Capital Account Liberalization and Economic Performance: Survey and Synthesis

This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed. We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present. Our review of the literature shows the contrasting results that have been obtained. These differences may reflect differences in country coverage, sample periods and indicators of liberalization. In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization. We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.

A new device to mount portable energy-dispersive X-ray fluorescence spectrometers (p-ED-XRF) for semi-continuous analyses of split (sediment) cores and solid samples

Portable energy-dispersive X-ray fluorescence spectrometers (p-ED-XRF) have become increasingly popular in sedimentary laboratories to quantify the chemical composition of a range of materials such as sediments, soils, solid samples, and artefacts. Here, we introduce a low-cost, clearly arranged unit that functions as a sample chamber (German industrial property rights no. 20 2014 106 048.0) for p-ED-XRF devices to facilitate economic, non-destructive, fast, and semi-continuous analysis of (sediment) cores or other solid samples. The spatial resolution of the measurements is limited to the specifications of the applied p-ED-XRF device – in our case a Thermo Scientific Niton XL3t p-ED- XRF spectrometer with a maximum spatial resolution of 0.3 cm and equipped with a charge-coupled device (CCD) camera to document the measurement spot. We demonstrate the strength of combining p-ED-XRF analyses with this new sample chamber to identify Holocene facies changes (e.g. marine vs. terrestrial sedimentary facies) using a sediment core from an estuarine environment in the context of a geoarchaeological investigation at the Atlantic coast of southern Spain

Multivariate Conditional Transformation Models

Regression models describing the joint distribution of multivariate response variables conditional on covariate information have become an important aspect of contemporary regression analysis. However, a limitation of such models is that they often rely on rather simplistic assumptions, e.g. a constant dependency structure that is not allowed to vary with the covariates or the restriction to linear dependence between the responses only. We propose a general framework for multivariate conditional transformation models that overcomes these limitations and describes the entire distribution in a tractable and interpretable yet flexible way conditional on nonlinear effects of covariates. The framework can be embedded into likelihood-based inference, including results on asymptotic normality, and allows the dependence structure to vary with covariates. In addition, the framework scales well beyond bivariate response situations, which were the main focus of most earlier investigations. We illustrate the application of multivariate conditional transformation models in a trivariate analysis of childhood undernutrition and demonstrate empirically that our approach can be beneficial compared to existing benchmarks such that complex truly multivariate data-generating processes can be inferred from observations

The small multiple in econometrics – a redesign

This brief note serves as a companion paper to Klein (2014). Small multiples incorporate graphical frameworks such as P value plots with ease, and thus facilitate visualizing quantitative data that record parameter change from simulation experiments. Pitfalls in layout may be avoided when observing elementary design principles. To illustrate their workings the principles revise a small multiple that collects simulation results on the empirical size of procedures testing exogeneity in the bivariate probit model

The small multiple in econometrics – a redesign

This brief note serves as a companion paper to Klein (2014). Small multiples incorporate graphical frameworks such as P value plots with ease, and thus facilitate visualizing quantitative data that record parameter change from simulation experiments. Pitfalls in layout may be avoided when observing elementary design principles. To illustrate their workings the principles revise a small multiple that collects simulation results on the empirical size of procedures testing exogeneity in the bivariate probit model

Communicating quantitative information: tables vs graphs

In applied statistics and computational econometrics a key task for researchers is to bring the sizable but unstructured body of numeric evidence, for example from Monte Carlo simulation, in a form ready for introducing to scientific dialog. At their disposal they find established means of arrangement: narrative text, tables, graphs. Employing classical principles of communication to evaluate their suitability graphical devices seem optimal. They absorb large quantities of data, and organize content into a productive tool. Graphs confirm the advantage when put to work in a standard simulation exercise. However, theory and application contrast with the norm observed in peer-reviewed journals – by a wide margin and with considerable persistency researchers prefer tables