Public debt and Financial development: A theoretical exploration

This paper proposes an analytical framework to examine the role of public debt in financial development, which remains largely unexplored in the existing literature. We find that in countries where the banking sector extends substantial credit to government, public debt is likely to harm financial development, with unfavourable implications for economic activity. As such, our results provide an alternative explanation for the ‘contractionary fiscal expansions’. We also show that the lower the financial depth, the greater the adverse effects of public borrowing on financial development and macroeconomic outcomes.Financial sector; credit to government; public debt.

Golden Rule of Public Finance: A Panacea?

This paper shows that adopting a golden rule does not guarantee that public investment will improve economic outcomes. Our results suggest that only when the rate of return on public capital is greater than the cost of public borrowing, expandingpublic investment is beneficial. Otherwise, both macroeconomic stability and debt sustainability are compromised. As such, we argue that policy-makers should prioritise the productivity of public investment rather than its level.Public investment, public debt, golden rule.

Who does better for the economy? Presidents versus parliamentary democracies

Are certain forms of government associated with superior economic outcomes? This paper attempts to answer that question by examining how government systems influence macroeconomic performance. We find that presidential regimes consistently are associated with less favorable outcomes than parliamentary regimes: slower output growth, higher and more volatile inflation and greater income inequality. Moreover, the magnitude of the effect is sizable. For example, annual output growth is between 0.6 and 1.2 percentage points lower and inflation is estimated to be at least four percentage points higher under presidential regimes relative to those under parliamentary ones

Polymer-Metal Hybrid Structures Based on Polydiphenylamine and Co Nanoparticles

AbstractPolymer-metal hybrid structures based on polydiphenylamine (PDPhA) with Co nanoparticles homogeneously distributed in polymer matrix have been prepared for the first time. In situ synthesis of Co/PDPhA hybrid structure is carried out during condensation of diphenylamine crystalline oligomers in the presence of Co acetate (Co(CH3COO)2 4H2O) under the conditions of IR-irradiation. As a result, polymer chain growth occurs and hydrogen molecules are eliminated. Reduction of Co2+ up to Coo takes place under IR-irradiation with participation of hydrogen. The structure, content and morphology of obtained hybrid materials were characterized by Fourier-transform IR-spectroscopy, X-ray powder diffraction patterns, atomic-absorptive spectroscopy and transmission electron microscopy (TEM). Co nanoparticles appeared to exist in -Co and -Co modifications. Their relationship depends on IR-light intensity and time treatment. Co nanoparticles dimensions fall inside the limits of 2 < d < 8nm as it is indicated from TEM microphotographs. Magnetic properties of Co/PDPhA were investigated and superparamagnetic behavior was proved. Thermal properties of nanocomposites were evaluated by thermogravimetric analysis and excellent thermal stability was shown

Managing public debt in the UK

The Covid-19 pandemic that emerged in early 2020 quickly turned into an economic crisis of unprecedented proportions. The UK, one of the worst affected countries, suffered 9.9 per cent drop in output in 2020, the deepest recession in 300 years.4 The required public health expenditure in the fight against the coronavirus and the ballooning cost of support programs to both the households and businesses led to a sharp rise in government spending.5 When combined with the significant drop in tax revenues following the contraction in economic activity, the surge in spending pushed the debt burden to levels previously unseen in peace times. This article assesses the evolution of government debt in the UK both in recent past as well as over the last century to put the current escalation in indebtedness into context. We then present the sources of debt consolidation both in general, and in the UK context. Finally, we provide an evaluation of likely scenarios for debt management in the UK in its transitioning to a post-Covid-19 world

Development of a task-level robot programming and simulation system

An ongoing project in developing a Task-Level Robot Programming and Simulation System (TARPS) is discussed. The objective of this approach is to design a generic TARPS that can be used in a variety of applications. Many robotic applications require off-line programming, and a TARPS is very useful in such applications. Task level programming is object centered in that the user specifies tasks to be performed instead of robot paths. Graphics simulation provides greater flexibility and also avoids costly machine setup and possible damage. A TARPS has three major modules: world model, task planner and task simulator. The system architecture, design issues and some preliminary results are given

Mesoscopic model of nucleation and Ostwald ripening/stepping: Application to the silica polymorph system

Precipitation is modeled using a particle size distribution ~PSD! approach for the single or multiple polymorph system. A chemical kinetic-type model for the construction of the molecular clusters of each polymorph is formulated that accounts for adsorption at a heterogeneous site, nucleation, growth, and Ostwald ripening. When multiple polymorphs are accounted for, Ostwald stepping is also predicted. The challenge of simulating the 23 order of magnitude in cluster size ~monomer, dimer, . . . , 1023-mer! is met by a new formalism that accounts for the macroscopic behavior of large clusters as well as the structure of small ones. The theory is set forth for the surface kinetic controlled growth systems and it involves corrections to the Lifshitz–Slyozov, Wagner ~LSW! equation and preserves the monomer addition kinetics for small clusters. A time independent, scaled PSD behavior is achieved both analytically and numerically, and the average radius grows with Rave}t1/2 law for smooth particles. Applications are presented for the silica system that involves five polymorphs. Effects of the adsorption energetics and the smooth or fractal nature of clusters on the nucleation, ripening, and stepping behavior are analyzed. The Ostwald stepping scenario is found to be highly sensitive to adsorption energetics. Long time scaling behavior of the PSD reveals time exponents greater than those for the classical theory when particles are fractal. Exact scaling solutions for the PSD are compared with numerical results to assess the accuracy and convergence of our numerical technique. © 2000 American Institute of Physics. @S0021-9606~00!70123-1

Individual variation in the protein profile of the venom of Mesobuthus gibbosus (Brullé, 1832, Scorpiones: Buthidae) from Turkey

Mesobuthus gibbosus (Brullé, 1832) scorpions were collected from the Mugla province in the Aegean region of Turkey and housed in individual boxes. After extraction, the venom composition was analyzed using gel electrophoresis (SDS-PAGE). Interestingly, all scorpion venom samples contained only one protein band (~68 kDa) in common. Two protein bands (30 and 98 kDa) were common in six venom samples and were absent in the other venoms. Furthermore, two different protein bands (28 and 45 kDa) were detected in seven venom samples. This study proposes possible variations in the composition of individual scorpion venom samples collected from the same geographic region, based on the electrophoretic profile. Additional studies will be necessary in order to assess these variations further and to identify the proteins corresponding to the bands

Mechanical failure of cavities in poroelastic media

The stress-induced failure of cavities in poroelastic media is investigated using an analytical solution of the elastic matrix inclusion problem of Eshelby and a rock failure criterion. The elastic properties of the porous matrix surrounding the cavity are modeled using a self-consistent version of the theory of Berryman while the cavity collapse criterion is based on a failure condition calibrated as a function of matrix mineralogy, grain size and porosity. The influence of the latter textural variables as well as pore fluid pressure and cavity shape and orientation relative to the far-field stress are evaluated. The region of failure on the cavity surface is identified. These results are applied to the prediction of vug stability in a sedimentary basin in the context of vuggy reservoir exploration and production