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Bootstrap Panel Granger-Causality Between Government Budget and External Deficits for the EU

Afonso, António; Rault, Christophe
Fonte: ISEG – Departamento de Economia Publicador: ISEG – Departamento de Economia
Tipo: Outros
Publicado em //2009 Português
Relevância na Pesquisa
35.95%
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data approach based on SUR systems and Wald tests with country specific bootstrap critical values. Our results show a causal relation from budget deficits to current account deficits for several EU countries: Bulgaria, Czech Republic, Estonia, Finland, France, Italy, Hungary, Lithuania, Poland, and Slovakia, along the lines of the so-called twin-deficit relationship. Considering the effective real exchange rate in the SUR system does not substantially alter the results.

Plant growth and phosphorus uptake in mycorrhizal rangpur lime seedlings under different levels of phosphorus

Nogueira,Marco Antonio; Cardoso,Elke Jurandy Bran Nogueira
Fonte: Embrapa Informação Tecnológica; Pesquisa Agropecuária Brasileira Publicador: Embrapa Informação Tecnológica; Pesquisa Agropecuária Brasileira
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2006 Português
Relevância na Pesquisa
26.06%
The objective of this work was to evaluate the response of rangpur lime (Citrus limonia) to arbuscular mycorrhiza (Glomus intraradices), under P levels ranging from low to excessive. Plants were grown in three levels of soluble P (25, 200 and 1,000 mg kg-1), either inoculated with Glomus intraradices or left noninoculated, evaluated at 30, 60, 90, 120 and 150 days after transplanting (DAT). Total dry weight, shoot P concentration and specific P uptake by roots increased in mycorrhizal plants with the doses of 25 and 200 mg kg-1 P at 90 DAT. With 1,000 mg kg-1 P, mycorrhizal plants had a transient growth depression at 90 and 120 DAT, and nonmycorrhizal effects on P uptake at any harvesting period. Root colonization and total external mycelium correlated positively with shoot P concentration and total dry weight at the two lowest P levels. Although the highest P level decreased root colonization, it did not affect total external mycelium to the same extent. As a result, a P availability imbalance affected negatively the mycorrhizal symbiosis and, consequently, the plant growth.

External debt in developing economies: assessment and policy issues

Holland,Márcio
Fonte: Editora 34 Publicador: Editora 34
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2007 Português
Relevância na Pesquisa
36.08%
More than one decade after the external debt restructuring (the Brady Plan), a great amount of literature has been published concerning the balance sheet factors in developing countries. The staff of international multilateral institutions joined with reputable academics in this great controversy. The external debt problem of the developing countries is back and once more reflections on its cause and on policy recommendations are analytically distinct. Our main task is to reflect on the recent external debt dynamics and assess how this debt has evolved. Our findings indicate that the susceptibility of some developing countries to default is associated with global imbalance, that is, the way they borrow.

Plant growth and phosphorus uptake in mycorrhizal rangpur lime seedlings under different levels of phosphorus.

NOGUEIRA, M.A.; CARDOSO, E.J.B.N.
Fonte: Pesquisa Agropecuária Brasileira, Brasília, v.41, n. 1, p.93-99, jan. 2006. Publicador: Pesquisa Agropecuária Brasileira, Brasília, v.41, n. 1, p.93-99, jan. 2006.
Tipo: Artigo em periódico indexado (ALICE)
Português
Relevância na Pesquisa
26.06%
The objective of this work was to evaluate the response of rangpur lime (Citrus limonia) to arbuscular mycorrhiza (Glomus intraradices), under P levels ranging from low to excessive. Plants were grown in three levels of soluble P (25, 200 and 1,000 mg kg-1), either inoculated with Glomus intraradices or left noninoculated, evaluated at 30, 60, 90, 120 and 150 days after transplanting (DAT). Total dry weight, shoot P concentration and specific P uptake by roots increased in mycorrhizal plants with the doses of 25 and 200 mg kg-1 P at 90 DAT. With 1,000 mg kg-1 P, mycorrhizal plants had a transient growth depression at 90 and 120 DAT, and nonmycorrhizal effects on P uptake at any harvesting period. Root colonization and total external mycelium correlated positively with shoot P concentration and total dry weight at the two lowest P levels. Although the highest P level decreased root colonization, it did not affect total external mycelium to the same extent. As a result, a P availability imbalance affected negatively the mycorrhizal symbiosis and, consequently, the plant growth.; 2006

Debt Overhang in Emerging Europe?

Brown, Martin; Lane, Philip R.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.13%
This paper assesses the extent to which debt overhang poses a constraint to economic activity in Emerging Europe, as the region emerges from the recent financial and economic crisis. At the macroeconomic level, it finds that the external imbalance problem for Emerging Europe has been in most cases more one of flows (high current account deficits in the pre-crisis years) rather than large stocks of external debt. A high reliance on equity funding means that net external debt is far lower than net external liabilities. Domestic balance sheets have expanded quite rapidly but sector liabilities remain relatively low compared with advanced economies. With the important exception of Hungary, public debt levels also remain relatively low in Emerging Europe. At the microeconomic level, the potential for debt overhang in the corporate sector is limited to a few countries: Latvia, Lithuania, Estonia, and Slovenia. Due to the low incidence of household debt, hardly any country, except Estonia, seems to face a threat of debt overhang in the household sector. The strong increase in non-performing loans compared with pre-crisis bank profitability suggests that debt overhang in the banking sector is a threat in Ukraine...

The Amhara Regional Report : Public Finance Review

Alebachew, Abebe; Alemu, Getnet
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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26.06%
The objective of this study is explore in depth public finance issues and their impact on decentralized service delivery at the regional and woreda level in Amhara region. The study is carried out as part of the federal and some regional case studies designed to examine effectiveness of public finances of sub-national governments. This study was expected to (i) review the institutional arrangement for managing public finances at the regional level including policies, budgetary institutions, systems and processes; (ii) assess the level, trend, and composition of public spending (both functional and economic classification) in per capita terms over the past five years and identify key achievements and limitations; (iii) assess the level, trend, and, composition of revenue at the regional level and examine the financing framework, including ways to increase local revenue generation capacity; (iv) assess the role of external aid in supporting decentralized service delivery and the sustainability of the program in absence of external aid; (v) review the planning and budgeting process as well as the quality of PFM system; and (vi) data permitting...

Mongolia Economic Update, November 2013

Shiilegmaa, Altantsetseg; Gombosuren, Khandtsooj; Batsuuri, Davaadalai
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
26.2%
In 2013, the Mongolian economy is expected to maintain double digit growth due to the start of copper production of the Oyu Tolgoi (OT) mine and expansionary economic policies. Yet, the economy is facing a significant challenge from growing balance of payments pressures as the foreign direct investment (FDI) inflow declines and the mineral exports remain weak. A substantial balance of payments imbalance stems from a weakening minerals market but also largely reflects the consequences of pro-cyclical economic management over the last two years. Mongolia may also face a downside risk from an uncertain global economic environment and further dampening of minerals market. Macro-economic and financial vulnerabilities are growing due to continuous expansionary fiscal and monetary policies reflected in significant off-budget spending and rapid credit growth. The government took a series of positive measures in recent months to address the challenges including the adoption of the new investment law, announcement of a fiscal consolidation plan...

Tanzania Economic Update : Opening the Gates - How the Port of Dar es Salaam Can Transform Tanzania

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
26.13%
The wide media coverage of the series as well as the interest in the blog show that the debate has been gradually moving from ministerial corridors to the public arena. This latest update foresees that the Tanzanian economy will maintain its resilience by continuing to grow at about 7 percent in the coming years. If some clouds are looming on the external and fiscal horizons, the update argues that the risks they pose should be manageable. The majority of the country s top 100 mid-size enterprises believe that 2013 will be better than 2012; and 2014 better than 2013. Nevertheless, a growing consensus today is that Tanzania needs to rely more than today on private enterprises to achieve faster and more equitable growth, as private enterprises are the ones that can provide jobs, build infrastructure, and bring new technology to the local economy. Many actions are needed on the policy front, especially to improve the business environment. Tanzania has gradually opened its economy since the early 2000s; it is also true that business coming in and going out of the country remains costly. To reduce trade costs...

Growth and Competitiveness as Factors of Eurozone External Imbalances : Evidence and Policy Implications

Diaz Sanchez, Jose Luis; Varoudakis, Aristomene
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.17%
The paper assesses the contribution of key factors associated with external imbalances in the Eurozone through the estimation of a panel-data vector autoregressive model over 1975-2011. Growth fluctuations, initially associated with demand booms triggered by unusually low interest rates and later with demand contractions resulting from the crisis and policy adjustments, have been key drivers of current account fluctuations. Changes in competitiveness, measured by real exchange rates or unit labor costs, have played a less important role. Demand shocks have contributed more to current account balance dynamics in the Eurozone periphery than in the core, whereas competitiveness has been a less prominent factor in the periphery but relatively more important in the core. Changes in competitiveness are positively associated with changes in growth. Preventing imbalances from building up in a context of growing financial integration and easy finance warrants enhanced mutual surveillance of fiscal imbalances, but also better regulation of credit markets to prevent excess leverage and concentration of lending in investments prone to speculative bubbles. Coordination of fiscal policy across the Eurozone would facilitate the management of external imbalances without placing an often unwarranted burden on fiscal tightening in countries with sound fiscal positions affected by credit booms. The policies of internal devaluation implemented in the periphery...

Hegelian Macroeconomics : The Dialectics of Global Imbalances

Monga, Celestin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
26.08%
Traditional narratives of external imbalances have focused on the analysis of national accounts, trade flows, and financial flows. They have generated two opposing views of the current situation of the world economy: on one side, a prudent, if not pessimistic view considers large imbalances as evidence of problems with the international monetary and financial system, and symptoms of domestic distortions (mainly in the United States and China). On the other side, a relaxed, if not optimistic view suggests that global imbalances are not anomalies but simply the predictable outcome of a world with increasingly globalized financial flows in search of the right mix of risks and returns. The former view prescribes that the two largest countries in the world rebalance their economies to avoid the potentially painful cost of disruption and adjustment. The latter contends that global imbalances will be corrected through time by the normal functioning of market forces. This paper offers a critical analysis of these competing explanations of the United States-China imbalances and suggests a way of reconciling them. Starting with an exploration of the accounting frameworks that underpin any discussion of current account deficits and surpluses...

Mongolia Economic Update, December 2014

Lee, Taehyun; Shiilegmaa, Altantsetseg; Batsuuri, Davaadalai
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Relatório
Português
Relevância na Pesquisa
36.33%
In 2014, economic growth slowed as it began to adjust to unsustainable economic imbalances. Real GDP growth softened to 7 percent in the first 9 months, from 12.8 percent in the previous year. Despite strong mining production growth of 26 percent, the growth of the non-mining sector of the economy dropped to 2 percent in the third quarter from 17.4 percent a year ago. Investment sharply fell amidst declining FDI and weakening business prospects. Consumption remains relatively strong but is also gradually softening. The growth effect from stimulus measures of the last year is also wearing off in 2014 as large liquidity support from the central bank cannot be sustained in the wake of high inflation and external vulnerabilities. The current account deficit is narrowing significantly to around 11 percent of GDP from almost 30 percent in the previous three years, due to import contraction over 16 percent and stronger copper exports. However, a significant external financing gap continues amidst declining foreign investment...

Indonesia Current Account Assessment

Nedeljkovic, Milan; Varela, Gonzalo; Savini Zangrandi, Michele
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Relatório
Português
Relevância na Pesquisa
26.44%
The analysis presented in this report suggests that Indonesia’s recent current account deficit results from the interaction of short, medium and long run factors that can be grouped into four blocks: external shocks, domestic policies, international integration, and stage of development and demographics.

Toolkit for the Analysis of Current Account Imbalances

Cusolito, Ana Paula; Nedeljkovic, Milan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
26.5%
The fluctuating economies and differing experiences of countries before and after the economic crisis of 2008 indicate a complex network of possible influences. Persistent current account deficits and exchange rate misalignments frequently presage disruptive economic trends. The result can be external crises, exchange rate collapses, vulnerability to sudden stops, current account reversals, and economic slowdowns. When a growing number of countries run external deficits, investigation of the causes is warranted. It is crucial to understand the drivers of persistent current account deficits; the relative importance of cyclical and structural factors; conditions that imply external sustainability; sources of sustainable financing for the deficit; and steps governments can take to narrow the imbalance. This toolkit presents a framework that can be used to assess a country's external situation through the lens of the current and financial accounts. The framework is divided into three components: current account outcome analysis...

Organization of Eastern Carribbean States : Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work; Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
Português
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26.06%
This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in the Organization of Eastern Caribbean States (OECS). The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. High-quality financial information supports relevant strategic objectives for the OECS, including: (1) an investor-friendly business climate; (2) sub-regional and regional harmonization; (3) better management and increased transparency of public-interest enterprises; and (4) improved Small and Medium Enterprise (SME) access to credit as an outgrowth of a shift toward lending based on the borrower's financial performance and cash flow. Due to their small size (total population about 560,000) and their tropical island geography, OECS countries face special development challenges...

Nicaragua : Public Expenditure Review 2001-2006

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
Português
Relevância na Pesquisa
26.08%
Nicaragua has made impressive progress since 2001 in reducing the overall fiscal deficit. A series of internal and external shocks (hurricane Mitch, banking crisis, elections) reopened major fiscal gaps at the end of the 1990s, which threatened to destabilize the economy. Since then, fiscal management has remained prudent in spite of spending pressures, resulting in an improvement of the combined public sector balance (after grants) from a deficit of 5.4 percent of Gross Domestic Product (GDP) in 2002 to a surplus of 0.2 percent in 2006. The Public Expenditure Review (PER) has assessed Nicaragua's Public Financial Management (PFM) performance, using an international framework of reference that addresses seven critical dimensions: (i) credibility of the budget; (ii) comprehensiveness and transparency; (iii) budget planning; (iv) predictability and control in budget execution; (v) accounting, recording, and reporting; (vi) external scrutiny and audit; and (vii) donor practices that affect PFM. The assessment reveals that significant progress has been made since January 2004 in the implementation of the 2003 Country Financial Accountability Assessment (CFAA) Action Plan...

US–China External Imbalance and the Global Financial Crisis

Lin, Justin Yifu; Dinh, Hinh T.; Im, Fernando
Fonte: Taylor and Francis Publicador: Taylor and Francis
Tipo: Journal Article; Journal Article
Português
Relevância na Pesquisa
56.3%
This paper advances an alternative explanation of the large external imbalance between the United States and China, and its linkages to the current global financial crisis. We show that US current account deficits dated back long before the emergence of China's recent large trade surpluses, with China accounting at its peak for at most one-third of this deficit. The relative rise in China's savings in recent years can be attributed to an increase in its corporate savings, a trend that reflects distortions arising from the transition process from a planned to a market economy. These distortions exacerbate China's income inequality, causing domestic consumption to remain a small share of GDP. Large recent current account deficits in the United States, on the other hand, can be attributed to public sector disserving and perverse incentives generated by housing and equity bubbles, made possible by loose monetary policy and by “innovative” financial derivatives arising from the financial deregulation in the early 1980s. The paper shows that short-run measures are unlikely to fully address these external imbalances. Both countries require long-run, structural measures to resolve the underlying problems and to restore a sustainable foundation for growth.

"Novas abordagens em aprendizado de máquina para a geração de regras, classes desbalanceadas e ordenação de casos" ; "New approaches in machine learning for rule generation, class imbalance and rankings"

Prati, Ronaldo Cristiano
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 07/07/2006 Português
Relevância na Pesquisa
36.11%
Algoritmos de aprendizado de máquina são frequentemente os mais indicados em uma grande variedade de aplicações de mineração dados. Entretanto, a maioria das pesquisas em aprendizado de máquina refere-se ao problema bem definido de encontrar um modelo (geralmente de classificação) de um conjunto de dados pequeno, relativamente bem preparado para o aprendizado, no formato atributo-valor, no qual os atributos foram previamente selecionados para facilitar o aprendizado. Além disso, o objetivo a ser alcançado é simples e bem definido (modelos de classificação precisos, no caso de problemas de classificação). Mineração de dados propicia novas direções para pesquisas em aprendizado de máquina e impõe novas necessidades para outras. Com a mineração de dados, algoritmos de aprendizado estão quebrando as restrições descritas anteriormente. Dessa maneira, a grande contribuição da área de aprendizado de máquina para a mineração de dados é retribuída pelo efeito inovador que a mineração de dados provoca em aprendizado de máquina. Nesta tese, exploramos alguns desses problemas que surgiram (ou reaparecem) com o uso de algoritmos de aprendizado de máquina para mineração de dados. Mais especificamente, nos concentramos seguintes problemas: Novas abordagens para a geração de regras. Dentro dessa categoria...

Analysis and Augmented Spatial Processing for Uplink OFDMA MU-MIMO Receiver with Transceiver I/Q Imbalance and External Interference

Hakkarainen, Aki; Werner, Janis; Dandekar, Kapil R.; Valkama, Mikko
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.3%
We address receiver (RX) signal processing in MIMO systems under in-phase/quadrature (I/Q) imbalance, which causes cross-talk of mirror-subcarriers in OFDM systems. We extend the typically reported single-user studies to uplink OFDMA-based multiuser MIMO, with simultaneous user multiplexing in frequency and spatial domains. We also incorporate multiple external interferers, for modeling challenging conditions in heterogeneous networks. In the signal processing developments, we exploit the augmented subcarrier processing, which processes each subcarrier jointly with its counterpart at the image subcarrier, and jointly across RX antennas. Furthermore, we derive an augmented LMMSE RX. The novel approach integrates the I/Q imbalance mitigation, interference suppression and data stream separation into a single processing stage, thus avoiding a separate transceiver calibration. Our numerical results show the signal-to-interference-plus-noise ratio and symbol-error rate of an arbitrary data stream after RX processing as a function of different system parameters. The per-subcarrier processing is shown to suffer heavily under I/Q imbalances, and being particularly sensitive to external interferers, whereas the augmented method provides efficient data stream separation and interference suppression. Finally...

Effects of chiral imbalance and magnetic field on pion superfluidity and color superconductivity

Cao, Gaoqing; Zhuang, Pengfei
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 20/05/2015 Português
Relevância na Pesquisa
26.21%
The effects of chiral imbalance and external magnetic field on pion superfluidity and color superconductivity are investigated in extended Nambu--Jona-Lasinio models. We take Schwinger approach to treat the interaction between charged pion condensate and magnetic field at finite isospin density and include simultaneously the chiral imbalance and magnetic field at finite baryon density. For the superfluidity, the chiral imbalance and magnetic field lead to catalysis and inverse catalysis effects, respectively. For the superconductivity, the chiral imbalance enhances the critical baryon density, and the magnetic field results in a de Haas--van Alphan oscillation on the phase transition line.

Spin imbalance in hybrid superconducting structures with spin-active interfaces

Shevtsov, Oleksii; Löfwander, Tomas
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.21%
We consider a heterostructure consisting of a normal metal and a superconductor separated by a spin-active interface. At finite-bias voltages, spin-filtering and spin-mixing effects at the interface allow for an induced magnetization (spin imbalance) on the superconducting side of the junction, which relaxes to zero in the bulk. Such interfaces are also known to host a pair of in-gap Andreev bound states which were recently observed experimentally. We show that these states are responsible for the dominant contribution to the induced spin imbalance close to the interface. Motivated by recent experiments on spin-charge density separation in superconducting aluminum wires, we propose an alternative way to observe spin imbalance without applying an external magnetic field. We also suggest that the peculiar dependence of the spin imbalance on the applied bias voltage permits an indirect bound-state spectroscopy.; Comment: 7 pages, 4 figures