Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View.

This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets. We report three major findings. First, compared to advanced countries, recessions and financial disruptions in emerging markets are often more costly. Second, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions in emerging markets. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets are different than those in advanced countries. In light of these broad observations, the paper provides a review of recessions and financial market disruptions in Chile

Does Openness to International Financial Flows Contribute to Productivity Growth?

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.foreign direct investment, external assets and liabilities, capital flows, capital account liberalization, financial openness, portfolio equity, debt, total factor productivity

Growth and Volatility in an Era of Globalization

We extend the analysis in Kose, Prasad, and Terrones (2005) to provide a comprehensive examination of the cross-sectional relationship between growth and macroeconomic volatility over the past four decades. We also document that while there has generally been a negative relationship between volatility and growth during this period, the nature of this relationship has been changing over time and across different country groups. In particular, we detect major shifts in this relationship after trade and financial liberalizations. In addition, our results show that volatility stemming from the main components of domestic demand is negatively associated with economic growth. Copyright 2005, International Monetary Fund

Global Recessions

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recession

Global Recessions

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recession

Plasma induced pulse breaking in filamentary self-compression

A plasma induced temporal break-up in filamentary propagation has recently been identified as one of the key events in the temporal self-compression of femtosecond laser pulses. An analysis of the Nonlinear Schrödinger Equation coupled to a noninstantaneous plasma response yields a set of stationary states. This analysis clearly indicates that the emergence of double-hump, characteristically asymmetric temporal on-axis intensity profiles in regimes where plasma defocusing saturates the optical collapse caused by Kerr self-focusing is an inherent property of the underlying dynamical model

Does Openness to International Financial Flows Raise Productivity Growth?

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. We provide a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.

Load path sensitivity and fatigue life estimation of 30CrNiMo8HH

The final publication is available at Elsevier via http://dx.doi.org/10.1016/j.ijfatigue.2011.10.009 © 2012. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/A set of strain-controlled biaxial proportional and non-proportional tests were conducted on solid and tubular specimens of 30CrNiMo8HH steel. The effect of the phase angle on fatigue life was studied. This effect becomes noticeable when applying a 90 degrees out-of-phase loading, reducing the fatigue life by a factor up to 5. It has been shown that the material has no additional hardening due to out-of-phase loading. To account for this severe path dependency, a material dependent non-proportionality modification factor is proposed. This path dependent sensitivity factor is applied to six different fatigue parameters including maximum equivalent total strain, maximum equivalent stress, Smith-Watson-Topper, Fatemi-Socie, plastic strain energy density and total strain energy density to correlate the fatigue results. The predicted fatigue lives are compared with the experiments. The cyclic plasticity models of Mroz and Chaboche were successfully employed to model the cyclic behavior of 30CrNiM08HH steel. It has been shown that estimations based on the proposed non-proportionality modification factor agree well with the experimental results.Natural Sciences and Engineering Research Council (NSERC) of Canad

How do trade and financial integration affect the relationship between growth and volatility?

Abstract The influential work of Ramey and Ramey [Ramey, G., Ramey, V.A., 1995. Cross-country evidence on the link between volatility and growth. American Economic Review 85, 1138-1151 (December).] highlighted an empirical relationship that has now come to be regarded as conventional wisdom-that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization-a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. Using a comprehensive new data set, we document that, while the basic negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration significantly weaken this negative relationship. Specifically, we find that, in a regression of growth on volatility and other controls, the estimated coefficient on the interaction between volatility and trade integration is significantly positive. We find a similar, although less robust, result for the interaction of financial integration with volatility.