Emerging Financial Markets and Early U.S. Growth

Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic financial structure predated by three decades the canals, railroads, and widespread use of water and steam-powered machinery that are thought to have triggered modernization. We argue that this innovative and expanding financial system, by providing debt and equity financing to businesses and governments as new technologies emerged, was central to the nation's early growth and modernization. The analysis includes a set of multivariate time series models that relate measures of banking and equity market activity to measures of investment, imports and business incorporations from 1790 to 1850. The findings offer support for our hypothesis of "finance-led" growth in the U.S. case. By implication, the interest today in improving financial systems as a means of fostering sustainable growth is not misplaced.

Financial Systems, Economic Growth, and Globalization

This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country histories and formal quantitative analysis. We begin with studies of the Dutch Republic, England, the U.S., France, Germany and Japan that span three centuries, detailing how in each case the emergence of a financial system jump-started economic growth. Using a cross-country panel of seventeen countries covering the 1850-1997 period, we then uncover a robust correlation between financial factors and economic growth that is consistent with a leading role for finance, and show that these effects were strongest over the 80 years preceding the Great Depression. Next, we show that countries with more sophisticated financial systems engage in more trade and appear to be better integrated with other economies by identifying roles for both finance and trade in the convergence of interest rates that occurred among the Atlantic economies prior to 1914. Our results suggest that the growth and increasing globalization of these economies might indeed have been 'finance-led.'

Emerging Financial Markets and Early U.S. Growth

Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic financial structure predated by three decades the canals, railroads, and widespread use of water and steam-powered machinery that are thought to have triggered modernization. We argue that this innovative and expanding financial system, by providing debt and equity financing to businesses and governments as new technologies emerged, was central to the nation's early growth and modernization. The analysis includes a set of multivariate time series models that relate measures of banking and equity market activity to measures of investment, imports and business incorporations from 1790 to 1850. The findings offer support for our hypothesis of finance-led' growth in the U.S. case. By implication, the interest today in improving financial systems as a means of fostering sustainable growth is not misplaced.

Estimating the net return of a remote calving alarm system in a dairy farm

The aim of the study was to evaluate the net return of the implementation of a remote calving monitoring system for obstetrical and neonatal assistance on the herd economy in a dairy farm model. A total of 680 parturitions over a 7-yr period were evaluated. Age at first calving was restricted from 23 to 27 mo for primiparous cows to be included. Among groups of cows that were ready to calve in a 15-d interval, primiparous and multiparous were randomly assigned to the experimental group and monitored through a calving alarm system, whereas the others accounted for controls. Final parturition groups were as follows: control primiparous (CPP, n = 218), control multiparous (CM, n = 345), monitored primiparous (MPP, n = 56), and monitored multiparous (MM, n = 61). Monitored groups received prompt calving assistance and first neonatal care, whereas the presence of farm personnel was discontinuous for controls. A biological model was built considering significant differences in calf loss, early culling, milk production, and days open between groups. Then, a partial budget model was used to estimate costs and net return on a simulated herd of 100 lactating cows. Incidence of calf death was greater in control groups (11.06% and 10.73% in CPP and CM, respectively) compared with monitored cows (0.00% and 1.69% in MPP and MM, respectively). Multiparous cows with calf loss had increased relative risk (relative risk = 3.487) for early culling compared with multiparous counterparts with no neonatal loss. Daily milk production in the first 2 mo was 3.79 kg greater in multiparous cows with no dead calf, compared with their counterparts. A significant difference in median days open was found in MPP and CPP (118 and 148 d, respectively). In the final economic model, different simulations were analyzed. They were created assuming different prices or hypothesizing calving monitoring only in primiparous animals. The model estimated different, but always positive, net return. In conclusion, implementing a calving alarm system led to a net return from \u20ac37 to 90 per cow per year (\u20ac1 = US$1.15 at the time of the study). However, the device alone is not sufficient: it must be supported by qualified calving monitoring and assistance. Optimized personnel presence in the calving area at the right time leads to prompt calving and neonatal calf assistance and colostrum feeding within the first hours of life, thus reducing calf death and days open, and increasing milk production

Laparotomic intrauterine insemination with frozen-thawed semen in Sopravissana breed ewes in Central Italy

Intrauterine laparoscopic insemination is diffuse in sheep breeding, yet requires veterinary expertise and expensive equipment. Our aim was to evaluate the time required, reproductive outcome and post-operative complications of mini invasive laparotomic intrauterine insemination, as an alternative approach to laparoscopy. A total of 115 Sopravvissana breed ewes were enrolled, including 75 adults and 40 lamb ewes, after oestrus synchronisation. Ewes were sedated and restrained in dorsal recumbence. Uterine horns were exposed through an abdominal incision of 4\u20137 cm, cranially to the udder. Thawed semen, containing 100 7 106 progressive motile (70%) and morphologically normal (80%) sperm cells, was inoculated into uterine lumen through an intravenous catheter. The abdominal incision was then routinely closed. The time interval for: (a) laparotomy and uterine exteriorisation, (b) intrauterine insemination, (c) abdominal wall closure and (d) total procedure was recorded. Pregnancy, lambing, twinning rates and sex ratio were submitted to chi-square test, comparing lamb and adult ewes. Time intervals and the duration of laparotomic procedure were compared in lamb and adults through Mann\u2013Whitney U test for independent samples. Median \ub1 standard error (SE) of total time for laparotomic intrauterine insemination was 5.53 \ub1 0.07 and 4.99 \ub1 0.11 min, for adult and lamb ewes (p<.05), which was similar to what was reported for laparoscopic methods. At pregnancy check, 60% and 70% of adult and lamb ewes resulted pregnant. Laparotomy is poorly applied due to risk of adherence and decreased fertility. In our study, ewes were naturally bred in the following season with 90% pregnancy rate. Our results showed that time for laparotomy is quite similar to laparoscopic insemination, as for the conception and lambing rates.HIGHLIGHTS Time required for the overall procedure (5.53 \ub1 0.07 and 4.99 \ub1 0.11 min, for adult and lamb ewes, respectively, with significant difference (p<.05)) was similar to laparoscopic artificial insemination. About 60% and 70% of adult and lamb ewes resulted pregnant, respectively. No decreased fertility was observed in the following breeding season (90% pregnancy rate at natural insemination). Laparotomic approach is quite similar to laparoscopic insemination, in terms of time required for its complete achievement, for the conception and lambing rates; furthermore it has the advantage of reducing equipment costs

Real-time monitoring via second-harmonic interferometry of a flow gas cell for laser wakefield acceleration

The use of a gas cell as a target for laser weakfield acceleration (LWFA) offers the possibility to obtain stable and manageable laser-plasma interaction process, a mandatory condition for practical applications of this emerging technique, especially in multi-stage accelerators. In order to obtain full control of the gas particle number density in the interaction region, thus allowing for a long term stable and manageable LWFA, real-time monitoring is necessary. In fact, the ideal gas law cannot be used to estimate the particle density inside the flow cell based on the preset backing pressure and the room temperature because the gas flow depends on several factors like tubing, regulators and valves in the gas supply system, as well as vacuum chamber volume and vacuum pump speed/throughput. Here, second-harmonic interferometry is applied to measure the particle number density inside a flow gas cell designed for LWFA. The results demonstrate that real-time monitoring is achieved, and that using low backing pressure gas (< 1 bar) and different cell orifice diameters (< 2 mm) it is possible to finely tune the number density up to the range well suited for LWFA

Update on Transanal NOTES for Rectal Cancer: Transitioning to Human Trials

The feasibility of natural orifice translumenal endoscopic surgery (NOTES) resection for rectal cancer has been demonstrated in both survival swine and fresh human cadaveric models. In preparation for transitioning to human application, our group has performed transanal NOTES rectal resection in a large series of human cadavers. This experience both solidified the feasibility of resection and allowed optimization of technique prior to clinical application. Improvement in specimen length and operative time was demonstrated with increased experience and newer platforms. This extensive laboratory experience has paved the way for successful clinical translation resulting in an ongoing clinical trial. To date, based on published reports, 4 human subjects have undergone successful hybrid transanal NOTES resection of rectal cancer. While promising, instrument limitations continue to hinder a pure transanal approach. Careful patient selection and continued development of new endoscopic and flexible-tip instruments are imperative prior to pure NOTES clinical application

A Prospective Controlled Trial of Routine Opt-Out HIV Testing in a Men's Jail

Approximately 10 million Americans enter jails annually. The Centers for Disease Control and Prevention now recommends routine opt-out HIV testing in these settings. The logistics for performing routine opt-out HIV testing within jails, however, remain controversial. The objective of this study was to evaluate the optimal time to routinely HIV test newly incarcerated jail detainees using an opt-out strategy.This prospective, controlled trial of routine opt-out HIV testing was conducted among 298 newly incarcerated male inmates in an urban men's jail in New Haven, Connecticut. 298 sequential entrants to the men's jail over a three week period in March and April 2008 were assigned to be offered routine opt-out HIV testing at one of three points after incarceration: immediate (same day, n = 103), early (next day, n = 98), or delayed (7 days, n = 97). The primary outcome was the proportion of men in each group consenting to testing.Routine opt-out HIV testing was significantly higher for the early (53%: AOR = 2.6; 95% CI = 1.5 to 4.7) and immediate (45%: AOR = 2.3; 95% CI = 1.3 to 4.0) testing groups compared to the delayed (33%) testing group. The immediate and early testing groups, however, did not significantly differ (p = 0.67). In multivariate analyses, factors significantly associated with routine opt-out HIV testing were assignment to the 'early' testing group (p = 0.0003) and low (bond > or = $5,000, immigration or federal charges or pre-sentencing > 30 days) likelihood of early release (p = 0.04). Two subjects received preliminary positive results and one of them was subsequently confirmed HIV seropositive.In this men's jail where attrition was high, routine opt-out HIV testing was not only feasible, but resulted in the highest rates of HIV testing when performed within 24 hours of incarceration.ClinicalTrials.gov NCT00624247