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A New Test of International Financial Integration with Application to the European Union
Holmes, Makr J.,Pentecost, Eric J. 세종대학교 국제경제연구소 1999 Journal of Economic Integration Vol.14 No.1
In this paper we test for financial integration among the major European Union countries using a new test, due to Snell[1996],which allows us to confirm or reject covered interest rate parity. Indeed, we offer a new distinction between strong or weak financial integration depending on whether or not the first largest principal component based on deviations from covered interest parity is stationary. Despite the turbulence in the ERM during the early 1990s,we find evidence of increased financial inter-dependence of on shore domestic interest rates implying that European monetary polices are in general converging.
Gust durations, gust factors and gust response factors in wind codes and standards
Holmes, John D.,Allsop, Andrew C.,Ginger, John D. Techno-Press 2014 Wind and Structures, An International Journal (WAS Vol.19 No.3
This paper discusses the appropriate duration for basic gust wind speeds in wind loading codes and standards, and in wind engineering generally. Although various proposed definitions are discussed, the 'moving average' gust duration has been widely accepted internationally. The commonly-specified gust duration of 3-seconds, however, is shown to have a significant effect on the high-frequency end of the spectrum of turbulence, and may not be ideally suited for wind engineering purposes. The effective gust durations measured by commonly-used anemometer types are discussed; these are typically considerably shorter than the 'standard' duration of 3 seconds. Using stationary random process theory, the paper gives expected peak factors, $g_u$, as a function of the non-dimensional parameter ($T/{\tau}$), where T is the sample, or reference, time, and ${\tau}$ is the gust duration, and a non-dimensional mean wind speed, $\bar{U}.T/L_u$, where $\bar{U}$ is a mean wind speed, and $L_u$ is the integral length scale of turbulence. The commonly-used Durst relationship, relating gusts of various durations, is shown to correspond to a particular value of turbulence intensity $I_u$, of 16.5%, and is therefore applicable to particular terrain and height situations, and hence should not be applied universally. The effective frontal areas associated with peak gusts of various durations are discussed; this indicates that a gust of 3 seconds has an equivalent frontal area equal to that of a tall building. Finally a generalized gust response factor format, accounting for fluctuating and resonant along-wind loading of structures, applicable to any code is presented.
Convergence in International Output : Evidence from Panel Data Unit Root Tests
Holmes, Mark J. 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.4
This paper investigates international output convergence using methods of panel data unit root testing advocated by Im et al.(1997) and Breuer et al.(1999). Using quarterly data for a sample of OECD economies for the period 1960-98 on GDP differentials, the evidence suggests that power deficiency may be an issue where univariate ADF unit root tests find against convergence with respect to the US or Germany. However, while the Im et al. t-bar test offers strong evidence in favor of convergence, the Breuer et al. SURADF test suggest that this finding may in fact be driven by the rejection of non-stationarity in a small number of cases.
Windborne debris and damage risk models: a review
Holmes, J.D. Techno-Press 2010 Wind and Structures, An International Journal (WAS Vol.13 No.2
This review paper discusses research from the last few years relating to windborne debris risk models and the essential elements of engineering damage prediction models. Generic types of windborne debris are discussed. The results of studies of debris trajectories that are relevant to damage models are described - in particular the horizontal component of debris velocity as a function of distance travelled. The merits of impact momentum versus impact kinetic energy as a relevant parameter for predicting damage are considered, and how published data from generic cannon Impact tests can be used in risk models. The quantitative variation of debris impact damage with wind speed is also discussed. Finally the main elements of previously-proposed debris damage models are described.
International high-frequency base balance benchmark study
Holmes, John D.,Tse, Tim K.T. Techno-Press 2014 Wind and Structures, An International Journal (WAS Vol.18 No.4
A summary of the main results from an international comparative study for the high-frequency base balance is given. Two buildings were specified - a 'basic' and an 'advanced' building. The latter had more complex dynamic response with coupled modes of vibration. The predicted base moments generally showed good agreement amongst the participating groups, but less good agreement was found for the roof accelerations which are dominated by the resonant response, and subject to measurement errors for the generalized force spectra, to varying mode shape correction techniques, and different methods used for combining acceleration components.
A forensic study of the Lubbock-Reese downdraft of 2002
Holmes, J.D.,Hangan, H.M.,Schroeder, J.L.,Letchford, C.W.,Orwig, K.D. Techno-Press 2008 Wind and Structures, An International Journal (WAS Vol.11 No.2
This paper discusses engineering aspects of the rear-flank downdraft that was recorded near Lubbock, Texas on 4 June 2002, and produced a gust wind speed nearly equal to the design value (50-year return period) for the region. The general characteristics of the storm, and the decomposition of the time histories into deterministic 'running mean' and random turbulence components are discussed. The fluctuating wind speeds generated by the event can be represented as a dominant low-frequency 'running mean' with superimposed random turbulence of higher frequencies. Spectral and correlation characteristics of the residual turbulence are found to be similar to those of high-frequency turbulence in boundary-layer winds. However, the low-frequency components in the running-mean wind speeds are spatially homogeneous, in contrast to the low-frequency turbulence found in synoptic boundary-layer winds. With respect to transmission line design, this results in significantly higher 'span reduction factors'.