Network dependence in multi-indexed data on international trade flows

Faced with the problem that conventional multidimensional fixed effects models only focus on unobserved heterogeneity, but ignore any potential cross-sectional dependence due to network interactions, we introduce a model of trade flows between countries over time that allows for network dependence in flows, based on sociocultural connectivity structures. We show that conventional multidimensional fixed effects model specifications exhibit cross-sectional dependence between countries that should be modeled to avoid simultaneity bias. Given that the source of network interaction is unknown, we propose a panel gravity model that examines multiplenetwork interaction structures, using Bayesian model probabilities to determine those most consistent with the sample data. This is accomplished with the use of computationally efficient Markov Chain Monte Carlo estimation methods that produce a Monte Carlo integration estimate of the log-marginal likelihood that can be used for model comparison. Application of the model to a panel of trade flows points to network spillover effects, suggesting the presence of network dependence and biased estimates from conventional trade flow specifications. The most important sources of network dependence were found to be membership in trade organizations, historical colonial ties, common currency, and spatial proximity of countries.Series: Working Papers in Regional Scienc

Conventional versus network dependence panel data gravity model specifications

Past focus in the panel gravity literature has been on multidimensional fixed effects specifications in an effort to accommodate heterogeneity. After introducing conventional multidimensional fixed effects, we find evidence of cross-sectional dependence in flows. We propose a simultaneous dependence gravity model that allows for network dependence in flows, along with computationally efficient Markov Chain Monte Carlo estimation methods that produce a Monte Carlo integration estimate of log-marginal likelihood useful for model comparison. Application of the model to a panel of trade flows points to network spillover effects, suggesting the presence of network dependence and biased estimates from conventional trade flow specifications. The most important sources of network dependence were found to be membership in trade organizations, historical colonial ties, common currency and spatial proximity of countries.Series: Working Papers in Regional Scienc

Dynamics of the Young Binary LMC Cluster NGC 1850

In this paper we have examined the age and internal dynamics of the young binary LMC cluster NGC 1850 using BV CCD images and echelle spectra of 52 supergiants. Isochrone fits to a BV color-magnitude diagram revealed that the primary cluster has an age of $\tau = 90 \pm 30$ Myr while the secondary member has $\tau = 6 \pm 5$ Myr. BV surface brightness profiles were constructed out to R $>$ 40 pc, and single-component King-Michie (KM) models were applied. The total cluster luminosity varied from L$_B$ = 2.60 - 2.65 $\times 10^6$ L$_B$\sol\ and L$_V$ = 1.25 - 1.35 $\times 10^6$ as the anisotropy radius varied from infinity to three times the scale radius with the isotropic models providing the best agreement with the data. Of the 52 stars with echelle spectra, a subset of 36 were used to study the cluster dynamics. The KM radial velocity distributions were fitted to these velocities yielding total cluster masses of 5.4 - 5.9 $\pm 2.4 \times 10^4$ M\sol\ corresponding to M/L$_B$ = 0.02 $\pm 0.01$ M\sol/L$_B$\sol\ or M/L$_V$ = 0.05 $\pm 0.02$ M\sol/L$_V$\sol. A rotational signal in the radial velocities has been detected at the 93\% confidence level implying a rotation axis at a position angle of 100\deg. A variety of rotating models were fit to the velocity data assuming cluster ellipticities of $\epsilon = 0.1 - 0.3$. These models provided slightly better agreement with the radial velocity data than the KM models and had masses that were systematically lower by a few percent. The preferred value for the slope of a power-law IMF is a relatively shallow, x = 0.29 \pmm{+0.3}{-0.8} assuming the B-band M/L or x = 0.71 \pmm{+0.2}{-0.4} for the V-band.Comment: 41 pages (figures available via anonymous FTP as described below

Rayleigh-Benard Convection with a Radial Ramp in Plate Separation

Pattern formation in Rayleigh-Benard convection in a large-aspect-ratio cylinder with a radial ramp in the plate separation is studied analytically and numerically by performing numerical simulations of the Boussinesq equations. A horizontal mean flow and a vertical large scale counterflow are quantified and used to understand the pattern wavenumber. Our results suggest that the mean flow, generated by amplitude gradients, plays an important role in the roll compression observed as the control parameter is increased. Near threshold the mean flow has a quadrupole dependence with a single vortex in each quadrant while away from threshold the mean flow exhibits an octupole dependence with a counter-rotating pair of vortices in each quadrant. This is confirmed analytically using the amplitude equation and Cross-Newell mean flow equation. By performing numerical experiments the large scale counterflow is also found to aid in the roll compression away from threshold but to a much lesser degree. Our results yield an understanding of the pattern wavenumbers observed in experiment away from threshold and suggest that near threshold the mean flow and large scale counterflow are not responsible for the observed shift to smaller than critical wavenumbers.Comment: 10 pages, 13 figure

Does Corporate Governance Matter in Deposit Insurance? DI and Moral Hazard in Joint Stock and Mutual Financial Intermediaries

In this paper, we analyze the differences of effects of a deposit insurance schemes on financial cooperative and joint stock banks risk taking. We develop a methodology which includes the specifics of the utility function for the financial cooperative and we compare the results to a similar profit maximizing joint stock bank. We find that the introduction of deposit insurance does in fact increase optimal risk level for the financial cooperative but less so than the stock bank. Thus, corporate governance does matter in the level of risk exposure of a deposit insurance scheme. Further, like in joint stock banks, this moral hazard can be curbed through incentives such as risk adjusted premias, risk adjusted regulatory capital and possibly reserve requirements.

Estimates of the impact of static and dynamic knowledge spillovers on regional factor productivity

We develop an empirical approach to examine static and dynamic knowledge externalities in the context of a regional total factor productivity relationship. Static externalities refer to current period scale or industry-size effects which have been labeled localization externalities or region-size effects known as agglomeration externalities. Dynamic externalities refer to the relationship between accumulated or prior period knowledge and current levels of innovation, where past learning-by-doing makes innovation positively related to cumulative production over time. Our empirical specification allows for the presence of both static and dynamic externalities, and provides a way to assess the relative magnitude of spillovers associated with spillovers from these two types of knowledge externalities. The magnitude of own-region impacts and other-region (spillovers) can be assessed using scalar summary measures of the own- and cross-partial derivatives from the model. We find evidence supporting the presence of dynamic externalities as well as static, and our estimates suggest that dynamic externalities may have a larger magnitude of impact than static externalities.

Extensive chaos in Rayleigh-Bénard convection

Using large-scale numerical calculations we explore spatiotemporal chaos in Rayleigh-Bénard convection for experimentally relevant conditions. We calculate the spectrum of Lyapunov exponents and the Lyapunov dimension describing the chaotic dynamics of the convective fluid layer at constant thermal driving over a range of finite system sizes. Our results reveal that the dynamics of fluid convection is truly chaotic for experimental conditions as illustrated by a positive leading-order Lyapunov exponent. We also find the chaos to be extensive over the range of finite-sized systems investigated as indicated by a linear scaling between the Lyapunov dimension of the chaotic attractor and the system size

Traveling waves in rotating Rayleigh-Bénard convection: Analysis of modes and mean flow

Numerical simulations of the Boussinesq equations with rotation for realistic no-slip boundary conditions and a finite annular domain are presented. These simulations reproduce traveling waves observed experimentally. Traveling waves are studied near threshhold by using the complex Ginzburg-Landau equation (CGLE): a mode analysis enables the CGLE coefficients to be determined. The CGLE coefficients are compared with previous experimental and theoretical results. Mean flows are also computed and found to be more significant as the Prandtl number decreases (from sigma=6.4 to sigma=1). In addition, the mean flow around the outer radius of the annulus appears to be correlated with the mean flow around the inner radius

Readout Concepts for DEPFET Pixel Arrays

Field effect transistors embedded into a depleted silicon bulk (DEPFETs) can be used as the first amplifying element for the detection of small signal charges deposited in the bulk by ionizing particles, X-ray photons or visible light. Very good noise performance at room temperature due to the low capacitance of the collecting electrode has been demonstrated. Regular two dimensional arrangements of DEPFETs can be read out by turning on individual rows and reading currents or voltages in the columns. Such arrangements allow the fast, low power readout of larger arrays with the possibility of random access to selected pixels. In this paper, different readout concepts are discussed as they are required for arrays with incomplete or complete clear and for readout at the source or the drain. Examples of VLSI chips for the steering of the gate and clear rows and for reading out the columns are presented.Comment: 8 pages, 9 figures, submitted to Nucl. Instr. and Methods as proceedings of the 9th European Symposium on Semiconductor Detectors, Elmau, June 23-27, 200