Financial Innovations And Endogenous Growth

This paper explores the channels through which innovations in the financial sector lead to economic growth. The channels identified are capital accumulation and technological innovation. The first is fulfilled by financial intermediaries which transform household savings into productive investment by firms, the second by venture capitalists which fund risky technological projects with high potential payoffs. The rate of financial innovation is determined by the amount of labor (or human capital) devoted to the sector as well as by spillovers from existing fi- nancial products. By embedding such a sector into the Romer (1990) - Jones (1995) and Lucas (1988) - Uzawa (1965) frameworks, it is shown that ultimately, financial innovations can only lead to long-run growth through its venture capital role. The transformative role of the financial sector only leads to temporary growth effects on the transitional path to the steady state.ECONOMIC GROWTH ; TECHNOLOGICAL CHANGE ; FINANCIAL ANALYSIS

Human Capital, Financial Innovations and Growth: A Theoretical Approach.

This paper examines the symbiosis between financial development and human capital accumulation in generating endogenous growth. We develop a theoretical model where human capital is a key factor in the creation of financial innovations, resulting in financial development which in turns facilitates the acquisition of new human capital.HUMAN CAPITAL ; ECONOMIC GROWTH ; FINANCIAL ASPECTS

On the Long-Run Monetary Neutrality: Evidence from the SEACEN Countries

This paper tests the long run neutrality (LRN) and long run superneutrality (LRSN) propositions using annual observation from 10 member countries of the South East Asian Central Banks (SEACEN) Research and Training Centre. The Fisher and Seater (1993) methodology is applied to do the task. Special attention has been given in identifying the number of unit root and cointegrating vector, as a meaningful LRN (LRSN) test is critically depends on such properties. Empirical results reveal that LRN can be deviated from the case of Asian developing economies. In particular, monetary expansion seems to have long run positive effect on real output in the economies of Indonesia, Taiwan and Thailand. However, LRSN is neither fail or not addressable in our study.Neutrality and superneutrality of money; sequential unit root test; SEACEN

On the Long-Run Monetary Neutrality: Evidence from the SEACEN Countries

This paper tests the long run neutrality (LRN) and long run superneutrality (LRSN) propositions using annual observation from 10 member countries of the South East Asian Central Banks (SEACEN) Research and Training Centre. The Fisher and Seater (1993) methodology is applied to do the task. Special attention has been given in identifying the number of unit root and cointegrating vector, as a meaningful LRN (LRSN) test is critically depends on such properties. Empirical results reveal that LRN can be deviated from the case of Asian developing economies. In particular, monetary expansion seems to have long run positive effect on real output in the economies of Indonesia, Taiwan and Thailand. However, LRSN is neither fail or not addressable in our study

On the Long-Run Monetary Neutrality: Evidence from the SEACEN Countries

This paper tests the long run neutrality (LRN) and long run superneutrality (LRSN) propositions using annual observation from 10 member countries of the South East Asian Central Banks (SEACEN) Research and Training Centre. The Fisher and Seater (1993) methodology is applied to do the task. Special attention has been given in identifying the number of unit root and cointegrating vector, as a meaningful LRN (LRSN) test is critically depends on such properties. Empirical results reveal that LRN can be deviated from the case of Asian developing economies. In particular, monetary expansion seems to have long run positive effect on real output in the economies of Indonesia, Taiwan and Thailand. However, LRSN is neither fail or not addressable in our study

High-precision calculations of van der Waals coefficients for heteronuclear alkali-metal dimers

Van der Waals coefficients for the heteronuclear alkali-metal dimers of Li, Na, K, Rb, Cs, and Fr are calculated using relativistic ab initio methods augmented by high-precision experimental data. We argue that the uncertainties in the coefficients are unlikely to exceed about 1%.Comment: 11 pages, 2 figs, graphicx.st

Monte Carlo Calculations for Liquid 4^4He at Negative Pressure

A Quadratic Diffusion Monte Carlo method has been used to obtain the equation of state of liquid $^4$He including the negative pressure region down to the spinodal point. The atomic interaction used is a renewed version (HFD-B(HE)) of the Aziz potential, which reproduces quite accurately the features of the experimental equation of state. The spinodal pressure has been calculated and the behavior of the sound velociy around the spinodal density has been analyzed.Comment: 10 pages, RevTex 3.0, with 4 PostScript figures include

Charge and critical density of strange quark matter

The electric charge of strange quark matter is of vital importance to experiments. A recent investigation shows that strangelets are most likely highly negatively charged, rather than slightly positively charged as previously believed. Our present study indicates that negative charges can indeed lower the critical density, and thus be favorable to the experimental searches in heavy ion collisions. However, too much negative charges can make it impossible to maintain flavor equilibrium.Comment: 4 pages, LATeX with REVTeX style, one PS figure. To be published in Phys. Rev. C 59(6), 199

Full Reference Image Quality Metrics and their Performance

This paper mainly aims to study the performance of objective assessment methods of image quality. It take into consideration the correlations between each objective assessment and the subjective assessment in order to determine objective test performance. Three objective assessment methods used in this study are the Structural Similarity (SSIM) index, the Peak Signal-to-Noise Ratio (PSNR) and the Mean Squared Error (MSE) calculating algorithm. The resulting data indicate what type of objective assessment was most suitable for which type of impairment imposed upon an image. This is clarified using the Pearson Correlation Coefficient as described in the paper. As an overall, SSIM index had the best correlation characteristics to the subjective assessment, followed by the MSE calculating algorithm. From this study, a better understanding of the requirements for developing an efficient image quality assessment method was gained

Strange quark matter in a chiral SU(3) quark mean field model

We apply the chiral SU(3) quark mean field model to investigate strange quark matter. The stability of strange quark matter with different strangeness fraction is studied. The interaction between quarks and vector mesons destabilizes the strange quark matter. If the strength of the vector coupling is the same as in hadronic matter, strangelets can not be formed. For the case of beta equilibrium, there is no strange quark matter which can be stable against hadron emission even without vector meson interactions.Comment: 19 pages, 8 figure