Is the "Dubai model" a new paradigm for growth and investment strategies for oil-based economies? Case study: Eurasia. ACES Working Papers No. 8, 2008

The first part of the paper addresses the theoretical background of economic growth and competitive advantage models. Although there is a whole set of research on a relationship between foreign direct investments and economic growth, little has been said on foreign direct investments and national competitive advantage with respect to economic growth of oil and gas abundant countries of Middle East and Central Asia. The second part of our paper introduces the framework of the so-called "Dubai Model" in detail and outlines the key components necessary to develop sustainable comparative advantage for the oil-rich economies. The third part proceeds with the methodology employed to measure the success of the "Dubai Model" in the UAE and in application to other regions. The last part brings the results and investigates the degree to which other oil and gas countries in the region (i.e. Saudi Arabia, Kuwait, Qatar, Iran) have adopted the so-called "Dubai Model". It also examines if the Dubai Model is being employed in the Eurasian (Central Asian) oil and gas regions of Kazakhstan, Azerbaijan, Turkmenistan and Uzbekistan. The objective is to gauge if the Eurasian economies are employing the traditional growth strategies of oil-rich non-OECD countries in managing their natural resources or are they adopting the newer non-traditional model of economic growth, such as the "Dubai Model.

Banking Sector Soundness, Innovation, and Development: Emerging Europe and South Asia. ACES Working Papers, 2012

While most academic and practitioner researchers agree that a country’s commercial banking sector’s soundness is a very significant indicator of a country’s financial market health, there is considerably less agreement and substantial confusion surrounding what constitutes a healthy bank in the aftermath of 2007+ financial crisis. Global banks’ balance sheets, corporate governance, management compensation and bonuses, toxic assets, and risky behavior are all under scrutiny as academics and regulators alike are trying to quantify what are “healthy, safe and good practices” for these various elements of banking. The current need to quantify, measure, evaluate, and compare is driven by the desire to spot troubled banks, “bad and risky” behavior, and prevent real damage and contagion in the financial markets, investors, and tax payers as it did in the recent crisis. Moreover, future financial crisis has taken on a new urgency as vast amounts of capital flows (over $1 trillion) are being redirected to emerging markets. This study differs from existing methods in the literature as it entail designing, constructing, and validating a critical dimension of financial innovation in respect to the eight developing countries in the South Asia region as well as eight countries in emerging Europe at the country level for the period 2001 – 2008, with regional and systemic differentials taken into account. Preliminary findings reveal that higher stages of payment systems development have generated efficiency gains by reducing the settlement risk and improving financial intermediation; such efficiency gains are viewed as positive financial innovations and positively impact the banking soundness. Potential EU candidate countries: Albania; Montenegro; Serbi

How Islamic are Islamic Countries?

In the post 9/11 era, there is growing interest in the complex relationship between religion,\ud economics, finance, politics, law, and social behavior. This has brought with it a disagreement\ud on how to investigate the impact of religiosity, whether religion affects the economic, political,\ud and social outlook of countries or whether these factors affect religiosity? In other words, should\ud religion be viewed as a dependent or an independent variable? In this paper we ask what we\ud believe to be the precursor question to such linkages, namely, do self-declared Islamic countries,\ud as attested by membership in the OIC (Organization of Islamic Conference), embrace policies\ud that are founded on Islamic teachings? We believe that only once this question is addressed can\ud one begin to estimate how Islam adherence to Islam may affect economic, political and social\ud behavior. In the first part of the paper we present what we believe should be the characteristics and\ud scaffolding of an “Islamic” country. We base our depiction on the Quran, and the life, practices\ud and sayings of the Prophet Mohammad – the two principal channels that provide Muslims with\ud the road map. In the second part, we develop an index to measure the “Islamicity” of Islamic and\ud non-Islamic countries. This IslamicityIndex (or I2\ud ) measures 208 countries adherence to Islamic\ud principles using four sub-indices related to economics, legal and governance, human and political\ud rights, and international relations.\ud KEYWORDS: Islam, economic development, index, religion, economics, finance, politics, law,\ud socia

Brain-responsive neurostimulation for the treatment of adults with epilepsy in tuberous sclerosis complex: A case series

OBJECTIVE: Tuberous sclerosis complex (TSC) is a genetic disorder primarily characterized by the development of multisystem benign tumors. Epilepsy is the most common neurologic manifestation, affecting 80%-90% of TSC patients. The diffuse structural brain abnormalities and the multifocal nature of epilepsy in TSC pose diagnostic challenges when evaluating patients for epilepsy surgery. METHODS: We retrospectively reviewed the safety experience and efficacy outcomes of five adult TSC patients who were treated with direct brain-responsive neurostimulation (RNS System, NeuroPace, Inc). RESULTS: The average follow-up duration was 20 months. All five patients were responders (≥50% disabling seizure reduction) at last follow-up. The median reduction in disabling seizures was 58% at 1 year and 88% at last follow-up. Three of the five patients experienced some period of seizure freedom ranging from 3 months to over 1 year. SIGNIFICANCE: In this small case series, we report the first safety experience and efficacy outcomes in patients with TSC-associated drug-resistant focal epilepsy treated with direct brain-responsive neurostimulation

Brain-responsive neurostimulation for the treatment of adults with epilepsy in tuberous sclerosis complex: A case series

OBJECTIVE: Tuberous sclerosis complex (TSC) is a genetic disorder primarily characterized by the development of multisystem benign tumors. Epilepsy is the most common neurologic manifestation, affecting 80%-90% of TSC patients. The diffuse structural brain abnormalities and the multifocal nature of epilepsy in TSC pose diagnostic challenges when evaluating patients for epilepsy surgery. METHODS: We retrospectively reviewed the safety experience and efficacy outcomes of five adult TSC patients who were treated with direct brain-responsive neurostimulation (RNS System, NeuroPace, Inc). RESULTS: The average follow-up duration was 20 months. All five patients were responders (≥50% disabling seizure reduction) at last follow-up. The median reduction in disabling seizures was 58% at 1 year and 88% at last follow-up. Three of the five patients experienced some period of seizure freedom ranging from 3 months to over 1 year. SIGNIFICANCE: In this small case series, we report the first safety experience and efficacy outcomes in patients with TSC-associated drug-resistant focal epilepsy treated with direct brain-responsive neurostimulation

Major depressive disorder in multiple sclerosis associated with differences in disease modifying therapy and demographics

Persons with multiple sclerosis (pwMS) are often diagnosed with major depressive disorder (MDD). However, there is a paucity of knowledge regarding the association between different demographic features and such co-diagnosis, as well as the clinical implications the co-diagnosis may carry. This study investigated whether specific demographics demonstrated any correlation with co-diagnosis of MS and MDD, and how MDD comorbidity may potentially impact clinical outcomes. In this single-center study, Black pwMS were more likely to have a MDD comorbidity, and Hispanic pwMS were less likely. MDD comorbidity in pwMS was associated with significantly increased time to disease-modifying therapy (DMT), with the greatest increase in time associated with individuals who received the MDD diagnosis after the MS diagnosis. Among inpatient pwMS, individuals with MDD comorbidity were associated with a decreased usage of MRI while hospitalized. Those who received MDD diagnosis prior to MS were associated with an even further decreased usage of inpatient MRI, and greater mortality. These findings suggest that patient demographics play an important role in how clinicians diagnose MDD in patients with MS. Furthermore, co-diagnosis of MDD may be an important variable that affects healthcare resource utilization and health outcomes