CNES - the way forward

Article Abstract:

CNES, the French space centre, believes that the state can still play a key role in supporting large capital investments and in ensuring that the national interest is represented when international space issues are under consideration. However, the new strategy which it is adopting also places considerable emphasis on new relations with its partners. It is determined to demonstrate that the ways in which it is involved in the space sector are completely appropriate in relation to its three main responsibilities. These are implementing French space policy, developing space activities and encouraging research.

France, Science and technology policy, Astronautics and state, Space policy

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Re-indexing the Heath, Jarrow, and Morton term structure model and empirical evidence of forward function following a martingale

Article Abstract:

The term structure model of Heath, Jarrow, and Morton has been simplified by re-indexing the forward rates in the relative maturity term rather than the calendar maturity rates. The re-index model can be a Markov and the entire forward function can be a martingale because it allows the introduction of state variables since its initial forward function coincides with an extended curve-fitting model. The model has been applied to fit the U.S. treasury security data from 1975 to 1991.

Models, Analysis, Interest rates, Treasury market

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One step forward

Article Abstract:

The devastating terrorist attacks on the US have come at a time when many areas of the world seem to be making progress away from the Cold War era. The causes of terrorism include US politicians' failure to acknowledge the very real grievances of Palestinians.

United States, Terrorism, Bombings

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