Bank Credit and the 2008 Financial Crisis: A cross-country Comparison

The purpose of this paper is to empirically study the macroeconomic, structural and banking determinants of bank credit growth in the wake of the 2008 financial crisis. Using standard cross-section econometric techniques on a sample covering over 80 countries, analyzed in the period from January 2002 to May 2009, this paper finds that larger bank credit booms in the 24 months before the crisis and lower GDP growth of main trading partners after are among the most relevant determinants of the post-crisis bank credit slowdown. Structural variables such as financial depth and integration were also important determinants of bank credit growth after the crisis. Finally, countercyclical monetary policy and liquidity played a critical role in alleviating bank credit contraction after the 2008 financial crisis, suggesting that countries should pursue appropriate institutional and macroeconomic frameworks conducive to countercyclical monetary policies.

Political Instability and Inflation Volatility

The purpose of this paper is to empirically determine the causes of the worldwide diversity of inflation volatility. We show that higher degrees of political instability, ideological polarization and political fragmentation are associated with higher inflation volatility.Inflation, volatility, political instability, institutions.

Does Political Instability lead to higher and more volatile inflation? A Panel Data Analysis

Economists generally accept the proposition that high and volatile inflation rates generate inefficiencies that reduce society’s welfare. Furthermore, studies have shown that inflation is harmful to economic growth. However, determining the causes of the worldwide diversity of inflationary experiences is an important challenge not yet satisfactorily confronted by the profession. Based on a broad dataset covering over 100 countries for the period 1975-1997 and using dynamic and static panel data econometric techniques, this paper shows that a higher degree of political instability is associated with both higher inflation levels and volatility. Not only does this paper advance the political economy literature establishing a relationship between inflation moments and political instability, but it also has important policy implications regarding the optimal design of inflation stabilization programs and of the institutions favorable to price stability.Inflation, volatility, political instability, institutions.

The Political Economy of Seigniorage

While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional and economic reasons for relying on it. This paper investigates the main determinants of seigniorage using panel data on about 100 countries, for the period 1960-1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic and socially-polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of study is the need to develop institutions conducive to greater economic freedom as a means to lower the reliance on seigniorage financing of public deficits. Classification-JEL: E31, E63.Seigniorage, political instability, institutions.

How does political instability affect economic growth?

The purpose of this paper is to empirically determine the effects of political instability on economic growth. Using the system-GMM estimator for linear dynamic panel data models on a sample covering up to 169 countries, and 5-year periods from 1960 to 2004, we find that higher degrees of political instability are associated with lower growth rates of GDP per capita. Regarding the channels of transmission, we find that political instability adversely affects growth by lowering the rates of productivity growth and, to a smaller degree, physical and human capital accumulation. Finally, economic freedom and ethnic homogeneity are beneficial to growth, while democracy may have a small negative effect.Economic growth, political instability, growth accounting, productivity

An inertial measurement-based gait detection system for active leg prostheses

Thesis (S.M.)--Massachusetts Institute of Technology, School of Architecture and Planning, Program in Media Arts and Sciences, 2007.Includes bibliographical references (leaves 45-46).Active leg prostheses can lead to more natural and less energy consuming gait patterns for amputees than passive prostheses can, because they provide a better approximation of the functions of the human leg. Active prostheses use motors to supply torques for added force and greater control at the joints (replacing the functions of normal limb musculature). The necessary amount of torque to apply must be closely correlated with gait characteristics. To properly control an active prosthesis, it is necessary to determine whether one is walking at a stable or varying velocity, on level ground, stairs, or a hill or ramp, and in the latter cases whether one is ascending or descending. In all cases, it is essential to detect transitions between gaits as early as possible, ideally before the foot makes contact with the ground, in order for the control system to adjust accordingly. In this thesis, a sensor system for a lower leg prosthesis is described, and a method for determining the gait transitions from this system are presented. The sensor system consists of an inertial measurement unit comprising three accelerometers and three rate gyroscopes installed on the prosthetic limb and a set of strain gauges on the limb to detect changes in force. Using this instrumented prosthesis, data are collected while an amputee participant transitions from level ground to stair ascent/descent. These data are then processed using an intent recognition method based on a hybrid discrete-continuous physical model of human walking. This method is evaluated for accuracy and robustness for real-time use.by Benjamin Baruch Aisen.S.M

視空間支援のためのデバイスアート:人間の反響定位能力の拡張

この博士論文は全文公表に適さないやむを得ない事由があり要約のみを公表していましたが、解消したため、令和３(2021)年1月18日に全文を公表しました。筑波大学 (University of Tsukuba)201

Minds, Bodies, and Political Selves: Embodying Pro-Choice Activism

The abortion debate in the United States is a contentious social issue. Within the past three years, legislators introduced abortion related restrictions in unprecedented quantities. Pro-choice activist organizations and individuals are responding to this influx of targeted legislation. My thesis is an ethnographic study of pro-choice activist habitus and the cultural capital shared among activists. I explore political activists\u27 and clinic escorts\u27; shared rhetorical tactics and personal preferences regarding key pro-choice issues. First I discuss and analyze how gender inequality and gender identity is present in activists\u27; political abortion discourse and personal life choices. Second, I explore activist political and personal discussions of the body as it relates to abortion and health care. And third, I present and analyze how activist use of the word fetus is a significant pro-choice preference that tactically furthers their cause. My thesis expands upon existing ethnographic exploration of activist social movements and their tactics, habitus and preferences, as well as feminist anthropology

Minds, Bodies, and Political Selves: Embodying Pro-Choice Activism

The abortion debate in the United States is a contentious social issue. Within the past three years, legislators introduced abortion related restrictions in unprecedented quantities. Pro-choice activist organizations and individuals are responding to this influx of targeted legislation. My thesis is an ethnographic study of pro-choice activist habitus and the cultural capital shared among activists. I explore political activists\u27 and clinic escorts\u27; shared rhetorical tactics and personal preferences regarding key pro-choice issues. First I discuss and analyze how gender inequality and gender identity is present in activists\u27; political abortion discourse and personal life choices. Second, I explore activist political and personal discussions of the body as it relates to abortion and health care. And third, I present and analyze how activist use of the word fetus is a significant pro-choice preference that tactically furthers their cause. My thesis expands upon existing ethnographic exploration of activist social movements and their tactics, habitus and preferences, as well as feminist anthropology