In sickness and in debt: The COVID-19 impact on sovereign credit risk.

The COVID-19 pandemic provides a unique setting in which to evaluate the importance of a country's fiscal capacity in explaining the relation between economic growth shocks and sovereign default risk. For a sample of 30 developed countries, we find a positive and significant sensitivity of sovereign default risk to the intensity of the virus's spread for fiscally constrained governments. Supporting the fiscal channel, we confirm the results for Eurozone countries and U.S. states, for which monetary policy can be held constant. Our analysis suggests that financial markets penalize sovereigns with low fiscal space, impairing their resilience to external shocks.

Incoherent broadband cavity enhanced absorption spectroscopy (IBBCEAS)-based strategy for direct measurement of aerosol extinction in a lidar blind zone.

In this Letter, the development of a custom-designed incoherent broadband cavity enhanced absorption spectrometer (IBBCEAS) and its application to in situ measurement of aerosol extinction near the ground surface are described in an effort to address the issue of missing data in the light detection and ranging (lidar) blind zone in the first hundreds of meters of the observation range. Combined measurements of aerosol extinction at the same location using lidar remote sensing at 355 nm and in situ IBBCEAS operating in the UV spectral region around 370 nm showed results with a good correlation (${{\rm R}^2} = {0.90}$R2=0.90) between the two measurement techniques. This Letter highlights a new strategy for near-end lidar calibration, using a ground-based compact and robust IBBCEAS located at the lidar measurement site to determine the vertical profile of the aerosol extinction coefficient with a higher accuracy.

Investigation on the near-field evolution of industrial plumes from metalworking activities.

In a context where a significant fraction of the population lives near industrial areas, the main objectives of this study are to provide (a) new data on PM2.5 chemical compositions, heavy-metal concentrations and trace gases released by metalworking activities and (b) new information on the near-field evolution (up to about a thousand meters) of such industrial plumes in terms of particle chemical composition and size distribution. For that purpose, a one-month field campaign was performed in an industrial area near the city of Dunkirk (Northern France), combining measurements of atmospheric dynamics and physico-chemical characterization of air masses. Comparisons between several elemental ratios (mainly Mn/Fe), particle size distributions and volatile organic compound (VOC) concentrations at the stacks and at a near-field site suggest that plumes of a ferromanganese alloy plant were quickly mixed with pollutants emitted by other sources (mainly other industries, possibly traffic and sea spray), in particular a neighboring steelworks, before reaching the sampling site. This led to the emergence of secondary particles related to condensation and/or aggregation phenomena inside the plumes. Metalworking emissions were also identified as a source of new particle formation, formed through the emission of gaseous precursors and their fast transformation and condensation, over a timescale of minutes before reaching the near-field site 800 m downwind. Ultrafine particles emitted at the stacks also quickly agglomerated to form larger particles before reaching the near-field site. These results show that, even over short distances, the chemical composition and size distribution of metalworking plumes may evolve rapidly and the characteristics of particles at the boundary of an industrial area (especially in contiguous urban areas) may differ from those emitted directly at the stacks.

Characterization of smoke and dust episode over West Africa: comparison of MERRA-2 modeling with multiwavelength Mie-Raman lidar observations.

Observations of multiwavelength Mie-Raman lidar taken during the SHADOW field campaign are used to analyze a smoke-dust episode over West Africa on 24-27 December 2015. For the case considered, the dust layer extended from the ground up to approximately 2000 m while the elevated smoke layer occurred in the 2500-4000 m range. The profiles of lidar measured backscattering, extinction coefficients, and depolarization ratios are compared with the vertical distribution of aerosol parameters provided by the Modern-Era Retrospective Analysis for Research and Applications, version 2 (MERRA-2). The MERRA-2 model simulated the correct location of the near-surface dust and elevated smoke layers. The values of modeled and observed aerosol extinction coefficients at both 355 and 532 nm are also rather close. In particular, for the episode reported, the mean value of difference between the measured and modeled extinction coefficients at 355 nm is 0.01 km-1 with SD of 0.042 km-1. The model predicts significant concentration of dust particles inside the elevated smoke layer, which is supported by an increased depolarization ratio of 15 % observed in the center of this layer. The modeled at 355 nm the lidar ratio of 65 sr in the near-surface dust layer is close to the observed value (70 ± 10) sr. At 532 nm, however, the simulated lidar ratio (about 40 sr) is lower than measurements (55 ± 8 sr). The results presented demonstrate that the lidar and model data are complimentary and the synergy of observations and models is a key to improve the aerosols characterization.

A Quantum Cascade Laser-Based Optical Sensor for Continuous Monitoring of Environmental Methane in Dunkirk (France).

A room-temperature continuous-wave (CW) quantum cascade laser (QCL)-based methane (CH4) sensor operating in the mid-infrared near 8 µm was developed for continuous measurement of CH4 concentrations in ambient air. The well-isolated absorption line (7F2,4 ← 8F1,2) of the ν4 fundamental band of CH4 located at 1255.0004 cm(-1) was used for optical measurement of CH4 concentration by direct absorption in a White-type multipass cell with an effective path-length of 175 m. A 1σ (SNR = 1) detection limit of 33.3 ppb in 218 s was achieved with a measurement precision of 1.13%. The developed sensor was deployed in a campaign of measurements of time series CH4 concentration on a site near a suburban traffic road in Dunkirk (France) from 9th to 22nd January 2013. An episode of high CH4 concentration of up to ~3 ppm has been observed and analyzed with the help of meteorological parameters combined with back trajectory calculation using the Hybrid Single Particle Lagrangian Integrated Trajectory (HYSPLIT) model of NOAA.

Fast changes in chemical composition and size distribution of fine particles during the near-field transport of industrial plumes.

Aerosol sampling was performed inside the chimneys and in the close environment of a FeMn alloys manufacturing plant. The number size distributions show a higher abundance of ultrafine aerosols (10-100 nm) inside the plume than upwind of the plant, indicating the emissions of nanoparticles by the industrial process. Individual analysis of particles collected inside the plume shows a high proportion of metal bearing particles (Mn-/Fe-) consisting essentially of internally mixed aluminosilicate and metallic compounds. These particles evolve rapidly (in a few minutes) after emission by adsorption of VOC gas and sulfuric acid emitted by the plant but also by agglomeration with pre-existing particles. At the moment, municipalities require a monitoring of industrial emissions inside the chimneys from manufacturers. However those measures are insufficient to report such rapid changes in chemical composition and thus to evaluate the real impact of industrial plumes in the close environment of plants (when those particles leave the industrial site). Consequently, environmental authorities will have to consider such fast evolutions and then to adapt future regulations on air pollution sources.

Development of a methodology examining the behaviours of VOCs source apportionment with micro-meteorology analysis in an urban and industrial area.

During summer 2009, online measurements of 25 Volatile Organic Compounds (VOCs) from C6 to C10 as well as micro-meteorological parameters were simultaneously performed in the industrial city of Dunkerque. With the obtained data set, we developed a methodology to examine how the contributions of different source categories depend on atmospheric turbulences, and the results provided identification of emission modes. Eight factors were resolved by using Positive Matrix Factorization model and three of them were associated with mixed sources. The observed behaviours of contributions with turbulences lead to attribute some factors with sources at ground level, and some other factors with sources in the upper part of surface layer. The impact of vertical turbulence on the pollutant dispersion is also affected by the distance between sources and receptor site.