STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CAUSAL LINKAGE

This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.Financial Development, Economic Growth, Stock Market, Causality Testing, VARs, Incomplete Systems

Use of extended and prepared reference objects in experimental Fourier transform X-ray holography

The use of one or more gold nanoballs as reference objects for Fourier Transform holography (FTH) is analysed using experimental soft X-ray diffraction from objects consisting of separated clusters of these balls. The holograms are deconvoluted against ball reference objects to invert to images, in combination with a Wiener filter to control noise. A resolution of ~30nm, smaller than one ball, is obtained even if a large cluster of balls is used as the reference, giving the best resolution yet obtained by X-ray FTH. Methods of dealing with missing data due to a beamstop are discussed. Practical prepared objects which satisfy the FTH condition are suggested, and methods of forming them described.Comment: 7 pages, 2 figures, submitted to Applied Physics Letter

Connecting the resource nexus to basic urban service provision – with focus on water-energy interactions in New York City

Urban water and energy systems are crucial for sustainably meeting basic service demands in cities. This paper proposes and applies a technology-independent “reference resource-to-service system” framework for concurrent evaluation of urban water and energy system interventions and their ‘nexus’ or ‘interlinkages’. In a concrete application, data that approximate New York City conditions are used to evaluate a limited set of interventions in the residential sector, spanning from low-flow toilet shifts to extensive green roof installations. Results indicate that interventions motivated primarily by water management goals can considerably reduce energy use and contribute to mitigation of greenhouse gas emissions. Similarly, energy efficiency interventions can considerably reduce water use in addition to lowering emissions. However, interventions yielding the greatest reductions in energy use and emissions are not necessarily the most water conserving ones, and vice versa. Useful further research, expanding the present analysis should consider a broader set of resource interactions, towards a full climate, land, energy and water (CLEW) nexus approach. Overall, assessing the impacts, trade-offs and co-benefits from interventions in one urban resource system on others also holds promise as support for increased resource efficiency through integrated decision making

Phasing diffuse scattering. Application of the SIR2002 algorithm to the non-crystallographic phase problem

A new phasing algorithm has been used to determine the phases of diffuse elastic X-ray scattering from a non-periodic array of gold balls of 50 nm diameter. Two-dimensional real-space images, showing the charge-density distribution of the balls, have been reconstructed at 50 nm resolution from transmission diffraction patterns recorded at 550 eV energy. The reconstructed image fits well with scanning electron microscope (SEM) image of the same sample. The algorithm, which uses only the density modification portion of the SIR2002 program, is compared with the results obtained via the Gerchberg-Saxton-Fienup HIO algorithm. In this way the relationship between density modification in crystallography and the HiO algorithm used in signal and image processing is elucidated.Comment: 7 pages, 12 figure

Desalination using renewable energy sources on the arid islands of South Aegean Sea

Water and energy supply are strongly interrelated and their efficient management is crucial for a sustainable future. Water and energy systems on several Greek islands face a number of pressing issues. Water supply is problematic as regards both to the water quality and quantity. There is significant lack of water on several islands and this is mainly dealt with tanker vessels which transport vast amounts of water from the mainland. At the same time island energy systems are congested and rely predominanty on fossil fuels, despite the abundant renewable energy potential. These issues may be addressed by combining desalination and renewable energy technologies. It is essential to analyse the feasibility of this possibility. This study focuses on developing a tool capable of designing and optimally sizing desalination and renewable energy units. Several parameters regarding an island's water demandand the desalination's energy requirements are taken into account as well as input data which concern technological performance, resource availability and economic data. The tool is applied on three islands in the South Aegean Sea, Patmos (large), Lipsoi (medium) ad Thirasia (small). Results of the modelling exercise show that the water selling price ranges from 1.45 euro/m^3 for the large island, while the corresponding value is about 2.6 euro/m^3 for the small island, figures significantly lower than the current water cost (7-9 euro/m^3)

Developing Effective Intelligent Assistance for the Powered Wheelchair User

This research is working towards developing a pre-production prototype system which can provide a low-cost real-time adjustable and adaptable driving assistance system for powered wheelchair users. Currently we are seeking to obtain information from user joystick input and their driving quality to identify symptoms and make adjustments to the driving assistance system

Federating distributed clinical data for the prediction of adverse hypotensive events

The ability to predict adverse hypotensive events, where a patient's arterial blood pressure drops to abnormally low (and dangerous) levels, would be of major benefit to the fields of primary and secondary health care, and especially to the traumatic brain injury domain. A wealth of data exist in health care systems providing information on the major health indicators of patients in hospitals (blood pressure, temperature, heart rate, etc.). It is believed that if enough of these data could be drawn together and analysed in a systematic way, then a system could be built that will trigger an alarm predicting the onset of a hypotensive event over a useful time scale, e.g. half an hour in advance. In such circumstances, avoidance measures can be taken to prevent such events arising. This is the basis for the Avert-IT project (http://www.avert-it.org), a collaborative EU-funded project involving the construction of a hypotension alarm system exploiting Bayesian neural networks using techniques of data federation to bring together the relevant information for study and system development

Dose, exposure time, and resolution in Serial X-ray Crystallography

The resolution of X-ray diffraction microscopy is limited by the maximum dose that can be delivered prior to sample damage. In the proposed Serial Crystallography method, the damage problem is addressed by distributing the total dose over many identical hydrated macromolecules running continuously in a single-file train across a continuous X-ray beam, and resolution is then limited only by the available molecular and X-ray fluxes and molecular alignment. Orientation of the diffracting molecules is achieved by laser alignment. We evaluate the incident X-ray fluence (energy/area) required to obtain a given resolution from (1) an analytical model, giving the count rate at the maximum scattering angle for a model protein, (2) explicit simulation of diffraction patterns for a GroEL-GroES protein complex, and (3) the frequency cut off of the transfer function following iterative solution of the phase problem, and reconstruction of an electron density map in the projection approximation. These calculations include counting shot noise and multiple starts of the phasing algorithm. The results indicate counting time and the number of proteins needed within the beam at any instant for a given resolution and X-ray flux. We confirm an inverse fourth power dependence of exposure time on resolution, with important implications for all coherent X-ray imaging. We find that multiple single-file protein beams will be needed for sub-nanometer resolution on current third generation synchrotrons, but not on fourth generation designs, where reconstruction of secondary protein structure at a resolution of 0.7 nm should be possible with short exposures.Comment: 19 pages, 7 figures, 1 tabl

To be or not to be an auctioneer: Some thoughts on the legal nature of online eBay auctions and the protection of consumers

This paper discusses the legal classification of online “eBay” auctions. The discussion has key implications on the scope of consumer protection law as sale by auctions are, for example, excluded from the scope of the Consumer Protection (Distance Selling) Regulations 2000. The paper uncovers that online “eBay” auctions cannot always be considered as traditional auctions and that eBay, as an intermediary, is not to be considered as an auctioneer. This creates difficulties associated with a distributive application of consumer protection laws such as the Consumer Protection (Distance Selling) Regulations 2000. Another set of difficulties is associated with a lenient legal regime applicable to the liability of eBay under the Electronic Commerce (EC Directive) Regulations 2002 . The paper concludes that there is an urgent need to clarify the legal classification of online auctions and to rethink the liability of online auction sites to better protect consumers

Indigenous family violence : an attempt to understand the problems and inform appropriate and effective responses to criminal justice system intervention

Whilst high levels of concern about the prevalence of family violence within Indigenous communities have long been expressed, progress in the development of evidence-based intervention programs for known perpetrators has been slow. This review of the literature aims to provide a resource for practitioners who work in this area, and a framework from within which culturally specific violence prevention programs can be developed and delivered. It is suggested that effective responses to Indigenous family violence need to be informed by culturally informed models of violence, and that significant work is needed to develop interventions that successfully manage the risk of perpetrators of family violence committing further offences.<br /