International Business Cycles: World, Region, and Country-Specific Factors

2003 ◽  
Vol 93 (4) ◽  
pp. 1216-1239 ◽  
Author(s):  
M. Ayhan Kose ◽  
Christopher Otrok ◽  
Charles H Whiteman
Keyword(s):  
Business Cycle ◽  
Factor Model ◽  
Dynamic Properties ◽  
International Business Cycles ◽  
Minor Role ◽  
World Region ◽  
The World ◽  
Specific Factors ◽  
A Minor ◽  
Country Specific

The paper investigates the common dynamic properties of business-cycle fluctuations across countries, regions, and the world. We employ a Bayesian dynamic latent factor model to estimate common components in macroeconomic aggregates (output, consumption, and investment) in a 60-country sample covering seven regions of the world. The results indicate that a common world factor is an important source of volatility for aggregates in most countries, providing evidence for a world business cycle. We find that region-specific factors play only a minor role in explaining fluctuations in economic activity. We also document similarities and differences across regions, countries, and aggregates.

International Business Cycles: World, Region, and Country-Specific Factors

2000 ◽  
Author(s):  
M. Ayhan Ayhan Kose ◽  
Christopher Mark Otrok ◽  
Charles H. Whiteman
Keyword(s):  
Business Cycles ◽  
International Business ◽  
International Business Cycles ◽  
World Region ◽  
Specific Factors ◽  
Country Specific

scholarly journals ENDOGENOUS FIRM ENTRY IN AN ESTIMATED MODEL OF THE U.S. BUSINESS CYCLE

2017 ◽  
Vol 23 (1) ◽  
pp. 284-321 ◽  
Author(s):  
Sven Offick ◽  
Roland C. Winkler
Keyword(s):  
Business Cycle ◽  
Minor Role ◽  
Firm Entry ◽  
Variety Effect ◽  
Amplification Mechanism ◽  
Business Cycle Model ◽  
A Minor ◽  
The U.S ◽  
Real Business Cycle Model

A recent theoretical literature highlights the role of endogenous firm entry as an internal amplification mechanism of business cycle fluctuations. The amplification mechanism works through the competition effect (CE) and the variety effect (VE). This paper tests the significance of this amplification mechanism, quantifies its importance, and disentangles the CE and VE. To this end, we estimate a medium-scale real business cycle model with firm entry for the U.S. economy. The CE and VE are estimated to be statistically significant. Together, they amplify the volatility of output by 8.5% relative to a model in which both effects are switched off. The CE accounts for most amplification, whereas the VE only plays a minor role.

scholarly journals The Global Ascendency of OXA-48-Type Carbapenemases

2019 ◽  
Vol 33 (1) ◽  
Author(s):  
Johann D. D. Pitout ◽  
Gisele Peirano ◽  
Marleen M. Kock ◽  
Kathy-Anne Strydom ◽  
Yasufumi Matsumura
Keyword(s):  
Indian Subcontinent ◽  
Medical Community ◽  
Minor Role ◽  
African Countries ◽  
Content Type ◽  
E Coli ◽  
The World ◽  
Sub Saharan ◽  
Phenotypic Methods ◽  
A Minor

SUMMARY Surveillance studies have shown that OXA-48-like carbapenemases are the most common carbapenemases in Enterobacterales in certain regions of the world and are being introduced on a regular basis into regions of nonendemicity, where they are responsible for nosocomial outbreaks. OXA-48, OXA-181, OXA-232, OXA-204, OXA-162, and OXA-244, in that order, are the most common enzymes identified among the OXA-48-like carbapenemase group. OXA-48 is associated with different Tn1999 variants on IncL plasmids and is endemic in North Africa and the Middle East. OXA-162 and OXA-244 are derivatives of OXA-48 and are present in Europe. OXA-181 and OXA-232 are associated with ISEcp1, Tn2013 on ColE2, and IncX3 types of plasmids and are endemic in the Indian subcontinent (e.g., India, Bangladesh, Pakistan, and Sri Lanka) and certain sub-Saharan African countries. Overall, clonal dissemination plays a minor role in the spread of OXA-48-like carbapenemases, but certain high-risk clones (e.g., Klebsiella pneumoniae sequence type 147 [ST147], ST307, ST15, and ST14 and Escherichia coli ST38 and ST410) have been associated with the global dispersion of OXA-48, OXA-181, OXA-232, and OXA-204. Chromosomal integration of blaOXA-48 within Tn6237 occurred among E. coli ST38 isolates, especially in the United Kingdom. The detection of Enterobacterales with OXA-48-like enzymes using phenotypic methods has improved recently but remains challenging for clinical laboratories in regions of nonendemicity. Identification of the specific type of OXA-48-like enzyme requires sequencing of the corresponding genes. Bacteria (especially K. pneumoniae and E. coli) with blaOXA-48, blaOXA-181, and blaOXA-232 are emerging in different parts of the world and are most likely underreported due to problems with the laboratory detection of these enzymes. The medical community should be aware of the looming threat that is posed by bacteria with OXA-48-like carbapenemases.

Re-engaging Spiritual Formation in Online Theological Education

2021 ◽  
pp. 026537882110388
Author(s):  
Cornelis van der Knijff
Keyword(s):  
Online Education ◽  
Spiritual Formation ◽  
Theological Education ◽  
Recent Literature ◽  
Theological Reflection ◽  
Minor Role ◽  
Urgent Task ◽  
The World ◽  
Education Needs ◽  
A Minor

In the recent literature on formation in online theological education, a number of thematic strands can be delineated: the apologetic, didactic, pedagogical, empirical, and geographical strands. However, apart from the early apologetic stage of the discussion theological reflection plays a minor role in the literature. In this article, I argue that theology plays a limited and superficial role in contemporary writings about formation in online theological education. Yet, spiritual formation in online theological education needs theological grounding. Given the accelerated shift to forms of online education across the world, such theological grounding is an urgent task. In this renewed theological engagement, three areas especially call for sustained attention: (1) the multi-faceted nature of spiritual formation; (2) the question of agency in spiritual formation and the consequences for the theological curriculum; and (3) engagement with theological traditions that offer ample material to guide our contemporary thinking about spiritual formation.

International Co-movement of Housing Price Cycles in East Asia and Greater China

2016 ◽  
Vol 15 (1) ◽  
pp. 78-98 ◽  
Author(s):  
Kyung-Hwan Kim ◽  
Young-Joon Park
Keyword(s):  
Hong Kong ◽  
East Asia ◽  
Housing Price ◽  
Greater China ◽  
Credit Supply ◽  
Long Run ◽  
The World ◽  
Short Run ◽  
Specific Factors ◽  
Country Specific

This paper examines the characteristics of housing price cycles in East Asia and Greater China for the period from 2001:Q1 to 2010:Q1. We find that housing price cycles in East Asia (China, Hong Kong, Japan, Korea, Singapore, and Taiwan) are accounted for mainly by region-specific and country-specific factors. East Asia's regional housing price cycles co-move strongly with the world housing price cycle in the long run, but relatively weak co-movement is found in the short run. Housing cycles in Greater China (China, Hong Kong, and Taiwan) and Singapore co-move with Northeast Asia's regional housing price cycle in the long run, but this tendency fails to show up in the short run. Both domestic monetary and business-cycle effects are important in accounting for housing price cycles in China, Hong Kong, Japan, and Taiwan, while credit supply is crucial for Korea. Fiscal policy does not play a significant role. We find empirical evidence of a China effect in housing price cycles in Hong Kong, Taiwan, and Singapore.

scholarly journals Test of capital market integration using Fama-French three-factor model: empirical evidence from India

2020 ◽  
Vol 17 (2) ◽  
pp. 113-127
Author(s):  
Neeraj Sehrawat ◽  
Amit Kumar ◽  
Narander Kumar Nigam ◽  
Kirtivardhan Singh ◽  
Khushi Goyal
Keyword(s):  
Market Integration ◽  
Factor Model ◽  
Stock Exchange ◽  
Seemingly Unrelated Regression ◽  
Global Markets ◽  
Capital Asset Pricing ◽  
Unrelated Regression ◽  
Specific Factors ◽  
Three Factor ◽  
Country Specific

Integration or segmentation of markets determines whether substantial advantages in risk reduction can be attained through portfolio diversification in foreign securities. In an integrated market, investors face risk from country-specific factors and factors, which are common to all countries, but price only the later, as country-specific risk is diversifiable. The aim of this study is two-fold, firstly, investigating the superiority of the Fama-French three-factor model over Capital Asset Pricing Model (CAPM) and later using the superior model to test for integration of Indian and US equity markets (a proxy for global markets). Based on a sample of Bombay Stock Exchange 500 non-financial companies for the period 2003–2019, the data suggest the superiority of Fama-French three-factor model over CAPM. Using the Non-Linear Seemingly Unrelated Regression technique, the first half of the sample period (2003–2010) shows evidence of market segmentation; however, the second sub-period (2011–2019) shows weak signs of market integration, which is supported by the Johansen test of cointegration, suggesting that Indian market is gradually getting integrated with global markets.

scholarly journals Koncepcje „natury rzeczy” w zachodnioniemieckiej filozofii prawa

Etyka ◽  
1981 ◽  
Vol 19 ◽  
pp. 133-155
Author(s):  
Tomasz Gizbert-Studnicki
Keyword(s):  
Real World ◽  
Critical Analysis ◽  
Social Relationship ◽  
Social Reality ◽  
Point Of View ◽  
Minor Role ◽  
The Real ◽  
The World ◽  
Objective Sense ◽  
A Minor

The article contains a critical analysis of two conceptions of “the nature of things”, as found in publications of West German philosophers of law: G. Radbruch and W. Maihoffer. In the first stage of the evolution of his thought Radbruch spoke of the “influence of the matter on the legal idea”. The function of “the nature of things” is identified by Radbruch with resistance by social reality to the implantation of the legal idea. In the next stage of his views Radbruch conceives of the nature of things as an objective sense of a certain social relationship, perceived from the point of view of a certain value. Now the nature of things serves as a bridge between the real world and the world of values. The nature of things has a minor role according to Radbruch, in legal thought. He emphatically opposes recognizing it as a source of law.

scholarly journals Harmony and Disharmony: Acoustic Opposition in the Early Lyrics of Alexander Blok

2021 ◽  
Vol 12 (1) ◽  
pp. 137-152
Author(s):  
Zifa K. Temirgazina ◽  
Gulzhan K. Zhakupova
Keyword(s):  
Real World ◽  
Minor Role ◽  
The Real ◽  
The World ◽  
Poetic Narrative ◽  
The Creation ◽  
Temperature Sensations ◽  
A Minor ◽  
Musical Sounds

The article studies the role of the observer - the subject of acoustic perception of poetic narrative, in particular, in the construction of a dual reality in the early work by Alexander Blok Poems about the Beautiful Lady. Acoustic perceptual data is the basis for the creation of complex mystical and philosophical symbols and poetic images. The divine, ideal world of the Beautiful Lady and the real world of the lyric hero are in opposition to each other in acoustic terms, which give rise to the opposition HARMONY - DISHARMONY. The opposition is realized in musical sounds, songs, and bell ringing typical of the upper world. The real world is characterized by other sounds, non-musical: groans, creaks, complaints, and crying. Accordingly, emotions also differ in value depending on belonging to one or another world: in the world of the Beautiful Lady they quietly laugh, rejoice; in the world of the lyrical hero they cry, moan, complain. SILENCE is a significant symbol of the divine world. The world of the Beautiful Lady is thus harmonious, musical and quiet. Its important element is the voices of birds: swans, cranes, eagles. Smell, touch and taste play a minor role in the creation of the Bloks dual reality. Temperature sensations participate in the formation of the COLD symbol as a phenomenon hostile to the divine world. Thus, the concept of dual reality in Bloks early lyrics is embodied in a number of acoustic oppositions and acoustic symbols of silence, song, and bell ringing.

scholarly journals The Global Productivity Slump:  Common and Country-Specific Factors

2017 ◽  
Vol 16 (3) ◽  
pp. 1-41 ◽  
Author(s):  
Barry Eichengreen ◽  
Donghyun Park ◽  
Kwanho Shin
Keyword(s):  
Factor Productivity ◽  
Price Shocks ◽  
Tfp Growth ◽  
The World ◽  
High Investment ◽  
Investment Rates ◽  
Specific Factors ◽  
Low Levels ◽  
Using Data ◽  
Country Specific

Productivity growth is slowing around the world. In 2015, the growth of total factor productivity (TFP) hovered around zero for the fourth straight year, down from 1 percent in 1996–2006 and 0.5 percent in 2007–12. In this paper we identify previous episodes of sharp and sustained decelerations in TFP growth using data for a large sample of countries and years. TFP slumps are ubiquitous:  We find as many as 77 such episodes, depending on definition, in low-, middle- and high-income countries. Low levels of educational attainment and unusually high investment rates are among the significant country-specific correlates of TFP slumps, and energy-price shocks are among the significant global factors.

The Effect of Path Length and Display Size on Memory for Spatial Information

2012 ◽  
Vol 59 (3) ◽  
pp. 147-152 ◽  
Author(s):  
Katherine Guérard ◽  
Sébastien Tremblay
Keyword(s):  
Path Length ◽  
Potential Role ◽  
Spatial Information ◽  
Recall Performance ◽  
Minor Role ◽  
Length Effect ◽  
Serial Memory ◽  
Fixed Reference ◽  
A Minor

In serial memory for spatial information, some studies showed that recall performance suffers when the distance between successive locations increases relatively to the size of the display in which they are presented (the path length effect; e.g., Parmentier et al., 2005) but not when distance is increased by enlarging the size of the display (e.g., Smyth & Scholey, 1994). In the present study, we examined the effect of varying the absolute and relative distance between to-be-remembered items on memory for spatial information. We manipulated path length using small (15″) and large (64″) screens within the same design. In two experiments, we showed that distance was disruptive mainly when it is varied relatively to a fixed reference frame, though increasing the size of the display also had a small deleterious effect on recall. The insertion of a retention interval did not influence these effects, suggesting that rehearsal plays a minor role in mediating the effects of distance on serial spatial memory. We discuss the potential role of perceptual organization in light of the pattern of results.

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