Finance and economic growth: financing structure and non-linear impact JRC Working Papers in Economics and Finance, 2017/7

There is growing evidence that the impact of financial development on economic growth might be non-linear and hump-shaped, exhibiting a turning point. However, such findings are typically established using total finances (mostly: credit), and the apparent non-linear impact of totals can stem from a substantial structural change in the composition of finances, that has been taking place during the recent decades. Though there are some studies going beyond total finances, they usually look at the impact of certain financing components separately or using ratios, which may bias the estimation and lead to incorrect conclusions. Finally, the findings are typically based on a global pool of countries, and may be driven by a developing versus developed country differential. Focusing on groups of high-income countries (from the OECD, EU, and EMU), this study shows that the finding of a non-linear, hump-shaped impact of financing on economic growth is robust to controlling for financing composition in terms of the sources (bank credit, debt securities, stock market) and the recipients of finances (households, non-financial and financial corporations), or both. In particular, we obtain the following results. (1) The non-linear impact of total bank credit is more pronounced than that of either household credit alone, or the sum of bank credit, debt securities, and stock market financing. (2) Credit to non-financial corporations tends to have a positive, while credit to households a negative impact on growth, even after allowing for non-linearities. (3) Debt-securities and stock market-based financing have a different impact on growth. (4) The estimated turning point of the non-linear relationship is close to that found by Cournède and Denk (2015) for the OECD countries, and lower than that established by Arcand et al. (2015) for a broad set of countries.JRC.B.1-Finance and Econom

Invoicing Currencies in International Trade - Drivers and Obstacles to the Use of the Euro

This report aims to deepen the understanding of the micro aspects of the use of the euro in international trade invoicing and/or settlement. What determines the use of a currency in the invoicing of international trade? Is the euro increasingly used as an invoicing currency in international trade? What are the obstacles to the use of the euro in trade invoicing? This report collates existing analyses on the possible obstacles for using the euro in international trade and discusses the theoretical and empirical literature addressing these questions.JRC.G.1-Financial and Economic Analysi

A case of bilateral self-induced keratoconus in a patient with tourette syndrome associated with compulsive eye rubbing: case report

<p>Abstract</p> <p>Background</p> <p>Tourette syndrome is a neurologic disorder that is characterized by repetitive muscle contractions that produce stereotyped movements or sounds. Approximately 50% of individuals with TS also exhibit obsessive-compulsive behaviors including eye rubbing. We report a case of bilateral self-induced keratoconus in a patient with TS, associated with compulsive eye rubbing.</p> <p>Case presentation</p> <p>A 35-year-old man was first seen in our clinic as an outpatient due to rapid deterioration of vision in his right eye associated with pain and tearing, over a period of one month. Slit lamp biomicroscopy of the right eye showed a central stromal scar due to corneal hydrops. Clinical examination and corneal topography of the left eye were normal. Six months later the patient developed corneal hydrops of his left eye. During the following examinations his vision continued to deteriorate in both eyes, while a central stromal scar was forming in his left cornea. Four years after the initial examination the patient's visual acuity was no light perception in the right eye and counting fingers at 33 cm in the left eye. His right eye was phthisic.</p> <p>Conclusions</p> <p>Our patient developed a rapidly progressing bilateral corneal ectasia and phthisis of his right eye during a time period of 4 years. This unusual pattern suggests that the patient's compulsive behavior compromised both of his corneas and led to bilateral keratoconus.</p

Beyond averages - Fairness in an economy that works for people

Growing disparities on multiple socio-economic dimensions have contributed to a sense of unfairness and discontent in Europe. Fairness is a subjective phenomenon, but the far-reaching consequences of perceptions of unfairness warrant a closer look at its drivers and underlying dynamics. The report, written before the outbreak of the COVID-19 pandemic, analyses some of the most pertinent dimensions of fairness in relation to the agenda for a fair, inclusive and social European Union. Income inequality, educational inequality and the challenges facing existing welfare state arrangements are discussed from a pre-crisis perspective. Thus, the report gives a snapshot of the state of fairness in Europe before the COVID-19 outbreak and provides a benchmark against which some of the consequences of the current situation can be evaluated.JRC.I.1-Monitoring, Indicators & Impact Evaluatio

La evasión de Dédalo: teoría y usos poéticos de la metáfora en José Ortega y Gasset, Juan Ramón Jiménez y Yorgos Seferis

Tesis Univ. Granada. Departamento de Lingüística General y Teoría de la Literatura. Leída el 3 de octubre de 200

Chidroid: A Mobile Android Application for Log Collection and Security Analysis in Healthcare and IoMT

The Internet of Medical Things (IoMT) is a growing trend that has led to the use of connected devices, known as the Internet of Health. The healthcare domain has been a target of cyberattacks, especially with a large number of IoMT devices connected to hospital networks. This factor could allow attackers to access patients&rsquo; personal health information (PHI). This research paper proposes Chidroid, an innovative mobile Android application that can retrieve, collect, and distribute logs from smart healthcare devices. The proposed approach enables the creation of datasets, allowing non-structured data to be parsed into semi-structured or structured data that can be used for machine learning and deep learning, and the proposed approach can serve as a universal policy-based tool to examine and analyse security issues in most recent Android versions by distributing logs for analysis. The validation tests demonstrated that the application could retrieve logs and system metrics from various assets and devices in an efficient manner. The collected logs can provide visibility into the device&rsquo;s activities and help to detect and mitigate potential security risks. This research introduces a way to perform a security analysis on Android devices that uses minimal system resources and reduces battery consumption by pushing the analysis stage to the edge

Knowledge Clubs in the EU: A Comparative Perspective

E20, O40,

Inequality and growth in the United States: Why physical and human capital matter

We investigate the relationship between economic growth and top income inequality under the influence of human and physical capital accumulation, using an annual panel of U.S. state-level data. Our analysis is based upon the “unified” framework offered by Galor and Moav (2004) while the empirics account for cross-section dependence, parameter heterogeneity, and endogeneity, in nonstationary series. We conclude that changes in inequality do not influence growth, neither in the short run nor in the long run in the United States as a whole in the 1929–2013 period. Our findings are robust to the inclusion of overall income inequality measures. These findings provide support for the theoretical prediction of the unified theory of inequality and growth, according to which the growth effect of inequality becomes insignificant in the latest stages of economic development that the United States experiences during our period of investigation. Therefore, future policies aiming at moderating the concentration at the upper end of income distribution are not likely to have adverse growth consequences in developed countries such as the United States.JRC.B.1-Finance and Econom

Συστηματικός σχεδιασμός, ανάπτυξη και αξιολόγηση παιχνιδοποιημένων περιβαλλόντων εκμάθησης στην κυβερνοασφάλεια

This research aims to validate the learning theory of constructivism and identify the possible systematic approaches to design, deploy, and evaluate cybersecurity learning environments using Capture the Flag (CTF) challenges and Cyber Ranges to provide a significant learning impact. Capture the Flag (CTF) challenges and Cyber Ranges are among the most widely used approaches to provide technical exercises in cybersecurity, mostly as an assessment method to evaluate skills. Despite interest in CTF challenges and Cyber Ranges, few studies have considered systematic approaches to relate technical exercises to the cybersecurity curriculum. Furthermore, research on gamification or game-based learning in cybersecurity has not included these approaches until now. This research contributes to understanding of the design and methodological development to improve approaches, including but not limited to CTF challenges and Cyber Ranges. The research is methodologically based on Action Design Research (ADR) that is used to provide empirical data on the design and development of digital cybersecurity learning environments. Furthermore, the scope of research of this thesis includes a critical evaluation of cyber learning environments, taking into account the concepts of gamification and game-based learning within the scope of this research. This research provides the foundation for a new method to design, develop, and deploy cybersecurity learning environments and related cybersecurity scenarios, as a baseline to acquire technical skills in IT.Η παρούσα διατριβή έχει ως στόχο την επικύρωση της θεωρίας μάθησης του κονστρουκτιβισμού και να αποδώσει τις πιθανές συστηματικές προσεγγίσεις που επιτρέπουν στις προκλήσεις Capture the Flag (CTF) και στα Cyber Ranges να παρέχουν σημαντικό μαθησιακό αντίκτυπο. Η παρούσα έρευνα συμβάλει στην κατανόηση σχετικά με τον σχεδιασμό της έρευνας και τη μεθοδολογική ανάπτυξη που απαιτείται για την ενίσχυση του μαθησιακού αντίκτυπου των προκλήσεων CTF και των Cyber Ranges ως εικονικών περιβαλλόντων μάθησης στον κυβερνοχώρο. Ο πειραματικός σχεδιασμός στηρίζεται μεθοδολογικά στο Action Design Research (ADR) και αξιοποιήθηκε για την παροχή δεδομένων σχετικά με το σχεδιασμό και την ανάπτυξη ψηφιακών περιβαλλόντων εκμάθησης στην κυβερνοασφάλεια. Στην έρευνα συμπεριλαμβάνεται κριτική αξιολόγηση των περιβαλλόντων μάθησης στον κυβερνοχώρο λαμβάνοντας υπόψη τις έννοιες της παιχνιδοποίησης (gamification) και της μάθησης που βασίζεται σε παιχνίδι (Game-Based Learning). Η έρευνα παρέχει τη βάση για έναν νέο τρόπο σχεδίασης και ανάπτυξης περιβαλλόντων μάθησης στον κυβερνοχώρο και την δημιουργία συναφών σεναρίων στην κυβερνοασφάλεια ως βάσης για την απόκτηση τεχνικών δεξιοτήτων στον τομέα της πληροφορικής

The Median Voter Takes it All: Preferences for Redistribution and Income Inequality in the EU-28

The relation between income inequality and support for redistributive policies has long being debated by social scientists, albeit with mostly contrasting findings. We shed light on this puzzle by exploiting a novel EU-28 wide survey (Eurobarometer 471) and matching it with an array of regional and national inequality measures. Using binary choice models, we show that support for redistribution is positively linked with the level of income inequality. The same association is found for perceptions of inequality being too high. In addition, we exploit alternative proxies of socio-economic status as well as subjective beliefs about fairness in the society. We document that individuals believing to be at the top of the social ladder, as well as people considering equal opportunities to be in place, are less supportive of government intervention to reduce inequalities. Our results are robust to different measures of inequalities, additional controls as well as a cross-validation with a widely recognized survey (ESS). We conclude that for the planning of policies based on social preferences, inequality matters.JRC.B.1-Finance and Econom