Financial crises and the balance of power in international finance, 1890–2010

Has the centre of gravity of international finance irreversibly started to shift from the Atlantic to the Pacific since the financial debacle of 2007-2008? This article discusses this highly topical question in a historical perspective, by considering previous changes in the balance of power in international finance and the role played by global financial in these changes. Particular attention is paid to the Baring Crisis of 1890, the American Panic of 1907, the financial crisis of July -August 1914, the banking crises of the Great Depression of the 1930s, the financial instability of the early 1970s and the ensuing banking failures, the International Debt Crisis of 1982, and the Japanese Banking Crisis of 1997-8. The article concludes that financial crisis, perhaps surprisingly, did not lead to clear changes in the balance of power in international finance; and that the financial debacle of 2007-8 is unlikely, in the medium-term, to fundamentally alter the current order.     

Pyrite–sulfosalt reactions and semimetal fractionation in the Chinkuashih,Taiwan, copper–gold deposit: a 1 Ma paleo‐fumarole

The mineralized fracture system that underlay paleo‐fumarole field at Chinkuashih, Taiwan has been exposed by copper–gold mining to depths of about 550 m below the paleo‐surface. Its mineralogy and systematic variations in metal and semimetal (Fe, Cu, As, Sb, Bi, Hg, Cd, Sn, Zn, Pb, Se, Te, Au, Ag) concentrations provide insights into the chemical responses of a magmatic‐vapor phase as it expands through fracture arrays to the surface and discharges as fumaroles associated with more extensive solfatara. At Chinkuashih, following initial sealing of the fractures by silica‐alunite alteration, brittle failure reestablished discharge from an underlying reservoir of magmatic vapor. Crystalline pyrite was deposited first in the fractures and was succeeded and replaced by ‘enargite’ (Cu₃(As,Sb)S₄) as sulfosalt encrustations (‘sublimate’) on fracture surfaces and in extensional cracks. Subsequent recrystallization resulted in complex exsolution intergrowths with antimony fractionation to the evolving crystal–vapor interface. Heavy metal fractionation between sulfosalt and vapor enriched the vapor phase in heavy metals that subsequently precipitated as complex Bi–Hg–Sn sulfosalts in discrete areas (paleo‐fumaroles) close to the paleo‐surface in a manner analogous to modern‐day fumaroles on active volcanoes such as Vulcano, Italy. As in similar paleo‐fumaroles (e.g., El Indio, Chile and Lepanto, Philippines), the most characteristic reaction sequence is the partial replacement of the early pyrite by enargite and Fe‐tennantite. It is proposed that this reaction tracks the decrease in the pressure of the underlying magmatic‐vapor reservoir because of the sustained discharge of vapor to the surface.     

The Russian Stabilization Fund and Its Successor: Implications for Inflation

A senior Japanese specialist on Russia's economy and its oil- and gas-producing sectors analyzes the functions and performance of the Stabilization Fund of the Russian Federation and the new system replacing it in 2008. The Fund, created to diminish the effects of possible future decreases in oil prices on federal budget revenues and to absorb excess liquidity in the economy, was expected to exert a major curb on inflation. The author investigates the extent to which the latter, inflation-fighting role of the Fund has been fulfilled, given increases in the country's money supply and in state-regulated prices within the natural monopolies. Journal of Economic Literature, Classification Numbers: E50, E62, H20, H60. 4 figures, 5 tables, 25 references.     

Abstracts

ABSTRACT

The celestial universe and the mode of action of YHWH are sometimes depicted by metallurgy. This figuration is generally understood as a picturesque representation devoid of theological significance, introduced only for describing the infinite powers of the god of Israel using the extreme physical conditions characterizing metallurgy. This explanation is however contested by: (i) the many allusions to metallurgy encountered in Biblical theology, (ii) the detailed mention, in the divine context, of all the stages of metal production: mining, ore roasting, smelting, metal purification and even of furnace re-melting, (iii) the representation of the firmament and the earth as two giant pieces of metal, (iv) the vision of the holy domain of YHWH as a giant celestial furnace. These features attest the existence of a substantial metallurgical component in Biblical theology. Furthermore, the strong bias towards copper metallurgy suggests that these representations were anchored in Bronze Age metallurgical traditions. It is concluded that Israelite theology encompasses an important metallurgical component inherited from the pre-Israelite cult of YHWH.     

A Late Bronze Age Shipwreck with a Metal Cargo from Hishuley Carmel,Israel

A 13th‐century‐BC shipwreck site, Hishuley Carmel, is described and discussed. It provides direct evidence for marine transport of copper and tin along the Israeli coast and may indicate inland and maritime trade‐routes of metals in the Mediterranean. The shipwreck represents a supply‐system providing the demand for bronze in the Levant. Trace‐elements and lead‐isotope analysis suggest that the copper came from Cyprus, similarly to bun and oxhide ingots from Uluburun. The source of the tin cannot yet be ascertained. The medium‐size ship was probably grounded and wrecked during a storm. Some of the cargo may have been salvaged in Antiquity. © 2012 The Authors     

炉渣分析揭示古代炼铜技术

对古代炼铜工艺、熔炼过程及其炉渣进行了分类,建立了以铜和硫的赋存状态与相对含量（Cu／S）鉴别炉渣种类,进而结合其它遗迹遗物来揭示古代炼铜技术的研究方法。     

Archaeometallurgical Investigations in Nakhchivan,Azerbaijan: What Does the Evidence from Late Chalcolithic Ovçular Tepesi Tell Us about the Beginning of Extractive Metallurgy?

The Late Chalcolithic (4400–3950 b.c.) occupation levels from Ovçular Tepesi have yielded a significant assemblage of copper objects and remains of copper production. Together with ore finds, two fragments of nozzle, crucible remains, and a number of small metal artifacts, this assemblage includes the unexpected discovery of three copper axes in an infant burial jar. These axes are the earliest examples of large copper tools known to date in southwestern Asia, whether it is in the Caucasus, Iran, or the Anatolian highlands. More importantly, the fact that these objects were locally produced suggests that significant metallurgical activities were being carried out at Ovçular as early as the second half of the 5th millennium b.c. After presenting the evidence from Ovçular Tepesi, this paper will proceed to a reassessment of the available archaeological and geochemical data concerning the emergence of extractive metallurgy in the southern Caucasus.     

A Hellenistic/Early Roman Shipwreck Assemblage off Ashkelon, Israel

Underwater surveys at Ashkelon during 1998 exposed a Hellenistic/Roman shipwreck. The ship, c .15–25 m long, sank in the 1st or 2nd century BC, and its remains include iron anchors, lead sheathing, copper nails, assorted metal artefacts, and shipwright's unused nails. Bronze vessels found—oil-lamp, shovel and ladles—could have functioned in cult rites. Weights and balance-scale parts demonstrate commercial activity. Fishing-net sinkers indicate involvement in fishing. This paper raises important points regarding the risk to shipwrecks on the Israeli coast from environmental and human interference, and suggests that Ashkelon never had a built-up port.
© 2009 The Authors     

Lead isotope and chemical signature of copper from Oman and its occurrence in Mesopotamia and sites on the Arabian Gulf coast

Lead isotope data, together with an evaluation of previously published results for the chemical composition of Omani ores and copper‐base artefacts are used to define a material signature of Omani copper. Absent from our group of Bronze Age metal (Umm an Nar and Wadi Suq periods) are the signature of ores from Masirah Island and also from the vast deposits in north Oman inland from Suhar. Contemporaneous copper from Bahrain and from Tell Abraq on the Gulf coast is consistent in its material signature with Omani copper; a derivation from Omani ores of this copper is highly likely. A few exceptions at Tell Abraq point to Faynan/Timna in the southern Levant as a possible source region. Among Mesopotamian artefacts the signature of Omani copper is encountered during all cultural periods from Uruk at the end of the fourth millennium BC to Akkadian 1000 years later. Oman/Magan appears to have been particularly important during Early Dynastic III and Akkadian when about half of the copper in circulation bears the Omani signature.