Exchange-rate economics for the resources sector

The paper provides an account of aspects of exchange-rate economics that are of particular relevance to the resources sector. The issues discussed include exchange-rate volatility and the risk management practices used to deal with it, the role of productivity differences across countries, and the impact of a booming resources sector on the country's exchange rate. The discussion is organized around a simple stylized model that emphasizes the quantity theory of money and purchasing power parity as a long-run link between prices and exchange rates.     

Commodity currencies and currency commodities

There is a large literature on the influence of commodity prices on the currencies of countries with a large commodity-based export sector, such as Australia, New Zealand, and Canada (“commodity currencies”). There is also the idea that because of pricing power, the value of currencies of certain commodity-producing countries affects commodity prices, such as metals, energy, and agricultural-based products (“currency commodities”). This paper merges these two strands of the literature to analyze the simultaneous workings of commodity and currency markets. We implement the approach by using the Kalman filter to estimate jointly the determinants of the prices of these currencies and commodities. Included in the specification is an allowance for spillovers between the two asset types. The methodology is able to determine the extent that currencies are indeed driven by commodities, or that commodities are driven by currencies, over the period 1975–2005.     

Relationship between blood concentrations of heavy metals and cytogenetic and endocrine parameters among subjects involved in cleaning coastal areas affected by the 'Prestige' tanker oil spill

The sinking of the 'Prestige' oil tanker in front of the Galician coast (NW of Spain) in November 2002 offered a unique opportunity to analyze intermediate cytogenetic and endocrine effects among people exposed to the complex mixture of substances that oil constitutes, including several toxic heavy metals. In this work we evaluated the relationship between exposure to heavy metals (blood concentrations of aluminium, cadmium, nickel, lead and zinc) and genotoxic parameters (sister chromatid exchanges, micronucleus test and comet assay) or endocrine parameters (plasmatic concentrations of prolactin and cortisol) in subjects exposed to 'Prestige' oil during cleaning tasks developed after the spillage. Concentrations of lead were significantly related to the comet assay even after adjusting by age, sex and smoking. Cortisol concentrations were significantly influenced by aluminium, nickel (both, inversely) and cadmium (positively). Women had clearly higher concentrations of prolactin and cortisol, even when adjusting by age, smoking, cadmium, aluminium or nickel. Plasmatic cortisol was jointly influenced by gender, smoking and aluminium or nickel (all p<0.05). In women there was a strong relationship between concentrations of cadmium and prolactin (beta=0.37, p=0.031). When the effects of cadmium, aluminium and nickel on cortisol were simultaneously assessed, only the latter two metals remained statistically significant. Among parameters analysed, cortisol appeared to be the most sensitive to the effects of metal exposure. Plasma levels of cortisol deserve further evaluation as a potentially relevant biomarker to assess the effects of exposure to heavy metals.     

PAH desorption from river floodplain soils using supercritical fluid extraction

Sequential supercritical fluid extraction (SFE) was performed in order to estimate desorption of PAHs from river floodplain soils which contain coal and coal-derived particles. Original soils, soils' light fractions (ρ < 2 g cm⁻³), and <63 μm fractions were studied for PAHs' desorption kinetics. Desorption data were successfully described using a two-site model. Desorption rate constants were one order of magnitude lower than those of “slow” and “very slow” desorption rates from other studies. This suggests very slow and extremely slow desorption. Estimated time scales releasing 99% of total extractable contaminants ranged from decades for 2-4-ring PAHs and hundreds of years for 5-6-ring PAHs. We demonstrate that, despite high soil PAH concentrations which are due to coal and coal-derived particles, the general environmental risk is reduced by the very slow and extremely slow desorption rates.     

Canada's Ecological Monitoring and Assessment Network: Where we are at and Where we are Going

Canada has established a National Ecological Monitoring and Assessment Network (EMAN). The Network's operating objective is to understand what changes are occurring in the ecosystems and why. Each site is designed to have long-term multidisciplinary monitoring programs in place with supporting research and manipulation experiments. About 85 sites have been incorporated into the network. A Directory of EMAN Sites is available and a list of the Goals, Objectives and Deliverables (GODs) for many sites is also available. Information can be obtained on the EMAN's website at http://www.cciw.ca/eman/. The network is operated in conjunction with a program of developing national environmental indicators, with increasing emphasis on indicators of sustainable development. A series of environmental assessments are being produced that are issue and/or area focused. The assessment are designed as support for policy decisions. The national coordinating office supports the overall program of data gathering, reporting environmental indicators and produce assessments.     

Reducing hazard vulnerability: towards a common approach between disaster risk reduction and climate adaptation

Over the past few decades, four distinct and largely independent research and policy communities--disaster risk reduction, climate change adaptation, environmental management and poverty reduction--have been actively engaged in reducing socio-economic vulnerability to natural hazards. However, despite the significant efforts of these communities, the vulnerability of many individuals and communities to natural hazards continues to increase considerably. In particular, it is hydro-meteorological hazards that affect an increasing number of people and cause increasingly large economic losses. Arising from the realisation that these four communities have been largely working in isolation and enjoyed only limited success in reducing vulnerability, there is an emerging perceived need to strengthen significantly collaboration and to facilitate learning and information exchange between them. This article examines key communalities and differences between the climate change adaptation and disaster risk reduction communities, and proposes three exercises that would help to structure a multi-community dialogue and learning process.     

Contaminants evaluation of Marais des Cygnes National Wildlife Refuge in Kansas and Missouri,USA

At the new Marais des Cygnes National Wildlife Refuge in Linn County, Kansas, and Bates County, Missouri, USA, we evaluated long-lived contaminants before acquisition of the land for the refuge. We sampled sediments at 16 locations and fish at seven locations. The samples were analyzed for metals and for chlorinated hydrocarbon compounds. Selected sediment samples also were analyzed for aliphatic hydrocarbons. Arsenic concentrations in sediment samples from six locations were elevated compared to US norms, but arsenic was not detected in any fish composite. Mercury concentrations in largemouth bass from two locations were comparable to the 85th percentile concentrations in nationwide fish collections. Most sediment concentrations of other metals were unlikely to have detrimental effects on biota. No chlorinated hydrocarbons were detected in any sediment sample. Chlordane compound concentrations in fish composites from two sites at the eastern end of the sampling area were 0.127 and 0.228 μg/g wet weight, respectively, which are high enough to cause concern. Most aliphatic hydrocarbons detected were found at low concentrations and probably were natural in origin. We concluded that there are no serious contaminants concerns within the project area, but past use of arsenical pesticides may mean a legacy of elevated soil arsenic levels in parts of the area and some use of banned pesticides such as chlordane and DDT likely is still occurring near the refuge.     

Characterization of hydrocarbon pollutant burdens in petrochemical and refinery process streams

This paper describes techniques which provide for both qualitative and quantitative identification of major components in a process stream. The techniques and instrumentation have been deliberately chosen so as to be within the technical and financial reach of all but the smallecompany laboratory. The sample preparation steps consist of an initial series of extractions which isolate compounds into organic acid, base, and neutral compounds and a totally water soluble phase. Each fraction is then concentrated and subjected to thin-layer chromatography, gas chromatography, infrared spectroscopy or ultraviolet spectroscopy as appropriate. Results are given for laboratory samples, one a mixture of aniline, phenol, benzoic acid, m-nitrobenzaldehyde, 1-butanol, 2-hexanone, nonane, and cyclohexane, and the other a mixture of benzene, ethylbenzene, and styrene. Also, a qualitative analysis of a petroleum refinery desalter water is presented.