| Summary: | This paper is a detailed report on a programme of simulations used to settle a long-standing issue in the dynamo theory and demonstrate that the fluctuation dynamo exists in the limit of large magnetic Reynolds number Rm>>1 and small magnetic Prandtl number Pm<<1. The dependence of the critical Rm_c vs. the hydrodynamic Reynolds number Re is obtained for 1<re<6700. for="" in="" is="" larger="" limit="" pm="" pm<<1,="" rm_c="" than="" the="" times="" ~3="">1. The stability curve Rm_c(Re) (and, it is argued, the nature of the dynamo) is substantially different from the case of the simulations and liquid-metal experiments with a mean flow. It is not as yet possible to determine numerically whether the growth rate is ~Rm^{1/2} in the limit Re>>Rm>>1, as should be the case if the dynamo is driven by the inertial-range motions. The magnetic-energy spectrum in the low-Pm regime is qualitatively different from the Pm>1 case and appears to develop a negative spectral slope, although current resolutions are insufficient to determine its asymptotic form. At 1</re<6700.>
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