Public expenditure and national income - Time series evidence from Greece

The paper investigates the existence and nature of long-run relationships between Greek national income and four categories of public expenditure. Our results suggest that there exists a positive long-run relationship between GDP on the one hand; and public expenditure and “productive” public consumption on the other, with causality running both ways. There appears to be no long-run relationship between GDP and public-sector personnel expenditure; and GDP and public-debt service expenditure. From that point of view, it would appear that in terms of output growth, the fiscal policy followed by Greece during the 1975-1990 period has rather been ineffective

Exchange Rate Pegging: Credibility and Fundamentals. Evidence from Greece

The paper examines the predictability of a currency-peg collapse on the basis of the movements of underlying fundamentals and the observed behaviour of currency markets. Our findings suggest that the ultimate collapse of a peg is predictable if the peg is inconsistent with valid long-run macroeconomic relationships. A strong currency policy is confirmed to be helpful in terms of reducing inflation but its prolonged implementation reduces the peg’s credibility. In the case-study examined, markets appear to have anticipated the peg’s collapse almost a year before it occurred. However, the results show that the exact timing of the devaluation took markets by surprise. Even under conditions of devaluation expectations, central banks have the capacity to surprise the markets

Debt sustainability, structural breaks and non-linear fiscal adjustment: A testing application to Greek fiscal policy

Non-linear public debt adjustment and structural breaks in fiscal policy may affect tests of public debt sustainability. Existing studies address these issues separately. No study has considered both. We address this gap by focusing on Greece, one of the most highly-indebted EMU countries. We find evidence of previously undetected non-linear fiscal adjustment; and two structural breaks in fiscal policy. Excluding these from the analysis, or allowing for non-linearities only, affects the nature of the empirical findings. Accounting for both, we find Greek public debt to be sustainable. This is in contrast to the findings of previous studies on Greece

Growth, volatility and political instability: Non-linear time-series evidence for Argentina, 1896-2000

What is the relationship between economic growth and its volatility? Does political instability affect growth directly or indirectly, through volatility? This paper tries to answer such questions using a power-ARCH framework with annual time series data for Argentina from 1896 to 2000. We show that while assassinations and strikes (what we call “informal” political instability) have a direct negative effect on economic growth, “formal” political instability (constitutional and legislative changes) has an indirect (through volatility) negative impact. We also find preliminary support for the idea that while the effects of “formal” instability are stronger in the long-run, those of “informal” instability are stronger in the short-run

Intramitochondrial sorting of the precursor to yeast cytochrome c oxidase subunit Va.

We have continued our studies on the import pathway of the precursor to yeast cytochrome c oxidase subunit Va (pVa), a mitochondrial inner membrane protein. Previous work on this precursor demonstrated that import of pVa is unusually efficient, and that inner membrane localization is directed by a membrane-spanning domain in the COOH-terminal third of the protein. Here we report the results of studies aimed at analyzing the intramitochondrial sorting of pVa, as well as the role played by ancillary factors in import and localization of the precursor. We found that pVa was efficiently imported and correctly sorted in mitochondria prepared from yeast strains defective in the function of either mitochondrial heat shock protein (hsp)60 or hsp70. Under identical conditions the import and sorting of another mitochondrial protein, the precursor to the beta subunit of the F1 ATPase, was completely defective. Consistent with previous results demonstrating that the subunit Va precursor is loosely folded, we found that pVa could be efficiently imported into mitochondria after translation in wheat germ extracts. This results suggests that normal levels of extramitochondrial hsp70 are also not required for import of the protein. The results of this study enhance our understanding of the mechanism by which pVa is routed to the mitochondrial inner membrane. They suggest that while the NH2 terminus of pVa is exposed to the matrix and processed by the matrix metalloprotease, the protein remains anchored to the inner membrane before being assembled into a functional holoenzyme complex

Competitiveness and the external trade performance of Greece in the 1990s: a cross-sectoral investigation.

We examine Greece’s external trade following accession to the EU, placing particular emphasis on the 1990s. A large part of our analysis is based on unpublished, disaggregated data sets. Our main findings are: (i) in the 1990s Greece sustained heavy competitiveness losses in those sectors where she traditionally held a comparative advantage; (ii) Greek trade becomes increasingly intra-industry, especially in those sectors where Greece holds a comparative advantage; (iii) regarding imports, EU participation has caused mutually offsetting, stable over time, trade creation for the EU and trade diversion for third countries; (iv) EU participation has not boosted Greek exports. A negative structural break in exports to the Netherlands and Germany (Greece’s most important exporting market) has occurred in the 1990s (v) Demand for Greek exports is highly sensitive to movements of the real exchange rate and presents high income-elasticity. Hence, the deterioration of Greece’s trade deficit in the 1990s is related to the strong-drachma policy and unfavourable external conditions. Overall, our findings indicate that the real sector of the Greek economy has not yet closed the performance gap dividing it from the EMU’s hard core. JEL Classification: F02, F10, F15 Keywords: Greece, EU, trade, competitiveness, 1990s. We would like to thank Christos Ioannidis, Yannis Georgellis and Kul Luintel for useful suggestions and comments. The usual disclaimer applies. *Corresponding author: Michael Arghyrou, Department of Economics and Finance, Brunel University, Uxbridge, London, UB8 3PH; United Kingdom. – e-mail: [email protected]

Mutation testing from probabilistic finite state machines

Mutation testing traditionally involves mutating a program in order to produce a set of mutants and using these mutants in order to either estimate the effectiveness of a test suite or to drive test generation. Recently, however, this approach has been applied to specifications such as those written as finite state machines. This paper extends mutation testing to finite state machine models in which transitions have associated probabilities. The paper describes several ways of mutating a probabilistic finite state machine (PFSM) and shows how test sequences that distinguish between a PFSM and its mutants can be generated. Testing then involves applying each test sequence multiple times, observing the resultant output sequences and using results from statistical sampling theory in order to compare the observed frequency of each output sequence with that expected

Fast Dictionary Learning for Sparse Representations of Speech Signals

© 2011 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. Published version: IEEE Journal of Selected Topics in Signal Processing 5(5): 1025-1031, Sep 2011. DOI: 10.1109/JSTSP.2011.2157892

Applications of SIMS to cultural heritage studies

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