R2log⁡RR^2\log R quantum corrections and the inflationary observables

We study a model of inflation with terms quadratic and logarithmic in the Ricci scalar, where the gravitational action is $f(R)=R+\alpha R^2+\beta R^2 \ln R$. These terms are expected to arise from one loop corrections involving matter fields in curved space-time. The spectral index $n_s$ and the tensor to scalar ratio yield $10^{-4}\lesssim r\lesssim0.03$ and $0.94\lesssim n_s \lesssim 0.99$. i.e. $r$ is an order of magnitude bigger or smaller than the original Starobinsky model which predicted $r\sim 10^{-3}$. Further enhancement of $r$ gives a scale invariant $n_s\sim 1$ or higher. Other inflationary observables are $d n_s/d\ln k \gtrsim -5.2 \times 10^{-4},\, \mu \lesssim 2.1 \times 10^{-8} ,\, y \lesssim 2.6 \times 10^{-9}$. Despite the enhancement in $r$, if the recent BICEP2 measurement stands, this model is disfavoured.Comment: LaTeX, 9+1 pages, 5 figure

Digital Infrastructure: Overcoming the digital divide in China and the European Union. CEPS Research Report, November 2017

This study is the result of collaboration among a group of researchers from CEPS and Zhejiang University (ZJU), who decided to team up and analyse the experience of China and the EU in bridging the digital divide. While acknowledging that both China and Europe have undertaken major efforts to reduce socio-economic and geographical disparities by providing network access to ever more citizens, the authors found that investing in physical access alone is not sufficient to enhance inclusion in the information society. They argue that public authorities should also adopt corollary policies to spur social and economic cohesion through innovations that enable disadvantaged regions to catch up with more developed urban areas. In this context, the report calls upon governments to promote digital innovation and entrepreneurship, foster coordinated efforts and adapt their educational systems to the changing labour market

Digital Infrastructure: Overcoming the digital divide in emerging economies. CEPS Special Report, 5 April 2017

Since the 1990s when the internet began to be commercialised globally, the debate on how to close the digital divide has attracted widespread attention. In this Policy Brief, we review the literature on the digital divide in emerging economies with a view to explaining: 1) how internet connectivity promotes social and economic inclusiveness, efficiency and innovation; 2) why the physical access to the internet alone is insufficient to capture the full benefits of digital technology and what other social conditions should be considered; and 3) how to further connect the unconnected population. The digital divide prevents societies from harnessing the full benefits that information and communication technologies can deliver. In this context, actions to foster physical access to the internet remain essential, but they are not sufficient to ensure a truly inclusive information society. Therefore, strong leadership is needed at the global and local levels, to ensure more coordinated efforts among governments, local authorities and actors on the ground. Conversely, maintaining the status quo, while technology progressively pervades every sector of the economy, may critically widen disparities across countries and within national territories. This report offers two sets of policy recommendations: 1) a set of general principles that the G20 should endorse to overcome disparities between emerging and advanced economies; and 2) a set of policy guidelines each nation should follow to bridge the digital divide and foster inclusiveness

Sustainability in the Age of Platforms. CEPS Special Report. June 2019

Over the past few decades, new digital platforms such as China’s Alibaba, Japan’s Rakuten and the U.S.’s eBay have grown from startups into multinational giants. With a few clicks of the keyboard, these online marketplaces bring together a seller and a buyer from anywhere in the globe. This study examines the transformative impact of online marketplaces on economic, social and environmental sustainability. It finds great opportunities. Platforms promote growth, break down barriers of distance and leap over rigid class structures, bringing marginalized outsiders into the mainstream. The study also identifies dangers stemming from the growth of e-commerce, from the reduction of labor protection to an explosion of shipping waste. What are the responsibilities of platforms? How can they promote sustainability? Policymakers are asking these questions, but struggling to find the correct balance between the opportunities against the dangers. Until now, these questions have received little attention from scholars. This study fills a much-needed void by providing some initial answers and recommendations for improvement

Selective Estrogen Receptor Down-Regulator and Selective Estrogen Receptor Modulators Differentially Regulate Lactotroph Proliferation

occupation, differentially modulates the biological outcome of anti-estrogens. expression and release, as well as ERE-mediated transcriptional activity. expression

Financial development and economic growth in the developing countries

By incorporating curb market savings into a growth model, this study developed a unified view about financial development and economic growth, where McKinnon-Shaw school and neo-structuralists part each other. We demonstrate the ambiguous nature of the relationship between financial development and economic growth. The disaggregation of financial sector into consumer finance and business finance enables us to see that the development of different aspects of the financial sector has different impacts on economic growth. While the development of business finance clearly promotes growth, the impact of development of consumer finance on growth is ambiguous, depending on how the households react to the development of consumer finance in their saving-consumption decision and asset portfolio choice. This has important policy implications: financial liberalization should be carried out according to an optimal order when the liberalization of all aspects cannot be implemented simultaneously. The analysis of credit market equilibrium in the presence of dual financial markets has provided insightful perspectives on the relationships between the formal and informal sectors of credit market. How curb market interest rate reacts to a change in bank deposit rate depends on many factors including the linkage between the dual financial markets, the efficiency of bank loan allocations, and comparative efficiencies of bank and curb market intermediation (the institutional aspects of the financial system). This ambiguous nature in the relationship suggests that the standard policy recommendation of raising bank deposit rate may be counterproductive. The analyses of Korean and Taiwanese experiences with financial development support the theoretical finding that liberalizing the institutional aspects of the financial system should proceed before interest rate decontrol. While acknowledging that Taiwan and Korea\u27s success experiences may be helpful for other countries, this dissertation warns that China should not copy their reform policies. Rather, China should design its own financial reform paths that the different circumstances dictate

How Individual Investors React to Negative Events in the FinTech Era? Evidence from China’s Peer-to-Peer Lending

Inexperienced individual investors are the main players in the emerging FinTech industry, and also suffer from frequent negative events in the markets. With 3,110 negative events and 467,594 transaction data of China’s peer-to-peer lending market from 2015 to 2018, this paper analyzes how different types of platform negative events affect the decision-making of individual investors. We find that individual investors only have a significant negative reaction to moral hazard exposure events such as platforms absconding, with relatively ignorance of other types of negative events. The negative effect is rapid but short-lived, and shows differences among platforms of different background and attributes. By the mediation analysis, we find that public attention can be a mediator and explain the pattern of the impact that absconding events have on individual investors. Related risk prevention, regulation, investor education issues are discussed and further suggestions are also put forward for both individual investors and regulators