Impact of GDP volatility on current account balances

This paper empirically investigates the impact of GDP volatility on current account balances for a large sample of developed and developing countries. We extend the standard set of short- and long-term determinants of current accounts to include GDP volatility computed from the annual growth rate of GDP. It turns out that for low income countries the impact of GDP volatility on their current account balances is negative, whereas the reverse is true for high income countries. The intertemporal approach to the balance of payments followed in this paper suggests that a diverse response of current account balances to GDP volatility can be due to the different degree of shock persistence in developed and developing countries.current account, savings, investment, volatility

The Relationship Between Private and Public Investment in Developing Countries with Different Levels of Human Capital

Theoretical background: Public capital goods can directly boost the productivity of private capital equipment, thus, increasing the profitability of private investment. In addition, in developing countries, public capital has an indirect effect on the rate of return on private capital because it facilitates the accumulation of human capital. Through these channels, the negative consequences of an increase in interest rates associated with fiscal expansion can be offset, and the crowding-out effect of public investment can be reversed. Purpose of the article: The aim of this paper is to reassess the extent to which public investment crowds in or crowds out private fixed capital expenditure in developing economies. Research methods: Panel data on 89 developing countries from the period 1970–2015 and several estimation methods are used. Care of the endogeneity problem was taken, slope heterogeneity assumption was relaxed and several measures of educational attainment were used. Main findings: The crowding-in phenomenon is found to be stronger in countries with low levels of education and health. It seems that the positive productivity enhancing effect of public investment on private investment is partially offset by the decrease in the income share of physical capital in countries that witness improvements in human capital. Public capital accumulation in countries which have achieved high human development is less effective, meaning that public investment should precede non-investment spending on education and health

Determinants of capital flows to emerging and advanced economies between 1990 and 2011

The previous and latest crises confirmed that stability of external financing of the economy is determined not only by the volume of capital inflow but also by its structure. It is established that a bias in gross external liabilities towards debt, especially short-term, may rise vulnerability to financial crises. Greater share of equity capital, mainly direct investment is not found to bear such financial risk. The results of Bayesian Model Averaging (BMA) show that influence of variables inherent in macroeconomic and portfolio approaches varies depending on the type of capital inflow and the group of countries. We also find some arguments that equity investment is a more desirable form of foreign capital because debt inflows are more responsive to global factors and therefore more volatile. As a word of caution, we highlight the need for diversification and careful monitoring of external financing sources and forms.info:eu-repo/semantics/publishedVersio

APPLICATION OF DYNAMIC OPTIMIZATION FOR AUTONOMOUS VEHICLE MOTION CONTROL

This article presents a procedure algorithm and vehicle dynamics models that can be applied to planning and controlling the motion of an autonomous car. The simulation results obtained using a simplified bicycle model with three degrees of freedom and a spatial model with 10 degrees of freedom were compared. The numerical efficiency of both models was evaluated. The task of dynamic optimization was formulated, the solution to which enables the implementation of lane change and overtaking maneuvers. The task was solved using the bicycle model, and the results (implementation of the intended maneuver) were validated using the spatial model

Probe spectroscopy in an operating magneto-optical trap: the role of Raman transitions between discrete and continuum atomic states

We report on cw measurements of probe beam absorption and four-wave-mixing spectra in a $^{85}$Rb magneto-optical trap taken while the trap is in operation. The trapping beams are used as pump light. We concentrate on the central feature of the spectra at small pump-probe detuning and attribute its narrow resonant structures to the superposition of Raman transitions between light-shifted sublevels of the ground atomic state and to atomic recoil processes. These two contributions have different dependencies on trap parameters and we show that the former is inhomogeneously broadened. The strong dependence of the spectra on the probe-beam polarization indicates the existence of large optical anisotropy of the cold-atom sample, which is attributed to the recoil effects. We point out that the recoil-induced resonances can be isolated from other contributions, making pump-probe spectroscopy a highly sensitive diagnostic tool for atoms in a working MOT.Comment: 9 pages, 8 figure

Optimal geometry for efficient loading of an optical dipole trap

One important factor which determines efficiency of loading cold atoms into an optical dipole trap from a magneto-optical trap is the distance between the trap centers. By studying this efficiency for various optical trap depths (2--110 mK) we find that for optimum dipole trap loading, longitudinal displacements up to 15 mm are necessary. An explanation for this observation is presented and compared with other work and a simple analytical formula is derived for the optimum distance between the trap centers.Comment: 6 figures. Phys. Rev. A, in pres

Chlamydia trachomatis infection and bacterial analysis in pregnant women in II and III trimester of pregnancy.

Aim: The main aim of the study was to estimate the frequency of CT infection in pregnant women, the presence of inflammatory symptoms in Pap-smears, abnormal bacterial status of the vagina and the risk of preterm delivery. Material and methods: The study was conducted between the years 2005 and 2007 on hospitalized women in The Clinic of High Risk Pregnancy. The first group consisted of 200 pregnant women in II trimester and the second of 200 pregnant women in III trimester of pregnancy. In case of each patient the indication for hospitalization was as increased risk of preterm delivery. The Pap-smears, bacterial smear and immunochromatographic test for CT were done on the first day of the treatment from the border line of the cervical epithelium. The immunochromatographic method, despite its low specificity, lower than PCR (polymerase chain reaction), is useful because of low costs, simplicity of the method and ease of the diagnosis. In case of positive immunochromatographic bCt test, PCR CT analysis should be conducted to make sure the diagnosis is correct. The Pap-smear result suggesting inflammatory process of dysplastic changes was the reason for local antibacterial btreatment after which a control smear was done. Bacterial analysis done from external ostium showed pathogenic and cohabitants bacteria and resistance to antibiotics. The written consent for the study was obtained. Results: In the group of pregnant women there were no pathological – alert bacteria smears. In the second group the alert bacteria was found in 3 cases (1,5). In 32% of the first group in 27% of cases inflammatory changes in Pap-smears were found. No positive result of CT was found in either of the groups. The symptoms of preterm delivery were found in 78% members of the first group and in 84% cases of the second group. Preterm delivery occurred in 4 cases in the first group (2%) and 6 cases in the second group (3%). Conclusions: 1 In analyzed groups of pregnant women the CT infection was excluded. 2. The inflammatory symptoms on uterine cervix were not connected with CT infection

Thermal induced structural and magnetic transformations in Fe_{73.5−x}Ce_{x=0,3,5,7}Si_{13.5}B_9Nb_3Cu_1 amorphous alloy

Structural and magnetic properties of amorphous and partly crystallized Fe_{73.5−x}Ce_{x=0,3,5,7}Si_{13.5}B_9Nb_3Cu_1 alloys, were analysed in the temperature ranging from RT to 800 °C with scanning calorimetry and magnetometry. The Fe(Si) and Fe(B) structures were identified and characterised with set of crystallization temperatures and activation energies. Also, Curie temperatures for amorphous and for crystalline structures were determined and analysed as functions of Ce content

Wytyczne Polskiego Towarzystwa Gastroenterologii dotyczące nadzoru kolonoskopowego po polipektomii — adaptacja wytycznych europejskich

Zasady nadzoru kolonoskopowego po polipektomii zawarte w prezentowanym artykule opracowano na podstawie europejskich wytycznych dotyczących zapewnienia jakości w badaniach przesiewowych i diagnostyce raka jelita grubego. Zalecenia oparto na istniejących dowodach naukowych i uzupełniono o opinie ekspertów w sprawach niepopartych dowodami, a całość została zaakceptowana przez Zarząd Główny Polskiego Towarzystwa Gastroenterologii. Stwierdzenia, w których istnieją różnice w porównaniu z wytycznymi europejskimi, oznaczono znakiem „#”. Gastroenterologia Kliniczna 2011, tom 3, nr 2, 55–6