Does El Nino Affect Business Cycles

In this paper we test to see if the El Niño-Southern Oscillation (ENSO) phenomenon has an influence on national business cycles. If El Niño has any effect at all on business cycles and economic growth, one would expect it, at the very least, to affect small, undiversified economies highly dependent on agriculture and fishing. However, we find that while El Niño exhibits some influence on South Africa, Australia, and perhaps India, there is surprisingly little statistically significant effect on GDP growth or on price inflation in the other countries in our sample. Moreover, we see little significant El Niño effect on agricultural commodity prices.

How Do The Trans-Pacific Economies Affect the USA? An Industrial Sector Approach

This paper studies how the Trans-Pacific region affects the US economy in terms of business cycle transmission. We use a large data set consisting of disaggregated sectoral industrial production indexes from selected countries in the region and employ a factor-augmented vector autoregression (FAVAR) approach to analyze the transmission of shocks in different industries. We find that a positive output shock in the entire Trans-Pacific region has positive effects on the majority of US manufacturing sectors. We also find that sectoral shocks in five sectors of the Trans-Pacific region have a large impact on the overall US economy. Three of the five sectors displayed strong same-sector responses relative to the overall response, suggesting that vertical production linkages might play a key role in the transmission of shocks. Our results highlight the importance of examining industrial sectors in studying the transmission of shocks in the Trans-Pacific region

Examining Industrial Interdependence Between Japan and South Korea: A FAVAR Approach

This paper investigates the economic relationship between Japan and South Korea by incorporating disaggregated output measures. Using a factor-augmented vector autoregression (FAVAR) model, we conduct several experiments to test the nature of the interdependence, both in the aggregate and by sector. We find that South Korean output shocks affect the Japanese economy in a significant manner, whereas Japanese output shocks have a limited effect on South Korea. By further examining the transmission mechanism of sectoral output shocks and comparing them with the direction of sectoral trade, we find evidence of cross-border production sharing, which explains the asymmetric results seen in the aggregate output

Why Can Weak Linkages Cause International Stock Market Synchronization? The Mode-Locking Effect

This study investigates the synchronization between stock markets in different countries. International stock markets tend to synchronize with one another in what appears to be an international financial cycle, yet trade and capital flows between the stock markets do not appear to be strong enough for one stock market to “drive” fluctuations in another stock market. Why are these weakly linked financial markets synchronized? This study suggests that global stock market synchronization results from a “mode-locking” phenomenon, a nonlinear process in which even a weak coupling between oscillating systems like stock markets tends to synchronize the fluctuations between the systems. Simulations, econometric analysis, and spectral analysis investigate this mode-locking hypothesis. Analysis reveals modest support for the mode-locking hypothesis of international stock market synchronization

Building the Holocene clinothem in the Gulf of Papua: An ocean circulation study

This paper investigates the role that tidal and wind-driven flows and buoyant river plumes play in the development of the Holocene clinothem in the Gulf of Papua. Time series data from bottom tripods and a mooring were obtained at four locations near the mouth of the Fly River during portions of 2003 and 2004. Flows in the Gulf of Papua during calendar year 2003 were hindcast every 3 h using the Navy Coastal Ocean Model (NCOM) with boundary conditions from the Navy Atmospheric Prediction System, the east Asian seas implementation of NCOM, and the OTIS Tidal Inversion System. Results show that tidal flows on the modern clinoform are strong and are landward and seaward directed. Peak spring tidal velocities can provide the shear stresses necessary to keep sediment up to sand size in motion as the wind-driven and baroclinic currents distribute it from the river mouths across and along the shelf in two circulation states. During the monsoon season, the clinoform topset is swept by a seaward surface flow and landward bottom flow, reflecting river plumes and coastal upwelling. Seaward, this structure evolves into a SW directed surface current over the clinothem foreset with accompanying landward directed near-bed currents that trend obliquely up the foreset to the WSW over much of the clinothem. During the trade wind season, the inner and outer topset are swept by NE directed, contour-parallel surface currents, underneath which lie obliquely landward near-bed currents. These modeled flows and complex gyres in shallow water coupled with wave- and current-supported gravity flows or river floods can explain the form, internal clinoform shapes, and mineralogy of the modern Gulf of Papua clinothem

Tourism and Economic Globalization: An Emerging Research Agenda

Globalization characterizes the economic, social, political, and cultural spheres of the modern world. Tourism has long been claimed as a crucial force shaping globalization, while in turn the developments of the tourism sector are under the influences of growing interdependence across the world. As globalization proceeds, destination countries have become more and more susceptible to local and global events. By linking the existing literature coherently, this study explores a number of themes on economic globalization in tourism. It attempts to identify the forces underpinning globalization and assess the implications on both the supply side and the demand side of the tourism sector. In view of a lack of quantitative evidence, future directions for empirical research have been suggested to investigate the interdependence of tourism demand, the convergence of tourism productivity, and the impact of global events

Differences in Efficacy and Safety of Pharmaceutical Treatments between Men and Women: An Umbrella Review

Being male or female is an important determinant of risks for certain diseases, patterns of illness and life expectancy. Although differences in risks for and prognoses of several diseases have been well documented, sex-based differences in responses to pharmaceutical treatments and accompanying risks of adverse events are less clear. The objective of this umbrella review was to determine whether clinically relevant differences in efficacy and safety of commonly prescribed medications exist between men and women. We retrieved all available systematic reviews of the Oregon Drug Effectiveness Review Project published before January 2010. Two persons independently reviewed each report to identify relevant studies. We dually abstracted data from the original publications into standardized forms. We synthesized the available evidence for each drug class and rated its quality applying the GRADE (Grading of Recommendations Assessment, Development and Evaluation) approach. Findings, based on 59 studies and data of more than 250,000 patients suggested that for the majority of drugs no substantial differences in efficacy and safety exist between men and women. Some clinically important exceptions, however, were apparent: women experienced substantially lower response rates with newer antiemetics than men (45% vs. 58%; relative risk 1.49, 95% confidence interval 1.35–1.64); men had higher rates of sexual dysfunction than women while on paroxetine for major depressive disorder; women discontinued lovastatin more frequently than men because of adverse events. Overall, for the majority of drugs sex does not appear to be a factor that has to be taken into consideration when choosing a drug treatment. The available body of evidence, however, was limited in quality and quantity, confining the range and certainty of our conclusions