Capital Controls: Myth and Reality--A Portfolio Balance Approach

The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a “success” and (iv) the empirical studies lack a common methodology--furthermore these are significantly “overweighted” by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to “standardize” the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia. Then, using a portfolio balance approach we model the effects of imposing capital controls on short-term flows. We find that there should exist country-specific characteristics for capital controls to be effective. From this simple perspective, this rationalizes why some capital controls were effective and some were not. We also show that the equivalence in effects of price- vs. quantity-capital control are conditional on the level of short-term capital flows.Capital Controls

Capital controls: myth and reality, a portfolio balance approach to capital controls

The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a "success" and (iv) the empirical studies lack a common methodology--furthermore these are significantly "overweighted" by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to "standardize" the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia. Then, using a portfolio balance approach we model the effects of imposing short-term capital controls. We find that there should exist country-specific characteristics for capital controls to be effective. From these simple perspective, this rationalizes why some capital controls were effective and some were not. We also show that the equivalence in effects of price- vs. quantity-capital control are conditional on the level of short-term capital flows.

Capital Controls: Myth and Reality - A Portfolio Balance Approach

The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a “success” and (iv) the empirical studies lack a common methodology-furthermore these are significantly “overweighted” by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to “standardize” the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia. Then, using a portfolio balance approach we model the effects of imposing capital controls on short-term flows. We find that there should exist country-specific characteristics for capital controls to be effective. From this simple perspective, this rationalizes why some capital controls were effective and some were not. We also show that the equivalence in effects of price- vs. quantity-capital control are conditional on the level of short–term capital flows.

E2F1 induces phosphorylation of p53 that is coincident with p53 accumulation and apoptosis

It has been proposed that the E2F1 transcription factor serves as a link between the Rb/E2F proliferation pathway and the p53 apoptosis pathway by inducing the expression of p19ARF, a protein that regulates p53 stability. We find that although p19ARF contributes to p53 accumulation in response to E2F expression, p19ARF is not required for E2F1-mediated apoptosis. E2F1 can signal p53 phosphorylation in the absence of p19ARF, similar to the observed modifications to p53 in response to DNA damage. These modifications are not observed in the absence of p19ARF following expression of E2F2, an E2F family member that does not induce apoptosis in mouse embryo fibroblasts but can induce p19ARF and p53 protein expression. p53 modification is found to be crucial for E2F1-mediated apoptosis, and this apoptosis is compromised when E2F1 is coexpressed with a p53 mutant lacking many N- and C-terminal phosphorylation sites. Additionally, E2F1-mediated apoptosis is abolished in the presence of caffeine, an inhibitor of phosphatidylinositol 3-kinase-related kinases that phosphorylate p53. These findings suggest that p53 phosphorylation is a key step in E2F1-mediated apoptosis and that this modification can occur in the absence of p19ARF

Young peoples’ reflections on what teachers think about family obligations that conflict with school: A focus on the non-normative roles of young caring and language brokering

In “Western” contexts school attendance is central for an ‘ideal’ childhood. However, many young people engage with home roles that conflict with school expectations. This paper explores perceptions of that process in relation two home activities - language brokering and young caring. We interviewed 46 young people and asked them to reflect on what the teacher would think when a child had to miss school to help a family member. This paper discusses the young people’s overall need to keep their out-of-school lives private from their teachers

Investigating Student Communities with Network Analysis of Interactions in a Physics Learning Center

Developing a sense of community among students is one of the three pillars of an overall reform effort to increase participation in physics, and the sciences more broadly, at Florida International University. The emergence of a research and learning community, embedded within a course reform effort, has contributed to increased recruitment and retention of physics majors. Finn and Rock [1] link the academic and social integration of students to increased rates of retention. We utilize social network analysis to quantify interactions in Florida International University's Physics Learning Center (PLC) that support the development of academic and social integration,. The tools of social network analysis allow us to visualize and quantify student interactions, and characterize the roles of students within a social network. After providing a brief introduction to social network analysis, we use sequential multiple regression modeling to evaluate factors which contribute to participation in the learning community. Results of the sequential multiple regression indicate that the PLC learning community is an equitable environment as we find that gender and ethnicity are not significant predictors of participation in the PLC. We find that providing students space for collaboration provides a vital element in the formation of supportive learning community.Comment: 14 pages, 3 tables, 4 figure

Aesthetics of self-scaling: parallaxed transregionalism and Kutluğ Ataman's art practice

This article examines relations of ethnography, contemporary art-practice, globalisation and scalar geopolitics with particular reference to Kutluğ Ataman’s artworks. Having been shortlisted for the Turner Prize at the Tate and awarded the prestigious international Carnegie Prize in 2004 with his forty-screen video installation Küba (2004), Ataman became an extremely well-known, globally acclaimed artist and filmmaker. Self-conscious of their global travel and critically attentive to the contemporary ethnographic turn in the visual arts scene, Ataman’s video-works perform a conscientious failure of representing cultural alterity as indigeneity. Concentrating on the artist’s engagement with ethnography, this article contains three main parts. Analyses of the selection of videos in each part will give an account of different scalar aspects of Ataman’s artworks. It will first revisit a previous study (Çakirlar 2011) on the artist’s earlier work of video-portraits including Never My Soul! (2002) and Women Who Wear Wigs (1999). A detailed discussion of Küba follows, which may be taken as the ‘hinge - work’ in Ataman’s oeuvre that marks a scalar transition in his critical focus - from body and identity to community and geopolitics. The discussion will then move to a brief analysis of the series Mesopotamian Dramaturgies, including the screen-based sculptures Dome (2009), Column (2009), Frame (2009), English as a Second Language (2009), and The Complete Works of William Shakespeare (2009). Rather than addressing scale as a differential concept, this article aims to demonstrate the ways in which Ataman’s art-practice produces self-scaling, self-regioning subjects that unsettle the hierarchical constructions of scale and facilitates a critique of the scalar normativity within the global art world’s regionalisms and internationalisms

Learning physics in context: a study of student learning about electricity and magnetism

This paper re-centres the discussion of student learning in physics to focus on context. In order to do so, a theoretically-motivated understanding of context is developed. Given a well-defined notion of context, data from a novel university class in electricity and magnetism are analyzed to demonstrate the central and inextricable role of context in student learning. This work sits within a broader effort to create and analyze environments which support student learning in the sciencesComment: 36 pages, 4 Figure

Plasma Physics

Contains reports on five research projects.United States Atomic Energy Commission (Contract AT(30-1)-1842)Project MACAdvanced Research Agency, Department of Defense, under Office of Naval Research Contract Nonr-4102(01