The Role of Inflation Targeting in Debt Denomination in Developing Countries

This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that in inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries. Furthermore, from the analysis of the individual currency shares, we find that inflation targeting has contributed to a 10 percentage points lower US dollar share in international debt in targeting countries compared to non-targeting countries; while the effects on the euro and other foreign currencies shares are negligible. This not only provides evidence that the structural features of international financial markets matter, but also that monetary policy can help developing countries reduce their reliance on foreign currency debt

More Effective than We Thought: Central Bank Independence and Inflation in Developing Countries

This study examines the effect of legal central bank independence on inflation in developing countries. In spite of the policy consensus suggesting that central bank independence is an effective tool to control inflation, the evidence is still limited, particularly for developing countries. Using a novel dataset, we analyze the effect of central bank independence on inflation for a sample of 118 developing countries between 1980 and 2013. We find that higher central bank independence is associated with lower inflation rates. This effect on inflation is stronger the more democratic a country is, but it is also present in non-democratic countries. Our results are robust to different specifications and methodologies. Furthermore, we find that all dimensions included in the measurement of central bank independence (objectives, personnel, policy, and financial independence) contribute to curb inflation. Our results shed light on which types of reforms may be more effective at fighting inflation in developing countries

The Impact of Public Credit Programs on Brazilian Firms

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core of our estimation strategy is based on a difference-in-differences technique, which we complement with matching methods for robustness check. Our results consistently show that access to public credit lines has a significant and robust positive impact on employment growth and exports, while we do not find evidence of a significant effect on our measure of productivity. Interestingly enough, our findings show that impact on exports is driven by the increase in export volumes among exporting firms, while no significant effect on the probability of becoming an exporter is detected

Behaviors of Adult \u3ci\u3eAgrilus Planipennis\u3c/i\u3e (Coleoptera: Buprestidae)

A 2-year study was conducted in Canada (2003) and the United States (2005) to better understand searching and mating behaviors of adult Agrilus planipennis Fairmaire. In both field and laboratory, adults spent more time resting and walking than feeding or flying. The sex ratio in the field was biased towards males, which tended to hover around trees, likely looking for mates. There was more leaf feeding damage within a tree higher in the canopy than in the lower canopy early in the season, but this difference disappeared over time. In choice experiments, males attempted to mate with individuals of both sexes, but they landed more frequently on females than on males. A series of sexual behaviors was observed in the laboratory, including: exposure of the ovipositor/genitalia, sporadic jumping by males, attempted mating, and mating. Sexual behaviors were absent among 1-3 day-old beetles, but were observed regularly in 10-12 day-old beetles. Females were seen exposing their ovipositor, suggestive of pheromone-calling behavior. No courtship was observed prior to mating. Hovering, searching, and landing behaviors suggest that beetles most likely rely on visual cues during mate finding, although host-plant volatiles and/or pheromones might also be involved

Public Credit Programmes and Firm Performance in Brazil

Credit rationing is a common phenomenon faced by firms, one that has negative implications for longâ term investments. In Brazil, public credit plays a key role in supporting firms: stateâ owned banks account for almost half of the outstanding credit. Public credit programmes aim at reducing credit restrictions, increasing competitiveness and job creation for small and medium enterprises. This article analyzes the effectiveness of the credit lines managed by two main public institutions in Brazil. Results show that access to public credit lines has a significant positive impact on firmsâ employment growth and exports, while no effect was found on wage differential. The impact on exports is driven by the increase in volumes among exporting firms rather than the probability of becoming an exporter.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/138401/1/dpr12250_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/138401/2/dpr12250.pd

Central Bank Independence and Inflation Volatility in Developing Countries

This paper analyzes the effects of legal central bank independence (CBI) on inflation volatility in developing countries. We discuss why CBI should curb inflation volatility, independently from its effect via lowering inflation levels. Empirical analyses in a sample of 96 developing countries between 1980 and 2014 show that CBI is directly and unconditionally associated with lower volatility. The magnitude of this effect is larger in more democratic countries even after accounting for the endogeneity of CBI and inflation. Our results are robust to alternative measurements of the main variables, different model specifications, and methodologies

Analytical results for a Bessel function times Legendre polynomials class integrals

When treating problems of vector diffraction in electromagnetic theory, the evaluation of the integral involving Bessel and associated Legendre functions is necessary. Here we present the analytical result for this integral that will make unnecessary numerical quadrature techniques or localized approximations. The solution is presented using the properties of the Bessel and associated Legendre functions.Comment: 4 page

Brenneria quercina and Serratia spp. isolated from Spanish oak trees: molecular characterization and PCR development

Brenneria quercina has been reported as one of the causal agents of oak decline in Spain. To investigate the bacterial variability of this pathogen from different Spanish oak forests, a collection of 38 bacterial isolates from seven geographic locations and from different oak species was analysed by sequencing 16S rDNA and rep-PCR fingerprinting. All Spanish isolates of B. quercina were grouped by rep-PCR into a homogenous cluster that differed significantly from B. quercina reference strains from California. 16S rDNA analysis revealed that 34 out of 38 isolates were Brenneria . However, four isolates belonged to the genus Serratia , suggesting that this bacterium could cause cankers in oak trees. The information obtained by rep-PCR fingerprint analysis was used to develop PCR primers for the sensitive and specific detection of B. quercina from infected plant tissues. Pathogenicity tests performed with Brenneria and Serratia isolates showed that both were able to grow and cause cankers in oak trees

Sucrose Improves Insecticide Activity Against Drosophila suzukii (Diptera: Drosophilidae)

The addition of sucrose to insecticides targeting spotted wing drosophila, Drosophila suzukii (Matsumura), enhanced lethality in laboratory, semifield, and field tests. In the laboratory, 0.1% sucrose added to a spray solution enhanced spotted wing drosophila feeding. Flies died 120 min earlier when exposed to spinosad residues at label rates enhanced with sucrose. Added sucrose reduced the LC50 for dried acetamiprid residues from 82 to 41 ppm in the spray solution. Laboratory bioassays of spotted wing drosophila mortality followed exposure to grape and blueberry foliage and/or fruit sprayed and aged in the field. On grape foliage, the addition of 2.4 g/liter of sugar with insecticide sprays resulted in an 11 and 6% increase of spotted wing drosophila mortality at 1 and 2 d exposures to residues, respectively, averaged over seven insecticides with three concentrations. In a separate experiment, spinetoram and cyantraniliprole reduced by 95-100% the larval infestation of blueberries, relative to the untreated control, 7 d after application at labeled rates when applied with 1.2 g/liter sucrose in a spray mixture, irrespective of rainfall; without sucrose infestation was reduced by 46-91%. Adding sugar to the organically acceptable spinosyn, Entrust, reduced larval infestation of strawberries by >50% relative to without sugar for five of the six sample dates during a season-long field trial. In a small-plot field test with blueberries, weekly applications in alternating sprays of sucrose plus reduced-risk insecticides, spinetoram or acetamiprid, reduced larval infestation relative to the untreated control by 76%; alternating bifenthrin and phosmet (without sucrose) reduced infestation by 65