Transmission Channels between Financial Deepening and Economic Growth: Econometric Analysis Comprising Monetary Factors

Contemporary literature continues to foster discussion whether financial development is important for economic growth. In the clash of theoretical arguments, the prevailing idea is that finance exerts a direct positive influence on GDP growth. However, the presence of theoretical counterarguments and contradictory results of empirical studies suggest that scientists, in search of an answer about the direction and power of the net effect, should develop methods of empirical analysis, and the very mystery of the relationship between finance and growth will finally be solved exclusively empirically. In this paper, the authors contribute to the development of the ‘finance-growth’ literature by answering some existing questions concerning the transmission channels from finance to growth, relying on more recent data compared to already conducted studies. We use panel data covering the period 1995 to 2019 for 168 countries. In addition, the paper touches on the problem of studying the exogenous conditions of such channels, considering the assumption that among these conditions there may be those that hinder the impact of financial deepening on economic growth. Our focus is on monetary conditions, and in the empirical part of the study, we touch upon the problem of the influence of price stability on the operation of these transmission channels. The methods of the conducted study are based on the dynamic panel data analysis techniques (System GMM). The novelty of this paper lies in the development of the modern theory of the financial sector transmission mechanism in the economic growth context. The main result of the study is that productivity channel is the most reliable transmission channel of financial deepening to economic growth. Furthermore, the effectiveness of this channel remains virtually unaffected by inflation. The channel of capital accumulation should be considered less reliable (in terms of statistical reliability of estimates obtained), but it has turned out to be a more economically significant transmission channel. This channel is sensitive to the inflation factor in certain categories of countries. Finally, as follows from the estimates gained, the non-linearity of the “finance-growth” relationship can be explained by the non-linearity of the variable responsible for the capital accumulation channel.

Tolerant pattern recognition: evidence from phonotactic responses in the cricket Gryllus bimaculatus (de Geer)

When the amplitude modulation of species-specific acoustic signals is distorted in the transmission channel, signals become difficult to recognize by the receiver. Tolerant auditory pattern recognition systems, which after having perceived the correct species-specific signal transiently broaden their acceptance of signals, would be advantageous for animals as an adaptation to the constraints of the environment. Using a well-studied cricket species, Gryllus bimaculatus , we analysed tolerance in auditory steering responses to ‘ Odd ’ chirps, mimicking a signal distorted by the transmission channel, and control ‘ Silent ’ chirps by employing a fine-scale open-loop trackball system. Odd chirps on their own did not elicit a phonotactic response. However, when inserted into a calling song pattern with attractive Normal chirps, the females' phonotactic response toward these patterns was significantly larger than to patterns with Silent chirps. Moreover, females actively steered toward Odd chirps when these were presented within a sequence of attractive chirps. Our results suggest that crickets employ a tolerant pattern recognition system that, once activated, transiently allows responses to distorted sound patterns, as long as sufficient natural chirps are present. As pattern recognition modulates how crickets process non-attractive acoustic signals, the finding is also relevant for the interpretation of two-choice behavioural experiments.

A Cybersecure P300-Based Brain-to-Computer Interface against Noise-Based and Fake P300 Cyberattacks

In a progressively interconnected world where the internet of things (IoT), ubiquitous computing, and artificial intelligence are leading to groundbreaking technology, cybersecurity remains an underdeveloped aspect. This is particularly alarming for brain-to-computer interfaces (BCIs), where hackers can threaten the user’s physical and psychological safety. In fact, standard algorithms currently employed in BCI systems are inadequate to deal with cyberattacks. In this paper, we propose a solution to improve the cybersecurity of BCI systems. As a case study, we focus on P300-based BCI systems using support vector machine (SVM) algorithms and EEG data. First, we verified that SVM algorithms are incapable of identifying hacking by simulating a set of cyberattacks using fake P300 signals and noise-based attacks. This was achieved by comparing the performance of several models when validated using real and hacked P300 datasets. Then, we implemented our solution to improve the cybersecurity of the system. The proposed solution is based on an EEG channel mixing approach to identify anomalies in the transmission channel due to hacking. Our study demonstrates that the proposed architecture can successfully identify 99.996% of simulated cyberattacks, implementing a dedicated counteraction that preserves most of BCI functions.

Effect of self-employment on the sub-health status and chronic disease of rural migrants in China

Background Rural migrants usually suffer from major disease risks, but little attention had been paid toward the relationship between self-employment behavior and health status of rural migrants in China. Present study aims to explore the causal effect of self-employment behavior on rural migrants’ sub-health status and chronic disease. Two research questions are addressed: does self-employment status affect the sub-health status and chronic disease of rural migrants? What is potential mechanism that links self-employment behavior and health status among rural migrants in China? Methods The dataset from the 2017 National Migrants Population Dynamic Monitoring Survey (NMPDMS-2017) was used to explore the causal effect. Logit regression was performed for the baseline estimation, and linear probability model with instrument variable estimation (IV-LPM) was applied to correct the endogeneity of self-employment. Additionally, logit regression was conducted to explore the transmission channel. Results Self-employed migrants were more susceptible to sub-health status and chronic disease, even when correcting for endogeneity. Moreover, self-employed migrants were less likely to enroll in social health insurance than their wage-employed counterparts in urban destinations. Conclusion Self-employed migrants were more likely to suffer from sub-health status and chronic disease; thus, their self-employment behavior exerted a harmful effect on rural migrants’ health. Social health insurance may serve as a transmission channel linking self-employment and rural migrants’ health status. That is, self-employed migrants were less prone to participate in an urban health insurance program, a situation which leaded to insufficient health service to maintain health.

Carbon Performance, Company Financial Performance, Financial Value And Transmission Channel: An Analysis of South African Listed Companies

This article examines the influence of carbon performance on corporate financial performance and company financial value among South African listed firms for the period 2014 to 2018 using a two-step GMM panel process. The short-run findings show that carbon performance develops a positive and significant association with return on assets, firm value and Tobin’s Q. In the long run, the relationship between carbon performance and return on assets as well as firm value is significantly negative; however, the link with Tobin’s Q remains positively significant. Where carbon performance is employed as the dependent parameter, a positive, significant relationship is established with return on assets, firm value and Tobin’s Q in both the short and long run. The findings also demonstrate that carbon performance is a transmission channel whereby the debt-to-equity ratio, interest cover ratio, price to cash flow ratio and current ratio improve corporate financial performance and firm value in the long run. In the short run, the regression analysis frameworks produce mixed findings on whether carbon performance is a transmission channel. Policy recommendations are made based on the findings.

Financing Constraints, Risk of Stock Price Crash and Impact of New Crown Pneumonia

Taking Shanghai and Shenzhen A stock listed companies as a sample, this paper uses the event research method to test the effect of financing constraints and stock price crash risk on the cumulative excess return (CAR) of enterprises under the impact of the epidemic situation. The results show that the risk of stock price collapse plays a negative role in the transmission channel of the impact of the new crown epidemic on the enterprise's cumulative excess return, and the financing constraint intensifies the negative effect. Further, the heterogeneity analysis based on firm size and ownership found that in SMEs and non-state-owned enterprises, the effect of increased financing constraints is more significant Is significant. Finally, this paper puts forward some suggestions from the perspective of relevant regulatory departments and enterprises themselves.

Introducing perforation when applying turbo codes

The problem of adapting the degree of redundancy introduced in the process of error-correcting coding to the changing characteristics of the data transmission channel is urgent. Turbo codes, used in a variety of digital communication systems, are capable of correcting multiple errors occurring in the data transmission channel. The article compares the decoding efficiency for various options for introducing perforation into the code sequence generated by the turbo code encoder. Based on the comparison results, recommendations were made on the most appropriate option for the introduction of perforation.

The Application of Wireless Network in the Process of Remote Data Collection

The use of wireless network for remote data collection can provide a fast and reliable wireless data transmission channel for those monitoring points involving a wide area and scattered equipment layout with the help of its large coverage and high communication quality. This article analyzes the characteristics and advantages of wireless networks, and then discusses the networking scheme for remote data collection using wireless networks, and analyzes the reliability of network transmission. Finally, some program fragments on the server side are given.

Analyzing the code structures of multidimensional signals for a continuous information transmission channel

One of the directions to improve the efficiency of modern telecommunication systems is the transition to the use of multidimensional signals for continuous channels of information transmission. As a result of studies carried out in recent years, it has been established that it is possible to ensure high quality of information transmission in continuous channels by combining demodulation and decoding operations into a single procedure that involves the construction of a code construct for a multidimensional signal. This paper considers issues related to estimating the possibility to improve the efficiency of continuous information transmission channel by changing the signal distance of the code structure. It has been established that the code structures of such types as a hierarchical code construct of signals, a hierarchical code construct of signals with Euclidean metric, a reversible code construct of signals, a reversible code construct of signals with Euclidean metric have the potential, when used, to increase the speed of information transmission along a continuous channel. With a signal distance reduced by 10 percent or larger, it could increase by two times or faster. The estimation of the effect of reducing a signal distance on the efficiency of certain types of code structures was carried out. It has been established that the hierarchical reversible code construct, compared to the hierarchical code construct, provides a win of up to two or more times in the speed of information transmission with a halved signal distance. Implementing the modulation procedure has no fundamental difficulties, on the condition that for each code of the code construct the encoding procedure is known when using binary codes. The results reported here make it possible to build an acceptably complex demodulation procedure according to the specified types of code structures