This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.
This book is designed to serve as a textbook for core as well as elective courses offered to undergraduate and advanced undergraduate students enrolled in chemistry. This textbook comprehensively deals various topics of organic chemistry such as amino acids, peptides, proteins and enzymes. The text is divided into four chapters: a chapter each dedicated to amino acids, peptides, proteins and enzymes, respectively. The important reactions have been explained with the help of the mechanisms involved. It gives a detailed account of the solution phase and solid phase synthesis of peptides as well as discussing the structure and function of some biologically important peptides. It also covers the classification, nomenclature and mode of action of enzymes, and a detailed account of the structure and function of different co-enzymes. The book also includes pedagogical features like end-of-chapter exercises to aid in self learning. Given the scope, this textbook will be useful for graduate and advanced graduate students pursuing the course of chemistry, especially organic chemistry.
Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulnerability, which they apply to the 35 largest industrial and emerging market economies. Finally, the paper offers several policy options for protecting against deflation and for coping with it should it strike.
Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.
The recent sharp increase in fiscal deficits and government debt in many countries raises questions regarding their impact on long-term sovereign bond yields. While economic theory suggests that this impact is likely to be adverse, empirical results have been less clear cut, have generally ignored nonlinear effects of deficits and debt through some other key determinants of yields, and have been mostly confined to advanced economies. This paper reexamines the impact of fiscal deficits and public debt on long-term interest rates during 1980 - 2008, taking into account a wide range of country-specific factors, for a panel of 31 advanced and emerging market economies. It finds that higher deficits and public debt lead to a significant increase in long-term interest rates, with the precise magnitude dependent on initial fiscal, institutional and other structural conditions, as well as spillovers from global financial markets. Taking into account these factors suggests that large fiscal deficits and public debts are likely to put substantial upward pressures on sovereign bond yields in many advanced economies over the medium term.
This paper discusses several proposals for a wholesale privatization of public enterprises in Eastern Europe. These proposals include the distribution of ”vouchers” to private citizens as well as the use of mutual funds, privatization companies and other forms of financial intermediaries. The paper analyzes the implications for economic efficiency of the different forms of ownership and control that would emerge from the proposals as well as their main macroeconomic consequences.
This systematically designed laboratory handbook elucidates a number of techniques which help students carry out various experiments in the field of biochemistry. The experimental protocols described in this book have been standardized and performed in the authors’ own laboratory. It is basically intended for the undergraduate and postgraduate students of life sciences (biochemistry, microbiology, biotechnology, plant biotechnology, animal biotechnology, botany and zoology) and engineering (biotechnology and biomedical) for their laboratory courses. The students usually have to refer to many journals and books to find the right procedure for performing experiments, hence this handbook is an attempt to provide them with the frequently used methods in a handy format, including explanations of principles, procedures and interpretations of results of the experiments. Now, in its second edition, the book introduces ten new experiments in a step-by-step procedural format under In Vitro Enzymatic Anti-oxidant Assays explaining Determination of Nitric Oxide Radical Scavenging Activity, Determination of Catalase Activity, Determination of Laccase Activity and Concentration and Diafiltration. KEY FEATURES • Provides a general procedure of the experiments in an easy-to-understand tabulated format. • Presents the physiological importance of bio-components like amino acids, uric acid, carbohydrates, proteins, etc. in the human body as an added feature. • Gives information on preparation of laboratory reagents in separate appendices. • Provides illustrations for better understanding of the experiments. TARGET AUDIENCE • B.Sc. / M.Sc. Life sciences (Biochemistry, Microbiology, Biotechnology, Plant Biotechnology, Animal Biotechnology, Botany and Zoology) • B.Tech (Biotechnology and Biomedical Engineering)
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.
In an age flooded with gizmos and gadgets, where technology rules the roost, with Facebook, Snapchat, Twitter and Instagram getting the better of all of us, where everyone seems to have less connect with people and themselves, where people lead more stressful and anxious lives – in short, a world fueling unhappiness, there is this growing need to pause and think – to realize the beauty of life and its true meaning, to experience happiness. Students these days face undue stress, be it exam pressure, peer pressure, depression or other psychological factors. Adults too need to meet deadlines and work pressure seems to be taking its toll. Happy Morphosis is the author’s attempt to take you across the boulevard in the pursuit of happiness. How we all need to work on the different facets required for everlasting bliss is what is touched upon in this book. Happiness is being talked about all over the globe. “ Universities around the world are teaching on it, scientists have been making a study of it, governments are appointing cabinet positions to oversee it, and Google analytics prove that people are searching for it. In fact, it is one of humanity’s oldest pursuits’. All of us can be catalysts to spread happiness. Are YOU the one ?
This paper examines two important issues for a small high-inflation open economy with trade controls where the government implements an exchange-rate based stabilization program: first, the extent to which the degree of openness of the economy influences the probability of success of the program; and second, the conditions under which a trade reform, implemented in conjunction with the stabilization program, will increase the probability that stabilization will be successful. The paper shows that in an economy with high export and import price elasticities, structural reforms to increase openness can be important in determining the success of the program.
This paper undertakes an investigation into the efficiency of the crude oil futures market and the forecasting accuracy of futures prices. Efficiency of the market is analysed in terms of the expected excess returns to speculation in the futures market. Accuracy of futures prices is compared with that of forecasts using alternative techniques, including time series and econometric models, as well as judgemental forecasts. The paper also explores the predictive power of futures prices by comparing the forecasting accuracy of end-of-month prices with weekly and monthly averages, using a variety of different weighting schemes. Finally, the paper investigates whether the forecasts from using futures prices can be improved by incorporating information from other forecasting techniques.
This paper discusses three important extensions to the developing country scenario and adjustment model used in the World Economic Outlook exercises. First, the model is augmented to include fiscal and monetary sectors and now explicitly captures links among government policy, investment, output and inflation. Second, the external sector is modified to allow domestic demand factors to influence imports, as well as allowing flexibility in the financing of imports. Third, the model system is extended to the group of net-creditor countries, and for the oil exporters within this group, oil exports are modeled separately. The revised model is estimated for each of the 95 developing countries and parameter estimates for each of the main equations are presented. The paper also reports the results of four simulation exercises to illustrate how the new model system may be used to quantify the effects of changes in domestic policies and in the external environment.
Memories are the precious moments thrown into everyone's life journey by the almighty. 'A Kaleidoscopic Analepsis' is a collection of writeups by various talented writers from different parts of India, that can shower the radiance of Indian culture and tradition. I am grateful to all the co-authors for their contributions to this wonderful anthology and would like to dedicate this book to all my family members. This book was an opportunity to recall the unforgettable memories of last year for every author and they won to weave the magic of letters in each flap of the anthology. Everybody has different chapters of memories; some are florets of happiness and some are dark clouds of sorrow. I hope that this contribution is an inspiration for every upcoming writer, who wants to influence every literature enthusiast and reader. As a writer, I got an interesting opportunity to work with many wonderful writers and I am very glad to say that each work has occupied a priceless position in my heart. Moreover, I like to appreciate the cooperation of all writers in completing this amazing creation.
This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous practice it measures contagion using the relationship of these correlations with distance. Also in contrast to previous work, our test is good at identifying periods of "positive contagion," in which capital flows to emerging markets in a herd-like manner, largely unrelated to fundamentals. Identifying such periods of "fatal attraction" is important as they provide the essential ingredients for subsequent crises and rapid outflows of capital.
References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. The results suggest that the NMS appear to have enjoyed higher credibility compared to their peers.
Mobilization of national saving is an important determinant of investment and growth. It assumed greater importance in the case of the Iranian economy, given the difficult external environment. This paper discusses the recent saving performance of the Iranian economy, particularly in relation to investment needs. Following a quantitative evaluation of the determinants of saving, the paper reviews the main implications for domestic economic policies in the period ahead.
Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.
This paper analyzes the extent to which the degree of international economic integration, both financial and trade, affects corporate tax rates. It explores this issue in the context of strategic behavior by countries, taking into account other global and domestic political economy factors. Tax rates are analyzed using a unique tax dataset for advanced and developing economies extending over five decades. We report a number of novel results: there is no general negative relationship between financial globalization and corporate tax rates and revenues—results vary according to country grouping with OECD countries showing a positive relationship; the United States exhibits a “Stackelberg” type of leadership on other countries; trade integration is inversely correlated with tax rates; and public sentiment and ideology affect tax rates. The policy implications of these findings, particularly given budgetary pressures in the aftermath of the global crisis, are noted.
This paper undertakes an econometric investigation into the presence of risk premium in commodity futures markets. The statistical tests are derived from a formal model of asset pricing and are applied to futures prices in a variety of commodity markets. The results suggest that for several commodities there is evidence of a time varying risk premium, particularly in futures contracts maturing six months ahead. The implications of the study for the efficiency of the futures markets and the costs of using these markets for hedging are also noted.
This study discusses the evolution of domestic public debt in several indebted countries and its relationship with their external debt and underlying fiscal developments. It examines the links between domestic and external debt, taxes, subsidies, and government spending, and reviews strategies for managing domestic public debt.
This is the first part of a two-volume work which comes at a time when oil producers are taking a close look at the economy of oilfield operation and redesign of production technology to improve ultimate recovery. The very high cost, and risk, of the search for new oilfields demands the re-evaluation of production technology and reservoir engineering to improve the production characteristics of existing oilfields.It is the aim of this work that it will be instrumental in the improvement of the global enhancement of oil production and ultimate recovery. It is the outcome of extensive collaboration between experts in petroleum who have devoted their time to the lucid expression of the knowledge that they have acquired through experience in the evaluation and solution of field problems, and development of economic field processes. Oil production companies have been generous in their cooperation through assistance and encouragement to the authors and permission to publish data, designs and photographs.Together, the two books provide a detailed and comprehensive coverage of the subject. The physical and chemical properties of the fluids encountered by engineers in the field are clearly described. The properties, methods of separation, measurement, and transportation of these fluids (gases, condensate liquids derived from natural gas, crude oils and oilfield waters) are dealt with. Following a presentation of the fluids and their process technology, a series of chapters give a thorough discussion of every type of surface equipment that is encountered in the myriad aspects of oilfield operations, ranging from waterflooding to new enhanced oil recovery techniques. Included are all methods for pumping, water control, production logging and corrosion control. The coverage also extends to: well completion and work-over operations, methods for design and operation of underground gas storage, and a review of offshore technology.Surface Operations in Petroleum Production is therefore a comprehensive reference which will be invaluable for field production managers and engineers; as well as being an ideal text on production technology to complement the study of reservoir engineering.
The author had collected information on many lesser known leafy and other edible plants used by the local tribal communities of N.E. India and compiled it in the form of a 'Status Report of Leafy and Edible Plants of North East India'. He claims to have seen many of these plants in the local markets of North Eastern States. Most of these plants are collected by the locals from the wild and are lesser known outside the region. The author had compiled information on 278 plant species of edible-leafy and other edibles (roots, rhizome, fruits, nuts or young fonds) with finer details. All such plants are excellent candidates for developing valuable functional foods, nutraceuticals or providing valuable chemicals or genes of economic or other interests. The author, who spent a good part of his life in this region was able to observe and interact closely with the local communities. The report compiled by him is, therefore original, authentic and authoritative. This book will serve as an excellent reference source for researchers and well as for those engaged in conservation, bioprospecting and sustainable utilization of biodiversity.
Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
This paper investigates empirically the degree of international integration of industrial and emerging country equity markets. It analyzes two issues: first, the extent to which equity prices have tended to move similarly across countries and regions in the long run; and second, the strength of cross-country “contagion” effects. The paper’s findings suggest that both intra-regional and inter-regional linkages across national equity markets have strengthened in recent years. In addition, using impulse response functions, the paper shows that cross-country contagion effects of country-specific shocks dissipate in a matter of weeks while contagion effects of global shocks take several months to unwind themselves.
The North Eastern Region is a rich respositary of useful plants. These plants have not been studied in detail regarding their characteristics, use, utilization, potential and also as a source of valuable protein. This publication is an number attempt in the above direction and may from the basis of further detailed work. The author is fully conscious of the present publication. Much more could have been done but because of the problems of insurgency, difficult terrain and lack of literature and information on the plants of the region were the constraints and this is all what the author could do. The author will feel satisfied and amply rewarded if this publication stimulates further efforts and studies on these valuable plants and those listed in the second chapter as compendium of useful plants of the region. A chapter on useful plants of the region has also been added, so that, all those who may be interested in knowing the plant wealth of this remote region. This part is especially for those, who may be interested in the development and progress of the region and to remove regional imbalance and may be useful for all those, who may be interested in pursuing studies on specific groups of plants.
Over the last decade traditional Indian temple towns have transformed into centres for urban lifestyles and tourist activities. One of these is the historic temple town Vrindavan in North India, on which this study focuses. Exploring the multiple socio-cultural realities present in the town, the author engages with the narratives of the residents as they respond to the socio-environmental changes against the backdrop of national and regional modernisation processes. Here the imaginaries of a mythic Vrindavan, with its pristine and sacred environment, are evoked in narrations on contemporary modernity.
Drought is a natural hazard characterized by lower than expected or lower than normal rainfall having slow but widespread impact. This book focus on drought management and mitigation in agriculture and allied sectors. The chapters cover Basic concepts, assessment, monitoring, forecasting, early warning, vulnerability and adaptation to drought and mitigation and management strategies. Management of different land use systems under drought and finally socio economic impact and livelihood issues of drought are also focussed. It would be useful to a wide range of stakeholders, i.e. planners, researchers, students and interested public. This will also serve as text book as well as supplementary reading for courses in agronomy, ecology, geography and agro meteorology besides administration and disaster management units.
Academic Paper from the year 2015 in the subject Computer Science - Applied, , course: ph.d, language: English, abstract: An overview and a derivation of interval type-2 fussy logic system (IT2 FLS), which can handle rule’s uncertainties on continuous domain, having good number of applications in real world. This work fo-cused on the performance of an IT2 FLS that involves the operations of a fuzzification, inference, and output processing. The output processing consists of Type-Reduction (TR) and defuzzification. This work made IT2 FLS much more accessible to FLS modellers, because it provides mathematical formulation for calculating the de-rivatives. Presenting extend to representation of T2 FSs on continuous domain and using it to derive formulas for operations, we developed and extended the derivation of the union of two IT2 FSs to the derivation of the intersection and union of N-IT2 FSs that is based on various concepts. The derivation of all the formulas that are related with an IT2 and these formulas depend on continuous domain with multiple rules. Each rule has multiple antecedents that are activated by a crisp number with T2 singleton fuzzification (SF). Then, we have shown how those results can be extended to T2 non-singleton fuzzification (NSF). We are derived the relation-ship between the consequent and the domain of uncertainty (DOU) of the T2 fired output FS. As well as, provide the derivation of the general form at continuous domain to calculate the different kinds of type-reduced. We have also applied an IT2 FLS to medical application of Heart Diseases (HDs) and an IT2 provide rather modest performance improvements over the T1 predictor. Finally, we made a comparison of HDs result between IT2 FLS using the IT2FLS in MATLAB and the IT2 FLS in Visual C# models with T1 FISs (Mamdani, and Takagi-Sugeno).
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