McShane's Identity in Rank One Symmetric Spaces

In this paper we study McShane's identity in real and complex hyperbolic spaces and obtain various generalizations of the identity for representations of surface groups into the isometry groups of rank one symmetric spaces. Our methods unify most of the existing methods used in the existing literature for proving this class of identities.Comment: 27 page

Government Spending, Money Seigniorage and Macroeconomic Instability

This paper addresses the issue of the macroeconomic instability of the output effects of government spending financed by money seigniorage. The contribution of the paper is to show that these output effects are dependent on where the economy is in relation to certain inflation thresholds and that these thresholds are affected by the degree of ‘substitutability’ between government spending and private consumption. When government spending has no intertemporal effect on private consumption, there exists a single inflation threshold. When government spending has an intertemporal effect on private consumption, there exist two inflation thresholds. As the economy crosses each inflation threshold, it will suffer a reversal of output effects.reversal of output effects, inflation, money seigniorage, substitutability, complementarity

Grappling with Issues of Learning Science from Everyday Experiences: An Illustrative Case Study

There are different perceptions among researchers with regard to the infusion of everyday experience in the teaching of science: 1) it hinders the learning of science concepts; or, 2) it increases the participation and motivation of students in science learning. This article attempts to contemplate those different perspectives of everyday knowledge in science classrooms by using everyday contexts to teach grade 3 science in Singapore. In this study, two groups of grade 3 students were presented with a scenario that required them to apply the concept of properties of materials to design a shoe. Subsequently, the transcripts of classroom discussions and interactions were analyzed using the framework of sociocultural learning and an interpretative analytic lens. Our analysis suggests that providing an authentic everyday context is insufficient to move young learners of science from their everyday knowledge to scientific knowledge. Further, group interactions among young learners of science to solve an everyday issue need to be scaffolded to ensure meaningful, focused, and sustained learning. Implications for research in science learning among younger students are discussed

Subnational credit ratings : a comparative review

This paper surveys methodological issues in subnational credit ratings and highlights key challenges for developing countries. Subnational borrowing from capital markets has been on the rise owing to fiscal decentralization and demand for infrastructure investments. A prerequisite for accessing capital markets, subnational credit ratings have also emerged as a part of broader reform for fiscal sustainability. They facilitate a more transparent budgetary and financial management system. The global financial crisis makes subnational credit ratings more relevant, as they contribute to fiscal risk evaluations and fiscal adjustment. In addition to subnationals’ own credit strength, the creditworthiness of the sovereign and the intergovernmental fiscal system are among the most critical rating criteria. Implicit and contingent liabilities are integral to the rating process. Indirect debt instruments including off-balance-sheet financing create fiscal risks. The ongoing financial crisis has reinforced the rating focus on the management of liquidity, debt structure, and off-balance-sheet liabilities.Debt Markets,Banks&Banking Reform,,Bankruptcy and Resolution of Financial Distress,Access to Finance

Machine prognostics based on health state estimation using SVM

The ability to accurately predict the remaining useful life of machine components is critical for continuous operations in machines which can also improve productivity and enhance system safety. In condition-based maintenance (CBM), effective diagnostics and prognostics are important aspects of CBM which provide sufficient time for maintenance engineers to schedule a repair and acquire replacement components before the components finally fail. All machine components have certain characteristics of failure patterns and are subjected to degradation processes in real environments. This paper describes a technique for accurate assessment of the remnant life of machines based on prior expert knowledge embedded in closed loop prognostics systems. The technique uses Support Vector Machines (SVM) for classification of faults and evaluation of health for six stages of bearing degradation. To validate the feasibility of the proposed model, several fault historical data from High Pressure Liquefied Natural Gas (LNG) pumps were analysed to obtain their failure patterns. The results obtained were very encouraging and the prediction closely matched the real life particularly at the end of term of the bearings

China’s Changing Economic Structures and Its Implications for Regional Patterns of Trade Production and Integration

There is tremendous momentum for economic and financial integration in East Asia today. Partly inspired by the formation of the European Union and partly as a response to the 1997/98 Asia financial crisis, many East Asian countries are showing greater commitment to regional economic cooperation. A number of bilateral free trade agreements (FTAs) have either been concluded or are being negotiated.1 At a less formal level, the ASEAN+3 grouping has brought the whole region together in regular consultations over trade, investment, as well as monetary and exchange rate policy matters.

From Efficiency-driven to Innovation-driven Economic Growth: Perspectives from Singapore

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region.2 The call reflects an increased awareness both within and outside the government of the need to redefine Singapore’s comparative advantage through a new national innovation policy.

From efficiency-driven to innovation-driven economic growth : perspectives from Singapore

This paper looks at Singapore's efforts to transform the economic growth base from one that is predominantly efficiency-driven to one that is more innovation-driven. To accelerate the transition process, the government is aggressively investing in"innovation infrastructure"-systems and institutions that make the city a more conducive environment for innovations. The modus operandi, with a distinctive"winner-picking"flavor, mirrors that of its earlier strategic industrial policy in building up the manufacturing sector. It is also in sync with the new urban growth literature which argues that the success of any innovation-driven growth strategy depends on a city's ability to attract a large community of creative individuals in different fields. Innovation infrastructure building requires more than putting in the right systems. It also requires a mindset change at various levels of society. This paper looks at how the government's policy philosophy and practices have evolved over time, and discusses the effectiveness of the government-led, strategic supply-push approach in propelling Singapore onto an innovation-driven growth path. It takes into consideration the city-state's underlying comparative advantages (or disadvantages) and asks how Singapore's existing strength in efficiency infrastructure may give it a first mover advantage in attracting creative talent, how its success may be affected by the small size of the economy, and the various political and social constraints that a small sovereign city-state faces. These issues are explored against the backdrop of the keen competition among the major cities in the region to become an innovation hub.Health Monitoring&Evaluation,Environmental Economics&Policies,ICT Policy and Strategies,Agricultural Research,Banks&Banking Reform

Financial Disintermediation in the 1990s : Implications on Monetary Policy in Malaysia

The increased financial disintermediation that characterizes the Malaysia's financial system since the early 1990s has contributed towards changes in the dynamics of monetary transmission mechanism. Using quarterly data from 1980: 1 to 2005: 4, we found a greater effectiveness of monetary policy during the pre-1990:3 period, but the post-1990:3 period poses much difficulty for the conduct of monetary policy. Innovations in the financial market appeared to have led to lower output variability. Further, when the real interest rate is made a function of financial disintermediation, the real interest rate appeared to have lost its significance in influencing real variables in the post-1990: 3 period. This study did not, however, find evidence in support of the significance of the real interest rate in affecting real variables through the direct financing channel via the capital market.bank lending channel, capital market, cointegration, VAR