Multiple Regime Shifts: The Influence of ASEAN Politics on Financial Integration within South-East Asia

For the last two decades, a key policy objective of the Association of South East Asian Nations (ASEAN), to which it claims much success, has been the supra-national integration among the region’s financial markets. This paper critically appraises this claim by locating and estimating multiple structural breaks in two equity market-based indicators and by employing a method to examine the effects of the ASEAN decision-making regime on variations in South-East Asian equity prices. The main findings of the paper are that the majority of identified structural breaks coincide with regime shifts in the ASEAN decision-making mechanism but that the politics of the regimes has had little influence on supra-national integration of the region’s financial markets.ASEAN, equity prices, financial markets, integration, politics, structural breaks

A Normal Country

During the 1990s, Russia underwent an extraordinary transformation from a communist dictatorship to a multi-party democracy, from a centrally planned economy to a market economy, and from a belligerent adversary of the West to a cooperative partner. Yet a consensus in the US circa 2000 viewed Russia as a disastrous and threatening failure, and the 1990s as a decade of catastrophe for its citizens. Analyzing a variety of economic and political data, we demonstrate a large gap between this perception and the facts. In contrast to the common image, by the late 1990s Russia had become a typical middle- income capitalist democracy.

Twenty years of political transition

What explains the divergent political paths that the post-communist countries of Eastern Europe and the former Soviet Union have followed since the fall of the Berlin Wall? While some appear today to be consolidated democracies, others have all the features of consolidated autocracy. This study reviews the patterns of change and examines correlates of progress towards democracy. Variation across post-communist countries in the degree of democracy twenty years after the start of transition can be parsimoniously explained by two variables: the length of time the country spent under a communist regime and - within the former Soviet Union, but not Eastern Europe - the proportion of Muslim adherents in the population

Political decentralization and corruption: Evidence from around the world

How does political decentralization affect the frequency and costliness of bribe extraction by corrupt officials? Previous empirical studies, using subjective indexes of perceived corruption and mostly fiscal indicators of decentralization, have suggested conflicting conclusions. In search of more precise findings, we combine and explore two new data sources—an original cross-national data set on particular types of decentralization and the results of a firm level survey conducted in 80 countries about firms' concrete experiences with bribery. In countries with a larger number of government or administrative tiers and (given local revenues) a larger number of local public employees, reported bribery was more frequent. When local—or central—governments received a larger share of GDP in revenue, bribery was less frequent. Overall, the results suggest the danger of uncoordinated rent-seeking as government structures become more complex.postprin

Investigating the interaction effect of democracy and economic freedom on corruption: a cross-country quantile regression analysis

This paper explores the interaction effects of economic freedom and democracy in controlling corruption for 100 countries by using quantile regression technique. The main contribution is to explore the interaction effects throughout conditional distribution of corruption across nations. Our results reinforce some findings in the literature, but also provide new conclusions. The findings suggest a stronger and significant interaction effect in reducing corruption, especially in the most-corrupt countries. However, democratic and economic freedoms alone may not cure corruption effectively in the most-corrupt nations, a sound democratic reform can eliminate corruption substantially only after achieving a threshold level of economic freedom.Full Tex

Requirements for Mediator Complex Subunits Distinguish Three Classes of Notch Target Genes at the Drosophila Wing Margin

Spatial and temporal gene regulation relies on a combinatorial code of sequence-specific transcription factors that must be integrated by the general transcriptional machinery. A key link between the two is the mediator complex, which consists of a core complex that reversibly associates with the accessory kinase module. We show here that genes activated by Notch signaling at the dorsal-ventral boundary of the Drosophila wing disc fall into three classes that are affected differently by the loss of kinase module subunits. One class requires all four kinase module subunits for activation, while the others require only Med12 and Med13, either for activation or for repression. These distinctions do not result from different requirements for the Notch coactivator Mastermind or the corepressors Hairless and Groucho. We propose that interactions with the kinase module through distinct cofactors allow the DNA-binding protein Suppressor of Hairless to carry out both its activator and repressor functions

Exploratory topic modeling with distributional semantics

As we continue to collect and store textual data in a multitude of domains, we are regularly confronted with material whose largely unknown thematic structure we want to uncover. With unsupervised, exploratory analysis, no prior knowledge about the content is required and highly open-ended tasks can be supported. In the past few years, probabilistic topic modeling has emerged as a popular approach to this problem. Nevertheless, the representation of the latent topics as aggregations of semi-coherent terms limits their interpretability and level of detail. This paper presents an alternative approach to topic modeling that maps topics as a network for exploration, based on distributional semantics using learned word vectors. From the granular level of terms and their semantic similarity relations global topic structures emerge as clustered regions and gradients of concepts. Moreover, the paper discusses the visual interactive representation of the topic map, which plays an important role in supporting its exploration.Comment: Conference: The Fourteenth International Symposium on Intelligent Data Analysis (IDA 2015

Action, arousal and subjective time

Saccadic chronostasis refers to the subjective temporal lengthening of the first visual stimulus perceived after an eye movement. It has been quantified using a duration discrimination task. Most models of human duration discrimination hypothesise an internal clock. These models could explain chronostasis as a transient increase in internal clock speed due to arousal following a saccade, leading to temporal overestimation. Two experiments are described which addressed this hypothesis by parametrically varying the duration of the stimuli that are being judged. Changes in internal clock speed predict chronostasis effects proportional to stimulus duration. No evidence for proportionality was found. Two further experiments assessed the appropriateness of the control conditions employed. Results indicated that the chronostasis effect is constant across a wide range of stimulus durations and does not reflect the pattern of visual stimulation experienced during a saccade, suggesting that arousal is not critical. Instead, alternative processes, such as one affecting the onset of timing (i.e., the time of internal clock switch closure) are implicated. Further research is required to select between these alternatives

Modality-specific attention in foraging bumblebees

V.N. was funded by a Marie Curie Incoming International Fellowship. L.C. was funded by a Royal Society Wolfson Research Merit Award and an ERC Advanced Grant