Fiscal, Monetary, and Reserve Requirement Policy in an Endogenous Growth with Financial Market Imperfections

A simple endogenous growth model is developed in a framework where informational imperfections in financial markets give rise to adverse selection as well as costly state verification problems and the government needs to intervene financial markets to monetize its deficits. In the model, adverse selection problem raises credit rationing and financial intermediaries arise endogenously due to costly state verification. Inflation is shown to influence the amount of credit rationing and economic growth. We then examine the effects of government fiscal and monetary policies on equilibrium inflation, the amount of credit rationing, and thus economic growth. Results show that multiple equilibria arise when the share of government deficits is relatively large. We also illustrate how the use of reserve requirement policy can eliminate high inflation equilibrium and enable the government to reduce the inflation rate. In sum, it is found that Tobin effect hold when there is no reserve requirement or it is not binding. However, if the reserve requirement is set too high, such a policy will raise the equilibrium inflation rate and reduce economic growth, leading to a violation of Tobin effect.

Hong Kong ink painting : its role in the development of Chinese painting in the second half of the twentieth century and beyond

This research investigates the field of modern ink painting, in particular the advocacy of shuimohua (水墨畫, literally water ink painting) which appeared in Hong Kong in the mid-1960s. The research is based on textual materials such as artworks, writings, treatises, newspaper and periodical documentation, as well as interviews with artists or artists’ families. Because of the emergence of numerous terms related to ink painting and ink art in recent decades, it is crucial to trace their origins in order to develop a foundation from which to understand the complexities of the field related to ink. The starting point chosen for this research is the 1960s in Hong Kong which was a period of in which Hong Kong enjoyed much greater freedom in the arts compared to the mainland China and Taiwan. This atmosphere of greater freedom nurtured various new directions for Chinese painting, including the advocacy of shuimohua initiated by Lui Shou Kwan (呂壽琨 1919–1975) who wrote and lectured extensively about his ideas on shuimohua. The advocacy of shuimohua opened a host of possibilities and influenced Lui’s students and contemporaries. Lui stressed the value of sincerity, gen (根 root), shi (適 adaption), inner expression and innovation. Lui held that these are fluid concepts subjected to change according to individuals. Five artists, Hon Chi Fun (韓志勳b. 1922), Irene Chou (周綠雲 1924–2011), Wucius Wong (王無邪b. 1936), Kan Tai Keung (靳埭強b. 1942) and Leung Kui Ting (梁巨廷b. 1945) were selected to examine the impact of shuimohua. These artists are consistent with Lui’s ideas of a broader concept and vision of art, but they all developed their own visual language and style in their artistic paths. There is no evidence of a “Lui’s School” or stylistic resemblance. Another advocate of modern ink painting Liu Kuo Sung (劉國松 b. 1932) and his students, in addition to modern ink painters overseas like Tseng Yuho (曾佑和b. 1924) are also explored to provide a more comprehensive analysis of the scene. Art with the media of ink, such as experimental ink painting, blossomed in mainland China in the 1980s. This research tries to touch upon the evolution and relationship between shuimohua and ink art. Exploring the character of Lui’s advocacy of shuimohua and tracing the origin of terminology related to ink painting and ink art are small but necessary steps to further conversations about the development of ink today. This contributes an historical as well as a Hong Kong perspective that may provide insights into the modernization of ink painting in the larger context of Chinese painting

Edge Roman domination on graphs

An edge Roman dominating function of a graph $G$ is a function $f\colon E(G) \rightarrow \{0,1,2\}$ satisfying the condition that every edge $e$ with $f(e)=0$ is adjacent to some edge $e'$ with $f(e')=2$. The edge Roman domination number of $G$, denoted by $\gamma'_R(G)$, is the minimum weight $w(f) = \sum_{e\in E(G)} f(e)$ of an edge Roman dominating function $f$ of $G$. This paper disproves a conjecture of Akbari, Ehsani, Ghajar, Jalaly Khalilabadi and Sadeghian Sadeghabad stating that if $G$ is a graph of maximum degree $\Delta$ on $n$ vertices, then $\gamma_R'(G) \le \lceil \frac{\Delta}{\Delta+1} n \rceil$. While the counterexamples having the edge Roman domination numbers $\frac{2\Delta-2}{2\Delta-1} n$, we prove that $\frac{2\Delta-2}{2\Delta-1} n + \frac{2}{2\Delta-1}$ is an upper bound for connected graphs. Furthermore, we provide an upper bound for the edge Roman domination number of $k$-degenerate graphs, which generalizes results of Akbari, Ehsani, Ghajar, Jalaly Khalilabadi and Sadeghian Sadeghabad. We also prove a sharp upper bound for subcubic graphs. In addition, we prove that the edge Roman domination numbers of planar graphs on $n$ vertices is at most $\frac{6}{7}n$, which confirms a conjecture of Akbari and Qajar. We also show an upper bound for graphs of girth at least five that is 2-cell embeddable in surfaces of small genus. Finally, we prove an upper bound for graphs that do not contain $K_{2,3}$ as a subdivision, which generalizes a result of Akbari and Qajar on outerplanar graphs

Does the Non-innovative IT Explain the “Productivity Paradox”?

Contrary to theoretical arguments that suggest a positive association between investment in IT and improved financial performance, some empirical evidences suggested that no statistical association between IT spending and financial performance. This phenomenon is known as the “IT productivity paradox” Dos Santos et al. [21] argued that non-innovative technologies are not likely to improve a firm’s market value or financial performance. Automatic teller machines (ATMs) are one of the well-known and non-innovative representatives of IT investment. By examining the relationship between ATMs investment and financial measures, we find that ATMs investments improve financial performance and lower cost rates, but no consistent conclusion on the measures of growth. Contrary to Dos Santos et al. [21] which argued that non-innovative technologies are not likely to improve a firm’s market value or financial performance. The empirical results show that the phenomenon of “IT productivity paradox” does not come out in this case. The non-innovative technologies do not always result in productivity paradox

The effect of combining a Wingate sprint with circuit weight training on growth hormone in response to exercise.

Human growth hormone (HGH) in response to resistance training has been suggested to be correlated with the muscle hypertrophy adapted to resistance training. The purpose of this study was to investigate whether or not adding a Wingate sprint to a circuit weight training session would optimize the acute HGH response to exercise. Methods. Seven recreational resistance-trained male subjects (n=8) performed 4 exercise trials in a balanced order: 1) a Wingate sprint only(W), 2) a circuit weight training session (C), 3) a Wingate sprint prior to circuit weight training session (WC), 4) a Wingate sprint following circuit weight training session (CW). Blood samples were collected at rest prior to each exercise trial, and at 5, 10, 20, 30, 45, and 60 min post cool-down for all trials. The Wingate sprint was against a resistance of 7% of the subjects body mass (0.7Nm/kg) on a cycle ergometer. The circuit weight training session was a full body workout (40%-50% 1RM for circuit 1 and 70% 1RM for circuit 2 and 3) consisting of 6 exercises in the following exercise order — bench press, bent-over barbell row, smith machine squat, seated dumbbell shoulder press without back support, Romanian deadlift, and latissiumus dorsi pull-down. HGH was measured at the respective time for blood collections. Blood lactate concentration and rate of perceived exertion (RPE) were measured immediately after exercise and prior to cool-down in each trial. Results. Both the WC and CW trials resulted in significant increases in serum HGH concentrations up to 30 min post cool-down. The C trial resulted in a significant increase in serum HGH concentration up to 20 min post cool-down. No significant increase in serum HGH concentration post cool-down was found after the W trial. The CW trial resulted in: 1) significantly higher blood lactate concentration and RPE compared to other trials (p\u3c.05), 2) a significantly higher serum HGH concentration compared to the W and the C trials at 20 min post cool-down (p\u3c.05), 3) a significantly higher HGH concentration compared to the C and the WC trials at 30 min post cool-down (p\u3c.05), 4) a significantly higher HGH AUC compared to the C and the W trials (p\u3c.05), 5) a significant higher peak HGH concentration compared to the C trial (p\u3c.05). No significant difference was found in peak power, mean power, fatigue ratio, and peak cadence between all trials. No correlation was found between blood lactate concentration and HGH AUC, blood lactate concentration and peak HGH, and age and HGH AUC. Conclusion. The CW might produce greater muscle adaptation from exercise compared to other trials.\u2