Simultaneous PIXE and RBS data analysis using Bayesian Inference with the DataFurnace code

The Rutherford Backscattering Spectroscopy (RBS) and Particle Induced X-ray Emission (PIXE) techniques can be used to obtain complementary information about the characteristics of a sample but, traditionally, a gap has separated the available computer codes for analyzing data from each technique, being hard to simultaneously analyze data from the same sample. The recent development of a free and open source library, LibCPIXE, for PIXE simulation and analysis of arbitrary multilayered samples, has permitted to integrate this technique into the DataFurnace code which already handles many other IBA techniques such as Rutherford and non-Rutherford backscattering, elastic recoil detection, and non-resonant nuclear reaction analysis. The fitting capabilities of DataFurnace can therefore now be applied to PIXE spectra as well, including the Bayesian Inference analysis and the simultaneous and coherent fitting of multiple spectra from different techniques. Various examples are presented in which the simultaneous RBS and PIXE analysis allows us to obtain consistent results that cannot be obtained by independent analysis of the data from each technique.Comment: 10 pages, 5 figures. Paper initially presented to IBA2005. Please cite the published version (DOI:10.1016/j.nimb.2006.03.190

A Fixpoint Semantics of Event Systems with and without Fairness Assumptions

We present a fixpoint semantics of event systems. The semantics is presented in a general framework without concerns of fairness. Soundness and completeness of rules for deriving "leads-to" properties are proved in this general framework. The general framework is instantiated to minimal progress and weak fairness assumptions and similar results are obtained. We show the power of these results by deriving sufficient conditions for "leads-to" under minimal progress proving soundness of proof obligations without reasoning over state-traces

Evolution of the financial sector – three different stages: repression, development and financialisation

Working papers com arbitragem científicaThis paper makes a systematic literature review on the evolution of the financial sector in the last decades all over the world, but especially in the more developed countries. This evolution was marked by three different stages, reflecting different impacts of the financial sector on the real economy and on society. The first stage – financial repression – is characterised by the existence of several regulations and restrictions on the financial sector, which proved to be detrimental to support economic growth. This legitimised the financial liberalisation and deregulation of the financial sector in the recent years, representing the second stage – financial development. Consequently, there was a strong growth of the financial sector in subsequent years, originating an excessive financial deepening and casting doubts around the advantages provided by the financial sector. In fact, excessive financial deepening weakened or reversed the relationship between savings and investments. The large growth of the financial sector and its deleterious effects are commonly referred as financialisation, constituting the third stage. The paper concludes that it is necessary to engage in a fourth stage in the coming years – de-financialisation – in order to re-establish a more supportive relationship between the financial sector and economic growth and presents several policy recommendations around this matter.info:eu-repo/semantics/publishedVersio

Financialisation and Real Investment in the European Union Using a Country-Level Analysis: Beneficial or Prejudicial Effects?

Working papers com arbitragem científicaThis paper makes an empirical assessment of the relationship between financialisation and real investment by non-financial corporations using panel data composed of 27 European Union countries over 19 years (from 1995 to 2013). On one hand, financialisation leads to a rise in financial investments, deviating funds from real investments (“crowding out” effect). On the other, pressures from shareholders to intensify financial payments restrict the funds available for new real investments. We estimate an aggregate investment equation with the traditional variables (profitability, debt, cost of capital, savings rate and output growth) and two further measures of financialisation (financial receipts and financial payments). Findings show that financialisation has damaged real investment in European Union countries, mainly through the channel of financial payments either in interest or dividend payments. It is also found that the prejudicial effects of financialisation in investment are more marked in more financialised countries. In addition, it is concluded that debt has a harmful effect on real investment as the increasing levels of non-financial corporations' indebtedness prevent the use of new debts to finance real investments.info:eu-repo/semantics/publishedVersio

The New Keynesian Model: an empirical application to the euro area economy

Artigo em revista científica internacional com arbitragem científicaThis paper empirically applies the New Keynesian Model to the euro area’s e conomy during the period from the first quarter of 1999 to the last quarter of 2008, which is consistent with the scant empirical evidence on this Dynamic Stochastic General Equilibrium model. The New Keynesian Model is estimated using the Generalized Method of Moments, since the model denote hybrid features including backward and forward looking behaviours by economic agents and elements with rational expectations. Although this method of estimation may present some limitations, the New Keynesian Model seems to describe reasonably well the evolution of economic activity, the inflation rate and monetary policy in the euro area. Against this backdrop, the New Keynesian Model may provide an important tool for aiding the governments of euro area countries and the European Central Bank in the adoption and implementation of its policies over time.info:eu-repo/semantics/publishedVersio

The finance-growth nexus in the age of financialisation: An empirical reassessment for the European Union countries

This paper draws an empirical reassessment of the finance-growth nexus by performing a panel data econometric analysis for all 28 European Union countries over 27 years from 1990 to 2016. Since the mid-1980s, the financial system has experienced a strong liberalisation and deregulation by preventing its beneficial effects on the real economy. This phenomenon, typically called financialisation, points to a negative view of finance and contradicts the well-entrenched hypothesis on the finance-growth nexus. We estimate both linear and non-linear growth models by incorporating seven proxies of finance (money supply, domestic credit, financial value added, short-term interest rate, long-term interest rate, stock market volume traded and stock market capitalisation) and five control variables (the lagged growth rate of the real per capita gross domestic product, the inflation rate, the general government consumption, the degree of trade openness and the education level of the population). Our results show that finance has impaired economic growth in the EU countries, both in the pre-crisis period and in the crisis and post-crisis periods. The enormous growth of domestic credit and of the financial value added have been restraining the economic growth of the EU countries since 1990 and particularly up until the Great Recession. This implies the need to reduce the prominence of finance, i.e. so-called de-financialisation, in the coming years in order to avoid the potential new ‘secular stagnation’ in the current age of financialisation.info:eu-repo/semantics/publishedVersio