A NEW PARADIGM FOR THE RATING MARKET - A GEOPOLITICAL PERSPECTIVE ON RATING

The oligopolistic structure of the global rating market formed by the "Big Three" and doubled by their incapacity to solve problems related to correctly evaluating some of the world's largest economic entities have both set a serious challenge on the rating industry after the onset of the contemporary economic crisis. If both in the E.U. and the U.S. rating agencies are subject to public debate and reform acts, China has defined a particular position by setting up its own rating agency, Dagong Global Credit Rating Co. This article reveals evidence of a geopolitical behavior in a quasi-official domain, which is more a necessity under the current paradigm of the world's economy.

Empirical Evidence On The Correlation Between The Exchange Rate And Romanian Exports

Few subjects of international economics are so much exposed to heated debates as the exchange rate problem. From monetary crises and balance-of-payments adjustments to monetary zones, dealing with currency swings seems to embody any economist's worries about the rightfulness of economic models and the relevance of empirical analyses he or she has to choose. Is appreciation or depreciation good for a country's welfare? Would that answer still be valid in the long run? The unsettled character of the problem largely resides in the manifest contradiction between the firm theoretical predictions and their unconvincing empirical testing. One of the least uncontroversial tenets refers to the positive correlation between currency depreciation or devaluation (although of different origins, their effects are generally the same) and a country's current account. This paper attempts to test this prediction on the case of Romanian economy and to conclude on possible explanations of the theoretical-empirical conflict.exports, exchange rate, elasticity

A full complexity dichotomy for immanant families

Given an integer $n\geq 1$ and an irreducible character $\chi_{\lambda}$ of $S_{n}$ for some partition $\lambda$ of $n$, the immanant $\mathrm{imm}_{\lambda}:\mathbb{C}^{n\times n}\to\mathbb{C}$ maps matrices $A\in\mathbb{C}^{n\times n}$ to $\mathrm{imm}_{\lambda}(A)=\sum_{\pi\in S_{n}}\chi_{\lambda}(\pi)\prod_{i=1}^{n}A_{i,\pi(i)}$. Important special cases include the determinant and permanent, which are the immanants associated with the sign and trivial character, respectively. It is known that immanants can be evaluated in polynomial time for characters that are close to the sign character: Given a partition $\lambda$ of $n$ with $s$ parts, let $b(\lambda):=n-s$ count the boxes to the right of the first column in the Young diagram of $\lambda$. For a family of partitions $\Lambda$, let $b(\Lambda):=\max_{\lambda\in\Lambda}b(\lambda)$ and write Imm$(\Lambda)$ for the problem of evaluating $\mathrm{imm}_{\lambda}(A)$ on input $A$ and $\lambda\in\Lambda$. If $b(\Lambda)<\infty$, then Imm$(\Lambda)$ is known to be polynomial-time computable. This subsumes the case of the determinant. On the other hand, if $b(\Lambda)=\infty$, then previously known hardness results suggest that Imm$(\Lambda)$ cannot be solved in polynomial time. However, these results only address certain restricted classes of families $\Lambda$. In this paper, we show that the parameterized complexity assumption FPT $\neq$ #W[1] rules out polynomial-time algorithms for Imm$(\Lambda)$ for any computationally reasonable family of partitions $\Lambda$ with $b(\Lambda)=\infty$. We give an analogous result in algebraic complexity under the assumption VFPT $\neq$ VW[1]. Furthermore, if $b(\lambda)$ even grows polynomially in $\Lambda$, we show that Imm$(\Lambda)$ is hard for #P and VNP. This concludes a series of partial results on the complexity of immanants obtained over the last 35 years.Comment: 28 pages, to appear at STOC'2

Features of gravity-Yang-Mills hierarchies in d-dimensions

Higher dimensional, direct analogues of the usual d=4 Einstein--Yang-Mills (EYM) systems are studied. These consist of the gravitational and Yang-Mills hierarchies in d=4p dimensional spacetimes, both consisting of 2p-form curvature terms only. Regular and black hole solutions are constructed in $2p+2\le d \le 4p$, in which dimensions the total mass-energy is finite, generalising the familiar Bartnik-McKinnon solutions in EYM theory for p=1. In d=4p, this similarity is complete. In the special case of d=2p+1, just beyond the finite energy range of d, exact solutions in closed form are found. Finally, d=2p+1 purely gravitational systems, whose solutions generalise the static d=3 BTZ solutions, are discussed.Comment: 19 pages, 9 figure

Empirical evidence on risk aversion for individual romanian capital market investors

The evolution of stock prices is influenced by the expectations of investors regarding the earning prospects associated to each listed company. One of the key elements of investment decision is the positive relationship between risk and return. Risky securities are preferred to less risky ones only if there is a higher pay-off in the long run that could compensate the investors. The previous studies proved that expected return direct correlated with risk and, due to the presence of risk aversion, this relationship is assumed to be positive one. Risk premium is determined by a lot of factors including risk aversion. The intensity of risk aversion and the evolution of it during a specific period of time are very important for any market. This study proposed an analysis of risk aversion that is based on a specific survey and it is very useful for comparative analysis with other similar studies developed on the case of other emerging markets (from EU or outside EU).risk aversion, individual investor, Romanian capital market

European „c” quest: community, competitiveness, convergence, cohesion. what should the “eu new comer romanians” aim for?

The analyses carried out both at the centre (Brussels) and at the destination (member states) (ab)use of the principle that in public expenditure terms “spent money means well-spent money” and consider that absorption capacity equals economic performance (equated quite disputably with disparity reduction). The aggregate Keynesian perspective provides the main argument in favour of this interpretation: EU funds lead to GDP growth (economic growth). This vision overlooks the crucial importance of resource allocation micro-processes, private property and business activity. Therewith, the process of making European funds profitable and, consequently, the EU convergence feasible depends on the extent to which the absorption environment is structurally reformed. The “cohesion paradox,” which can be formulated like “least underdeveloped regions have relatively higher chances to attract European funds, while disparities compared to relatively less developed regions might even intensify”, can be broken only through multi-dimensional reform, immaterial to whether we speak about Romania, or Ireland, or Portugal, or Spain, or Greece.EU funding, EU regulations, private property, competitiveness, convergence, cohesion

Clinical Data Related to Breast Reconstruction; Looking Back on the 21th Century and Forward to the Next Steps

Breast reconstruction after breast cancer surgery represents a positive step in restoring a women’s idea of self by reestablishing her feminine features and confidence, thus improving essential aesthetic and emotional aspects. Regarded as the cornerstone in breast cancer management, the surgical treatment has come a long way since 1884 when W.S. Halsted performed the first radical mastectomy- a disfiguring procedure which was conducted until the late 70s when owing to contemporary advancements it was surpassed by modified radical mastectomies and other far less invasive approaches. Either performed in an immediate or a delayed fashion breast reconstruction can be achieved not only through alloplastic procedures using expander/ implant prosthesis but also through autologous tissue transfers wisely harvested from different parts of the body or through methods that combine the two. When planning a breast reconstruction, after the oncologist formally rules out any form of residual cancer, one must take into consideration several critical factors that will eventually condition the technique election process for example the possible local or systemic adjuvant therapy. Although a “one size fits all” breast reconstruction procedure has yet to prevail, the extensive volume of published literature regarding this matter enables a well-experienced plastic surgeon to proceed with careful procedural selection allowing for the best possible results