Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View.

This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets. We report three major findings. First, compared to advanced countries, recessions and financial disruptions in emerging markets are often more costly. Second, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions in emerging markets. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets are different than those in advanced countries. In light of these broad observations, the paper provides a review of recessions and financial market disruptions in Chile

Does Openness to International Financial Flows Contribute to Productivity Growth?

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.foreign direct investment, external assets and liabilities, capital flows, capital account liberalization, financial openness, portfolio equity, debt, total factor productivity

Growth and Volatility in an Era of Globalization

We extend the analysis in Kose, Prasad, and Terrones (2005) to provide a comprehensive examination of the cross-sectional relationship between growth and macroeconomic volatility over the past four decades. We also document that while there has generally been a negative relationship between volatility and growth during this period, the nature of this relationship has been changing over time and across different country groups. In particular, we detect major shifts in this relationship after trade and financial liberalizations. In addition, our results show that volatility stemming from the main components of domestic demand is negatively associated with economic growth. Copyright 2005, International Monetary Fund

How does financial globalization affect risk sharing? Patterns and channels

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international financial integration has affected the evolution of risk sharing patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The most interesting result is that even emerging market economies, which have witnessed large increases in cross-border capital flows, have seen little change in their ability to share risk. We find that the composition of flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our results suggest that portfolio debt, which has dominated the external liability stocks of most emerging markets until recently, is not conducive to risk sharing

3D Model compression using Connectivity-Guided Adaptive Wavelet Transform built into 2D SPIHT

Cataloged from PDF version of article.Connectivity-Guided Adaptive Wavelet Transform based mesh compression framework is proposed. The transformation uses the connectivity information of the 3D model to exploit the inter-pixel correlations. Orthographic projection is used for converting the 3D mesh into a 2D image-like representation. The proposed conversion method does not change the connectivity among the vertices of the 3D model. There is a correlation between the pixels of the composed image due to the connectivity of the 3D mesh. The proposed wavelet transform uses an adaptive predictor that exploits the connectivity information of the 3D model. Known image compression tools cannot take advantage of the correlations between the samples. The wavelet transformed data is then encoded using a zero-tree wavelet based method. Since the encoder creates a hierarchical bitstream, the proposed technique is a progressive mesh compression technique. Experimental results show that the proposed method has a better rate distortion performance than MPEG-3DGC/MPEG-4 mesh coder. © 2009 Elsevier Inc. All rights reserved

How do trade and financial integration affect the relationship between growth and volatility?

The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. Using a comprehensive new dataset, we document that, while the basic negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration significantly weaken this negative relationship. Specifically, we find that the estimated coefficient on the interaction between volatility and trade integration is significantly positive. We find a similar, although less significant, result for the interaction of financial integration with volatility

Content-adaptive color transform for image compression

Cataloged from PDF version of article.In this paper, an adaptive color transform for image compression is introduced. In each block of the image, coefficients of the color transform are determined from the previously compressed neighboring blocks using weighted sums of the RGB pixel values, making the transform block-specific. There is no need to transmit or store the transform coeffi- cients because they are estimated from previous blocks. The compression efficiency of the transform is demonstrated using the JPEG image coding scheme. In general, the suggested transformation results in better peak signal-to-noise ratio (PSNR) values for a given compression level. ( C) 2011 Society of Photo-Optical Instrumentation Engineer

How Does Globalization Affect the Synchronization of Business Cycles?

This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and financial integration enhance global spillovers of macroeconomic fluctuations is mostly limited to industrial countries. One striking result is that, on average, cross-country consumption correlations have not increased in the 1990s, precisely when financial integration would have been expected to result in better risk-sharing opportunities, especially for developing countries

Compressive sensing using the modified entropy functional

Cataloged from PDF version of article.In most compressive sensing problems, 1 norm is used during the signal reconstruction process. In this article, a modified version of the entropy functional is proposed to approximate the 1 norm. The proposed modified version of the entropy functional is continuous, differentiable and convex. Therefore, it is possible to construct globally convergent iterative algorithms using Bregman’s row-action method for compressive sensing applications. Simulation examples with both 1D signals and images are presented. © 2013 Elsevier Inc. All rights reserved

The global financial crisis: how similar? How different? How costly?

This paper provides a brief analysis of three major questions raised in the context of the recent global financial crisis. First, how similar is the crisis to previous episodes? We argue that the crisis featured some close similarities to earlier ones, including the presence of credit and asset price booms fueled by rapid debt accumulation. Second, how different is it from earlier episodes? We show that, as much as it displayed some similarities with previous cases, it also featured some significant differences, such as the explosion of opaque and complex financial instruments in a context of highly integrated global financial markets. Third, how costly are recessions that followed these types of crises? Although the latest episode took a very heavy toll on the real economy, we argue that this was not a surprising outcome. In particular, historical comparisons indicate that recessions associated with periods of deep financial disruptions result in much larger declines in real economic activity. We discuss the implications of these findings for economic and financial sector policies and future research