248 research outputs found

    Metrics with prescribed horizontal bundle on spaces of curve

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    We study metrics on the shape space of curves that induce a prescribed splitting of the tangent bundle. More specifically, we consider reparametrization invariant metrics GG on the space Imm(S1,R2)\operatorname{Imm}(S^1,\mathbb R^2) of parametrized regular curves. For many metrics the tangent space TcImm(S1,R2)T_c\operatorname{Imm}(S^1,\mathbb R^2) at each curve cc splits into vertical and horizontal components (with respect to the projection onto the shape space Bi(S1,R2)=Imm(S1,R2)/Diff(S1)B_i(S^1,\mathbb R^2)=\operatorname{Imm}(S^1,\mathbb R^2)/\operatorname{Diff}(S^1) of unparametrized curves and with respect to the metric GG). In a previous article we characterized all metrics GG such that the induced splitting coincides with the natural splitting into normal and tangential parts. In these notes we extend this analysis to characterize all metrics that induce any prescribed splitting of the tangent bundle.Comment: 7 pages in Proceedings of Math On The Rocks Shape Analysis Workshop in Grundsund. Zenod

    Demographic Structure and the Security of Property Rights in Developing Countries – An Empirical Exploration

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    It is often argued that countries with a high population share of children and young workers should attract large capital inflows from aging industrialized economies. However, many of these countries deter foreign investors by a high risk of creeping or outright expropriation. In this paper we explore whether the correlation between countries’ demographic structure and the perceived security of property rights reflects a causal relationship. We show that, once we control for other potential determinants of expropriation risk, the ratio of young to old workers has a positive effect on the perceived security of property rights in low-income countries. This effect is the stronger the more democratic the political system.International investment; political economy; expropriation risk; demographics

    The Demographics of Expropriation Risk

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    It is often argued that capital should flow from aging industrialized economies to countries with fast-growing populations. However, institutional failures and the risk of expropriation substantially reduce developing economies’ attractiveness for foreign investors. We analyze the influence of a country’s demographic structure on international investment, using a political-economy model in which population growth potentially affects the risk of expropriation. We first explore how redistributive expropriation affects the welfare of different age groups and derive the government’s incentive to expropriate. We then analyze how the relative size of different generations influences the feasible volume of foreign investment

    Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation

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    Does offcial aid pave the road for private foreign investment or does it suffocate private initiative by diverting resources towards unproductive activities? In this paper we explore this question using data for a large number of developing and emerging economies. Controlling for countries’ institutional environment, we find that, evaluated at the mean, the marginal effect of aid on private foreign investment is close to zero. Surprisingly, however, the effect is strictly positive for countries in which private agents face a substantial regulatory burden. After testing the robustness of this result, we offer a theoretical model that is able to rationalize our puzzling observation.

    The Macroeconomic Effects of Foreign Aid: A Survey

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    Research on the macroeconomic effects of aid has expanded rapidly in recent years. In this paper, we provide a survey of this literature. We start by reviewing some theoretical models that suggest a positive impact of aid on investment and growth. We then discuss the empirical evidence, giving particular attention to the role of institutions and policies in determining aid effectiveness. As a general conclusion, we suggest adopting a more disaggregate perspective with respect both to different types of aid and to various aspects of governance.foreign aid, economic growth, institutions, governance

    Foreign aid and developing countries' creditworthiness

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    We explore whether foreign aid affects developing countries' creditworthiness, as proxied by the Institutional Investor's measure of country credit risk. Based on a simple model of international borrowing and lending, we develop the hypothesis that aid reduces the likelihood that borrowers in a given country default on their foreign debt. We then test this hypothesis, using a panel data set that covers a large number of developing countries in the 1980s and 1990s. Our empirical findings support the notion that aid improves countries' standing vis-a-vis international capital markets. However, the strength of this effect differs across types of aid and country groups.