Inflation and economic growth in Pacific Basin developing economies

Inflation (Finance) - Pacific Basin ; Interest rates - Pacific Basin ; Pacific Area ; Economic development - Pacific Basin

Mortgage innovation?

Mortgages ; Hawaii

Comment on "Perfect imaging with positive refraction in three dimensions"

Leonhard and Philbin [Phys. Rev. A 81, 011804(R) (2010)] have recently constructed a mathematical proof that the Maxwell's fish-eye lens provides perfect imaging of electromagnetic waves without negative refraction. In this comment, we argue that the unlimited resolution is an artifact of having introduced an unphysical drain at the position of the geometrical image. The correct solution gives focusing consistent with the standard diffraction limit

The spino-bulbar-cerebellar pathway: organization and neurochemical properties of spinal cells that project to the lateral reticular nucleus in the rat

In addition to classical spinocerebellar pathways, the cerebellum receives information from the spinal cord indirectly via spino-bulbar-cerebellar systems. One of the structures in this pathway is the lateral reticular nucleus (LRt). We performed series of experiments to investigate the organization and neurotransmitter content of spinoreticular tract (SRT) neurons in the lumbar spinal cord that project to the LRt. Three rats received injections of the b subunit of Cholera toxin (CTb) or Fluorogold (FG) within the left and right LRt. The majority of SRT cells (56–61%) were found within the contralateral medial intermediate gray matter where small numbers (7–10%) of double-labeled cells were also present on both sides of the cord. Six rats received unilateral spinal injections of CTb to label spinal projections to the LRt. Injections of FG were made also into the anterior lobe of the cerebellum to label LRt pre-cerebellar neurons. Terminals were found mainly ipsilateral to spinal injection sites within the central and ventrolateral regions of the LRt. Immunocytochemical analysis of SRT terminals revealed that the majority (75%) were contained vesicular glutamate transporter 2 but a minority (20%) contained the vesicular GABA transporter. The inhibitory subpopulation was found to be GABAergic, glycinergic, or contained both transmitters. Inhibitory and excitatory terminals were present within overlapping regions of the nucleus. Most CTb terminals contacting LRt pre-cerebellar neurons were excitatory (80%) whereas a minority were inhibitory and most cells (88%) received contacts from both inhibitory and excitatory terminals. This study shows that SRT axons in the LRt have the capacity to exert direct excitatory and inhibitory actions on LRt pre-cerebellar neurons. Thus spinal cord input has the capacity to facilitate or depress the activity of individual LRt cells which in turn adjust activity in the cerebellum to produce coordinated motor behaviors

Foreign direct investment in a macroeconomic framework : finance, efficiency, incentives, and distortions

Does foreign direct investment (FDI) increase domestic investment, or does it provide additional foreign exchange for a pre-existing current account deficit, or some linear combination of the two? The author investigates this question for a group of five Pacific Basin countries and a control group of 11 other developing countries. For the sample of all 16 developing countries, the author finds that FDI does not provide additional balance of payments financing for a pre-existing current account deficit. In the control group of 11 developing countries, FDI is associated with reduced domestic investment - implying that FDI to those countries is simply a close substitute for other capital inflows. For the five Pacific Basin market economies, however, FDI raises domestic investment by the full extent of the FDI inflow. The author finds that FDI has a significantly negative impact on national saving in the sample of all 16 developing countries. For the control group, this negative effect is similar in magnitude to FDI's negative effect on domestic investment - implying a zero effect on the current account. But FDI's negative effect on national saving in the five Pacific Basin developing market economies implies that FDI could have more of a negative effect on the current account than through increased domestic investment alone. The author also investigates the impact of FDI on economic growth in these 16 countries, taking into account distortions in the economies. He estimates reduced-form current account equations, and presents an analytical framework for estimating FDI's effect on economic growth in the presence of incentive-disincentive packages and other economic distortions. He illustrates his framework using indicators of foreign trade and financial distortions. His main conclusion: the effect of FDI differs markedly from one group of countries to another. FDI has a negative effect on economic growth in the control group. It has the same positive effect on growth as domestically financed investment does in the Pacific Basin countries. The main cause for the different effect is the low level of distortion in the Pacific Basin countries.Environmental Economics&Policies,Economic Theory&Research,Foreign Direct Investment,International Terrorism&Counterterrorism,Macroeconomic Management

Process of casting heavy slips Patent

Freeze casting of metal ceramic and refractory compound powders into plastic slip

Dodecahedral topology fails to explain quadrupole-octupole alignment

The CMB quadrupole and octupole, as well as being weaker than expected, align suspiciously well with each other. Non-trivial spatial topology can explain the weakness. Might it also explain the alignment? The answer, at least in the case of the Poincare dodecahedral space, is a resounding no.Comment: 5 pages, 1 figur