Financial system architecture and the patterns of international trade

Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two way relationship between countries’ financial system architecture and their comparative advantage. Countries specialising in bank dependent sectors favour the development of the banking sector. Simultaneously, countries with more efficient capital markets develop comparative advantage in sectors with strong dependence on market finance. To empirically investigate our model’s predictions, we construct a measure of sector bank dependence and establish a strong relationship between countries’ comparative advantage and their financial system architecture

BRST Operator for Superconformal Algebras with Quadratic Nonlinearity

We construct the quantum BRST operators for a large class of superconformal and quasi--superconformal algebras with quadratic nonlinearity. The only free parameter in these algebras is the level of the (super) Kac-Moody sector. The nilpotency of the quantum BRST operator imposes a condition on the level. We find this condition for (quasi) superconformal algebras with a Kac-Moody sector based on a simple Lie algebra and for the $Z_2\times Z_2$--graded superconformal algebras with a Kac-Mody sector based on the superalgebra $osp(N\vert 2M)$ or $s\ell(N+2\vert N)$.Comment: 13 pages, plain tex, CTP TAMU-27/93, IC/93/16

The Seven-sphere and its Kac-Moody Algebra

We investigate the seven-sphere as a group-like manifold and its extension to a Kac-Moody-like algebra. Covariance properties and tensorial composition of spinors under $S^7$ are defined. The relation to Malcev algebras is established. The consequences for octonionic projective spaces are examined. Current algebras are formulated and their anomalies are derived, and shown to be unique (even regarding numerical coefficients) up to redefinitions of the currents. Nilpotency of the BRST operator is consistent with one particular expression in the class of (field-dependent) anomalies. A Sugawara construction is given.Comment: 22 pages. Macropackages used: phyzzx, epsf. Three epsf figure files appende

Natural Diagonal Riemannian Almost Product and Para-Hermitian Cotangent Bundles

We obtain the natural diagonal almost product and locally product structures on the total space of the cotangent bundle of a Riemannian manifold. We find the Riemannian almost product (locally product) and the (almost) para-Hermitian cotangent bundles of natural diagonal lift type. We prove the characterization theorem for the natural diagonal (almost) para-K\"ahlerian structures on the total spaces of the cotangent bundle.Comment: 10 pages, will appear in Czechoslovak Mathematical Journa

Further insights into the operation of the Chinese number system: Competing effects of Arabic and Mandarin number formats

Here we report the results of a speeded relative quantity task with Chinese participants. On each trial a single numeral (the probe) was presented and the instructions were to respond as to whether it signified a quantity less than or greater than five (the standard). In separate blocks of trials, the numerals were either presented in Mandarin or in Arabic number formats. In addition to the standard influence of numerical distance, a significant predictor of performance was the degree of physical similarity between the probe and the standard as depicted in Mandarin. Additionally, competing effects of physical similarity, defined in terms of the Arabic number format, were also found. Critically the size of these different effects of physical similarity varied systematically across individuals such that larger effects of one compensated for smaller effects of the other. It is argued that the data favor accounts of processing that assume that different number formats access different format-specific representations of quantities. Moreover, for Chinese participants the default is to translate numerals into a Mandarin format prior to accessing quantity information. The efficacy of this translation process is itself influenced by a competing tendency to carry out a translation into Arabic format