"Financial Development and Economic Growth in Transition Economies: Empirical Evidence from the CEE and CIS Countries"

We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems under Communism, provide an interesting test of the relationship between financial development and growth. We show that credit to the private sector had a positive effect on growth in these countries; however, high levels of inflation can render the positive effect of private credit insignificant. High interest rate spreads and reduced banking competition hampered economic growth.transition economies, CEE, CIS, financial sector development, economic growth, panel data

Determinantal and eigenvalue inequalities for matrices with numerical ranges in a sector

Let A = \pmatrix A_{11} & A_{12} \cr A_{21} & A_{22}\cr\pmatrix \in M_n, where $A_{11} \in M_m$ with $m \le n/2$, be such that the numerical range of $A$ lies in the set \{e^{i\varphi} z \in \IC: |\Im z| \le (\Re z) \tan \alpha\}, for some $\varphi \in [0, 2\pi)$ and $\alpha \in [0, \pi/2)$. We obtain the optimal containment region for the generalized eigenvalue $\lambda$ satisfying \lambda \pmatrix A_{11} & 0 \cr 0 & A_{22}\cr\pmatrix x = \pmatrix 0 & A_{12} \cr A_{21} & 0\cr\pmatrix x \quad \hbox{for some nonzero} x \in \IC^n, and the optimal eigenvalue containment region of the matrix $I_m - A_{11}^{-1}A_{12} A_{22}^{-1}A_{21}$ in case $A_{11}$ and $A_{22}$ are invertible. From this result, one can show $|\det(A)| \le \sec^{2m}(\alpha) |\det(A_{11})\det(A_{22})|$. In particular, if $A$ is a accretive-dissipative matrix, then $|\det(A)| \le 2^m |\det(A_{11})\det(A_{22})|$. These affirm some conjectures of Drury and Lin.Comment: 6 pages, to appear in Journal of Mathematical Analysi

MMU: 11/14/22–11/20/22

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MMU: 11/07/22–11/13/22

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MMU: 11/21/22–11/27/22

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Ambient CFCs and HCFC-22 observed concurrently at 84 sites in the Pearl River Delta region during the 2008–2009 grid studies

Air samples were collected concurrently at 05:00 A.M. and 10:00 A.M. local Beijing time (geomagnetic time + 8) at 84 sites during two grid-study campaigns on 29 September 2008 and 1 March 2009 in the Pearl River Delta region, in order to offer snapshots of ambient CFCs and hydrochlorofluorocarbons (HCFCs) in different seasons and to indicate the presence of local emission sources. Compared to the subtropical northern hemisphere background levels, mean mixing ratios of CFC-11, CFC-12, CFC-113, CFC-114, and HCFC-22 were enhanced by 7%–11%, 8%–11%, 5%–6%, 8%–9%, and 71%–135%, respectively. When data from this tudy were pooled together with previous observations in the region, ambient CFC-11, CFC-12, and CFC-113 unambiguously showed declines in mixing ratios, while HCFC-22 showed an increase. Spatial variations revealed potential emission hot spots in the region, and levels of CFCs and HCFC-22 were higher in September than in March due to many more refrigeration and air-conditioning activities during summer. Source apportioning by positive matrix factorization revealed that new input of CFCs and HCFC-22 into the ambient air was largely attributed to emission from air-conditioning and refrigerating activities instead of industry activities. Average emissions in the region estimated by the CO-tracer method were 0.8 ± 0.2, 1.4 ± 0.6, 0.2 ± 0.1, 0.1 ± 0.02, and 4.4 ± 1.0 Gg/yr for CFC-11, CFC-12, CFC-113, CFC-114, and HCFC-22, respectively, and they accounted for 5.5%–25.5% of the total estimated CFC and HCFC-22 emissions in China