Pension wealth and household saving: evidence from pension reforms in the UK

Using three major UK pension reforms as natural experiments we investigate the relationship between pension saving and discretionary private savings. Unlike most differences-in-differences approaches which rely on average differences between the control and the treatment group, we use economic theory to model the response of each individual household. The model permits us to use both time-series and cross-sectional variation in a consistent way to identify the behavioural response. The study is based on data from the Family Expenditure Survey. A measure of pension wealth is not observed, but we estimate it by applying the rules of the pension system to observed individual characteristics. The changes in pension wealth as a result of the reforms are substantial. The empirical analysis suggests that the earnings-related tier of the pension scheme has a negative impact on private savings with substitution elasticities approaching –1.0. The impact of the flat-rate tier of the scheme is found not to be significantly different from zero

Renormalized solutions for stochastic transport equations and the regularization by bilinear multiplicative noise

A linear stochastic transport equation with non-regular coefficients is considered. Under the same assumption of the deterministic theory, all weak $L^\infty$-solutions are renormalized. But then, if the noise is nondegenerate, uniqueness of weak $L^\infty$-solutions does not require essential new assumptions, opposite to the deterministic case where for instance the divergence of the drift is asked to be bounded. The proof gives a new explanation why bilinear multiplicative noise may have a regularizing effect

Building trust? Conditional cash transfers and social capital

In this paper we propose a measure of social capital based on the behaviour in a public good game. We play the public good game within 28 groups in two similar neighborhoods in Cartagena, Colombia, one of which had been targeted for over two years by a conditional cash transfer program that has an important social component. The level of cooperation we observe in the ‘treatment’ community is considerably higher than in the ‘control’ community. The two neighborhoods, however, although similar in many dimensions, turned out to be significantly different in other observable variables. The result we obtain in terms of cooperation, however, is robust to controls for these observable differences. In the last part of the paper we also compare our measure of social capital with other more traditional measures that have been used in the literature

New aspects of microwave properties of Nb in the mixed state

We present a study of the frequency dependence of the vortex dynamics in a conventional superconductor. We have employed a swept-frequency, Corbino-disk technique to investigate the temperature (3.6K-Tc) and high-field (from Hc2/2 to Hc2) microwave complex resistivity in Nb thin (20-40 nm) films as a function of the frequency (1-20 GHz). We have found several previously unnoticed features: (i) a field-dependent depinning frequency in the GHz range; (ii) deviations from the accepted frequency dependence, that can be ascribed to some kind of vortex creep; (iii) the presence of switching phenomena, reminiscent of vortex instabilities. We discuss the possible origin of the features here reported.Comment: 5 pages, 3 figures, presented at VORTEX VI Conference, to appear on Physica

Superconducting nanowire quantum interference device based on Nb ultrathin films deposited on self-assembled porous Si templates

Magnetoresistance oscillations were observed on networks of superconducting ultrathin Nb nanowires presenting evidences of either thermal or quantum activated phase slips. The magnetic transport data, discussed in the framework of different scenarios, reveal that the system behaves coherently in the temperature range where the contribution of the fluctuations is important.Comment: accepted for publication on Nanotechnolog

Interface Transparency of Nb/Pd Layered Systems

We have investigated, in the framework of proximity effect theory, the interface transparency T of superconducting/normal metal layered systems which consist of Nb and high paramagnetic Pd deposited by dc magnetron sputtering. The obtained T value is relatively high, as expected by theoretical arguments. This leads to a large value of the ratio $d_{s}^{cr}/ \xi_{s}$ although Pd does not exhibit any magnetic ordering.Comment: To be published on Eur. Phys. J.

Early Childhood Development, Human Capital, and Poverty

Children's experiences during early childhood are critical for their cognitive and socioemotional development, two key dimensions of human capital. However, children from low-income backgrounds often grow up lacking stimulation and basic investments, which leads to developmental deficits that are difficult, if not impossible, to reverse later in life without intervention. The existence of these deficits is a key driver of inequality and contributes to the intergenerational transmission of poverty. In this article, we discuss the framework used in economics to model parental investments and early childhood development and use it as an organizing tool to review some of the empirical evidence on early childhood research. We then present results from various important early childhood interventions, with an emphasis on developing countries. Bringing these elements together, we draw conclusions on what we have learned and provide some directions for future research

The impact of cash transfers to poor women in Colombia on BMI and obesity: Prospective cohort study

INTRODUCTION: Prevalence of obesity is rising in Latin America, is increasingly affecting socially disadvantaged groups, particularly women. Conditional cash transfers are recently established welfare interventions in the region. One, Familias en Accion, transfers ~20% of average monthly income to women in Colombia’s poorest families. Previous work has found that families buy more food as a result. We tested the hypothesis that participation in Familias would be associated with increasing body mass index (BMI) in participating women METHODS: Women from participating areas and control areas (matched on environmental and socioeconomic criteria) were surveyed in 2002 and 2006. Pregnant, breast-feeding or women aged<18 or with BMI<18.5kg/m(2) were excluded. The sample comprises 835 women from control and 1238 from treatment areas. Because some treatment areas started Familias shortly before baseline data collection, a dummy variable was created that identified exposure independent of time-point or area. Follow-up was 61.5%. BMI was measured by trained personnel using standardized techniques. Overweight was defined as BMI>25kg/m(2) and obesity as >30kg/m(2). The effect of Familias was estimated using linear regression (or logistic regression for dichotomous outcomes) in a double-difference technique, controlling for several individual, household and area characteristics, including parity and baseline BMI, using robust standard-errors clustered at area-level in an intention-to-treat analysis. RESULTS: At baseline, women’s mean age was 33.3 years and mean BMI 25.3kg/m(2); 12.3% women were obese. After adjustment, exposure to Familias was significantly associated with increased BMI (β=0.25, 95% CI 0.03, 0.47; p=0.03). Age (β=0.09; 95%CI 0.06, 0.13; p<0.001) and household wealth (β=0.78; 95%CI 0.41, 1.15; p<0.001) were also positively associated with BMI. Familias was also associated with increased odds of obesity (O.R.=1.27 95%CI 1.03, 1.57; p=0.03), as was age (O.R.=1.04; 95%CI 1.02, 1.06; p=0.001). CONCLUSION: Conditional cash transfers to poor women in Colombia are independently associated with increasing BMI and obesity risk. Although conditional cash transfers are generally regarded as popular and successful schemes, parallel interventions at individual, household and community level are needed to avoid unanticipated adverse outcomes

Microwave properties of Nb/PdNi/Nb trilayers. Observation of flux flow in excess of Bardeen-Stephen theory

We combine wideband (1-20 GHz) Corbino disk and dielectric resonator (8.2 GHz) techniques to study the microwave properties in Nb/PdNi/Nb trilayers, grown by UHV dc magnetron sputtering, composed by Nb layers of nominal thickness $d_S$=15 nm, and a ferromagnetic PdNi layer of thickness $d_F$= 1, 2, 8 and 9 nm. We focus on the vortex state. Magnetic fields up to $H_{c2}$ were applied. The microwave resistivity at fixed $H/H_{c2}$ increases with $d_F$, eventually exceeding the Bardeen Stephen flux flow value.Comment: 6 pages. Submitted to Journal of Superconductivity and Novel Magnetis

Mediating pathways in the socio-economic gradient of child development: Evidence from children 6-42 months in Bogota

Research has previously shown a gap of near 0.5 of a standard deviation (SD) in cognition and language development between the top and bottom household wealth quartile in children aged 6–42 months in a large representative sample of low- and middle-income families in Bogota, using the Bayley Scales of Infant and Toddler Development. The gaps in fine motor and socio-emotional development were about half that size. Developmental deficits increased with age. The current study explored the associations amongst child development, household socio-economic status (SES), and a set of potential mediating variables—parental characteristics, child biomedical factors, and the quality of the home environment—in this sample. We ran mediation tests to quantify the contribution of these variables to the SES gap, and explored the role of age as a moderator. Parental education, particularly maternal education, and the quality of the home environment mediated the SES gap in all outcomes examined. Height-for-age mediated a small amount of the deficit in language scales only. More educated mothers provided better home stimulation than less educated mothers and the home environment partly mediated the effect of maternal education. These results suggested that in interventions aimed at promoting child development, those focusing on the quality of the home environment should be effective