Essays on Capital Flows, Saving, and Growth Acceleration

This dissertation examines the relationship between international capital flows and saving in periods of growth acceleration. High productivity growth is generally associated with capital outflows in developing countries---a phenomenon called “allocation puzzle” by Gourinchas and Jeanne (2013), who showed that it is due to the behavior of saving rather than investment. The first chapter paper adds habit formation to an otherwise-standard small open economy Balassa-Samuelson model with frictions in an attempt to explain why countries generally increase saving and have a current account surplus when economic growth accelerates. With plausible parameters, the model with habits can generate an increase in saving and a current account surplus in the medium run. In contrast, the standard model without habits predicts a sharp decrease in saving and a large current account deficit. The higher saving in the model with habits also dampens the real exchange rate appreciation compared with the no-habit model, because habit-forming consumers cut the consumption of tradable goods in order to save. High economic growth usually leads to high saving later. The second chapter revisits the growth and saving nexus studied by Carroll and Weil (1994). The robustness of the Granger causality from growth to saving found by Carroll and Weil (1994) is tested using data from different versions of the Penn World Table. This chapter also examines the Granger causality from growth to saving in periods of empirically defined growth accelerations. Saving increases in years within a growth acceleration episode. However, the general statistical dependence of saving on growth is not driven by those growth acceleration episodes. Using provincial data from China, the third chapter (coauthored with Liuchun Deng) examines the pattern of capital flows in relation to the transition of economic regimes. We show that fast-growing provinces experienced less capital inflows before the large-scale market reform, contrary to the prediction of the neoclassical growth theory. As China transitioned from the central-planning economy to the market economy, the negative correlation between productivity growth and capital inflows became much less pronounced. From a regional perspective, this finding suggests domestic institutional factors play an important role in shaping the pattern of capital flows

Volatility and Economic Systems: Evidence from A Large Transitional Economy

This is the first paper to study the role played by economic transition in reducing output volatility. A dramatic decline in aggregate output volatility in China from central planning to market-oriented reforms in the past half century is documented in this paper. The output volatility measured by the standard deviation of real gross domestic product (GDP) growth over the specified rolling windows declined by 73% from 1953-1977 to 1978-2008. The sharpest reduction occurred in 1978 when China began to initiate a series of market reforms. Since the inception of these reforms, the volatility continued to decline, dropping more than 30% from 1978-1994 to 1995-2008. During the planning period, the co-movements in the provincial output, which reflected the systemic risks associated with the highly centralized economic and political systems in China, were found to be the primary source of the high output volatility

Fabrication and properties of PLA/β-TCP scaffolds using liquid crystal display (LCD) photocuring 3D printing for bone tissue engineering

Introduction: Bone defects remain a thorny challenge that clinicians have to face. At present, scaffolds prepared by 3D printing are increasingly used in the field of bone tissue repair. Polylactic acid (PLA) has good thermoplasticity, processability, biocompatibility, and biodegradability, but the PLA is brittle and has poor osteogenic performance. Beta-tricalcium phosphate (β-TCP) has good mechanical properties and osteogenic induction properties, which can make up for the drawbacks of PLA.Methods: In this study, photocurable biodegradable polylactic acid (bio-PLA) was utilized as the raw material to prepare PLA/β-TCP slurries with varying β-TCP contents (β-TCP dosage at 0%, 10%, 20%, 30%, 35% of the PLA dosage, respectively). The PLA/β-TCP scaffolds were fabricated using liquid crystal display (LCD) light-curing 3D printing technology. The characterization of the scaffolds was assessed, and the biological activity of the scaffold with the optimal compressive strength was evaluated. The biocompatibility of the scaffold was assessed through CCK-8 assays, hemocompatibility assay and live-dead staining experiments. The osteogenic differentiation capacity of the scaffold on MC3T3-E1 cells was evaluated through alizarin red staining, alkaline phosphatase (ALP) detection, immunofluorescence experiments, and RT-qPCR assays.Results: The prepared scaffold possesses a three-dimensional network structure, and with an increase in the quantity of β-TCP, more β-TCP particles adhere to the scaffold surface. The compressive strength of PLA/β-TCP scaffolds exhibits a trend of initial increase followed by decrease with an increasing amount of β-TCP, reaching a maximum value of 52.1 MPa at a 10% β-TCP content. Degradation rate curve results indicate that with the passage of time, the degradation rate of the scaffold gradually increases, and the pH of the scaffold during degradation shows an alkaline tendency. Additionally, Live/dead staining and blood compatibility experiments suggest that the prepared PLA/β-TCP scaffold demonstrates excellent biocompatibility. CCK-8 experiments indicate that the PLA/β-TCP group promotes cell proliferation, and the prepared PLA/β-TCP scaffold exhibits a significant ability to enhance the osteogenic differentiation of MC3T3-E1 cells in vitro.Discussion: 3D printed LCD photocuring PLA/β-TCP scaffolds could improve surface bioactivity and lead to better osteogenesis, which may provide a unique strategy for developing bioactive implants in orthopedic applications

Chirality manipulation of ultrafast phase switchings in a correlated CDW-Weyl semimetal

A recently emerging concept for quantum phase discovery is the controlled gapping of linear band crossings in topological semimetals. For example, achieving topological superconducting and charge-density-wave (CDW) gapping could introduce Majorana zero modes and axion electrodynamics, respectively. Light engineering of correlation gaps in topological materials provides a new avenue of achieving exotic topological phases inaccessible by conventional tuning methods such as doping and straining. Here we demonstrate a light control of correlation gaps and ultrafast phase switchings in a model CDW and polaron insulator (TaSe$_4$)$_2$I recently predicted to be an axion insulator. Our ultrafast terahertz photocurrent spectroscopy reveals a two-step, non-thermal melting of polarons and electronic CDW gap via studying the fluence dependence of a {\em longitudinal} circular photogalvanic current. The helicity-dependent photocurrent observed along the propagation of light reveals continuous ultrafast switchings from the polaronic state, to the CDW (axion) phase, and finally to a hidden Weyl phase as the pump fluence increases. Other distinguishing features corroborating with the light-induced switchings include: mode-selective coupling of coherent phonons to polaron and CDW modulation, and the emergence of a {\em non-thermal} chiral photocurrent above pump threshold of CDW-related phonons. The ultrafast chirality control of correlated topological states revealed here is important to realize axion electrodynamics and quantum computing.Comment: 9 pages, 4 figure

Is it possible to stabilize the 1144-phase pnictides with tri-valence cations?

A lately discovered 1144 phase has generated significant interest for its high superconducting temperatures, disorder-free doping, and various chemical substitutions. However, it has only been found in iron arsenides ( A B Fe 4 As 4 ), and cations are limited to +1 or +2 valence states (e.g., alkali metals, alkaline earth elements, and Eu). Whether more 1144 phases could be stabilized and whether intriguing properties exist are questions of general interest. In this work, we investigate 1144 iron and cobalt arsenides with tri-valence cations (La, Y, In, Tl, Sm, Gd). We study phase stability among other competing phases: 122 solution phase and phase decomposition. With La as the cation, we predict room-temperature stable 1144 structures: La A Fe 4 As 4 ( A = K , Rb, and Cs). Other La-contained 1144 structures tend to form solution phase. The solubility of La is estimated and compared with the experiment. By contrast, we do not find stable 1144 structures with Y as the cation. For In and Tl as cations, two 122-phase compounds are remarkably stable: InCo 2 As 2 and TlCo 2 As 2 , which adds to our knowledge about the In(Tl)-Co-As phase diagram. Stable 1144 phases are found in InKCo 4 As 4 and InRbCo 4 As 4 . With Sm and Gd as cations, 1144- or 122-phase iron arsenides are generally unstable. Among structures investigated, we recognize two critical factors for 1144-phase stability: size effect and charge balance, which yields a merging picture with the rule found in previous 1144 systems. Moreover, La A Fe 4 As 4 ( A = K , Rb, and Cs), InCo 2 As 2 , and TlCo 2 As 2 are exhibiting semimetal features and a two-dimensional Fermi surface, similar to iron superconductors

Ultrafast nonthermal terahertz electrodynamics and possible quantum energy transfer in the Nb3Sn superconductor

We report terahertz (THz) electrodynamics of a moderately clean A15 superconductor (SC) following ultrafast excitation to manipulate quasiparticle (QP) transport. In the Martensitic normal state, we observe a photo enhancement in the THz conductivity using optical pulses, while the opposite is observed for the THz pump. This demonstrates wavelength-selective nonthermal control of conductivity distinct from sample heating. The photo enhancement persists up to an additional critical temperature, above the SC one, from a competing electronic order. In the SC state, the fluence dependence of pair-breaking kinetics together with an analytic model provides an implication for a “one photon to one Cooper pair” nonresonant energy transfer during the 35-fs laser pulse; i.e., the fitted photon energy ℏω absorption to create QPs set by 2ΔSC/ℏω=0.33%. This is more than one order of magnitude smaller than in previously studied BCS SCs, which we attribute to strong electron-phonon coupling and possible influence of phonon condensation