Integration of markets vs. integration by agreements

This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, the authors examine the experiences of these two areas. There are four related results. First, East Asia had been integrating via markets long before formal agreements were in vogue in the region. Latin America, by contrast, has primarily used formal regional trade treaties as the main channel of integration. Second, despite the relative lack of formal regional trade treaties until recently, East Asia is more integrated among itself than Latin America. Third, from a purely economic and trade standpoint, the proper sequence of integrations seems to be first integrating via markets and subsequently via formal regional trade agreements. Fourth, regional trade agreements often serve multiple constituents. The reason why integrating via markets first can be helpful is because this can give stronger political bargaining power to the outward-looking economic-oriented forces within the country.Trade Law,Free Trade,Trade and Regional Integration,Trade Policy,Emerging Markets

The Role of Families in Shaping Youth Social Participation: Evidence from Singapore

Youth participation in social groups is important in developing skills and experience for successful transition to adulthood. What kinds of families do youth who are active in social groups and who take on leadership positions come from? Using data from the National Youth Survey 2005, this research studies the social participation of Singaporean youth aged 15 -18. Through probit regression analysis, it examines how youth participation in Singapore is associated with two types of family characteristics. First, it examines the role of maternal education. As a proxy for social class, maternal education represents the roles of cultural capital formation and concerted involvement by middle class parents. Second, it studies the role of family challenge and support. Maternal education is found to predict both high participation and leadership. While additional family challenge induces greater participation, family support increases participation only when the level of support is high.youth participation; family challenge; family support; social class

China and Central and Eastern European Countries: Regional networks, global supply chain or international competitors?

China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the successful transition experience of many Central and Eastern European countries (CEECs) also enables them to attract an increasing share of global foreign investment, particularly from the European Union (EU). What is the relationship between inward FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: 1) China and the CEECs each exist in its own regional production network, with no linkage between FDI flows into China and into CEECs; 2) China and the CEECs together comprise a global production network, so that FDI into China is positively related to FDI into CEECs; and 3)FDI into China is a substitute for FDI into the CEECs, so that the correlation between them is negative. In this paper, we employ panel data to study this issue in detail. Specifically, we compare empirical estimates for 15 CEECs over the 15-year period 1990-2004 using four different econometric approaches: FGLS with Random effects, FGLS with fixed effects, EC2SLS and GMM. The result supports the conclusion that China's inward FDI does not crowd out CEECs' inward FDI. In fact, it shows that in some circumstances FDI flows in these two regions are moderately complementary. In addition, our analysis confirms the importance for FDI flows of recipient-country characteristics such as market size, degree of trade liberalization and labor quality, as well as a healthy global capital market.foreign direct investment (FDI); regional networks; global supply chain; China’s FDI; Central and Eastern European Countries’ FDI

China and central and eastern European countries : regional networks, global supply chain, or international competitors?

China has emerged as one of the top recipients of foreign direct investment in the world. Meanwhile, the successful transition experience of many Central and Eastern European countries has also allowed them to attract an increasing share of global foreign direct investment. In this paper, the authors use a panel data set to investigate whether foreign direct investment flows to these two regions are complements, substitutes, or independent of each other. Taking into account the role of host country characteristics - such as market size, degree of trade liberalization, and human capital - the authors find no evidence that foreign direct investment flows to one region are at the expense of those to the other. Instead, the results suggest that foreign direct investment flows are driven by distinct regional production networks (and thus are largely independent of each other) and the development of global supply chains (indicating that foreign direct investment flows are complementary).Debt Markets,Foreign Direct Investment,Emerging Markets,Economic Theory&Research,Investment and Investment Climate

Macroeconomics modelling on UK GDP growth by neural computing

This paper presents multilayer neural networks used in UK gross domestic product estimation. These networks are trained by backpropagation and genetic algorithm based methods. Different from backpropagation guided by gradients of the performance, the genetic algorithm directly evaluates the performance of multiple sets of neural networks in parallel and then uses the analysed results to breed new networks that tend to be better suited to the problems in hand. It is shown that this guided evolution leads to globally optimal networks and more accurate results, with less adjustment of the algorithm needed

Total Productive Maintenance Strategy In A Semiconductor Manufacturer: A Case Study

The role of maintenance in manufacturing has become more crucial and important in today’s competitive environment. It is estimated that maintenance cost contributed approximately 10-30 percent of total operation cost. In order to stay competitive, manufacturing companies are forced to introduce production improvement programs to increase both quality and productivity. Total productive maintenance (TPM) is a well-known and very useful methodology which allows manufacturing firms to attain near ideal conditions with zero downtime, zero defects and zero accident. The objective of this paper is to study the effectiveness of TPM implementation in a multinational semiconductor manufacturer. In this study a bottleneck process from the production line was chosen and continuous improvements were implemented to improve equipment effectiveness. The results achieved are very encouraging in the reduction of equipment downtime, improvement in overall equipment effectiveness, employee motivation and reduction in number of accidence rate at the shop-floor

Capital Budgeting Evaluation Practices of Building Contractors in Hong Kong

This paper reports the results of an investigation into capital budgeting evaluation practicesin the construction industry of Hong Kong. The aim of this study was to identify thepopularity and extent of usage of various techniques for capital budget evaluation, investmentappraisal, risk analysis, and management science. The current study was comparedwith a similar survey conducted in 1994 to establish the changes in the capital budgetingevaluation practices of contracting firms over time. The results indicate that there was ageneral increase in the popularity and extent of usage in certain capital budget evaluationtechniques such as “best/worst estimate” and “formal financial evaluation”. In addition,the evaluation techniques examined were fitted into a discriminant function analysis (DFA),and a model has been developed which allows contracting firms to be classified accordingto their predominant characteristics in capital budget evaluation

The effect of Al(NO3)3 concentration on the formation of AuNPs using low temperature hydrothermal reaction for memory application

Distribution of gold nanoparticles (AuNPs) on a substrate becomes crucial in nanotechnology applications. This work describes a route to fabricate AuNPs directly on silicon substrates by using an aluminum template in hydrothermal reaction at 80°C for 1 h. The effect of aluminum nitrate (Al(NO3)3) concentration in the hydrothermal bath was investigated. The properties of AuNPs were studied using field-emission scanning electron microscope (FESEM), x-ray diffractometer (XRD) and semiconductor characterization system (SCS). Two distinct sizes of AuNPs were observed by FESEM. XRD analysis proved the formation of AuNPs directly on the substrate. AuNPs were embedded between polymethylsilsesquioxane (PMSSQ) in order to investigate their effect on memory properties. The sample grown in 0.1 M Al(NO3)3 exhibited the largest hysteresis window (2.6 V) and the lowest Vth (2.2 V) to turn ‘ON’ the memory device. This indicated that good distribution of FCC structure AuNPs with 80±4 nm and 42±7 nm of large and small particles produced better charge storage capability. Charge transport mechanisms of AuNPs embedded in PMSSQ were explained in details whereby electrons from Si are transported across the barrier by thermionic effects via field-assisted lowering at the Si-PMSSQ interface with the combination of the Schottky and Poole Frenkel emission effect in Region 1. Trapped charge limited current (TCLC) and space charge limited current (SCLC) transport mechanism occurred in Region 2 and Region 3

A Framework for Improving Manufacturing Overall Equipment Effectiveness

The main motivation for improving productivity is to develop and implement manufacturing methods and concepts that provide stable, flexible and low cost production with high quality levels.  However in the pursuit of increasing competitiveness may lead to plant downtime; which must be minimized wherever possible.  Overall equipment effectiveness (OEE) is a metric to measure equipment performance and effectiveness and therefore, reduce equipment cost of ownership (COO). OEE topic has become progressively popular and widely used as a research discussion in operation management.  However, OEE framework for previous studies was developed on a piecemeal basis. This paper presents a new and complete conceptual framework that illustrates the most important factors that influence and contribute to OEE improvement.  The comprehensive framework is able to provide effective guidance and direction to industry practitioner on how to improve OEE

Extracellular Matrix Molecules Facilitating Vascular Biointegration

All vascular implants, including stents, heart valves and graft materials exhibit suboptimal biocompatibility that significantly reduces their clinical efficacy. A range of biomolecules in the subendothelial space have been shown to play critical roles in local regulation of thrombosis, endothelial growth and smooth muscle cell proliferation, making these attractive candidates for modulation of vascular device biointegration. However, classically used biomaterial coatings, such as fibronectin and laminin, modulate only one of these components; enhancing endothelial cell attachment, but also activating platelets and triggering thrombosis. This review examines a subset of extracellular matrix molecules that have demonstrated multi-faceted vascular compatibility and accordingly are promising candidates to improve the biointegration of vascular biomaterials