The Determinants of Foreign Direct Investment in Transition Economies

Using a panel dataset containing information on FDI flows from market to transition economies, we establish the determinants of FDI inflows to Central and Eastern Europe: country risk, unit labour costs, host market size and gravity factors. In turn, we find country risk to be influenced by private sector development, industrial development, the government balance, reserves and corruption. By introducing structural shift dummy variables for key announcements of progress in EU accession we show that announcements have impacted directly upon FDI receipts but have not influenced country credit ratings. The Agenda 2000 announcement by the European Commission induced a bifurcation between the 'first wave' transition countries and the remainder of our sample. The underlying dynamics of the process illustrate that increases in FDI improve country credit ratings with a lag, hence increasing future FDI receipts. Consequently we suggest that the accession progress has the potential to induce virtuous cycles for the frontrunners but may have serious consequences for the accession laggards.http://deepblue.lib.umich.edu/bitstream/2027.42/39726/3/wp342.pd

The Determinants of Foreign Direct Investment in Transition Economies

Using a panel dataset containing information on FDI flows from market to transition economies, we establish the determinants of FDI inflows to Central and Eastern Europe: country risk, unit labour costs, host market size and gravity factors. In turn, we find country risk to be influenced by private sector development, industrial development, the government balance, reserves and corruption. By introducing structural shift dummy variables for key announcements of progress in EU accession we show that announcements have impacted directly upon FDI receipts but have not influenced country credit ratings. The Agenda 2000 announcement by the European Commission induced a bifurcation between the 'first wave' transition countries and the remainder of our sample. The underlying dynamics of the process illustrate that increases in FDI improve country credit ratings with a lag, hence increasing future FDI receipts. Consequently we suggest that the accession progress has the potential to induce virtuous cycles for the frontrunners but may have serious consequences for the accession laggards.foreign direct investment, EU accession, transition economies

Forecasting U.S. Trade in Services

This paper provides a set of forecasts of United States international trade in services, both at the aggregate level and for four subcategories. These sectors are: travel, which is mostly tourist expenditures; passenger fares, which is mostly passenger air transportation; transportation, other than passenger transportation; and other private services, including education, financial services, insurance, telecommunications, and business, professional and technical services. A forecasting model is constructed and estimated, based on conventional economic forces of supply and demand, dependent on cost variables and income variables as well as relative prices. For forecasting purposes, these variables are taken from the Michigan Quarterly Econometric Model of the U.S. Economy, a macroeconomic forecasting model with forecasts provided regularly by the University of Michigan Research Seminar in Quantitative Economics. The equations of the services trade model are reported and discussed, and the performance of the estimated equations is evaluated. The quarterly forecast paths are provided for both aggregate and sectoral services trade, including exports and imports, through the end of 2001. Results indicate that imports will continue to rise over the forecast period, while exports, after remaining nearly stationary for several quarters in some sectors in 1999, will resume their rise thereafter. This forecasting work is to be continued, and it is suggested, in addition, that future research would be useful to explore the determinants of the production and sales of foreign services affiliates of U.S. parent companies.Services, International Trade

A Study of the Shortest-Period Planets Found With Kepler

We present the results of a survey aimed at discovering and studying transiting planets with orbital periods shorter than one day (ultra--short-period, or USP, planets), using data from the {\em Kepler} spacecraft. We computed Fourier transforms of the photometric time series for all 200,000 target stars, and detected transit signals based on the presence of regularly spaced sharp peaks in the Fourier spectrum. We present a list of 106 USP candidates, of which 18 have not previously been described in the literature. In addition, among the objects we studied, there are 26 USP candidates that had been previously reported in the literature which do not pass our various tests. All 106 of our candidates have passed several standard tests to rule out false positives due to eclipsing stellar systems. A low false positive rate is also implied by the relatively high fraction of candidates for which more than one transiting planet signal was detected. By assuming these multi-transit candidates represent coplanar multi-planet systems, we are able to infer that the USP planets are typically accompanied by other planets with periods in the range 1-50 days, in contrast with hot Jupiters which very rarely have companions in that same period range. Another clear pattern is that almost all USP planets are smaller than 2 $R_\oplus$, possibly because gas giants in very tight orbits would lose their atmospheres by photoevaporation when subject to extremely strong stellar irradiation. Based on our survey statistics, USP planets exist around approximately $(0.51\pm 0.07)\%$ of G-dwarf stars, and $(0.83\pm 0.18)\%$ of K-dwarf stars.Comment: 20 pages, 10 figures. Submitted to ApJ. This version has been reviewed by a refere

Conceptual design of a lightweight machine with variable control for texturing on concrete surfaces

In Peru, constructions are commonly built with cement and bricks, then proceed to decorate and embellish the walls using texturing. Currently, in Peru, this process is done in a traditional way where generally support tools are used such as trowels, rollers, and brushes, among others. As this process is done manually, the texturing is of lower aesthetic quality. Due to its geographic location, Peru is one of the countries that most often applies cement in its constructions, which makes it the most accessible and suitable material for applying textures to walls. Currently, there is no specific machine for texturing, so the conceptual design of a lightweight machine for texturing on concrete surfaces was proposed using the VDI 2221 design methodology, integrating a variable speed control system and display of parameters in real-time

Equivalence of Electronic and Paper-and-Pencil Administration of Patient-Reported Outcome Measures: A Meta-Analytic Review

AbstractObjectivesPatient-reported outcomes (PROs; self-report assessments) are increasingly important in evaluating medical care and treatment efficacy. Electronic administration of PROs via computer is becoming widespread. This article reviews the literature addressing whether computer-administered tests are equivalent to their paper-and-pencil forms.MethodsMeta-analysis was used to synthesize 65 studies that directly assessed the equivalence of computer versus paper versions of PROs used in clinical trials. A total of 46 unique studies, evaluating 278 scales, provided sufficient detail to allow quantitative analysis.ResultsAmong 233 direct comparisons, the average mean difference between modes averaged 0.2% of the scale range (e.g., 0.02 points on a 10-point scale), and 93% were within ±5% of the scale range. Among 207 correlation coefficients between paper and computer instruments (typically intraclass correlation coefficients), the average weighted correlation was 0.90; 94% of correlations were at least 0.75. Because the cross-mode correlation (paper vs. computer) is also a test–retest correlation, with potential variation because of retest, we compared it to the within-mode (paper vs. paper) test–retest correlation. In four comparisons that evaluated both, the average cross-mode paper-to-computer correlation was almost identical to the within-mode correlation for readministration of a paper measure (0.88 vs. 0.91).ConclusionsExtensive evidence indicates that paper- and computer-administered PROs are equivalent