This Pitt Panthers football team was given the nickname "the greatest eleven in the world." The 1916 team was selected or recognized as national champions by multiple NCAA-designated major selectors in the official NCAA football records book. The team is also recognized as the national champions by College Football Data Warehouse.
Schedule List of national championship selectors These are the selectors that determined Pitt to be national champions in 1916. 1st-N-Goal Alexander Weyand Angelo Louisa Billingsley Report* Bob Kirlin Bob Royce Century Football Index College Football USA David Wilson Earl Jessen George Trevor Harry Frye Helms Athletic Foundation* Houlgate System* James Whalen Jim Koger Loren Maxwell Mel Smith National Championship Foundation* Nutshell Sports Football Ratings Parke H. Davis* Patrick Premo * A "major selector" that was "national in scope" according to the official NCAA football records book.
All-American selections James P. Herron, end (1st team Walter Eckersall, of the Chicago Daily Tribune; Frank Menke Syndicate; 2nd team Collier's Weekly'' as selected by Walter Camp; 2nd team International News Service) Bob Peck, center (College Football Hall of Fame inductee) (1st team Collier's Weekly; 1st team United Press; 1st team International News Service; 1st team Walter Eckersall; 1st team Monty, noted New York sports writer; 1st team Paul Purman, noted sports writer whose All-American team was syndicated in newspapers across the United States; 1st team Boston Post, selected by Charles E. Parker, football expert of the Boston Post; Frank Menke Syndicate) Clifford Carlson, end (2nd team Paul Purman) Claude "Tiny" Thornhill, guard (1st team International News Service) James DeHart, quarterback (1st team Walter Eckersall) Andy Hastings, halfback (1st team United Press; 1st team International News Service ) Bold - Consensus All-American References Pittsburgh Panthers Category:Pittsburgh Panthers football seasons Category:College football national champions Category:College football undefeated seasons Pittsburgh Pennsylvania
Robert Winship Woodruff (December 6, 1889 – March 7, 1985) was the president of The Coca-Cola Company from 1923 until 1954. With a large net worth, he was also a major philanthropist, and many educational and cultural landmarks in the U.S. city of Atlanta, Georgia, bear his name. Included among these are the Woodruff Arts Center, Woodruff Park, and the Robert W. Woodruff Library. Early life Woodruff was born in Columbus, Georgia, the son of Ernest Woodruff, an Atlanta businessman who, among other things, was leader of the group of investors who bought The Coca-Cola Company from Asa Griggs Candler in 1919.
His grandfather was Atlanta manufacturing magnate Robert Winship. After graduating from the Georgia Military Academy he attended Georgia Tech, where he failed out, and then the Emory University campus at Oxford, Georgia, for one term, where he excelled at "cutting classes and spending money". Career In February 1909, at age 19, spurning his father's work offers, he began work as a laborer at the General Pipe and Foundry Company foundry in Inman Park, Atlanta. For a week he shoveled and shifted sand, then worked a lathe as a machinist's apprentice. After a year he was fired. But then he was rehired by General's parent company, General Fire Extinguisher where he worked his way into sales.
He then accepted a job offer from his father at Atlantic Ice and Coal Company but left after differences with him. Woodruff parlayed his love of early automobiling into a sales position at White Motor Company based in Cleveland, Ohio, and quickly rose to become vice president of that company. During World War I, Woodruff joined the U.S. Ordnance Department where he promoted a truck design that only White Motors could fulfill, giving the company huge war-time sales. In an effort to reconcile personal differences, his father Ernest offered Robert Woodruff the position as president of the Coca-Cola Co. In 1926, at the age of 37, Woodruff built Coca-Cola into an international company, establishing a foreign department.
In 1954, he stepped down as president but remained on the board of directors until 1984. His large shareholding and influence on the board's powerful Finance Committee gave him significant control over much of the company's direction for almost 60 years. Woodruff died on March 7, 1985 at the age of 95. He was buried at the Westview Cemetery in Southwest Atlanta. The Robert W. Woodruff Foundation received funds from the estate and continues his legacy of philanthropy in the state of Georgia. Woodruff's personal chauffeur was Luther Cain, Jr., father of businessman and 2012 Republican presidential candidate Herman Cain.
Legacy In 1979, Woodruff and his brother George W. Woodruff gave $105 million to Emory University; they would eventually give a total of $230 million. Several buildings on the Emory campus are named for him and members of his family. The Robert W. Woodruff Professorships are named for him. He also gave large sums of money to other area colleges and universities and to Woodward Academy (formerly Georgia Military Academy) in College Park and the Westminster Schools in Atlanta. A Boy Scout camp in Blairsville, Georgia named the Robert W. Woodruff Scout Reservation, which is run by the Atlanta Area Council, was built following major donations from the Woodruff Foundation and Coca-Cola.
Atlanta's largest cultural institution, the Woodruff Arts Center, benefited from his gifts and is named for him, as is Woodruff Park. A Robert W. Woodruff library is located in the Atlanta University Center and serves Morehouse College, Spelman College, and Clark Atlanta University. Another Robert W. Woodruff Library houses Emory University's main library. Woodruff was inducted into the Junior Achievement U.S. Business Hall of Fame in 1977. Woodruff was instrumental in the success of the dinner held in Atlanta honoring the Reverend Dr. Martin Luther King Jr., after King received the Nobel Peace Prize in 1964. Ticket sales were lagging until Woodruff signaled his support for the dinner.
References Further reading Allen, Frederick, Secret Formula, HarperCollins, 1994. . Pendergrast, Mark, For God, Country, and Coca-Cola, Basic Books, 2000. . Kennedy, Doris Lockerman Devotedly, Miss Nellie, A Biographical Tribute to Nell Hodgson Woodruff, ASIN: B0006EDMMI Emory University, 1982. External links Robert W. Woodruff Foundation at the New Georgia Encyclopedia Stuart A. Rose Manuscript, Archives, and Rare Book Library, Emory University: Robert Winship Woodruff papers, 1819-1996 Category:1889 births Category:1985 deaths Category:Businesspeople in the drink industry Category:Coca-Cola people Category:Businesspeople from Atlanta Category:People from Columbus, Georgia Category:History of Atlanta Category:American philanthropists Category:American chief executives of food industry companies Category:20th-century philanthropists Category:Woodward Academy alumni
In psychiatry, thought withdrawal is the delusional belief that thoughts have been 'taken out' of the patient's mind, and the patient has no power over this. It often accompanies thought blocking. The patient may experience a break in the flow of their thoughts, believing that the missing thoughts have been withdrawn from their mind by some outside agency. This delusion is one of Schneider's first rank symptoms for schizophrenia. Because thought withdrawal is characterized as a delusion, according to the DSM-IV TR it represents a positive symptom of schizophrenia. See also Thought insertion Thought broadcasting References Category:Delusional disorders
Banana Culture Entertainment (바나나컬쳐 엔터테인먼트) or simply, Banana Culture, is a South Korean entertainment company. It is a division of the Chinese company Banana Culture Music. History The company was founded in 1984 under the name Yedang Planning by Byun Dae-yun (real name Byun Doo-seop). On October 28, 1992, the company became corporation under name Yedang Sound. In May 2000, the company was renamed to Yedang Entertainment. In March 2010, the company was renamed again to Yedang Company. In March 2014, Yedang Company was acquired by Wellmade StarM and start using new name Wellmade Yedang . In June 2014, girl group EXID signed with Yedang following their original label AB Entertainment was acquired by Wellmade Yedang and the head of the label and also producer Shinsadong Tiger was joined Wellmade Yedang.
It was also confirmed that Shinsadong Tiger will maintains as the producer of EXID. In December 2015, Wellmade Yedang officially separate and Yedang became an independent company. In 2016, Yedang official changing their name after signing a merger agreement with Banana Culture Music and also announced that the brand of Yedang would returning to the family of former Yedang Company Chairman Byun Doo-seop. On March 25, 2020, it was reported that Banana Culture would be closing, with employees and executives stepping down and the departure of EXID. However, the label CEO denied this statement, saying that the label still has many Chinese shares and they would continue to manage TREI and other female trainees.
Artists Groups TREI Soloists Shin Zisu Actors/Actress Lee Jung Hyun (2017-present) Ha Seung Ri (2017-present) Former artists Former recording artists Seo Taiji and Boys (1992–1996) Deux (1993–1995) Tim (2005–2006) C-Clown (2012–2015) EXID (2014-2020) Sung Eun (2015–2020) Former actors/actresses Lim Ju-hwan (2004-2011) Notes References Category:Entertainment companies Category:Companies based in Seoul
A cable length or length of cable is a nautical unit of measure equal to one tenth of a nautical mile or approximately 100 fathoms. Due to anachronisms and varying techniques of measurement, a cable length can be anywhere from 169 to 220 metres, depending on the standard used. The unit is named after the length of a ship's anchor cable in the Age of Sail. The definition varies: International: 185.2 m, equivalent to nautical mile Imperial (Admiralty): 185.32 m, or Admiralty mile, about 101 fathoms The traditional British fathom varied from 5½ feet to 7 feet in the Merchant Navy, making the "historical" cable 169 m to 215.5 m. U.S. customary (US Navy): 219.5 metres, 120 fathoms (720 feet) See also Conversion of units References .
Also "fathom", from the same work (pp. 88–89, retrieved 12 January 2017). . Category:Nautical terminology Category:Units of length
A syringe filter (sometimes called a wheel filter if it has a wheel-like shape) is a single-use filter cartridge. It is attached to the end of a syringe for use. Syringe filters may have Luer lock fittings, though not universally so. The use of a needle is optional; where desired it may be fitted to the end of the syringe filter. A syringe filter generally consists of a plastic housing with a membrane that serves as a filter. The fluid to be purified may be cleaned by drawing it up the syringe through the filter, or by forcing the unfiltered fluid through the filter.
Forms In scientific applications, the most common sizes available are 0.2 or 0.22 µm and 0.45 µm pores. These sizes are sufficient for HPLC use. The smallest known sterile syringe microfilter have pore sizes of 0.02 µm. Membrane diameters of 10 mm, 13 mm, 25 mm are common as well. Some syringe filters for small volumes may not resemble a wheel at all. The syringe filter body may be made of such materials as polypropylene and nylon. The filter membrane may be of PTFE, nylon, or other treated products for specific purposes. Most manufacturers publish compatibility wallcharts advising users of compatibility between their products and organic solvents or corrosive liquids (e.g.
trifluoroacetic acid). Application Syringe filters may be used to remove particles from a sample, prior to analysis by HPLC or other techniques involving expensive instruments. Particles easily damage an HPLC due to the narrow bore and high pressures within. Syringe filters are quite suitable for Schlenk line work, which makes extensive use of needles and syringes (see cannula transfer). Being relatively affordable, they may be used for general purpose filtration, especially of smaller volumes where losses by soaking up filter paper are significant. Syringe filters are also available for the filtration of gases, and for the removal of bacteria from a sample.
Disk filters are frequently used for the onsite manufacture of parenteral drugs and sterile eye drops, in order to remove microbiological contaminations (sterile filtration). Harm reduction in recreational drug use Filters with 0.1 µm compared with 0.2 µm pore size have enhanced bacterial removal according to one study. The solubility of diazepam, for example, is less than 1 mg/mL at 68 °F (20 °C). See also Microfiltration Adulteration Drug injection Notes References Category:Laboratory equipment Category:Medical equipment
The Susquehanna River (; Lenape: Siskëwahane) is a major river located in the northeastern and mid-Atlantic United States. At long, it is the longest river on the East Coast of the United States. It drains into the Chesapeake Bay. With its watershed, it is the 16th-largest river in the United States, and the longest river in the early 21st-century continental United States without commercial boat traffic. The Susquehanna River forms from two main branches: the "North Branch", which rises in Cooperstown, New York, and is regarded by federal mapmakers as the main branch or headwaters, and the West Branch, which rises in western Pennsylvania and joins the main branch near Northumberland in central Pennsylvania.
The river drains , including nearly half of the land area of Pennsylvania. The drainage basin (watershed) includes portions of the Allegheny Plateau region of the Appalachian Mountains, cutting through a succession of water gaps in a broad zigzag course to flow across the rural heartland of southeastern Pennsylvania and northeastern Maryland in the lateral near-parallel array of mountain ridges. The river empties into the northern end of the Chesapeake Bay at Perryville and Havre de Grace, Maryland, providing half of the Bay's freshwater inflow. The Chesapeake Bay is the ria of the Susquehanna. Geology The Susquehanna River is one of the oldest existing rivers in the world, being dated as 320–340 Mya, older than the mountain ridges through which it flows.
These ridges resulted from the Alleghenian orogeny uplift events, when Africa (as part of Gondwana) slammed into the Northern part of EurAmerica). The Susquehanna basin reaches its ultimate outflow in the Chesapeake Bay. It was well established in the flat tidelands of eastern North America during the Mesozoic era about 252 to 66 million years ago. This is the same period when the Hudson, Delaware and Potomac rivers were established. Course Both branches and the lower Susquehanna were part of important regional transportation corridors. The river was extensively used for muscle-powered ferries, boats, and canal boat shipping of bulk goods in the brief decades before the Pennsylvania Canal System was eclipsed by the coming of age of steam-powered railways.
While the railroad industry has been less prevalent since the closures and mergers of the 1950s–1960s, a wide-ranging rail transportation infrastructure still operates along the river's shores. North Branch Susquehanna Also called the Main Branch Susquehanna, the longer branch of the river rises at the outlet of Otsego Lake in Cooperstown, New York. From there, the north branch of the river runs west-southwest through rural farmland and dairy country, receiving the Unadilla River at Sidney. It dips south into Pennsylvania briefly to turn sharply north at Great Bend hooking back into New York. It receives the Chenango in downtown Binghamton.
After meandering westwards, it turns south crossing the line again through the twin towns of Waverly, New York and Sayre, Pennsylvania and their large right bank railyard, once briefly holding the largest structure in the United States devoted to the maintenance and construction of railroad locomotives. A couple of miles south, in Athens Township, Pennsylvania, it receives the Chemung from the northwest. It makes a right-angle curve between Sayre and Towanda to cut through the Endless Mountains in the Allegheny Plateau of Pennsylvania. It receives the Lackawanna River southwest of Scranton and turns sharply to the southwest, flowing through the former anthracite industrial heartland in the mountain ridges of northeastern Pennsylvania, past Pittston City (Greater Pittston), Wilkes-Barre, Nanticoke, Shickshinny, Berwick, Bloomsburg, and Danville, before receiving the West Branch at Northumberland.
West Branch Susquehanna The origin of the official West Branch is near Elmora, Pennsylvania in northern Cambria County near the contemporary and US Route 219 (locally Plank Road). It travels northeasterly through the towns of Northern Cambria, Cherry Tree, Burnside, Mahaffey and Curwensville (where the river is dammed to form a lake), into and through Clearfield, where it receives Clearfield Creek. The West Branch turns to the southeast and passes Karthaus (at Mosquito Creek), Keating (at Sinnemahoning Creek), Renovo and Lock Haven, where it receives Bald Eagle Creek. It passes Williamsport, then turns south, passing Lewisburg, before joining the North Branch flowing from the northwest at Northumberland.
Main Susquehanna flow Downstream from the confluence of its branches in Northumberland, the river flows south past Selinsgrove, where it is joined by its Penns Creek tributary, and cuts through a water gap at the western end of Mahantongo Mountain. It receives the Juniata River from the northwest at Duncannon, then passes through its last water gap, the Susquehanna Gap through the Blue Mountain Ridge, just northwest of Harrisburg. Downtown Harrisburg developed on the east side of the river, which is nearly a mile wide here. Harrisburg is the largest city located on the lower river, which flows southeast across South Central Pennsylvania, forming the border between York and Lancaster counties, and receiving Swatara Creek from the northeast.
It crosses into northern Maryland approximately northeast of Baltimore and is joined by Octoraro Creek from the northeast and Deer Creek from the northwest. The river enters the northern end of the Chesapeake Bay at Havre de Grace. Concord Point Light was built here in 1827 to accommodate the increasing navigational traffic. Etymology "Susquehanna" comes from the Len'api (or Delaware Indian) term Sisa'we'hak'hanna, which means "Oyster River." Oyster beds were widespread in the bay near the mouth of the river, which the Lenape farmed, leaving oyster shell middens. The Len'api were a Native American people at Con'esto'ga ("Roof-place" or "town," modern Washington Boro, Lancaster County), also called Ka'ot'sch'ie'ra ("Place-crawfish," modern Chickisalunga, Lancaster County), or Gasch'guch'sa ("Great-fall-in-river," modern Conewago Falls, Lancaster County) as either Minquas ("quite different"), or Sisa'we'hak'hanna'lenno'wak ("Oyster-river-people").
The Len'api also called the area Sisa'we'hak'hanna'unk ("Oyster-river-place"). Peoples of the mid-Atlantic Coast included coastal peoples who spoke Algonquian languages, such as the Len'api (whose bands spoke three dialects of Lenape), and Iroquoian languages-speaking peoples of the interior, such as the Eroni and the Five Nations of the Iroquois. The English of Pennsylvania referred to the Eroni people of Conestoga as "Susquehannocks" or "Susquehannock Indians," a name derived from the Lenape term. In addition, John Smith of Jamestown, Virginia, labeled their settlement as "Sasquesahanough" on his 1612 map when he explored the upper Chesapeake Bay area. In Virginia and other southern colonies, Siouan-speaking tribes constituted a third major language family, with their peoples occupying much of the middle areas of the interior.
Iroquoian speakers, such as the Cherokee and Tuscarora, generally occupied areas to the interior near the Piedmont and foothills. History In the 1670s the Conestoga, or Susquehannock people, succumbed to Iroquois conquest by the powerful Five Nations based in present-day New York, and assimilated with them. In the aftermath, the Iroquois resettled some of the semi-tributary Lenape in this area, as it was near the western boundary of the Lenape's former territory, known as Lenapehoking. The river has played an important role throughout the history of the United States. In the 18th century, William Penn, the founder of the Pennsylvania Colony, negotiated with the Lenape to allow white settlement in the area between the Delaware River and the Susquehanna, which was part of Lenape territory.
In late colonial times, the river became an increasingly important transportation corridor, used to ship anthracite coal discovered by Necho Allen in its upper reaches in the mountains. In 1779 during the American Revolutionary War, General James Clinton led an expedition down the Susquehanna from its headwaters. His party had made the upper portion navigable by damming the river's source at Otsego Lake, allowing the lake's level to rise, and then destroying the dam and flooding the river in order for his flotilla to travel for miles downstream. James Fenimore Cooper described this event in the introduction to his historical novel, The Pioneers (1823).
At Athens, Pennsylvania, then known as Tioga or "Tioga Point", Clinton met with General John Sullivan and his forces, who had marched from Easton, Pennsylvania. Together on August 29, they defeated the Tories and warriors of allied Iroquois bands at the Battle of Newtown (near present-day Elmira, New York). This was part of what was known as the "Sullivan-Clinton Campaign" or the "Sullivan Expedition". They swept through western New York, destroying more than 40 Seneca and other Iroquois villages, as well as the stores of crops the people set aside for winter. Many of the Iroquois left New York and went to Canada as refugees; casualties from exposure and starvation were high that winter.
Following the United States gaining independence in the Revolutionary War, in 1790 Colonel Timothy Matlack, Samuel Maclay and John Adlum were commissioned by the Supreme Executive Council of the Commonwealth of Pennsylvania to survey the headwaters of the Susquehanna river. They were to explore a route for a passage to connect the West Branch with the waters of the Allegheny River, which flowed to Pittsburgh and the Ohio River. In 1792, the Union Canal was proposed in order to link the Susquehanna and the Delaware rivers in Pennsylvania along Swatara and Tulpehocken creeks. In the 19th century, many industrial centers developed along the Susquehanna, using its water power to drive mills and coal machinery, to cool machines, and as a waterway for the transport of raw and manufactured goods.
Pennsylvania and Connecticut both claimed land from the colonial era in the Wyoming Valley along the Susquehanna. Connecticut founded Westmoreland County here and defended its claim in the Pennamite Wars. Under federal arbitration, eventually the state ceded this territory to Pennsylvania. In the 1790s English Lake Poets Robert Southey, Samuel Taylor Coleridge, and Robert Lovell formulated the "Pantisocracy Plan" to marry three sisters and move to the banks of the Susquehanna River to start a socialist experiment. They made the marriages but Southey moved to Lisbon, Portugal to visit an uncle, and they abandoned the plan to move to the United States.
In 1833 John B. Jervis began a canal system to extend the Chenango River and connect the waters of the Susquehanna from Chenango Point to the Erie Canal, which ran through the Mohawk Valley of New York, ultimately connecting with Lake Erie through the Wood Canal. In October 1836, water from the Susquehanna was connected to the Erie Canal at Utica, New York. Water travel was popular during that era, and the Erie Canal dramatically expanded trade between communities around the Great Lakes and markets in New York and Pennsylvania. With the expansion of construction of railroad lines, canal-transport became unprofitable, as it could not compete in speed or flexibility.
Boats had to climb a net height of 1,009 feet between basins, requiring the use of more than 100 water locks, which were too expensive to be maintained under the new competition. The Susquehanna River figures in the history of the Latter Day Saint movement. It holds that Joseph Smith and Oliver Cowdery received the priesthood from heavenly beings at a site along the Susquehanna and performed their first baptisms of Latter Day Saints in the North Branch of the river. Smith and Cowdery said that they were visited on May 15, 1829, by the resurrected John the Baptist and given the Aaronic priesthood.
Following his visit, Smith and Cowdery baptized each other in the river. Later that year, they said they were visited near the river by the apostles Peter, James and John. Both events took place in unspecified locations near the river's shore in Susquehanna County, Pennsylvania. During the Civil War's 1863 Gettysburg Campaign, the commander of the Department of the Susquehanna, Union Major General Darius N. Couch, resolved that Robert E. Lee's Confederate Army of Northern Virginia would not cross the Susquehanna. He positioned militia units under Maj. Granville Haller to protect key bridges in Harrisburg and Wrightsville, as well as nearby fords.
Confederate forces reached the river at several locations in Cumberland and York counties but were recalled on June 29 when Lee chose to concentrate his army to the west. In 1972 the remnants of Hurricane Agnes stalled over the New York-Pennsylvania border, dropping as much as of rain on the hilly lands. Much of that precipitation was received into the Susquehanna from its western tributaries, and the valley suffered disastrous flooding. Wilkes-Barre, Pennsylvania, was among the hardest-hit communities and the capital Harrisburg was flooded. The Chesapeake Bay received so much fresh water that it altered the ecosystem, killing much of the marine life that depended on saltwater.
The Mid-Atlantic Flood of June 2006, caused by a stalled jet stream-driven storm system, affected portions of the river system. The worst affected area was Binghamton, New York, where record-setting flood levels forced the evacuation of thousands of residents. In September 2011 the Susquehanna River and its communities were hit by Tropical Storm Lee, which caused the worst flooding since Agnes in 1972. Bridges, ferries, canals and dams The Susquehanna River has played an important role in the transportation history of the United States. Prior to the 1818 opening of the Port Deposit Bridge, the river formed a barrier between the northern and southern states, as it could be crossed only by ferry.
The earliest dams were constructed to support ferry operations in low water. The presence of many rapids in the river meant that while commercial traffic could navigate down the river in the high waters of the spring thaws, nothing could move up. The Susquehanna was improved by navigations throughout the 1820s and 1830s as the Pennsylvania Canal. Together with facilities of the Allegheny Portage Railroad, loaded barges were transferred from the canal and hoisted across the mountain ridge into the Pittsburgh area with access to the Monongahela, Allegheny Rivers and their confluence into the Ohio River flowing southwestwards towards the Mississippi River.
The 82-mile Union Canal was completed in 1828 to connect the Schuylkill River (flowing southeast towards the Delaware River at Philadelphia) at Reading westwards to the Susquehanna River above the state capital of Harrisburg. Competition from faster transport via the railroad industry by the 1850s resulted in reducing the reliance on the river for transport. Two different canal systems were constructed on the lower Susquehanna to bypass the rapids. The first was the Susquehanna Canal, also called the Conowingo Canal or the Port Deposit Canal, completed in 1802 by a Maryland company known as the Proprietors of the Susquehanna Canal.
The second was the much longer and more successful Susquehanna and Tidewater Canal. The canals required additional dams to provide sufficient canal water and navigation pools. As the industrial age progressed, bridges replaced ferries, and railroads replaced canals. The railroads were often constructed on top of the canal right-of-way along the river. Many canal remnants can be seen in Havre de Grace, Maryland, along US Route 15 in Pennsylvania, and in upstate New York at various locations. These latter remnants are parts of the upstream divisions of the Pennsylvania Canal, of privately funded canals, and of canals in the New York system.
Today 200 bridges cross the Susquehanna. The Rockville Bridge, which crosses the river from Harrisburg to Marysville, Pennsylvania, was the longest stone masonry arch bridge in the world when it was constructed, a distinction that it continues to hold. It was built by the Pennsylvania Railroad in 1902, replacing an earlier iron bridge. Two seasonal ferries continue to operate across the Susquehanna. The Millersburg Ferry at Millersburg, Pennsylvania is a practical ferry for up to four vehicles and 50 passengers, while the Pride of the Susquehanna], based at Harrisburg, provides a passenger-only pleasure cruise. Most of the canals have been filled in or are partially preserved as a part of historical parks.
Dams generally are used to generate power or to provide lakes for recreation. Environmental threats The environmental group American Rivers named the Susquehanna "America's Most Endangered River for 2005" because of the excessive pollution it receives. Most of the pollution in the river is caused by excess animal manure from farming, agricultural runoff, urban and suburban stormwater runoff, and raw or inadequately treated sewage. In 2003 the river contributed 50% of the freshwater, 44% of the nitrogen, 21% of the phosphorus, and 21% of the sediment flowing into the Chesapeake Bay. It was designated as one of the American Heritage Rivers in 1997.
The designation provides for technical assistance from federal agencies to state and local governments working in the Susquehanna watershed. Another environmental concern is radioactivity released during the 1979 Three Mile Island accident. However, extensive radionuclide studies over a 25-year period from 1979 through 2003, confirm that the Three Mile Island accident has not resulted in any harmful radiation effects. The areas in and along a 262-km length of the Susquehanna River in Pennsylvania were monitored for the presence of radioactive materials. This study began two months after the 1979 Three Mile Island (TMI) partial reactor meltdown; it spanned the next 25 years.
Monitoring points included stations at the PPL Susquehanna and TMI nuclear power plants. Monthly gamma measurements documented concentrations of radionuclides from natural and anthropogenic sources. During this study, various series of gamma-emitting radionuclide concentration measurements were made in many general categories of animals, plants, and other inorganic matter, both within and near the river. Sampling began in 1979 before the first start-up of the PPL Susquehanna power plant. Although all species were not continuously monitored for the entire period, an extensive database was compiled. In 1986, the ongoing measurements detected fallout from the Chernobyl nuclear accident. These data may be used in support of dose or environmental transport calculations.
In 2015, a smallmouth bass with a rare, cancerous tumor was caught from the river, raising renewed concerns about toxic materials and water pollution. The Environmental Protection Agency reported, "we do not have sufficient data at this time to scientifically support listing the main stem of the Susquehanna as impaired." Recreation The Susquehanna River has attracted boaters who watch or fish for its migratory species. Many tourists and local residents use the Susquehanna in the summer for recreation purposes such as kayaking, canoeing, and motor-boating. Due to the high volume of Smallmouth bass in the river, it is the host of numerous bass fishing tournaments each year and is regarded by many as one of the premier bass fishing rivers in North America.
Canoe races are held annually on various sections of the river, such as the amateur race held in Oneonta, New York. Susquehanna rowing and paddling have a long history. Starting in 1874, rowers from Shamokin Dam, Pennsylvania, raced men from Sunbury. The General Clinton Canoe Regatta, a 70-mile flat-water race, takes place each year in Bainbridge, New York, on Memorial Day weekend. Binghamton University Crew and Hiawatha Island Boat Club are also located on the river, in the Southern Tier of New York.
See also References Further reading External links U.S. Geological Survey: PA stream gaging stations Susquehanna River Basin Commission American Rivers article: Susquehanna River "Most Endangered" History of the Susquehanna River Ark Hiawatha Island Boat Club – Owego, NY Binghamton University Crew – Binghamton, NY Category:Rivers of Otsego County, New York Category:Rivers of Pennsylvania Category:Rivers of Maryland Category:Rivers of New York (state) Category:American Heritage Rivers Category:Tributaries of the Chesapeake Bay Category:Environment of the Mid-Atlantic states Category:Allegheny Plateau Category:Rivers of Broome County, New York Category:Rivers of York County, Pennsylvania Category:Rivers of Lancaster County, Pennsylvania Category:Rivers of Dauphin County, Pennsylvania Category:Rivers of Cumberland County, Pennsylvania Category:Rivers of Perry County, Pennsylvania Category:Rivers of Juniata County, Pennsylvania Category:Rivers of Snyder County, Pennsylvania Category:Rivers of Northumberland County, Pennsylvania Category:Rivers of Montour County, Pennsylvania Category:Rivers of Columbia County, Pennsylvania Category:Rivers of Luzerne County, Pennsylvania Category:Rivers of Lackawanna County, Pennsylvania Category:Rivers of Wyoming County, Pennsylvania Category:Rivers of Bradford County, Pennsylvania Category:Rivers of Susquehanna County, Pennsylvania Category:Significant places in Mormonism Category:Latter Day Saint movement in New York (state) Category:Latter Day Saint movement in Pennsylvania
Alfred Wilhelm Volkmann (1 July 1801, Leipzig 21 April 1877, Halle an der Saale) was a German physiologist, anatomist, and philosopher. He specialized in the study of the nervous and optic systems. Biography Alfred Wilhelm Volkmann was born in Leipzig, and enrolled in medicine there in 1821. Together with Gustav Theodor Fechner, who got his degree in medicine in 1822, and Rudolph Hermann Lotze (1817–1881) they formed a small intellectual group which dissolved only in 1837 when Volkmann received his professorship in Dorpat. In 1826 he obtained his doctorate and in 1828 he was habilitated as Privatdozent at the University of Leipzig.
It was there that he became professor extraordinary of zootomy in 1834. In 1837 he went to Dorpat (now Tartu) as professor of physiology, pathology and semiotics. However, his residence in Dorpat was short: he left for Halle as early as 1843. After moving to Halle, Volkmann helped Gustav Theodor Fechner, his brother-in-law (married to Volkmann’s sister Clara Fechner), with many experiments that formed the foundation of the epochal Elemente der Psychophysik. (his daughter Anna Anschütz was later experimental subject for Fechner). In 1854 Volkmann additionally took on the teaching of anatomy, until 1872, when physiology was branched off and given to Julius Bernstein.
Volkmann’s house in Halle was a center of the city’s social life. Among his friends were the painters Wilhelm von Kügelgen, Friedrich Preller and Ludwig Richter, as well as the musicians Robert Franz, and Clara and Robert Schumann. In 1872, after his fiftieth doctoral jubilee he retired completely from his university activities. He died in Halle. Research Today, Volkmann is most remembered for his additions to the physiology of the nervous system and physiological optics. In 1842 he demonstrated that sympathetic nerves were largely made up of medullated fibres arising from sympathetic and spinal ganglia. However, he also delineated and identified numerous features of gross anatomy, including Volkmann's canals.
Probably equally important, however, are his contributions to psychophysics and perception research. Fechner developed his classical psychophysical Method of average error (already in use in astronomy) in co-operation with Volkmann. In his 1864 treatise, Volkmann studied Weber’s law and reported that the threshold for distance discrimination increases with the increase of the reference distance. This was one of the first demonstrations of Weber’s law in the visual domain. Volkmann’s extensive experimental data in that book was the main basis on which Ewald Hering developed his theory of hyperacuity in 1899. Philosophically, Volkmann was an evangelical who opposed materialism and gave a number of speeches against the materialist assumption of identity between the body and mind.
Works Anatomy of Animals (1831–33) The Independence of the Sympathetic System of Nerves (1842) Elasticity of Muscles (1856) Physiological Investigations in the Field of Optics (Physiologische Untersuchungen im Gebiete der Optik) (1863) Family Richard von Volkmann, his son, became a distinguished surgeon. Notes References B.G. Firkin & J.A.Whitworth (1987). Dictionary of Medical Eponyms. Parthenon Publishing. External links Short biography and bibliography in the Virtual Laboratory of the Max Planck Institute for the History of Science Halle University's page (in German) Entry at Whonamedit.com biographical dictionary of medical eponyms Category:1801 births Category:1877 deaths Category:German physiologists Category:People from the Kingdom of Saxony Category:Leipzig University alumni Category:Leipzig University faculty Category:University of Tartu faculty Category:Martin Luther University of Halle-Wittenberg faculty Category:Rectors of the University of Tartu
Superficial epigastric may refer to: Superficial epigastric artery Superficial epigastric vein
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold. There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged.
In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of their GDP. A fixed exchange rate system can also be used to control the behavior of a currency, such as by limiting rates of inflation. However, in doing so, the pegged currency is then controlled by its reference value.
As such, when the reference value rises or falls, it then follows that the value(s) of any currencies pegged to it will also rise and fall in relation to other currencies and commodities with which the pegged currency can be traded. In other words, a pegged currency is dependent on its reference value to dictate how its current worth is defined at any given time. In addition, according to the Mundell–Fleming model, with perfect capital mobility, a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability. In a fixed exchange rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged.
To maintain a desired exchange rate, the central bank during a time of private sector net demand for the foreign currency, sells foreign currency from its reserves and buys back the domestic money. This creates an artificial demand for the domestic money, which increases its exchange rate value. Conversely, in the case of an incipient appreciation of the domestic money, the central bank buys back the foreign money and thus adds domestic money into the market, thereby maintaining market equilibrium at the intended fixed value of the exchange rate. In the 21st century, the currencies associated with large economies typically do not fix (peg) their exchange rates to other currencies.
The last large economy to use a fixed exchange rate system was the People's Republic of China, which, in July 2005, adopted a slightly more flexible exchange rate system, called a managed exchange rate. The European Exchange Rate Mechanism is also used on a temporary basis to establish a final conversion rate against the euro from the local currencies of countries joining the Eurozone. History The gold standard or gold exchange standard of fixed exchange rates prevailed from about 1870 to 1914, before which many countries followed bimetallism. The period between the two world wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II.
It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs and infrastructure loans. The early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Chronology Timeline of the fixed exchange rate system: Gold standard The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852 and Canada in 1853. Under this system, the external value of all currencies was denominated in terms of gold with central banks ready to buy and sell unlimited quantities of gold at the fixed price.
Each central bank maintained gold reserves as their official reserve asset. For example, during the "classical" gold standard period (1879–1914), the U.S. dollar was defined as 0.048 troy oz. of pure gold. Bretton Woods system Following the Second World War, the Bretton Woods system (1944–1973) replaced gold with the U.S. dollar as the official reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund (IMF). The rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development.
The system was a monetary order intended to govern currency relations among sovereign states, with the 44 member countries required to establish a parity of their national currencies in terms of the U.S. dollar and to maintain exchange rates within 1% of parity (a "band") by intervening in their foreign exchange markets (that is, buying or selling foreign money). The U.S. dollar was the only currency strong enough to meet the rising demands for international currency transactions, and so the United States agreed both to link the dollar to gold at the rate of $35 per ounce of gold and to convert dollars into gold at that price.
Due to concerns about America's rapidly deteriorating payments situation and massive flight of liquid capital from the U.S., President Richard Nixon suspended the convertibility of the dollar into gold on 15 August 1971. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the dollar price of gold from US$35.50 to US$38 an ounce. Speculation against the dollar in March 1973 led to the birth of the independent float, thus effectively terminating the Bretton Woods system. Current monetary regimes Since March 1973, the floating exchange rate has been followed and formally recognized by the Jamaica accord of 1978.
Countries use foreign exchange reserves to intervene in foreign exchange markets to balance short-run fluctuations in exchange rates. The prevailing exchange rate regime is often considered a revival of Bretton Woods policies, namely Bretton Woods II. Mechanisms Open market trading Typically, a government wanting to maintain a fixed exchange rate does so by either buying or selling its own currency on the open market. This is one reason governments maintain reserves of foreign currencies. If the exchange rate drifts too far above the fixed benchmark rate (it is stronger than required), the government sells its own currency (which increases Supply) and buys foreign currency.
This causes the price of the currency to decrease in value (Read: Classical Demand-Supply diagrams). Also, if they buy the currency it is pegged to, then the price of that currency will increase, causing the relative value of the currencies to be closer to the intended relative value (unless it overshoots....) If the exchange rate drifts too far below the desired rate, the government buys its own currency in the market by selling its reserves. This places greater demand on the market and causes the local currency to become stronger, hopefully back to its intended value. The reserves they sell may be the currency it is pegged to, in which case the value of that currency will fall.
Fiat Another, less used means of maintaining a fixed exchange rate is by simply making it illegal to trade currency at any other rate. This is difficult to enforce and often leads to a black market in foreign currency. Nonetheless, some countries are highly successful at using this method due to government monopolies over all money conversion. This was the method employed by the Chinese government to maintain a currency peg or tightly banded float against the US dollar. China buys an average of one billion US dollars a day to maintain the currency peg. Throughout the 1990s, China was highly successful at maintaining a currency peg using a government monopoly over all currency conversion between the yuan and other currencies.
Open market mechanism example Under this system, the central bank first announces a fixed exchange-rate for the currency and then agrees to buy and sell the domestic currency at this value. The market equilibrium exchange rate is the rate at which supply and demand will be equal, i.e., markets will clear. In a flexible exchange rate system, this is the spot rate. In a fixed exchange-rate system, the pre-announced rate may not coincide with the market equilibrium exchange rate. The foreign central banks maintain reserves of foreign currencies and gold which they can sell in order to intervene in the foreign exchange market to make up the excess demand or take up the excess supply The demand for foreign exchange is derived from the domestic demand for foreign goods, services, and financial assets.
The supply of foreign exchange is similarly derived from the foreign demand for goods, services, and financial assets coming from the home country. Fixed exchange-rates are not permitted to fluctuate freely or respond to daily changes in demand and supply. The government fixes the exchange value of the currency. For example, the European Central Bank (ECB) may fix its exchange rate at €1 = $1 (assuming that the euro follows the fixed exchange-rate). This is the central value or par value of the euro. Upper and lower limits for the movement of the currency are imposed, beyond which variations in the exchange rate are not permitted.
The "band" or "spread" in Fig.1 is €0.6 (from €1.2 to €1.8). Excess demand for dollars Fig.2 describes the excess demand for dollars. This is a situation where domestic demand for foreign goods, services, and financial assets exceeds the foreign demand for goods, services, and financial assets from the European Union. If the demand for dollar rises from DD to D'D', excess demand is created to the extent of cd. The ECB will sell cd dollars in exchange for euros to maintain the limit within the band. Under a floating exchange rate system, equilibrium would have been achieved at e. When the ECB sells dollars in this manner, its official dollar reserves decline and domestic money supply shrinks.
To prevent this, the ECB may purchase government bonds and thus meet the shortfall in money supply. This is called sterilized intervention in the foreign exchange market. When the ECB starts running out of reserves, it may also devalue the euro in order to reduce the excess demand for dollars, i.e., narrow the gap between the equilibrium and fixed rates. Excess supply of dollars Fig.3 describes the excess supply of dollars. This is a situation where the foreign demand for goods, services, and financial assets from the European Union exceeds the European demand for foreign goods, services, and financial assets.
If the supply of dollars rises from SS to S'S', excess supply is created to the extent of ab. The ECB will buy ab dollars in exchange for euros to maintain the limit within the band. Under a floating exchange rate system, equilibrium would again have been achieved at e. When the ECB buys dollars in this manner, its official dollar reserves increase and domestic money supply expands, which may lead to inflation. To prevent this, the ECB may sell government bonds and thus counter the rise in money supply. When the ECB starts accumulating excess reserves, it may also revalue the euro in order to reduce the excess supply of dollars, i.e., narrow the gap between the equilibrium and fixed rates.
This is the opposite of devaluation. Types of fixed exchange rate systems The gold standard Under the gold standard, a country’s government declares that it will exchange its currency for a certain weight in gold. In a pure gold standard, a country’s government declares that it will freely exchange currency for actual gold at the designated exchange rate. This "rule of exchange” allows anyone to enter the central bank and exchange coins or currency for pure gold or vice versa. The gold standard works on the assumption that there are no restrictions on capital movements or export of gold by private citizens across countries.
Because the central bank must always be prepared to give out gold in exchange for coin and currency upon demand, it must maintain gold reserves. Thus, this system ensures that the exchange rate between currencies remains fixed. For example, under this standard, a £1 gold coin in the United Kingdom contained 113.0016 grains of pure gold, while a $1 gold coin in the United States contained 23.22 grains. The mint parity or the exchange rate was thus: R = $/£ = 113.0016/23.22 = 4.87. The main argument in favor of the gold standard is that it ties the world price level to the world supply of gold, thus preventing inflation unless there is a gold discovery (a gold rush, for example).
Price specie flow mechanism The automatic adjustment mechanism under the gold standard is the price specie flow mechanism, which operates so as to correct any balance of payments disequilibrium and adjust to shocks or changes. This mechanism was originally introduced by Richard Cantillon and later discussed by David Hume in 1752 to refute the mercantilist doctrines and emphasize that nations could not continuously accumulate gold by exporting more than their imports.
The assumptions of this mechanism are: Prices are flexible All transactions take place in gold There is a fixed supply of gold in the world Gold coins are minted at a fixed parity in each country There are no banks and no capital flows Adjustment under a gold standard involves the flow of gold between countries resulting in equalization of prices satisfying purchasing power parity, and/or equalization of rates of return on assets satisfying interest rate parity at the current fixed exchange rate. Under the gold standard, each country's money supply consisted of either gold or paper currency backed by gold.
Money supply would hence fall in the deficit nation and rise in the surplus nation. Consequently, internal prices would fall in the deficit nation and rise in the surplus nation, making the exports of the deficit nation more competitive than those of the surplus nations. The deficit nation's exports would be encouraged and the imports would be discouraged till the deficit in the balance of payments was eliminated. In brief: Deficit nation: Lower money supply → Lower internal prices → More exports, less imports → Elimination of deficit Surplus nation: Higher money supply → Higher internal prices → Less exports, more imports → Elimination of surplusReserve currency standard In a reserve currency system, the currency of another country performs the functions that gold has in a gold standard.
A country fixes its own currency value to a unit of another country’s currency, generally a currency that is prominently used in international transactions or is the currency of a major trading partner. For example, suppose India decided to fix its currency to the dollar at the exchange rate E₹/$ = 45.0. To maintain this fixed exchange rate, the Reserve Bank of India would need to hold dollars on reserve and stand ready to exchange rupees for dollars (or dollars for rupees) on demand at the specified exchange rate. In the gold standard the central bank held gold to exchange for its own currency, with a reserve currency standard it must hold a stock of the reserve currency.
Currency board arrangements are the most widespread means of fixed exchange rates. Under this, a nation rigidly pegs its currency to a foreign currency, special drawing rights (SDR) or a basket of currencies. The central bank's role in the country's monetary policy is therefore minimal as its money supply is equal to its foreign reserves. Currency boards are considered hard pegs as they allow central banks to cope with shocks to money demand without running out of reserves (11). CBAs have been operational in many nations including: Hong Kong (since 1983); Argentina (1991 to 2001); Estonia (1992 to 2010); Lithuania (1994 to 2014); Bosnia and Herzegovina (since 1997); Bulgaria (since 1997); Bermuda (since 1972); Denmark (since 1945); Brunei (since 1967) Gold exchange standard The fixed exchange rate system set up after World War II was a gold-exchange standard, as was the system that prevailed between 1920 and the early 1930s.
A gold exchange standard is a mixture of a reserve currency standard and a gold standard. Its characteristics are as follows: All non-reserve countries agree to fix their exchange rates to the chosen reserve at some announced rate and hold a stock of reserve currency assets. The reserve currency country fixes its currency value to a fixed weight in gold and agrees to exchange on demand its own currency for gold with other central banks within the system, upon demand. Unlike the gold standard, the central bank of the reserve country does not exchange gold for currency with the general public, only with other central banks.
Hybrid exchange rate systems The current state of foreign exchange markets does not allow for the rigid system of fixed exchange rates. At the same time, freely floating exchange rates expose a country to volatility in exchange rates. Hybrid exchange rate systems have evolved in order to combine the characteristics features of fixed and flexible exchange rate systems. They allow fluctuation of the exchange rates without completely exposing the currency to the flexibility of a free float. Basket-of-currencies Countries often have several important trading partners or are apprehensive of a particular currency being too volatile over an extended period of time.
They can thus choose to peg their currency to a weighted average of several currencies (also known as a currency basket) . For example, a composite currency may be created consisting of 100 Indian rupees, 100 Japanese yen and one Singapore dollar. The country creating this composite would then need to maintain reserves in one or more of these currencies to intervene in the foreign exchange market. A popular and widely used composite currency is the SDR, which is a composite currency created by the International Monetary Fund (IMF), consisting of a fixed quantity of U.S. dollars, Chinese yuan, euros, Japanese yen, and British pounds.
Crawling pegs In a crawling peg system a country fixes its exchange rate to another currency or basket of currencies. This fixed rate is changed from time to time at periodic intervals with a view to eliminating exchange rate volatility to some extent without imposing the constraint of a fixed rate. Crawling pegs are adjusted gradually, thus avoiding the need for interventions by the central bank (though it may still choose to do so in order to maintain the fixed rate in the event of excessive fluctuations). Pegged within a band A currency is said to be pegged within a band when the central bank specifies a central exchange rate with reference to a single currency, a cooperative arrangement, or a currency composite.
It also specifies a percentage allowable deviation on both sides of this central rate. Depending on the band width, the central bank has discretion in carrying out its monetary policy. The band itself may be a crawling one, which implies that the central rate is adjusted periodically. Bands may be symmetrically maintained around a crawling central parity (with the band moving in the same direction as this parity does). Alternatively, the band may be allowed to widen gradually without any pre-announced central rate. Currency boards A currency board (also known as 'linked exchange rate system") effectively replaces the central bank through a legislation to fix the currency to that of another country.
The domestic currency remains perpetually exchangeable for the reserve currency at the fixed exchange rate. As the anchor currency is now the basis for movements of the domestic currency, the interest rates and inflation in the domestic economy would be greatly influenced by those of the foreign economy to which the domestic currency is tied. The currency board needs to ensure the maintenance of adequate reserves of the anchor currency. It is a step away from officially adopting the anchor currency (termed as currency substitution). Currency substitution This is the most extreme and rigid manner of fixing exchange rates as it entails adopting the currency of another country in place of its own.
The most prominent example is the eurozone, where 19 European Union (EU) member states have adopted the euro (€) as their common currency (euroization). Their exchange rates are effectively fixed to each other. There are similar examples of countries adopting the U.S. dollar as their domestic currency (dollarization): British Virgin Islands, Caribbean Netherlands, East Timor, Ecuador, El Salvador, Marshall Islands, Federated States of Micronesia, Palau, Panama, Turks and Caicos Islands and Zimbabwe. (See ISO 4217 for a complete list of territories by currency.) Monetary co-operation Monetary co-operation is the mechanism in which two or more monetary policies or exchange rates are linked, and can happen at regional or international level.
The monetary co-operation does not necessarily need to be a voluntary arrangement between two countries, as it is also possible for a country to link its currency to another countries currency without the consent of the other country. Various forms of monetary co-operations exist, which range from fixed parity systems to monetary unions. Also, numerous institutions have been established to enforce monetary co-operation and to stabilise exchange rates, including the European Monetary Cooperation Fund (EMCF) in 1973 and the International Monetary Fund (IMF) Monetary co-operation is closely related to economic integration, and are often considered to be reinforcing processes. However, economic integration is an economic arrangement between different regions, marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies, whereas monetary co-operation is focussed on currency linkages.
A monetary union is considered to be the crowning step of a process of monetary co-operation and economic integration. In the form of monetary co-operation where two or more countries engage in a mutually beneficial exchange, capital among the countries involved is free to move, in contrast to capital controls. Monetary co-operation is considered to promote balanced economic growth and monetary stability, but can also work counter-effectively if the member countries have (strongly) differing levels of economic development. Especially European and Asian countries have a history of monetary and exchange rate co-operation, however the European monetary co-operation and economic integration eventually resulted in a European monetary union.
Example: The Snake In 1973, the currencies of the European Economic Community countries, Belgium, France, Germany, Italy, Luxemburg and the Netherlands, participated in an arrangement called the Snake. This arrangement is categorized as exchange rate co-operation. During the next 6 years, this agreement allowed the currencies of the participating countries to fluctuate within a band of plus or minus 2¼% around pre-announced central rates. Later, in 1979, the European Monetary System (EMS) was founded, with the participating countries in ‘the Snake’ being founding members. The EMS evolves over the next decade and even results into a truly fixed exchange rate at the start of the 1990s.
Around this time, in 1990, the EU introduced the Economic and Monetary Union (EMU), as an umbrella term for the group of policies aimed at converging the economies of member states of the European Union over three phases Example: The baht-U.S. dollar co-operation In 1963, the Thai government established the Exchange Equalization Fund (EEF) with the purpose of playing a role in stabilizing exchange rate movements. It linked to the U.S. dollar by fixing the amount of gram of gold per baht as well as the baht per U.S. dollar. Over the course of the next 15 years, the Thai government decided to depreciate the baht in terms of gold three times, yet maintain the parity of the baht against the U.S. dollar.
Due to the introduction of a new generalized floating exchange rate system by the International Monetary Fund (IMF) that stretched a smaller role of gold in the international monetary system in 1978, this fixed parity system as a monetary co-operation policy was terminated. The Thai government amended its monetary policies to be more in line with the new IMF policy.