Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries

This paper examines the empirical relationship between financial development and economic growth for high income countries. The study focuses on both indirect finance and direct finance, separately as well as jointly. Applying the methodology of Nair-Reichert and Weinhold (2001) for causality analysis in heterogeneous panel data, two sets of results are reported. First, the evidence regarding the relationship between financial development and economic growth from a contemporaneous non-dynamic fixed effects panel estimation is mixed. Negative and statistically significant estimates of the coefficient of the inflation and financial development interaction variable indicate that financial sector development may even be harmful to economic growth when inflation is rising. Second, in contrast with the recent evidence of Beck and Levine (2003), heterogeneous panel causality analysis applied on a refined model indicates that there is no definite evidence that finance spurs economic growth or growth spurs finance. Most of our findings are in line with the Lucas (1988) view that the importance of financial matters is over-stressed. The only exception is the case of activity in stock markets where our result supports the Robinson (1952) view that finance follows enterprise.

Progressive ShallowNet for large scale dynamic and spontaneous facial behaviour analysis in children

COVID-19 has severely disrupted every aspect of society and left negative impact on our life. Resisting the temptation in engaging face-to-face social connection is not as easy as we imagine. Breaking ties within social circle makes us lonely and isolated, that in turns increase the likelihood of depression related disease and even can leads to death by increasing the chance of heart disease. Not only adults, children's are equally impacted where the contribution of emotional competence to social competence has long term implications. Early identification skill for facial behaviour emotions, deficits, and expression may help to prevent the low social functioning. Deficits in young children's ability to differentiate human emotions can leads to social functioning impairment. However, the existing work focus on adult emotions recognition mostly and ignores emotion recognition in children. By considering the working of pyramidal cells in the cerebral cortex, in this paper, we present progressive lightweight shallow learning for the classification by efficiently utilizing the skip-connection for spontaneous facial behaviour recognition in children. Unlike earlier deep neural networks, we limit the alternative path for the gradient at the earlier part of the network by increase gradually with the depth of the network. Progressive ShallowNet is not only able to explore more feature space but also resolve the over-fitting issue for smaller data, due to limiting the residual path locally, making the network vulnerable to perturbations. We have conducted extensive experiments on benchmark facial behaviour analysis in children that showed significant performance gain comparatively

Incidence of epizootic ulcerative syndrome (EUS) in freshwater fishes in the endemic area of Punjab, Pakistan

Incidence of Epizootic Ulcerative Syndrome (EUS) has been recorded for the first time in freshwater fishes in the endemic area of Punjab, Pakistan. Survey of private fish farms, hatchery and natural water bodies was conducted in a radius of 14 Km from around river Ravi near Lahore (Punjab Province) Pakistan. Out Of 1628 fishes belonging to 18 genera, 517 fishes of 10 genera were found affected with EUS. The incidence of EUS in culturable fishes was higher in Cirrhina mrigala (15.4%) moderate in Catla cat/a (13.3%) and lower in Labeo rohita (5.0%). Exotic fish, Chinese carp Ctenoparyngodon idella and Hypophthalmicthys molitrix were not affected with EUS. In non-culturable fishes the incidence of EUS was highest in Channa punctatus (72.8%) moderate in by C. straitus (65.45%) and comparatively lower Puntius ticto (43.7%). A slow growing temperature sensitive Saprolegnia spp. was isolated from all of EUS infected fish species. Aeromonas spp. and Pseudomonas spp. were isolated from the diseased fishes. Ectoparasites viz. Lernaea, Argulus and Triclwdina spp. were also isolated from the skin and gills of infected fish species. The disease was more severe in water having low alkalinity (70 mg/1), hardness (75 mg/1) and low temperature of 10-12 °C

Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries

This paper examines the empirical relationship between financial development and economic growth for high income countries. The study focuses on both indirect finance and direct finance, separately as well as jointly. Applying the methodology of Nair-Reichert and Weinhold (2001) for causality analysis in heterogeneous panel data, two sets of results are reported. First, the evidence regarding the relationship between financial development and economic growth from a contemporaneous non-dynamic fixed effects panel estimation is mixed. Negative and statistically significant estimates of the coefficient of the inflation and financial development interaction variable indicate that financial sector development may even be harmful to economic growth when inflation is rising. Second, in contrast with the recent evidence of Beck and Levine (2003), heterogeneous panel causality analysis applied on a refined model indicates that there is no definite evidence that finance spurs economic growth or growth spurs finance. Most of our findings are in line with the Lucas (1988) view that the importance of financial matters is over-stressed. The only exception is the case of activity in stock markets where our result supports the Robinson (1952) view that finance follows enterprise

Fracture response of La61.4Al15.9Ni11.35Cu11.35 bulk metallic glass subjected to quasi-static compression loading

Lanthanum based bulk metallic glass (BMG) is one of the BMG which have the excellent glass-forming ability (GFA). In this empirical study, as-received La61.4Al15.9Ni11.35Cu11.35 bulk metallic glasses were subjected to a quasi-static compression test. The results show the maximum modulus Young’s of 191 GPa, the compressive force of 590 MPa and the compressive displacement at maximum force of 0.35 mm. The La-based BMG were comparable to the 304 stainless steels in term of the mechanical properties. The La-based BMG fracture response from the quasi-static compression test was documented. The fracture response under compressive loading is vital to understand the La-based BMG for the promising used in lightweight alloy applications. identity

Fluctuations and differential contraction during regeneration of Hydra vulgaris tissue toroids

We studied regenerating bilayered tissue toroids dissected from Hydra vulgaris polyps and relate our macroscopic observations to the dynamics of force-generating mesoscopic cytoskeletal structures. Tissue fragments undergo a specific toroid-spheroid folding process leading to complete regeneration towards a new organism. The time scale of folding is too fast for biochemical signalling or morphogenetic gradients which forced us to assume purely mechanical self-organization. The initial pattern selection dynamics was studied by embedding toroids into hydro-gels allowing us to observe the deformation modes over longer periods of time. We found increasing mechanical fluctuations which break the toroidal symmetry and discuss the evolution of their power spectra for various gel stiffnesses. Our observations are related to single cell studies which explain the mechanical feasibility of the folding process. In addition, we observed switching of cells from a tissue bound to a migrating state after folding failure as well as in tissue injury. We found a supra-cellular actin ring assembled along the toroid's inner edge. Its contraction can lead to the observed folding dynamics as we could confirm by finite element simulations. This actin ring in the inner cell layer is assembled by myosin- driven length fluctuations of supra-cellular {\alpha}-actin structures (myonemes) in the outer cell-layer.Comment: 19 pages and 8 figures, submitted to New Journal of Physic

A mathematical model to serve as a clinical tool for assessing obstructive sleep apnea severity

Obstructive sleep apnea (OSA) is a sleep disorder caused by periodic airway obstructions and has been associated with numerous health consequences, which are thought to result from tissue hypoxia. However, challenges in the direct measurement of tissue-level oxygenation make it difficult to analyze the hypoxia exposure pattern in patients. Furthermore, current clinical practice relies on the apnea-hypopnea index (AHI) and pulse oximetry to assess OSA severity, both of which have limitations. To overcome this, we developed a clinically deployable mathematical model, which outputs tissue-level oxygenation. The model incorporates spatial pulmonary oxygen uptake, considers dissolved oxygen, and can use time-dependent patient inputs. It was applied to explore a series of breathing patterns that are clinically differentiated. Supporting previous studies, the result of this analysis indicated that the AHI is an unreliable indicator of hypoxia burden. As a proof of principle, polysomnography data from two patients was analyzed with this model. The model showed greater sensitivity to breathing in comparison with pulse oximetry and provided systemic venous oxygenation, which is absent from clinical measurements. In addition, the dissolved oxygen output was used to calculate hypoxia burden scores for each patient and compared to the clinical assessment, highlighting the importance of event length and cumulative impact of obstructions. Furthermore, an intra-patient statistical analysis was used to underscore the significance of closely occurring obstructive events and to highlight the utility of the model for quantitative data processing. Looking ahead, our model can be used with polysomnography data to predict hypoxic burden on the tissues and help guide patient treatment decisions

The application of one health concept to an outdoor problem based learning activity for veterinary students

Background: The One Health (OH) approach, which seeks to bring together human and animal health, is particularly suited to the effective management of zoonotic diseases across both sectors. To overcome professional silos, OH needs to be taught at the undergraduate level. Here, we describe a problem-based learning activity using the OH approach that was conducted outdoors for 3rd-year veterinary students in Malaysia. Materials and Methods: A total of 118 students, divided into two groups, completed the activity which spanned 1½ days at a deer park adjacent to a wilderness area. Students were asked to evaluate the activity using an online survey that had quantitative and qualitative components. Results: Response rate was 69.5%. The activity was rated excellent by 69.5% and good by 30.4%. Levels of satisfaction were high on a range of criteria. 97.5% of students intended to take action in their studies as a result of what they had learned. Conclusions: Delivery of an outdoor problem-based learning activity using OH approach was very successful in terms of participation, knowledge delivery and understanding, and the willingness of students to integrate OH into their future practice. For the improvement of future programs, the involvement of other disciplines (such as Medical, Biology, Biotechnology, Biomedical, and Public Health) is being considered

Psychiatric rating scales in Urdu: a systematic review

<p>Abstract</p> <p>Background</p> <p>Researchers setting out to conduct research employing questionnaires in non-English speaking populations need instruments that have been validated in the indigenous languages. In this study we have tried to review the literature on the status of cross-cultural and/or criterion validity of all the questionnaires measuring psychiatric symptoms available in Urdu language.</p> <p>Methods</p> <p>A search of Medline, Embase, PsycINFO and <url>http://www.pakmedinet.com</url> was conducted using the search terms; Urdu psychiatric rating scale, and Urdu and Psychiatry. References of retrieved articles were searched. Only studies describing either cross-cultural or criterion validation of a questionnaire in Urdu measuring psychiatric symptoms were included.</p> <p>Results</p> <p>Thirty two studies describing validation of 19 questionnaires were identified. Six of these questionnaires were developed indigenously in Urdu while thirteen had been translated from English. Of the six indigenous questionnaires five had had their criterion validity examined. Of the thirteen translated questionnaires only four had had both their cross-cultural and criterion validity assessed.</p> <p>Conclusion</p> <p>There is a paucity of validated questionnaires assessing psychiatric symptoms in Urdu. The BSI, SRQ and AKUADS are the questionnaires that have been most thoroughly evaluated in Urdu.</p