ECONOMIC INTEGRATION AND ENDOGENOUS GROWTH: AN EXPLANATION USING AK MODEL

Abstract: This research investigates the impacts of economic integration on endogenous growth by an application of the AK learning-by-doing model. Assuming that the knowledge that increases the productivity of labor will be created by accumulated capital, we divide economic integration into two different categories: one-way and two-way integration. The results show that two identical countries cannot have any benefits from economic integration. If two countries are different, the domestic country should only integrate with foreign countries that have a lower cost of capital of wage, or higher learning coefficient (the speed of transferring accumulated capital to knowledge) in the case of one-way integration. The same conclusion is still drawn in the case of two-way integration for two similar countries.Keywords: economic integration, endogenous growth, AK mode

FLIGHT-TO-QUALITY OR CONTAGION DURING U.S. SUBPRIME CRISIS: EVIDENCE FROM VIETNAM’S FINANCIAL MARKETS

Abstract: This study investigates whether contagion or flight-to-quality occurred in Vietnam’s financial markets during the US subprime crisis in 2007. We apply the asymmetric dynamic conditional correlation model (ADCC-GARCH (1,1)) to daily stock-index and bond index returns of Vietnam’s and US stock markets. We test for contagion or flight-to-quality by using a test for difference in dynamic conditional correlation means. The results show a contagion between the US and Vietnam’s stock markets, confirming the widespread influence of the US stock market on a young market like Vietnam. This result suggests a low benefit from diversification for investors holding portfolios containing assets in Vietnam’s stock market and US stock market during the crisis. Moreover, the relationship between Vietnam’s stock and bond markets represents a flight-to-quality during the US subprime crisis. This finding shows that the investors tend to hold less risky assets, i.e., bonds, instead of stocks during this turbulent period in Vietnam.Keywords: international financial contagion, flight-to-quality, Vietnam, US subprime crisis, ADCC-GARC

Xcast6 Treemap Islands - Revisiting Multicast Model

International audienceDue to the complexity and poor scalability, IP Multicast has not been used on the Internet. Recently, Xcast6 - a complementary protocol of IP Multicast has been proposed. However, the key limitation of Xcast6 is that it only supports small multicast sessions. To overcome this, we propose Xcast6 Treemap islands (X6Ti) - a hybrid model of Overlay Multicast and Xcast6. In summary, X6Ti has many advantages: support large multicast groups, simple and easy to deploy on the Internet, no router configuration, no restriction on the number of groups, no multicast routing protocol and no group management protocol. Based on simulation, we compare X6Ti with IP Multicast and NICE protocols to show the benefits of our new model

Xcast6 Treemap Islands - A Mixed Model of Application and Network Layer Multicast

IP multicast is a protocol that deals with group communications with the aim of reducing traffic redundancy in the network. However, due to difficulty in deployment and poor scalability with a large number of multicast groups, IP multicast is still not widely deployed and used on the Internet. Recently, Xcast6 and Xcast6 Treemap, the two network layer multicast protocols, have been proposed with complementary scaling properties to IP multicast: they support a very large number of active multicast sessions. However, the key limitation of these protocols is that they only support small multicast group. In this paper, we propose Xcast6 Treemap island - a hybrid model of Application Layer Multicast (ALM) and Xcast6 that can work for large multicast group. Our model has several key advantages: ease of deployment, efficiency in bandwidth savings, no control message between end-host and router, zero multicast forwarding state at router and no need for a multicast address allocation protocol. In addition, this model is a potential service from which an ISP can get new revenue. Finally, in simulation section, we have made a comparison with IP multicast and NICE protocol to show the feasibility of our new model.Le multicast a été inventé pour gérer les communications de groupes tout en réduisant la charge de trafic redondant sur le réseau. Actuellement, le multicast n'est pas largement déployé et utilisé sur l'Internet, principalement en raison des problèmes de passage à l'échelle avec un grand nombre de groupes. Récemment, Xcast6 et Xcast6 Treemap, ont été proposés pour pallier à ce problème: ces deux protocoles peuvent gérer un très grand nombre de groupes actifs. Toutefois, la principale restriction de ces protocoles est qu'ils ne fonctionnent qu'avec des groupes de très petite taille (avec peu de membres). Dans ce papier, nous proposons Xcast6 Treemap Island- un modèle hybride entre Application Layer Multicast (ALM) et Xcast6 qui peuvent gérer des groupes de grande taille. Les avantages principaux de noetr modèles sont les suivants : facilité de déploiement, utilisation efficace de la bande-passante, suppression des messages de contrôle et aucune nécessité d'un protocole d'allocation d'adresses multicast. Nous montrons la faisabilité et l'efficacité de notre proposition par des simulations où nous comparons notre proposition, un protocole IP multicast traditionnel, et le protocole NICE pour ALM

NOISE TRADER RISK: EVIDENCE FROM VIETNAM STOCK MARKET

Abstract: This paper investigates the existence of noise trader risk in Vietnam’s stock market and its effect on the daily returns of stock prices. The methodologies contain the estimation of GARCH (1,1) model to filter the residuals using the moving average method to calculate the impact of information traders. Noise trader risk or the risk that is caused by noise traders is derived by subtracting the residuals by the rational traders’ impact. We find that the noise trader risk does exist in Vietnam’s stock market and its impact on daily returns of stocks is unpredictable. Meanwhile, we find a positive impact of information traders on the stock returns. It increases the daily stock returns, and in turn, helps the market to correct itself because the stock prices move back to its fundamental value.Keywords: noise trader risk, GARCH (1,1), Vietnam’s stock marke

Safety and efficacy of fluoxetine on functional outcome after acute stroke (AFFINITY): a randomised, double-blind, placebo-controlled trial

Background Trials of fluoxetine for recovery after stroke report conflicting results. The Assessment oF FluoxetINe In sTroke recoverY (AFFINITY) trial aimed to show if daily oral fluoxetine for 6 months after stroke improves functional outcome in an ethnically diverse population. Methods AFFINITY was a randomised, parallel-group, double-blind, placebo-controlled trial done in 43 hospital stroke units in Australia (n=29), New Zealand (four), and Vietnam (ten). Eligible patients were adults (aged ≥18 years) with a clinical diagnosis of acute stroke in the previous 2–15 days, brain imaging consistent with ischaemic or haemorrhagic stroke, and a persisting neurological deficit that produced a modified Rankin Scale (mRS) score of 1 or more. Patients were randomly assigned 1:1 via a web-based system using a minimisation algorithm to once daily, oral fluoxetine 20 mg capsules or matching placebo for 6 months. Patients, carers, investigators, and outcome assessors were masked to the treatment allocation. The primary outcome was functional status, measured by the mRS, at 6 months. The primary analysis was an ordinal logistic regression of the mRS at 6 months, adjusted for minimisation variables. Primary and safety analyses were done according to the patient's treatment allocation. The trial is registered with the Australian New Zealand Clinical Trials Registry, ACTRN12611000774921. Findings Between Jan 11, 2013, and June 30, 2019, 1280 patients were recruited in Australia (n=532), New Zealand (n=42), and Vietnam (n=706), of whom 642 were randomly assigned to fluoxetine and 638 were randomly assigned to placebo. Mean duration of trial treatment was 167 days (SD 48·1). At 6 months, mRS data were available in 624 (97%) patients in the fluoxetine group and 632 (99%) in the placebo group. The distribution of mRS categories was similar in the fluoxetine and placebo groups (adjusted common odds ratio 0·94, 95% CI 0·76–1·15; p=0·53). Compared with patients in the placebo group, patients in the fluoxetine group had more falls (20 [3%] vs seven [1%]; p=0·018), bone fractures (19 [3%] vs six [1%]; p=0·014), and epileptic seizures (ten [2%] vs two [<1%]; p=0·038) at 6 months. Interpretation Oral fluoxetine 20 mg daily for 6 months after acute stroke did not improve functional outcome and increased the risk of falls, bone fractures, and epileptic seizures. These results do not support the use of fluoxetine to improve functional outcome after stroke