Miracle-dz/UniFAR-FTUs huggingface dataset:
Trade liberalisation in small open economies : the case of Kenya

The object of this thesis is to determine the consequences of trade liberalisation on the Kenyan economy. This is done by simulating the effects of tariff reduction, devaluation of domestic currency and export subsidies. In addition, the effects of quantitative controls and markup pricing are simulated. The structure of the economy is modelled through the specification of alternative closure rules. Policy changes are simulated using a computable general equilibrium model (CGE). A nine sector model based on a Social Accounting Matrix is constructed using the TV-approach to modelling introduced by Drud, Grais and Pyatt (1986). We depart from neoclassical models, and therefore other CGE models of Kenya, by assuming product differentiation between domestic goods and imports and between gross output sales to domestic and export markets. Our model is essentially Keynesian but for comparative purposes, neoclassical closures are specified in some simulations. In general, the basic argument for or against trade liberalisation concerns its contribution to economic growth. The neoclassicals argue that by improving efficient allocation of resources, liberalisation stimulates higher economic growth. The structuralists, on the other hand, argue that because of structural rigidities in LDC economies and because of unfavourable international conditions, liberalisation will have minimal effect on economic growth. CGE models are useful in sorting out these arguments. It should be noted however that the assumptions underlying these models often reflect the modeller's view about the structure of the economy. The usefulness of CGE models for policy purposes will therefore depend on how realistic they reflect the structure of the economy being modelled. The results of our model show that the gains from trade liberalisation, in terms of the growth of real GDP, are low. This applies to both neoclassical and Keynesian closures. However, it is shown that changes in returns to factors, consumption levels and aggregate price levels, depending on the closure adopted, are significant. This is also true for the policy effects on exports, imports and on the prices and quantities at the sectoral level. These results reinforce the view that for policy purposes it is important that the model being used reflects the structure of the economy under consideration. It also means that it will not make sense to have tailor made policy recommendations for all LDCs.
Plasmid profile typing provides a method for the differentiation of strains of Salmonella enteritidis phage type 4 isolated in Turkey

Five phage types have been identified in 38 strains of Salmonella enteritidis isolated in Turkey in the 20‐month period June 1992‐January 1994. Strains belonging to phage type 4 predominated. Within phage type 4, plasmid profile typing has proved a useful method of strain discrimination and has confirmed the identity of a putative outbreak involving canteen workers in an industrial complex.
Mechanism Design by Competing Sellers

A dynamic model with many sellers and buyers is constructed. Agents failing to trade may trade in the next period. An equilibrium is found where sellers hold identical auctions and buyers randomize over the sellers they visit. The distribution of buyer valuations is endogenous. An auction with efficient reserve is an optimal mechanism from each seller's point of view, in spite of the ability of any seller to alter the distribution of buyer types participating in the seller's mechanism by altering the mechanism. Copyright 1993 by The Econometric Society.
Terms of Trade Shocks and Investment in Commodity-Exporting Economies

We study the effects of commodity price shocks in small open commodity-exporting economies, focusing on metals prices and their impact on sectoral investment. First, using a standard SVAR approach, we conduct estimations for major commodity exporters (Australia, Canada, Chile, New Zealand, Peru and South Africa) to identify general cross-country patterns. Second, we use a DSGE model for Chile to study the propagation channels of commodity price changes and to implement counterfactual policy exercises. Our results suggest expansionary effects of commodity price increases in most countries, driven by positive responses of commodity investment that spill over to non-commodity sectors. The magnitude of these responses depends mainly on the size of the share of commodity exports and on the degree of persistency of the shock. Finally, our policy exercises highlight the importance of flexible inflation targeting, floating exchange rates and structural fiscal rules to efficiently manage commodity price volatility.
Long swings in the Canadian dollar

This paper uses daily, monthly, and quarterly observations for the Canadian dollar – US dollar nominal exchange rate over the recent flexible exchange rate period (from 2 January 1973 to 11 June 2004), and a new statistical model of exchange rate dynamics, developed by Engel and Hamilton to test the null hypothesis that the value of the Canadian dollar is characterized by long swings (i.e. it moves in one direction for long periods of time). Results indicate that only with quarterly data does the segmented trends model outperfom the random walk model. In fact, the performance of the segmented trends model declines as the frequency of the data increases, suggesting that at higher frequencies the segmented trends model has a more difficult time in distinguishing trends.
Sunshine Trading and Financial Market Equilibrium

In this article, we consider the possibility that some liquidity traders preannounce the size of their orders, a practice that has come to be known as "sunshine trading. " Two possible effects preannouncement might have on the equilibrium are examined. First, since it identifies certain trades as informationless, preannouncement changes the nature of any informational asymmetries in the market. Second, preannouncement can coordinate the supply and demand of liquidity in the market. We show that preannouncement typically reduces the trading costs of those who preannounce, but its effects on the trading costs and welfare of other traders are ambiguous. We also examine the implications of preannouncement for the distribution of prices and the amount of information that prices reveal. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
A Conceptual Database Model for Genomic Research

We describe a conceptual model for genome databases that facilitates the process of building, maintaining, and disseminating physically anchored genetic linkage maps. The model has been implemented as a relational database at the Roman L. Hruska U.S. Meat Animal Research Center (MARC). Development of consensus maps using disparate data from different reference pedigrees or laboratories is supported. The model is of use to quantitative and population geneticists interested in loci that affect phenotypes and marker-assisted selection, and it is sufficiently flexible for centralized, species genome databases facilitating comparative mapping. The MARC genome database is used to assemble, maintain, and disseminate physically anchored genetic linkage maps for cattle, swine, and sheep currently based on more than 100,000 genotypes from 1,000 markers. Integrated with linkage analysis software, this database permits frequent updates of physically anchored genetic linkage maps.
Fractional cointegration analysis of EU convergence

Traditional cointegration tests do not provide strong evidence of convergence between EU countries. In this study, fractional cointegration analysis is used to test for convergence between EU members. Fractional cointegration between inflation and between long-term interest rates is found. The results indicate that there is nominal convergence, but that the equilibrium errors display long memory. Fractional cointegration analysis gives no evidence of real convergence in output.
The cyclical reaction of fiscal policies in the euro area: the role of modelling choices and data vintages

We survey the recent empirical literature concerning the cyclical response of fiscal policies in the euro area, finding large differences in results. We show that these differences are heavily influenced by the choices made in modelling fiscal behaviour. We make a case for the use, in assessing policies and in the EMU context, of the standard modelling choice where the discretionary reaction of fiscal policy is directly estimated. Models where the overall reaction to the cycle – which includes the effects of both discretionary actions and automatic stabilisers – is directly estimated tend to suggest either strong pro-cyclical or strong counter-cyclical discretionary reactions, depending on how this component is identified. Within the standard model and for the years 1994 to 2008, we show that results are significantly affected by the data vintage (ex post or real-time). With ex post data, we find an unambiguous indication of a-cyclicality. Using real-time data, we find that the output gap matters. However, depending on whether we assess policy intentions or actual policies, euro-area governments' behaviour radically changes. A plausible interpretation is that in the implementation phase, governments loosen their fiscal stance, giving in to political pressures that are proportional to the scale of the economic difficulties in bad times and the size of the ‘growth dividend’ in good times.
Polymorphism of the Platelet Glycoprotein IIIa Gene in Patients with Coronary Stenosis

Summary Based on genetic variability, structural differences in the glycoprotein IIb/IIIa platelet receptor for adhesive proteins result in individual differences in the thrombogenicity of platelets. Recent studies suggest a controversial association between a genetic polymorphism of the glycoprotein IIIa gene (PlA2) and the risk of coronary artery disease. In our study, the prevalence of the PlA2 allele in a group of patients undergoing percutaneous coronary revascularization was 37%, a value significantly higher than in controls [13%, odds ratio (OR) = 3.93, 95% CI, 1.84 to 8.53] suggesting a significant association between this polymorphism and documented coronary stenosis, which is strongest among <60 years old patients (OR = 12.30, 95% CI, 2.98 to 70.93). This polymorphism represents an inherited risk factor for severe cardiovascular disease due to coronary occlusion.
Regulation of sphingosine 1‐phosphate‐induced endothelial cytoskeletal rearrangement and barrier enhancement by S1P1 receptor, PI3 kinase, Tiam1/Rac1, and α‐actinin

Endothelial cell (EC) barrier dysfunction results in increased vascular permeability observed in inflammation, tumor angiogenesis, and atherosclerosis. The platelet‐derived phospholipid sphingosine‐1‐phosphate (S1P) decreases EC permeability in vitro and in vivo and thus has obvious therapeutic potential. We examined S1P‐mediated human pulmonary artery EC signaling and barrier regulation in caveolin‐enriched microdomains (CEM). Immunoblotting from S1P‐treated EC revealed S1P‐mediated rapid recruitment (1 µM, 5 min) to CEMs of the S1P receptors S1P1 and S1P3, p110 PI3 kinase α and β catalytic subunits, the Rac1 GEF, Tiam1, and α‐actinin isoforms 1 and 4. Immunoprecipitated p110 PI3 kinase catalytic subunits from S1P‐treated EC exhibited PIP3 production in CEMs. Immunoprecipitation of S1P receptors from CEM fractions revealed complexes containing Tiam1 and S1P1. PI3 kinase inhibition (LY294002) attenuated S1P‐induced Tiam1 association with S1P1, Tiam1/Rac1 activation, α‐actinin‐1/4 recruitment, and EC barrier enhancement. Silencing of either S1P1 or Tiam1 expression resulted in the loss of S1P‐mediated Rac1 activation and α‐actinin‐1/4 recruitment to CEM. Finally, silencing S1P1, Tiam1, or both α‐actinin isoforms 1/4 inhibits S1P‐induced cortical F‐actin rearrangement and S1P‐mediated barrier enhancement. Taken together, these results suggest that S1P‐induced recruitment of S1P1 to CEM fractions promotes PI3 kinasemediated Tiam1/Rac1 activation required for α‐actinin‐1/4‐regulated cortical actin rearrangement and EC barrier enhancement. Singleton, P. A. , Dudek, S. M. , Chiang, E. T. , Garcia, J. G. N. Regulation of sphingosine 1‐phosphate‐induced endothelial cytoskeletal rearrangement and barrier enhancement by S1P1 receptor, PI3 kinase, Tiam1/Rac1 and α‐actinin. FASEB J. 19, 1646–1656 (2005)
p53 Serves as a Host Antiviral Factor That Enhances Innate and Adaptive Immune Responses to Influenza A Virus

Several direct target genes of the p53 tumor suppressor have been identified within pathways involved in viral sensing, cytokine production, and inflammation, suggesting a potential role of p53 in antiviral immunity. The increasing need to identify immune factors to devise host-targeted therapies against pandemic influenza A virus (IAV) led us to investigate the role of endogenous wild-type p53 on the immune response to IAV. We observed that the absence of p53 resulted in delayed cytokine and antiviral gene responses in lung and bone marrow, decreased dendritic cell activation, and reduced IAV-specific CD8+ T cell immunity. Consequently, p53−/− mice showed a more severe IAV-induced disease compared with their wild-type counterparts. These findings establish that p53 influences the antiviral response to IAV, affecting both innate and adaptive immunity. Thus, in addition to its established functions as a tumor suppressor gene, p53 serves as an IAV host antiviral factor that might be modulated to improve anti-IAV therapy and vaccines.
Styrene and Ischemic Heart Disease Mortality Among Synthetic Rubber Industry Workers

Objective: We examined the relation between styrene and ischemic heart disease (IHD) mortality among 16,579 men in the synthetic rubber industry. Methods: Associations were measured using stratified and multivariable analysis. Results: Compared with workers with no exposure to styrene, men in the highest quintile of average intensity of exposure (5.50+ parts per million [ppm]) and in the highest quintile of cumulative exposure (60.67+ ppm-years) had IHD rate ratios of 1.14 (95% confidence interval [CI] = 0.96–1.35) and 1.07 (95% CI = 0.90–1.27), respectively. Acute IHD was not associated with average intensity of exposure within the most recent 2 years or with other indices of exposure. Chronic IHD rates were elevated in subjects with the highest exposure; these associations were weak and imprecise, and evidence of a positive exposure–response relation was limited. Conclusion: This study does not indicate that exposure to styrene causes fatal IHD.
Explaining Yield Curve Dynamics

Yield curve dynamics are usually analyzed in terms of the unobservable components—level, slope, and curvature. The factor-augmented vector autoregression (FAVAR) framework applied in this article has become increasingly popular for forecasting interest rates. To link these two strands of research, the authors operate in the space of latent yield and latent macroeconomic factors to analyze the relationship between the term structure of interest rates and the macroeconomic aggregates. They predict the yield curve dynamics by directly forecasting the unobservable yield curve factors. They use the FAVAR methodology to encompass a data-rich environment and to identify dynamic responses of the yield curve to the macroeconomic variables. The empirical results suggest that parsimonious FAVAR models with a few latent macroeconomic factors and a reduced lag order show superior short-horizon forecast performance over simple VAR systems and univariate autoregressions.
A DEA application for analyzing investment activities in higher educational organizations

Private schools play important role on developing economy especially in rural areas of Iran and when they operate efficiently it can also be considered as a rich source of income. During the past three decades, data envelopment analysis (DEA) has become a popular technique for measuring the relative performance of non-financial units. In this paper, we present an empirical study to measure the relative efficiency of 11 private universities located in region ten of Islamic Azad university. The proposed study of this paper assigns some points for human resources including university professor and regular employees and considers it along with assets as inputs of DEA model. We also consider the number of graduated students and operating profit as output of our proposed DEA model. The implementation of standard BCC method yields 6 efficient units and to have better results we use another DEA technique. The results of this study present some investment opportunities for management of this private university.
Reregulation of China's rare earth production and export

Purpose – Rare earths are essential materials for many high-tech industries critical to both economic development and national defense. China, the world's dominant supplier of rare earths, has recently been imposing stricter controls over its production and export. The purpose of this paper is to examine the domestic roots of the changes in China's rare earth industry production and exports in its three-decade rise to the current global monopoly. Design/methodology/approach – This paper adopts the historical institutionalism approach to analyze the trajectory of industry and trade development. The author analyzes data collected from government whitepapers and reputed scholarly and news sources. Findings – This paper argues that the Chinese rare earth industry has gone through three periods of development, in which the state attempted to control the market and industry through reformulating rules and institutions to achieve state goals. Domestic state institutions, combined with macroeconomic environment a.
Poverty, Inequality and the Nature of Economic Growth in South Africa

The post-1994 period in the South African economy is characterised, perhaps most powerfully, by the fact that the economy recorded one of its longest periods of positive economic growth in the country’s history. One of the more vexing issues within the economic policy terrain in post-apartheid South Africa though, has been the impact of this consistently positive growth performance on social welfare. Many observers have highlighted the potentially harmful consequences of persistently high levels of poverty and particularly, economic inequality on the quality and sustainability of democracy. The evidence suggests, at best, six key trends which are noteworthy in terms of observing changes and challenges in South Africa’s second decade of democracy. Firstly, it is clear that both absolute and relative levels of poverty have fallen for African- and female-headed households. And it is a result invariant to the choice of poverty line. Secondly though, we continue to show that race and gender remain overwhelming determinants of this poverty profile. Thirdly, the trends in income inequality suggest that one of the world’s most unequal societies has quite possibly become the most unequal. In turn, and our fourth key deduction, it is evident that income inequality between racial groups – to all intents and purposes between Africans and Whites – is driving this overall increase. Our analysis of the nature of economic growth since 1995 suggests that despite positive economic growth, individuals at the top-end of the distribution have gained the most from the post-apartheid growth dividend. Indeed, what this suggests is that the country’s current democratic growth model is crafted around supporting incomes at the bottom-end of the distribution through an extensive social transfer programme, whilst offering few returns to those in the middle of the distribution. It is not evident, as South Africa enters its first post-1994 recession with declining tax revenues and rising fiscal deficits, whether such a growth model is indeed desirable or sustainable.
Characterizing, Propagating, and Analyzing Uncertainty in Life‐Cycle Assessment: A Survey of Quantitative Approaches

Life‐cycle assessment (LCA) practitioners build models to quantify resource consumption, environmental releases, and potential environmental and human health impacts of product systems. Most often, practitioners define a model structure, assign a single value to each parameter, and build deterministic models to approximate environmental outcomes. This approach fails to capture the variability and uncertainty inherent in LCA. To make good decisions, decision makers need to understand the uncertainty in and divergence between LCA outcomes for different product systems. Several approaches for conducting LCA under uncertainty have been proposed and implemented. For example, Monte Carlo simulation and fuzzy set theory have been applied in a limited number of LCA studies. These approaches are well understood and are generally accepted in quantitative decision analysis. But they do not guarantee reliable outcomes. A survey of approaches used to incorporate quantitative uncertainty analysis into LCA is presented. The suitability of each approach for providing reliable outcomes and enabling better decisions is discussed. Approaches that may lead to overconfident or unreliable results are discussed and guidance for improving uncertainty analysis in LCA is provided.
The stochastic behavior of commodity prices: Implications for valuation and hedging

In this article we compare three models of the stochastic behavior of commodity prices that take into account mean reversion, in terms of their ability to price existing futures contracts, and their implication with respect to the valuation of other financial and real assets. The first model is a simple one-factor model 'in which the logarithm of the spot price of the commodity is assumed to follow a mean reverting process. The second model takes into account a second stochastic factor, the convenience yield of the commodity, which is assumed to follow a mean reverting process. Finally, the third model also includes stochastic interest rates. The Kalman filter methodology is used to estimate the parameters of the three models for two commercial commodities, copper and oil, and one precious metal, gold. The analysis reveals strong mean reversion in the commercial commodity prices. Using the estimated parameters, we analyze the implications of the models for the term structure of futures prices and volatilities beyond the observed contracts, and for hedging contracts for future delivery. Finally, we analyze the implications of the models for capital budgeting decisions. THE STOCHASTIC BEHAVIOR OF commodity prices plays a central role in the models for valuing financial contingent claims on the commodity, and in the procedures for evaluating investments to extract or produce the commodity. Earlier studies, by assuming that interest rates and convenience yields are constant allowed for a straight forward extension of the procedures developed for common stock option pricing to the valuation of financial and real commodity contingent claims. The assumption, however, is clearly not very satisfactory since it implies that the volatility of future prices is equal to the volatility of spot prices, and that the distribution of future spot prices under the equivalent martingale measure has a variance that increases without bound as the horizon increases. In an equilibrium setting we would expect that when prices are relatively high, supply will increase since higher cost producers of the commodity will enter the market putting a downward pressure on prices. Conversely, when prices are relatively low, supply will decrease since some of