Theory and Evidence on the Finance-Growth Relationship: The Virtuous and Unvirtuous Cycles

Since the 1980s, financial crises have tended to reoccur with increasing frequency and growing intensity. They are endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance fosters the correct allocation of financial resources, the fair redistribution of wealth and positive economic growth (the virtuous cycle), whereas bad finance captures part of the created wealth and, thanks to a highly technologically advanced financial system with the ability to create money ex nihilo, over time it drags the economy down to recession or negative growth, destroying wealth and consequentially social welfare (the unvirtuous cycle). Therefore, structural factors are at the foundation of the persistence of instability and thus of what we define as the unvirtuous cycle, which can generate what we label the wealth trap. A VUC index has been developed by us to capture the status quo of the finance-growth relationship. A cross country analysis for the US, UK and Euro area economies has been made in order to verify the validity of the index. A core variable is identified: the degree of financial innovation. This is an endogenous variable within the endogenous money/credit creation process; its identification is of crucial importance, as it is the key to full understanding of the finance-growth relationship and is the element of originality in this field of studies. The VUC index for all countries shows clearly the exponential effect of the degree of financial innovation over time. It is important for scholars and policymakers to understand the mechanism underpinning the finance-growth relationship and that it is their responsibility to return the economic system to what we will call the virtuous cycle

Performance analysis of real-time PSO tuned PI controller for regulating voltage and frequency in an AC microgrid

In this study, a control strategy based on the self-tuning method and synchronous reference frame (SRF) with PI regulator is proposed to achieve optimum quality of power in an autonomous micro grid (MG). The MGS is based on multiple distributed generation (DG) connected with 120 kV power grid. The proposed system is first simulated with fixed gain values for PI controller which are not optimal for sudden changes in the system i.e. transition of MG to islanding mode, load variations. So, the particle swarm optimization (PSO) has been utilized for tuning of PI controller parameters which ensure flexible performance and superior quality of power. The principal parameters considered in this study are, regulation of voltage and frequency, steady-state and dynamic response and harmonic distortion, mainly when microgrid is islanded. The performance of PI and PI-PSO is compared in this study by simulating AC microgrid in the MATLAB/Simulink environment. Summarized results of the system are provided to authenticate viability of proposed arrangement. The proposed controller performs intelligently while regulating voltage and frequency of the MGS and utility system.

Neuromodulatory Control and Language Recovery in Bilingual Aphasia: An Active Inference Approach

Understanding the aetiology of the diverse recovery patterns in bilingual aphasia is a theoretical challenge with implications for treatment. Loss of control over intact language networks provides a parsimonious starting point that can be tested using in-silico lesions. We simulated a complex recovery pattern (alternate antagonism and paradoxical translation) to test the hypothesis—from an established hierarchical control model—that loss of control was mediated by constraints on neuromodulatory resources. We used active (Bayesian) inference to simulate a selective loss of sensory precision; i.e., confidence in the causes of sensations. This in-silico lesion altered the precision of beliefs about task relevant states, including appropriate actions, and reproduced exactly the recovery pattern of interest. As sensory precision has been linked to acetylcholine release, these simulations endorse the conjecture that loss of neuromodulatory control can explain this atypical recovery pattern. We discuss the relevance of this finding for other recovery patterns

Privacy Mining from IoT-based Smart Homes

Recently, a wide range of smart devices are deployed in a variety of environments to improve the quality of human life. One of the important IoT-based applications is smart homes for healthcare, especially for elders. IoT-based smart homes enable elders' health to be properly monitored and taken care of. However, elders' privacy might be disclosed from smart homes due to non-fully protected network communication or other reasons. To demonstrate how serious this issue is, we introduce in this paper a Privacy Mining Approach (PMA) to mine privacy from smart homes by conducting a series of deductions and analyses on sensor datasets generated by smart homes. The experimental results demonstrate that PMA is able to deduce a global sensor topology for a smart home and disclose elders' privacy in terms of their house layouts.Comment: This paper, which has 11 pages and 7 figures, has been accepted BWCCA 2018 on 13th August 201

Scotland as an optimal currency area

The June 2016 UK referendum on continued EU membership where the people of Scotland voted to remain, while the rest of the United Kingdom voted to leave, once again makes the issue of whether Scotland is an optimal currency area very topical. England voted strongly to leave Europe while Scotland backed remain by 62% to 38%. The Scottish government published its draft bill on a second independence referendum in October 2016. The move does not mean another referendum will definitely be held, but this does raise the possibility that Scotland might choose independence and staying in the EU without the rest of the United Kingdom. If Scotland charts a course of independence from the rest of the United Kingdom, then they would likely either issue their own currency or join or form another currency area. In this paper, we test the microeconomic foundations of a common currency area for Scotland, United Kingdom, and the rest of the United Kingdom without Scotland. We find that the United Kingdom, Scotland, and the United Kingdom without Scotland all meet the microeconomic criteria for a common currency area. In contrast, banking data suggest that lending in Scotland is different from lending in the rest of the United Kingdom, adding some doubt to the issue of whether or not Scotland is a common currency area with the United Kingdom.</p

Preparation of Photoactive Transition-Metal Layered Double Hydroxides (LDH) to Replace Dye-Sensitized Materials in Solar Cells

This work highlights the use of Fe-modified MgAl-layered double hydroxides (LDHs) to replace dye and semiconductor complexes in dye-sensitized solar cells (DSSCs), forming a layered double hydroxide solar cell (LDHSC). For this purpose, a MgAl-LDH and a Fe-modified MgAl LDH were prepared. X-ray diffraction spectroscopy (XRD), scanning electron microscopy (SEM), and energy-dispersive X-ray (EDX) spectroscopy were used to analyze the structural properties, morphology, and success of the Fe-modification of the synthesized LDHs. Ultraviolet-visible (UV-Vis) absorption spectroscopy was used to analyze the photoactive behavior of these LDHs and compare it to that of TiO2 and dye-sensitized TiO2. Current-voltage (I–V) solar simulation was used to determine the fill factor (FF), open circuit voltage (VOC), short circuit current (ISC), and efficiency of the LDHSCs. It was shown that the MgFeAl-LDH can act as a simultaneous photoabsorber and charge separator, effectively replacing the dye and semiconductor complex in DSSCs and yielding an efficiency of 1.56%

Contribution of advanced fluorescence nano microscopy towards revealing mitotic chromosome structure

The organization of chromatin into higher-order structures and its condensation process represent one of the key challenges in structural biology. This is important for elucidating several disease states. To address this long-standing problem, development of advanced imaging methods has played an essential role in providing understanding into mitotic chromosome structure and compaction. Amongst these are two fast evolving fluorescence imaging technologies, specifically fluorescence lifetime imaging (FLIM) and super-resolution microscopy (SRM). FLIM in particular has been lacking in the application of chromosome research while SRM has been successfully applied although not widely. Both these techniques are capable of providing fluorescence imaging with nanometer information. SRM or nanoscopy is capable of generating images of DNA with less than 50 nm resolution while FLIM when coupled with energy transfer may provide less than 20 nm information. Here, we discuss the advantages and limitations of both methods followed by their contribution to mitotic chromosome studies. Furthermore, we highlight the future prospects of how advancements in new technologies can contribute in the field of chromosome science

Atomic position localization via dual measurement

We study localization of atomic position when a three-level atom interacts with a quantized standing-wave field in the Ramsey interferometer setup. Both the field quadrature amplitude and the atomic internal state are measured to obtain the atomic position information. It is found that this dual measurement scheme produces an interference pattern superimposed on a diffraction-like pattern in the atomic position distribution, where the former pattern originates from the state-selective measurement and the latter from the field measurement. The present scheme results in a better resolution in the position localization than the field-alone measurement schemes. We also discuss the measurement-correlated mechanical action of the standing-wave field on the atom in the light of Popper's test.Comment: 6.5 pages and 5 figure

Molecular Characterization and Functional Significance of the Vti Family of SNARE Proteins in Tick Salivary Glands

Exocytosis involves membrane fusion between secretory vesicles and the plasma membrane. The Soluble N-ethylmaleimide-sensitive factor attachment proteins (SNAPs) and their receptor proteins (SNAREs) interact to fuse vesicles with the membrane and trigger the release of their sialosecretome out of the tick salivary gland cells. In this study, we examined the functional significance of the Vti family of SNARE proteins of blood-feeding Amblyomma maculatum and Amblyomma americanum. Vti1A and Vti1B have been implicated in multiple functional roles in vesicle transport. QRT-PCR studies demonstrated that the highest transcriptional expression of vti1a and vti1b genes occurs in unfed salivary glands, suggesting that elevated secretory vesicle formation occurs prior to feeding but continues at low rates after blood feeding commences. Vti1A and Vti1B localize to the secretory vesicles in unfed tick salivary glands in immunofluorescence microscopy studies. Knockdown of vti1a and vti1b by RNA interference resulted in a significant decrease in the engorged tick weight compared to the control during prolonged blood-feeding on the host. RNA interference of vti1a or vti1b impaired oviposition and none of the ticks produced eggs masses. Surprisingly, the double knockdown did not produce a strong phenotype and ticks fed normally on the host and produced egg masses, suggesting a compensatory mechanism exists within the secretory system which may have been activated in the double knockdown. These results suggest an important functional role of the Vti family of SNARE proteins in tick blood feeding and ultimately oviposition. Understanding the basic functions of the Vti family of SNARE proteins in salivary glands may lead to better ways to prevent tick attachment and transmission of tick-borne diseases