Finance and economic growth - a review of theory and the available evidence.

The EU's structural reform agenda attaches a considerable weight to the establishment of efficiently working and integrated EU financial markets. While there is a firm consensus that a well-functioning financial sector is a precondition for the efficient allocation of resources and the exploitation of an economy's growth potential, the economic literature is less consensual on how and to what extent finance affects economic growth.  This paper reviews the economic theory and available evidence with particular focus on three questions:  how does financial development affect economic growth;  what are the features of a growth supportive financial structure;  how are financial structures related to structural change and technical progress? financial development, economic growth, financial structures, structural change,technical progress

Monitoring short-term labour cost developments in the European Union: which indicators to trust?

This paper reviews the available indicators in the European Union to monitor short-term labour cost developments, i.e. of quarterly frequency, with a special focus on the euro area. It clarifies concepts, provides information on availability and compares the indicators against various statistical criteria, their historical track record and their predictive capacities. The paper mainly focuses on the supply side, particularly considering labour cost developments in terms of risks for price stability. It is found that no single indicator can be considered clearly superior and able to replace the others without loss of information, as each indicator concentrates on a specific dimension of labour costs and is affected by statistical flaws. The assessment of short-term wage developments should reasonably be based on the broadest available set of statistics so as to get a balanced and careful view. The empirical analysis shows that when forecasting core inflation one-step ahead for the euro area as a whole, the labour cost index and the ECFIN wage indicator display the higher predictive accuracy. Moreover, composite labour cost indicators (encompassing at least two indicators) clearly outperform any single wage indicator. Compensation per employee empirically appears the best, albeit weak, leading wage indicator of private consumption.Labour cost indicators, wages and compensations, short-term macroeconomic developments, core inflation, private consumption, leading indicators, Mourre, Thiel

Design, fabrication and characterization of three-dimensional chiral photonic crystals

In this thesis, we have investigated an exciting subclass of photonic nanostructures: Chiral three-dimensional photonic crystals. We have fabricated several high-quality structures by using direct laser writing and have characterized them by transmission experiments and numerical calculations. This material class shows a high potential for applications because of intense response to circularly polarized light

Market Men and Station Women: Changing Significations of Gendered Space in Accra, Ghana

It is impossible to understand the gendered relation between women and public space without taking into account its other, that is, male engagements with and in space. Our joint paper contrasts the public spaces of a market and a bus station in central Accra, Ghana. While the former is historically associated with female entrepreneurship, masculinity is deeply inscribed in the activities defining the latter. However, recent developments gradually undermine this gendered divide. Evermore men enter into the predominantly female occupation of market trade. Simultaneously, the public space of the bus station, complementary to many of the market’s economic activities and to its gendered significations, is increasingly shaped by intensive negotiations between male station personnel and ‘intruding’ female entrepreneurs over the scarce resource ‘space’. By focusing on interpersonal claims to entrepreneurial places in these two locations, we contest that structural determinants such as trade liberalization and employment strictures sufficiently explain the complex renegotiation of gendered entitlements to space. We illustrate how the configurations (and co-constructions) of gender and space are exposed to on-going, often subtle shifts, which are impelled by dialectically grounded transformations of quotidian spatial practices and social relations. Expanding upon the notion of viri-/uxorilocality, we explore shifts in the gendered strategies of newcomers establishing their presence in the two spaces and the extent to which these practices may alter gendered spatial significations

No genetic evidence for involvement of Deltaretroviruses in adult patients with precursor and mature T-cell neoplasms

Background The Deltaretrovirus genus comprises viruses that infect humans (HTLV), various simian species (STLV) and cattle (BLV). HTLV-I is the main causative agent in adult T-cell leukemia in endemic areas and some of the simian T-cell lymphotropic viruses have been implicated in the induction of malignant lymphomas in their hosts. BLV causes enzootic bovine leukosis in infected cattle or sheep. During the past few years several new Deltaretrovirus isolates have been described in various primate species. Two new HTLV-like viruses in humans have recently been identified and provisionally termed HTLV-III and HTLV-IV. In order to identify a broad spectrum of Deltaretroviruses by a single PCR approach we have established a novel consensus PCR based on nucleotide sequence data obtained from 42 complete virus isolates (HTLV-I/-II, STLV-I/-II/-III, BLV). The primer sequences were based on highly interspecies-conserved virus genome regions. We used this PCR to detect Deltaretroviruses in samples from adult patients with a variety of rare T-cell neoplasms in Germany. Results: The sensitivity of the consensus PCR was at least between 10-2 and 10-3 with 100% specificity as demonstrated by serial dilutions of cell lines infected with either HTLV-I, HTLV-II or BLV. Fifty acute T-cell lymphoblastic leukemia (T-ALL) samples and 33 samples from patients with various rare mature T-cell neoplasms (T-PLL, Sezary syndrome and other T-NHL) were subsequently investigated. There were no cases with HTLV-I, HTLV-II or any other Deltaretroviruses. Conclusions: The results rule out a significant involvement of HTLV-I or HTLV-II in these disease entities and show that other related Deltaretroviruses are not likely to be involved. The newly established Deltaretrovirus PCR may be a useful tool for identifying new Deltaretroviruses

Lattice expansion in islands stabilized by electron confinement: Ag on Si(111)-7×7

Ag on Si(111)-7×7 was one of the first systems where height selection of metal islands was attributed to electron confinement, i.e., stabilization of selected heights through a quantum size effect (QSE). However, it has been puzzling how the requisite electron standing waves can form, because the Fermi level EF (along the growth [111] direction) is within the gap for bulk Ag. With detailed experiments over a wide coverage and temperature range, we show that a large increase of 12% is present in the interlayer spacing within the bilayer islands. This can shift EF below the gap, allowing electron confinement to control height selection. This conclusion is also supported by the observation of a corrugation pattern of period 3 nm on top of the Ag islands, which is bias dependent and can only be the result of QSE-generated standing waves normal to the film

On three-dimensional dilational elastic metamaterials

Dilational materials are stable three-dimensional isotropic auxetics with an ultimate Poisson's ratio of -1. We design, evaluate, fabricate, and characterize crystalline metamaterials approaching this ideal. To reveal all modes, we calculate the phonon band structures. On this basis, using cubic symmetry, we can unambiguously retrieve all different non-zero elements of the rank-4 effective metamaterial elasticity tensor, from which all effective elastic metamaterial properties follow. While the elastic properties and the phase velocity remain anisotropic, the effective Poisson's ratio indeed becomes isotropic and approaches -1 in the limit of small internal connections. This finding is also supported by independent static continuum-mechanics calculations. In static experiments on macroscopic polymer structures fabricated by three-dimensional printing, we measure Poisson's ratios as low as -0.8 in good agreement with theory. Microscopic samples are also presented.Comment: 8 figure

High Layer Uniformity of Two-Dimensional Materials Demonstrated Surprisingly from Broad Features in Surface Electron Diffraction

Paradoxically a very broad diffraction background, named the Bell-Shaped-Component (BSC), has been established as a feature of graphene growth. Although the BSC has been present in the earlier literature it has been ignored. Recent diffraction studies as a function of electron energy have shown that the BSC is not related to scattering interference. The BSC is a very strong effect, but its origin is still unclear. Here, additional experiments are carried out as a function of temperature while monitoring changes in the intensity of different spots over the range that single-layer-graphene (SLG) grows. Quantitative fitting of the profiles shows that the BSC follows the increase of the G(10) spot, proving directly that BSC is an indicator of high quality graphene. Additional metal deposition experiments provide more information about the BSC. The BSC is insensitive to metal deposition and it increases with metal intercalation, because a more uniform interface forms between graphene and SiC. These experiments support the conclusion that the BSC originates from electron spatial confinement within SLG and surprisingly it is an excellent measure of graphene uniformity, instead of film disorder