Money, Capital Markets and Welfare: An Analysis of the Effects of Target2 Balances

Schulden; Finanzmarktkrise; Target Zone; Schuldenkrise; Europäische Wirtschafts- und Währungsunion

A further view on current account, capital account and Target2 balances: Assessing the effect on capital structure and economic welfare

In this paper, we first present the state and the development of the European capital and current account imbalances. We demonstrate how large the heterogeneity among European countries is and that clustering here different types of countries is possible, but that it leads to different groupings than what has been labeled the PIGS or better GIPS countries on the one side and the GLNF countries on the other side. The same applies when it comes to cluster countries according to the debt ratio criterion. Hereafter, we put forward our own description of the mentioned ECB implicit financing scheme(s), among other things extending and complementing the recent base money market (supply and demand) analysis given by H.-W. Sinn and T. Wollmershäuser (2011). The core of the paper consists in a modified model of the New Austrian School of Economics - in the tradition of F. A. v. Hayek (1929, 1931) and in the vein of R. M. Garrison (2002) - which enables us to discuss the current distortions introduced by the Target2 credit channel into the capital markets of selected EMU countries and to detect its most important economic consequences. This part of the paper ends with a static welfare evaluation. Finally, we come up with some conclusions and suggestions for economic policy. --Target2 balances,current account deficits,ECB monetary policy,New Austrian Economics

How does the chain extension of poly (acrylic acid) scale in aqueous solution? A combined study with light scattering and computer simulation

This work adresses the question of the scaling behaviour of polyelectrolytes in solution for a realistic prototype: We show results of a combined experimental (light scattering) and theoretical (computer simulations) investigation of structural properties of poly (acrylic acid) (PAA). Experimentally, we determined the molecular weight (M_W) and the hydrodynamic radius (R_H) by static light scattering for six different PAA samples in aqueous NaCl-containing solution (0.1-1 mol/L) of polydispersity D_P between 1.5 and 1.8. On the computational side, three different variants of a newly developed mesoscopic force field for PAA were employed to determine R_H for monodisperse systems of the same M_W as in the experiments. The force field effectively incorporates atomistic information and one coarse-grained bead corresponds to one PAA monomer. We find that R_H matches with the experimental data for all investigated samples. The effective scaling exponent for R_H is found to be around 0.55, which is well below its asymptotic value for good solvents. Additionally, data for the radius of gyration (R_G) are presented.Comment: 17 pages, 3 figures, submitted to Macromolecule

Geld-, Kapitalmärkte und Wohlfahrt: Eine Wirkungsanalyse der Target2-Salden

Zahlungsbilanz, Zahlungsbilanzungleichgewicht, Schulden, Leistungsbilanz, Wettbewerb, Europäische Wirtschafts- und Währungsunion

Examining the Relationship Between Math Scores and English Language Proficiency

Multiple studies propose that English proficiency dictates English language learners’ (ELLs) performances on mathematics assessments. The current study investigates the predictive power of English proficiency on mathematics scores, while controlling for gender, socioeconomic status (SES), and grade level among ELLs at a south Florida elementary school. Krashen’s theory of comprehensible input as a precursor to second language acquisition provides the framework for this quantitative, correlation study. Mathematics scores from the Florida Comprehensive Assessment Test for Grade 3–5 ELLs (N = 177) were analyzed using multiple linear regression. Analysis reveals English proficiency as a statistically significant predictor of mathematics scores. Mathematics scores increase simultaneously with English proficiency but inversely with grade level. Grade level moderates the influence of English proficiency on mathematics scores. Gender and SES have no significant moderating influence

Social Mobility Through Mathematics Proficiency for English Language Learners

College admission is contingent upon students’ high school performances, especially mathematics proficiency that is crucial in qualifying for the projected science, technology, engineering, and mathematics professions of the future. This paper reviews some concerns that hinder the efforts of English language learners (ELLs), often the children of immigrants, to achieve social mobility through a college education. ELLs consistently fail to achieve proficiency on mathematics assessments as measured by the National Assessment for Educational Progress and local assessments such as the Florida Comprehensive Assessment Test. Consequently, many ELLs do not attend college. The article examines implications for educators and policymakers for resolving some of the issues that impede transforming ELLs into academic and societal achievers. Actions taken by educators and policymakers might assist ELLs in navigating the challenges encountered in their pursuit of a college education

EFFECTS OF SENSORY STIMULATION ON PLANTAR FOOT SENSITIVITY AND MOTOR COORDINATION ABILITIES IN CHILDREN

The purpose of this study was to investigate the effects of sensory stimulation on plantar sensitivity and motor coordination abilities in children. 37 children from 6 to 8 years (6.7 yrs., ± 0.5) participated in the study. The subjects were divided into three groups. The plantar foot of the first group was stimulated by wearing a randomly knobbed insole (‘Insole’) for 5 weeks. The second group additionally performed a sensory training (‘Training & Insole’). The third group (‘Control’) received no determined stimulation during the 5 weeks. Before and after the stimulation period the sensitivity thresholds and motor coordination abilities were measured. The group ‘Training & Insole’ showed significant improvements for tactile thresholds after the treatment compared to the control group. For the group ‘Insole’ no significant improvements of sensitivity thresholds were found. The motor coordination abilities of the group ‘Training & Insole’ also improved significantly in comparison to the control group, whereas the coordination abilities of the ‘Insole’ subjects did not improve significantly

Successful Cessation Programs that Reduce Comorbidity May Explain Surprisingly Low Smoking Rates Among Hospitalized COVID-19 Patients

A recent, non-peer-reviewed meta-analysis suggests that smoking may reduce the risk of hospitalization with COVID-19 because the prevalence of smoking among hospitalized COVID-19 is less than that of the general population. However, there are alternative explanations for this phenomena based on (1) the failure to report, or accurately record, smoking history during emergency hospital admissions and (2) a pre-disposition to avoid smoking among COVID-19 patients with tobacco-related comorbidities (a type of “reverse” causation). For example, urine testing of hospitalized patients in Australia for cotinine showed that smokers were under-counted by 37% because incoming patients failed to inform staff about their smoking behavior. Face-to-face interviews can introduce bias into the responses to attitudinal and behavioral questions not present in the self-completion interviews typically used to measure smoking prevalence in the general population. Subjects in face-to-face interviews may be unwilling to admit socially undesirable behavior and attitudes under direct questioning. Reverse causation may also contribute to the difference between smoking prevalence in the COVID-19 and general population. Patients hospitalized with COVID-19 may be simply less prone to use tobacco than the general population. A potentially robust “reverse causation” hypothesis for reduced prevalence of smokers in the COVID-19 population is the enrichment of patients in that population with serious comorbidities that motivates them to quit smoking. We judge that this “smoking cessation” mechanism may account for a significant fraction of the reduced prevalence of smokers in the COVID-19 population. Testing this hypothesis will require a focused research program

Young children’s protest: what it can (not) tell us about early normative understanding

In this paper we address the question how children come to understand normativity through simple forms of social interaction. A recent line of research suggests that even very young children can understand social norms quite independently of any moral context. We focus on a methodological procedure developed by Rakoczy et al., Developmental Psychology, 44, 875-881, that measures children's protest behaviour when a pre-established constitutive rule has been violated. Children seem to protest when they realize that rule violations are not allowed or should not have happened. We point out that there is more than one possible explanation for children's reactions in these studies. They could be due to disobeying an authority, an inability to follow a rule, or the violation of an empirical expectation due to the mismatch between statement and action. We thus question whether it would still count as an indicator for normative understanding if children responded to aspects of the game other than the violation of a constitutive rule and conclude that the protesting behavior, when taken in isolation, does not suffice as evidence for normative understanding