1,721,019 research outputs found
Essays on Economic Growth and Financial Stability in Emerging Economies
No full textThis thesis contains three studies on economic growth and financial stability in emerging economies; economic growth has been at the center of discussion in any democratic society. The quest by mankind to improve the material standards of living a notion spawned by the 18th century's Enlightenment spread through Europe and North America. However, the demonstrable driver of economic progress is competition and protection of private property. Individuals do not exert the effort to accumulate the capital necessary for economic growth unless they can own it. The first study examines the existing literature on economic growth models and uses a survey method to discuss the recent developments from different perspectives. During the second half of the twentieth-century economists have built newer models of economic growth that consider policy influences of growth and divergent outcomes among countries. These models address issues concerning economic growth, the operation of financial markets, trade policy, government expenditures, and taxation. In this essay we have revisited the interdependence of political and economic institutions, taking the neoclassical growth model of [Solow1956] as a point of departure, which maintains that capital accumulation, population growth and technological progress explains long run economic growth. We discuss the evolution of the neoclassical school of economics in a historical context, and the role of various institutions in engendering economic growth. Subsequently, the role of government spending, political stability, property rights and special interest groups (SIG's) that affect economic growth have been discussed and how these institutions can explain different countries to grow at divergent rates and achieve various levels of wealth. The second study presents an analysis of the Chinese economic growth model post-2008 and more notably the effect of 4 Trillion Yuan stimulus in the aftermath of the Global Financial Crisis. This study looks at the Chinese financial system and the credit creation mechanism in the economy; the data shows that post-2008 there has been a sudden increase in credit outside the formal banking system. We specifically focus on the off-balance sheet Entrusted Loans provided by non-bank entities via the shadow banking system. We explain the entrusted loan mechanism and the rapid increase in Non-bank credit. Our stress tests results for the 15 major banks in China indicate that the banks remain well capitalized in the case of an idiosyncratic shock, notably the SIFI's but can experience contagion through the Interbank funding market via smaller banks. The third study sheds light on the relationship between the ratio of equity prices and current earnings per share, the Price Earning (P/E) ratio. The P/E ratio is widely considered to be an adequate gauge of under/overvaluation of a corporation?s stock. Arguably, a more reliable indicator, the Cyclically-Adjusted Price Earning ratio or CAPE, can be obtained by replacing current earnings with a measure of permanent earnings i.e. the profits that a corporation can earn, on average, over the medium to long run. In this study, we aim to understand the cross-sectional aspects of the dynamics of the valuation metrics across global stock markets including both developed and emerging markets. We use a time varying DCC model to exploit the dynamics of correlations, by introducing the notion of value spread between CAPE and the respective Market Index from 2002 to 2014 for 34 countries. We find that the Value spread is statistically significant during the 2008 crisis for asset allocation. The signal can be utilized for better asset allocation as it allows one to interpret the common movements in the stock market for under/overvaluation trends. These estimates clearly indicate periods of misevaluation in our sample. Furthermore, our simulations suggest that the model can provide early warning signs for asset mispricing in real time on a global scale and formation of asset bubbles.This thesis contains three studies on economic growth and financial stability in emerging economies; economic growth has been at the center of discussion in any democratic society. The quest by mankind to improve the material standards of living a notion spawned by the 18th century's Enlightenment spread through Europe and North America. However, the demonstrable driver of economic progress is competition and protection of private property. Individuals do not exert the effort to accumulate the capital necessary for economic growth unless they can own it. The first study examines the existing literature on economic growth models and uses a survey method to discuss the recent developments from different perspectives. During the second half of the twentieth-century economists have built newer models of economic growth that consider policy influences of growth and divergent outcomes among countries. These models address issues concerning economic growth, the operation of financial markets, trade policy, government expenditures, and taxation. In this essay we have revisited the interdependence of political and economic institutions, taking the neoclassical growth model of [Solow1956] as a point of departure, which maintains that capital accumulation, population growth and technological progress explains long run economic growth. We discuss the evolution of the neoclassical school of economics in a historical context, and the role of various institutions in engendering economic growth. Subsequently, the role of government spending, political stability, property rights and special interest groups (SIG's) that affect economic growth have been discussed and how these institutions can explain different countries to grow at divergent rates and achieve various levels of wealth. The second study presents an analysis of the Chinese economic growth model post-2008 and more notably the effect of 4 Trillion Yuan stimulus in the aftermath of the Global Financial Crisis. This study looks at the Chinese financial system and the credit creation mechanism in the economy; the data shows that post-2008 there has been a sudden increase in credit outside the formal banking system. We specifically focus on the off-balance sheet Entrusted Loans provided by non-bank entities via the shadow banking system. We explain the entrusted loan mechanism and the rapid increase in Non-bank credit. Our stress tests results for the 15 major banks in China indicate that the banks remain well capitalized in the case of an idiosyncratic shock, notably the SIFI's but can experience contagion through the Interbank funding market via smaller banks. The third study sheds light on the relationship between the ratio of equity prices and current earnings per share, the Price Earning (P/E) ratio. The P/E ratio is widely considered to be an adequate gauge of under/overvaluation of a corporation?s stock. Arguably, a more reliable indicator, the Cyclically-Adjusted Price Earning ratio or CAPE, can be obtained by replacing current earnings with a measure of permanent earnings i.e. the profits that a corporation can earn, on average, over the medium to long run. In this study, we aim to understand the cross-sectional aspects of the dynamics of the valuation metrics across global stock markets including both developed and emerging markets. We use a time varying DCC model to exploit the dynamics of correlations, by introducing the notion of value spread between CAPE and the respective Market Index from 2002 to 2014 for 34 countries. We find that the Value spread is statistically significant during the 2008 crisis for asset allocation. The signal can be utilized for better asset allocation as it allows one to interpret the common movements in the stock market for under/overvaluation trends. These estimates clearly indicate periods of misevaluation in our sample. Furthermore, our simulations suggest that the model can provide early warning signs for asset mispricing in real time on a global scale and formation of asset bubbles
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Design & Validation of a 3D-printed Heat Exchanger Manifold
No full textMetal additive manufacturing has enabled great diversity and design freedom in heat exchanger design. However, these benefits cannot be adequately realised without optimizing its ancillary components as well, specifically the inlet and outlet manifolds. Optimizing the manifolds can significantly improve the flow distribution inside the heat exchanger core. This in turn will improve the heat exchange performance and reduce flow obstruction. More importantly, it can reduce the size of the setup, which makes for much cheaper and faster manufacturing. Literature on optimization of flows is quite vast and extensive, but experimental validation is lacking. It is not well understood whether 2D optimized parts hold up to 3D validation, and whether it differs for laminar and turbulent regimes. In this work, a manifold is numerically optimized in 2D and 3D for various flow regimes including both laminar and turbulent flow. The ideal set of assumptions for each specific case is then prescribed based on the results. Validation is performed for some of the geometries after manufacturing them via 3D-printing.Mechanical Engineerin
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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