Economic Convergence in South-Eastern Europe: Will the Financial Sector deliver?

The pace of financial development in south-eastern Europe has accelerated. In a setting of low inflation and robust growth, domestic credit and cross-border flows are expanding rapidly. This can strengthen sustainable real convergence by supporting productivity gains – thus underpinning higher incomes, enhanced competitiveness and a smooth servicing of external liabilities. But such an outcome is not guaranteed. It depends on a favourable investment climate. Otherwise, an expansion of private consumption and residential investment may not be matched by growth in the traded goods sector and in other productive activities. EU Accession – with its potential for trade and investment integration, and an acquis-based strengthening of institutions – improves the chances of good outcomes. But deep structural reforms, as well as sound fiscal and prudential policies, are essential to foster sustainable growth and to avoid financial stress.

Growth and Economic Policy: Are There Speed Limits to Real Convergence?

Real convergence in the recently acceded EU member states (RAMS) is taking place in a new environment, with important implications for convergence and vulnerabilities. Financial liberalization can increase temporary imbalances, while financial integration provides the necessary external finance to support the larger current account deficits involved. Thus, periods during which relative prices are distorted and resources are not reallocated to reach a new equilibrium can be lengthened. When prices are sticky, the exchange rate regime matters in the short run: a fixed exchange rate regime generates a larger current account deficit than a flexible exchange rate regime. That is, the extent of vulnerability to adjustment risk will depend on several factors, and trade-offs between these, including price stickiness, the extent of unhedged balance sheet exposures, and the degree of nominal flexibility afforded by the exchange rate regime. Financial liberalization and integration may also lead to sizable changes in th  composition of final demand, and through this, considerable movements in the equilibrium real exchange rate. It may therefore be a challenging task for policymakers to achieve fast and steady nominal convergence in certain phases of convergence in this new environment. The paper discusses the challenges policymakers in RAMS face and the policies that can make the convergence process faster and smoother.real and financial convergence, financial integration, recently acceded EU member states, Sz�kely, Watson

From research to practice: The case of mathematical reasoning

Mathematical proficiency is a key goal of the Australian Mathematics curriculum. However, international assessments of mathematical literacy suggest that mathematical reasoning and problem solving are areas of difficulty for Australian students. Given the efficacy of teaching informed by quality assessment data, a recent study focused on the development of evidence-based Learning Progressions for Algebraic, Spatial and Statistical Reasoning that can be used to identify where students are in their learning and where they need to go to next. Importantly, they can also be used to generate targeted teaching advice and activities to help teachers progress student learning. This paper explores the processes involved in taking the research to practice

Probability Distributions for Elliptic Curves in the CGL Hash Function

Hash functions map data of arbitrary length to data of predetermined length. Good hash functions are hard to predict, making them useful in cryptography. We are interested in the elliptic curve CGL hash function, which maps a bitstring to an elliptic curve by traversing an inputdetermined path through an isogeny graph. The nodes of an isogeny graph are elliptic curves, and the edges are special maps betwixt elliptic curves called isogenies. Knowing which hash values are most likely informs us of potential security weaknesses in the hash function. We use stochastic matrices to compute the expected probability distributions of the hash values. We generalize our experimental data into a theorem that completely describes all possible probability distributions of the CGL hash function. We use this theorem to evaluate the collision resistance of the CGL hash function and compare this to the collision resistance of an “ideal” hash function

Determination of biomembrane bending moduli in fully atomistic simulations.

The bilayer bending modulus (Kc) is one of the most important physical constants characterizing lipid membranes, but precisely measuring it is a challenge, both experimentally and computationally. Experimental measurements on chemically identical bilayers often differ depending upon the techniques employed, and robust simulation results have previously been limited to coarse-grained models (at varying levels of resolution). This Communication demonstrates the extraction of Kc from fully atomistic molecular dynamics simulations for three different single-component lipid bilayers (DPPC, DOPC, and DOPE). The results agree quantitatively with experiments that measure thermal shape fluctuations in giant unilamellar vesicles. Lipid tilt, twist, and compression moduli are also reported

Junior Recital

This recital is presented in partial fulfillment of requirements for the degree Bachelor of Music in Performance. Ms. Austin is a student of John Lawless.https://digitalcommons.kennesaw.edu/musicprograms/1606/thumbnail.jp

Pathfinder VI Experimental Payload: Desna

The objective of this project is to design, fabricate and test a fixed wing unmanned aerial vehicle (UAV) that is to be carried in, and deployed from the Pathfinder VI rocket. The UAV, known as Desna, is tasked with being able to carry a Tamarisk 640 75mm thermal imaging camera, and transmit live video footage to a ground station from 8500 feet AGL. Desna must also fit inside Pathfinder VI’s 7.5” diameter, 35” long cargo bay. To accomplish this, Desna’s wing configuration, determined through description matrices and light prototype testing, will consist of a 35” wing that rotates about its center with 11” folding winglets to increase lift and stability. Desna will be constructed from blue high-density foam to allow for cheap, rapid prototyping as well as being light as possible while still being able to survive the G loadings during assent. Desna will fly in Pathfinder VI this June in the Intercollegiate Rocket Engineering Competition as an experimental payload

What are children's trusts? Early findings from a national survey

<i>Background:</i> The Children Act 2004 and National Service Framework for Children, Young People and Maternity Services require fuller integration of health, education and social services for children and young people in England and Wales. The UK government supported the establishment of 35 experimental children's trust pathfinders (henceforth called children's trusts) in England. <i>Methods:</i> A questionnaire was completed by managers in all 35 children's trusts a year after their start. Children's trust documents were examined. Census and performance indicators were compared between children's trust areas and the rest of England. <i>Results</i> Children's trust areas had demographic and social characteristics typical of England. All children's trusts aimed to improve health, education and social services by greater managerial and service integration. All had boards representing the three sectors; other agencies’ representation varied. Two-thirds of children's trusts had moved towards pooling budgets in at least some service areas. At this stage in their development, some had prioritized joint procurement or provision of services, with formal managerial structures, while others favoured an informal strategic planning, co-ordination and information sharing approach. The commonest priorities for services development were for disabled children (16 children's trusts), followed by early intervention (11) and mental health services (8). <i>Conclusions:</i> The diverse strategies adopted by these 35 children's trusts during their first year is due to their own characteristics and to the way government strategy developed during this period. Whilst some prioritized organizational development, joint financing and commissioning, and information sharing, others laid more emphasis on mechanisms for bringing front-line professionals closer together. Their experiences are of value to others deciding how best to integrate children's services