Two to Tangle: Financial Development, Political Instability and Economic Growth in Argentina (1896–2000)

This paper investigates the effects of financial development and political instability on economic growth in a power-ARCH framework with data for Argentina from 1896 to 2000. Our findings suggest that (i) informal or unanticipated political instability (e.g., guerrilla warfare) has a direct negative impact on growth; (ii) formal or anticipated instability (e.g., cabinet changes) has an indirect (through volatility) impact on growth; (iii) the effect of financial development is positive and, surprisingly, not via volatility; (iv) the informal instability effects are much larger in the short- than in the long-run; and (v) the impact of financial development on economic growth is negative in the short- but positive in the long-run.economic growth, financial development, volatility, political instability, power-ARCH

From Riches to Rags, and Back? Explaining the Growth Trajectory of Argentina since the 1890s

Argentina is the only country in the world that was developed in 1900 and developing in 2000. Although various underlying reasons have been identified (chiefly political instability, financial development, inflation, trade openness, and international financial integration), no study has quantitatively assessed their relative importance. This paper tries to fill this gap. We use the power-ARCH framework and annual data since 1896 to study how important are these factors vis-à-vis both growth and growth volatility. Our results suggest that financial development, trade openness and political instability are the main factors, with important differences in terms of their short versus long-run behavior. --economic growth,financial development,volatility,political instability,trade openness,power-GARCH

The Fetal Allograft Revisited: Does the Study of an Ancient Invertebrate Species Shed Light on the Role of Natural Killer Cells at the Maternal-Fetal Interface?

Human pregnancy poses a fundamental immunological problem because the placenta and fetus are genetically different from the host mother. Classical transplantation theory has not provided a plausible solution to this problem. Study of naturally occurring allogeneic chimeras in the colonial marine invertebrate, Botryllus schlosseri, has yielded fresh insight into the primitive development of allorecognition, especially regarding the role of natural killer (NK) cells. Uterine NK cells have a unique phenotype that appears to parallel aspects of the NK-like cells in the allorecognition system of B. schlosseri. Most notably, both cell types recognize and reject "missing self" and both are involved in the generation of a common vascular system between two individuals. Chimeric combination in B. schlosseri results in vascular fusion between two individual colonies; uterine NK cells appear essential to the establishment of adequate maternal-fetal circulation. Since human uterine NK cells appear to de-emphasize primary immunological function, it is proposed that they may share the same evolutionary roots as the B. schlosseri allorecognition system rather than a primary origin in immunity

Global phase diagram of three-dimensional extended Boson Hubbard model - a continuous time Quantum Monte Carlo study

We present the global phase diagram of the extended boson Hubbard model on a simple cubic lattice by quantum Monte Carlo simulation with worm update algorithm. Four kinds of phases are supported by this model, including superfluid, supersolid, Mott, and charge density wave (CDW) states, which are identified in the phase diagram of chemical potential $\mu$ versus nearest neighbor interaction V . By changing the chemical potential, a continuous transition is found from the Mott phase to a superfluid phase without breaking the translational symmetry. For an insulating CDW state, adding particles to it gives rise to a continuous transition to a supersolid phase, while removing particles usually leads to a first-order one to either supersolid or superfluid phase. By tuning the nearest neighbor interaction, one can realize the transition between two insulating phases, Mott and CDW with the same particle density, which turns out to be of the first-order. We also demonstrate that a supersolid phase with average particle density less than 1/2 can exist in a small region of $\mu$ - V phase diagram

Spatial Hedonic Models for Measuring the Impact of Sea-Level Rise on Coastal Real Estate

This study uses a unique integration of geospatial and hedonic property data to estimate the impact of sea-level rise on coastal real estate in North Carolina. North Carolina’s coastal plain is one of several large terrestrial systems around the world threatened by rising sea-levels. High-resolution topographic LIDAR (Light Detection and Ranging) data are used to provide accurate inundation maps for all properties that will be at risk under six different sea-level rise scenarios. A simulation approach based on spatial hedonic models is used to provide consistent estimates of the property value losses. Results indicate that the northern part of the North Carolina coastline is comparatively more vulnerable to the effect of sea-level rise than the southern part. Low-lying and heavily developed areas in the northern coastline are especially at high risk from sea-level rise. Key Words: Climate change, coastal real estate, sea-level rise, spatial hedonic models