Econometrics as an Academic Discipline in Higher Education: An Exploratory Study of the Need, Relevance and Significance

Econometrics is a young science. It developed during the twentieth century in the mid-1930’s, primarily after the World War II. Econometrics is the unification of statistical analysis, economic theory and mathematics. The history of econometrics can be traced to the use of statistical and mathematics analysis in economics. The most prominent contributions during the initial period can be seen in the works of Tinbergen and Frisch, and also that of Haavelmo in the 1940's through the mid 1950's. Right from the rudimentary application of statistics to economic data, like the use of laws of error through the development of least squares by Legendre, Laplace, and Gauss, the discipline of econometrics has later on witnessed the applied works done by Edge worth and Mitchell. A very significant mile stone in its evolution has been the work of Tinbergen, Frisch, and Haavelmo in their development of multiple regression and correlation analysis. They used these techniques to test different economic theories using time series data. In spite of the fact that some predictions based on econometric methodology might have gone wrong, the sound scientific nature of the discipline cannot be ignored by anyone. This is reflected in the economic rationale underlying any econometric model, statistical and mathematical reasoning for the various inferences drawn etc. The relevance of econometrics as an academic discipline assumes high significance in the above context. Because of the inter-disciplinary nature of econometrics (which is a unification of Economics, Statistics and Mathematics), the subject can be taught at all these broad areas, not-withstanding the fact that most often Economics students alone are offered this subject as those of other disciplines might not have adequate Economics background to understand the subject. In fact, even for technical courses (like Engineering), business management courses (like MBA), professional accountancy courses etc. econometrics is quite relevant. More relevant is the case of research students of various social sciences, commerce and management. In the ongoing scenario of globalization and economic deregulation, there is the need to give added thrust to the academic discipline of econometrics in higher education, across various social science streams, commerce, management, professional accountancy etc. Accordingly, the analytical ability of the students can be sharpened and their ability to look into the socio-economic problems with a mathematical approach can be improved, and enabling them to derive scientific inferences and solutions to such problems. The utmost significance of hands-own practical training on the use of computer-based econometric packages, especially at the post-graduate and research levels need to be pointed out here. Mere learning of the econometric methodology or the underlying theories alone would not have much practical utility for the students in their future career, whether in academics, industry, or in practice This paper seeks to trace the historical development of econometrics and study the current status of econometrics as an academic discipline in higher education. Besides, the paper looks into the problems faced by the teachers in teaching econometrics, and those of students in learning the subject including effective application of the methodology in real life situations. Accordingly, the paper offers some meaningful suggestions for effective teaching of econometrics in higher education

Learning From Cross Country Experiences In Housing: A Micro Finance Approach For Inclusive Housing In India

Housing is one of the primary human needs. It is second only to the need for food and clothing. From a macro perspective, housing is an industry that can prove itself to be a growth engine for a nation, particularly a developing nation like India. Housing has been one of the top priorities for the various governments in India since the seventies. The need for housing has been increasing at a phenomenal pace in India and so also the need for housing finance. Since the growth in supply of housing could not keep pace with the growth in its demand, housing shortage has been on the rise over the years. Housing finance industry which was relatively dormant till the early nineties underwent sweeping changes ever since the initiation of financial sector deregulation measures. Financial deregulation measures brought about several changes in this industry, the first and foremost being the fast growth rate in the industry coupled with cutthroat competition among the industry players. This trend has been quite prominent since the entry of commercial banks into this arena. Accordingly, there has been a surge in the growth of retail (personal) loans segment, particularly in respect of housing loans. This is evident from the fact that housing loans disbursed by banks as a percentage of their total loans has increased from just 2.79% as of end-March 1997 to as high as 12.52% as of end-March 2007. Thus, there has been an unprecedented growth rate in the disbursement of housing loans by banks, and as of 31 March 2007 the outstanding balance of housing loans by all banks in India stands at Rs.230689 Crore, as against just Rs.7946 Crore as of 31 March 1997, the growth rate being 35.82 %CAGR (for the eleven years’ period, FY 1997-‘2007). However, in spite of the impressive growth in housing finance over the years, there are growing apprehensions regarding its inclusiveness, i.e. accessibility to the common man, the underprivileged sections of the society to housing finance etc. Of late, it is widely recognized that formal housing finance system, particularly the commercial banks (CBs) – most dominant among the players – is fast becoming exclusive in operations, with nearly 90% of the total housing credit going to the rich and upper middle income group, primarily the salaried class. The case of housing finance companies (HFCs) is quite similar in this regard. The poor and other marginalized sections are often deprived of adequate credit facilities for housing purpose. Studies have revealed that urban housing poverty is much more acute than the rural probably because of the very fast process of urbanization coupled with constant rural to urban migration

Service provider switching: a study on the switching process in retail banking

In a business environment that is characterized by intense competition, building customer loyalty has become a key area of focus for most financial institutions. The explosion of the services sector, changing customer demographics and deregulation and emergence of new technology in the financial services industry have had a critical impact on consumers’ financial services buying behaviour. The changes have forced banks to modify their service offerings to customers so as to ensure high levels of customer satisfaction and also high levels of customer retention. Banks have historically had difficulty distinguishing their products from one another because of their relative homogeneity; with increasing competition,the problem has only intensified with no coherent distinguishing theme. Rising wealth, product proliferation, regulatory changes and newer technologies are together making bank switching easier for customers. In order to remain competitive, it is important for banks to retain their customer base. The financial services sector is the foundation for any economy and plays the role of mobilization of resources and their allocation. The retail banking sector in India has emerged as one of the major drivers of the overall banking industry and has witnessed enormous growth. Switching behaviour has a negative impact on the banks’ market share and profitability as the costs of acquiring customers are much higher than the costs of retaining. When customers switch, the business loses the potential for additional profits from the customer the initial costs invested in the customer by the business get . The Objective of the thesis was to examine the relationship among triggers that customers experience, their perceptions of service quality, consumers’ commitment and behavioral intentions in the contemporary India retail banking context through the eyes of the customer. To understand customers’ perception of these aspects, data were collected from retail banking customers alone for the purpose of analysis, though the banks’ views were considered during the qualitative work carried out prior to the main study. No respondent who is an employee of a banking organization was considered for the final study to avoid the possibility of any bias that could affect the results adversely. The data for the study were collected from customers who have switched banks and from those who were non switchers. The study attempted to develop and validate a multidimensional construct of service quality for retail banking from the consumer’s perspective. A major conclusion from the empirical research was the confirmation of the multidimensional construct for perceived service quality in the banking context. Switching can be viewed as an optimization problem for customers; customers review the potential gains of switching to another service provider against the costs of leaving the service provider. As banks do not provide tangible products, their service quality is usually assessed through service provider’s relationship with customers. Thus, banks should pay attention towards their employees’ skills and knowledge; assessing customers’ needs and offering fast and efficient services.

Molekularbiologische Charakterisierung der Argonauten Proteine AgnA und AgnB innerhalb der RNA vermittelten Genregulation in D. discoideum

Argonauten Proteine übernehmen vielfältige Funktionen in RNA vermittelten Signalwegen zur Genregulation und sind in eukaryotischen Organismen hoch konserviert. Obwohl das Repertoire an kleinen regulatorischen RNAs in D. discoideum schon früh untersucht wurde und dabei sowohl siRNAs als auch miRNAs identifiziert werden konnten, war die Funktion der fünf kodierten Argonauten Proteine zu Beginn meiner Arbeit noch völlig unbekannt. Im Fokus meiner Untersuchung standen die zwei Homologe AgnA und AgnB. Die molekularbiologische Charakterisierung von AgnA hat gezeigt, dass das Protein eine essentielle Funktion bei der posttranskriptionellen Regulation des Retrotransposons DIRS-1 hat. AgnA wird für die Generierung von über 90 % der DIRS-1 siRNAs benötigt, wobei unklar ist, ob die Slicer-Aktivität des Proteins relevant ist oder ob AgnA andere Proteine zur Generierung der kleinen RNAs rekrutiert. Mit Hilfe der Deep Sequencing Analyse kleiner RNAs im AgnA KO konnte die Abreicherung der DIRS-1 siRNAs bestätigt werden. Die Anreicherung von DIRS-1 sense und antisense Transkripten weist deutlich auf eine Deregulation des Retrotransposons bei Abwesenheit von AgnA hin. Der Verlust der AgnA abhängigen Regulationsebene ist nicht nur auf RNA- sondern auch auf DNA-Ebene nachweisbar, da im AgnA Knockout einzelsträngige extrachromosomale DIRS-1 Intermediate nachweisbar sind. Die Analyse dieser Strukturen mit Hilfe von Rasterkraftmikroskopie zeigt, dass die extrachromosomale DNA mit Proteinen assoziiert ist. Das Erscheinungsbild legt die Vermutung nahe, dass es sich um Virus ähnliche Partikel handeln könnte. Die Transposition der DIRS-1 Elemente konnte nicht nachgewiesen werden. Sie schlägt vermutlich fehl, da der zur Integration notwendige DNA-Doppelstrang nicht gebildet wird. Auch wenn der genaue Mechanismus der AgnA abhängigen DIRS-1 Regulation nicht vollständig aufgeklärt werden konnte, weisen die Ergebnisse darauf hin, dass AgnA nicht nur an der Biogenese der kleinen DIRS-1 siRNAs beteiligt ist, sondern auch weiter downstream, vermutlich innerhalb von Effektorkomplexen, als Regulator aktiv ist. AgnB ist nicht an der negativen Regulation des DIRS-1 Retrotransposons beteiligt. Im Gegenteil haben Experimente gezeigt, dass das Protein die Transkription des Elementes und die Bildung von DNA-Intermediaten eher positiv beeinflusst. Im Fall des Retrotransposons Skipper ist unklar, ob die wenigen siRNAs, die identifiziert worden sind, tatsächlich für die Regulation dieses Elementes genutzt werden. Der Knockout von AgnA hat eine Anreicherung der Skipper siRNAs zur Folge, wobei diese sehr variabel ist. Es konnten Skipper Transkripte nachgewiesen werden (Hinas et al., 2007), die wahrscheinlich die Vorläufermoleküle der siRNAs darstellen. Die Menge dieser Transkripte unterscheidet sich allerdings im Wildtyp und den untersuchten Knockout-Stämmen nicht. Bei der Untersuchung der miRNAs zeigte sich eine signifikante Anreicherung dieser regulatorischen RNAs im AgnA Knockout. Die Akkumulation kann durch die Expression von rekombinantem AgnA wieder auf Wildtyp Niveau gebracht werden. Die genaue Funktion von AgnA im miRNA Signalweg konnte aber nicht näher spezifiziert werden. Im Fall der beiden miRNAs konnte im Rahmen dieser Arbeit nachgewiesen werden, dass sie keine 2‘-O Methylierung besitzen und fast ausschließlich im Cytoplasma der Zelle vorliegen. Letzteres weist darauf hin, dass die untersuchten miRNAs ihre Zielgene vermutlich posttranskriptionell regulieren. Die Akkumulation von miRNAs im AgnA KO konnte ebenfalls durch Deep Sequencing Analysen verifiziert werden. Weiterhin wurden tRNA Fragmente gefunden, die im AgnA KO wesentlich stärker vertreten sind. Northern Blot Analysen haben gezeigt, dass ein zusätzliches Fragment der tRNA Asp akkumuliert, wenn AgnA nicht exprimiert wird. Möglicherweise ist AgnA am Umsatz der tRNA beteiligt. Die biologische Funktion der tRNA Fragmente in D. discoideum ist jedoch bisher ungeklärt. Bei der Suche nach putativen Interaktionspartnern konnte im Fall von AgnA das Protein DDB_G0268914 mittels Massenspektrometrie als putativer Interaktionspartner identifiziert werden. Dieses Protein zeigt Homologien zu MOV10 aus H. sapiens, das ebenfalls mit Argonauten Proteinen interagiert (Hock et al., 2007) und die Replikation von Retroviren unterdrückt (Burdick et al., 2010). Die Interaktion zwischen AgnA und dem MOV10 Homolog konnte bisher nicht mit anderen Ansätzen bestätigt werden. Darüber hinaus bleibt zu klären, ob der putative Interaktionsparter ebenfalls an der Regulation des Retrotransposons DIRS-1 beteiligt ist.

Loss of wobble uridine modification in tRNA anticodons interferes with TOR pathway signaling

Previous work in yeast has suggested that modification of tRNAs, in particular uridine bases in the anticodon wobble position (U34), is linked to TOR (target of rapamycin) signaling. Hence, U34 modification mutants were found to be hypersensitive to TOR inhibition by rapamycin. To study whether this involves inappropriate TOR signaling, we examined interaction between mutations in TOR pathway genes (tip41Δ, sap190Δ, ppm1Δ, rrd1Δ) and U34 modification defects (elp3Δ, kti12Δ, urm1Δ, ncs2Δ) and found the rapamycin hypersensitivity in the latter is epistatic to drug resistance of the former. Epistasis, however, is abolished in tandem with a gln3Δ deletion, which inactivates transcription factor Gln3 required for TOR-sensitive activation of NCR (nitrogen catabolite repression) genes. In line with nuclear import of Gln3 being under control of TOR and dephosphorylation by the Sit4 phosphatase, we identify novel TOR-sensitive sit4 mutations that confer rapamycin resistance and importantly, mislocalise Gln3 when TOR is inhibited. This is similar to gln3Δ cells, which abolish the rapamycin hypersensitivity of U34 modification mutants, and suggests TOR deregulation due to tRNA undermodification operates through Gln3. In line with this, loss of U34 modifications (elp3Δ, urm1Δ) enhances nuclear import of and NCR gene activation (MEP2, GAP1) by Gln3 when TOR activity is low. Strikingly, this stimulatory effect onto Gln3 is suppressed by overexpression of tRNAs that usually carry the U34 modifications. Collectively, our data suggest that proper TOR signaling requires intact tRNA modifications and that loss of U34 modifications impinges on the TORsensitive NCR branch via Gln3 misregulation.

Whither Japan's Economy?

The Japanese economy entered a long recession in spring 1997. Its economic growth has been much lower than in the US and the EU despite large fiscal stimulus packages, a monetary policy which has brought interest rates to zero since 1999, injections of public money to recapitalize banks, and programs of liberalization and deregulation. How could all these policies have failed to bring the Japanese economy back on a sustainable growth path? This paper argues that the failure of Japan's efforts to restore a sound economic environment is the result of having deliberately chosen inappropriate and inadequate monetary and fiscal instruments to tackle the macroeconomic and structural problems that have burdened the Japanese economy since the burst of the financial bubble at the beginning of the 90s. These choices were deliberate, since the "right" policies (in primis the resolution of the banking crisis) presented unbearable political costs, not only for the ruling parties, but also for the bureaucratic and business elites. The misfortunes of the Japanese economy during the long recession not only allow us to draw important economic policy lessons, but also stimulate reflections on the disruptive role on economic policies caused by powerful vested interests when an economy needs broad and deep structural changes. The final part of the paper focuses on ways to tackle Japan's banking crisis. In particular, it explores the Scandinavian solution, which, mutatis mutandis, might serve Japanese policy-makers well.

Centros Financieros Offshore

Como consecuencia de los procesos de desregulación financiera y la creciente movilidad de flujos financieros internacionales; los centros financieros offshore se han consolidado dentro de la dinámica económica mundial, generando tanto beneficios a sus usuarios como criticas respecto a su instrumentalización para el financiamiento de actividades delictivas y terroristas; tornándose de esta manera en uno de los temas de mayor interés y debate en sus aspectos jurídicos y económicos; por lo que en el presente trabajo lo abordaremos desde la perspectiva jurídica, explicando la dinámica de su funcionamiento a partir de las distintas modalidades en que se desarrolla teniendo como base tanto la legislación nacional, internacional y los casos prácticos de las actividades que realizan dichos países.

Calidad del empleo en las Cooperativas de Trabajo Asociado : un análisis desde las dimensiones de la calidad del empleo

Aunque desde la década del ochenta se está presenciando en Colombia una reducción en las tasas de desempleo, ésta se ha logrado a costa de la calidad del empleo. Desde la década del noventa los procesos de flexibilización de los mercados de trabajo, que traen consigo desregulación, han puesto en tela de juicio la calidad de los empleos ofrecidos de manera formal en el país. Dichos procesos de desregulación han conllevado a la perdida de estabilidad de las condiciones contractuales, al crecimiento del empleo independiente –no regulado por relaciones laborales formales- y al crecimiento de lo que se ha denominado como empleo atípico. Empleo atípico cristalizado en su expresión más pura en las Cooperativas de Trabajo Asociado (CTA).

"Refined mapping of a quantitative trait locus on chromosome 1 responsible for mouse embryonic death"

Recurrent spontaneous abortion (RSA) is defined as the loss of three or more consecutive pregnancies during the first trimester of embryonic intrauterine development. This kind of human infertility is frequent among the general population since it affects 1 to 5% of women. In half of the cases the etiology remains unelucidated. In the present study, we used interspecific recombinant congenic mouse strains (IRCS) in the aim to identify genes responsible for embryonic lethality. Applying a cartographic approach using a genotype/phenotype association, we identified a minimal QTL region, of about 6 Mb on chromosome 1, responsible for a high rate of embryonic death (,30%). Genetic analysis suggests that the observed phenotype is linked to uterine dysfunction. Transcriptomic analysis of the uterine tissue revealed a preferential deregulation of genes of this region compared to the rest of the genome. Some genes from the QTL region are associated with VEGF signaling, mTOR signaling and ubiquitine/proteasome-protein degradation pathways. This work may contribute to elucidate the molecular basis of a multifactorial and complex human disorder as RSA.

Immunosenescence, Aging, and Systemic Lupus Erythematous

Senescence is a normal biological process that occurs in all organisms and involves a decline in cell functions. This process is caused by molecular regulatory machinery alterations, and it is closely related to telomere erosion in chromosomes. In the context of the immune system, this phenomenon is known as immunosenescence and refers to the immune function deregulation. Therefore, functions of several cells involved in the innate and adaptive immune responses are severely compromised with age progression (e.g., changes in lymphocyte subsets, decreased proliferative responses, chronic inflammatory states, etc.). These alterations make elderly individuals prone to not only infectious diseases but also to malignancy and autoimmunity. This review will explore the molecular aspects of processes related to cell aging, their importance in the context of the immune system, and their participation in elderly SLE patients

Epigenetics and autoimmune diseases

Epigenetics is defined as the study of all inheritable and potentially reversible changes in genome function that do not alter the nucleotide sequence within the DNA. Epigenetic mechanisms such as DNA methylation, histone modification, nucleosome positioning, and microRNAs (miRNAs) are essential to carry out key functions in the regulation of gene expression. Therefore, the epigenetic mechanisms are a window to understanding the possible mechanisms involved in the pathogenesis of complex diseases such as autoimmune diseases. It is noteworthy that autoimmune diseases do not have the same epidemiology, pathology, or symptoms but do have a common origin that can be explained by the sharing of immunogenetic mechanisms. Currently, epigenetic research is looking for disruption in one or more epigenetic mechanisms to provide new insights into autoimmune diseases. The identification of cell-specific targets of epigenetic deregulation will serve us as clinical markers for diagnosis, disease progression, and therapy approaches.

Refined mapping of a quantitative trait locus on chromosome 1 responsible for mouse embryonic death

Recurrent spontaneous abortion (RSA) is defined as the loss of three or more consecutive pregnancies during the first trimester of embryonic intrauterine development. This kind of human infertility is frequent among the general population since it affects 1 to 5% of women. In half of the cases the etiology remains unelucidated. In the present study, we used interspecific recombinant congenic mouse strains (IRCS) in the aim to identify genes responsible for embryonic lethality. Applying a cartographic approach using a genotype/phenotype association, we identified a minimal QTL region, of about 6 Mb on chromosome 1, responsible for a high rate of embryonic death (similar to 30%). Genetic analysis suggests that the observed phenotype is linked to uterine dysfunction. Transcriptomic analysis of the uterine tissue revealed a preferential deregulation of genes of this region compared to the rest of the genome. Some genes from the QTL region are associated with VEGF signaling, mTOR signaling and ubiquitine/proteasome-protein degradation pathways. This work may contribute to elucidate the molecular basis of a multifactorial and complex human disorder as RSA.

El papel del Estado en los países andinos: ¿ocaso o transformación?

A juicio de muchos analistas, el Estado-nación –piedra angular de la organización política del mundo desde la suscripción del Tratado de Wesfalia, en 1648– está experimentando una profunda crisis. En esta visión, el poder efectivo de dicha entidad política se está desbordando en tres direcciones: hacia arriba, por la globalización y la supranacionalización; horizontalmente, por el desmonte del Estado de bienestar, la privatización y la desregulación, y hacia abajo, por la descentralización y la devolución de autonomías a las polis regionales y locales.La acción conjunta de estas tendencias estaría determinando el vaciamiento (hollowing out) del Estado-nación, en la medida en que muchas de sus competencias tradicionales se están transfiriendo hacia arriba, a las instituciones internacionales y supranacionales; hacia los lados, al mercado, las empresas privadas y las transnacionales, y hacia abajo, a las entidades de orden subnacional. En este artículo analizaremos el impacto de tales tendencias en los países andinos.-----According to many analysts, the Nation State is undergoing a deep crisis, because the effectiveness of its power is being broken up in three ways: upward, because of globalization and supranationalization; horizontally, because of the dismantling of the Welfare State, privatization and deregulation, and downward, because of decentralization and the empowerment of the regional and local entities. According to these interpretations, the joint action of such trends would be eroding the traditional competences of the Nation State and determining the irrelevance of this political entity in the global dynamics of power and the economy. This paper analyses the impact of the above mentioned trends in the Andean countries. It concludes by stating that in this context the processes aimed at reducing the role of the State, have paradoxically turned into the widening of its sphere of action in other fields.

Resiliencia organizacional y capital psicológico

Desde la noción universal sobre la empresa como un sistema de interacción con un entorno determinado para alcanzar un objetivo, de manera planificada y en función de satisfacer las demandas de un mercado mediante la actividad económica, su viabilidad, sostenibilidad y crecimiento dependerán, por supuesto, de una serie de estrategias adecuadas no solo para tales fines, sino también para enfrentar diversidad de agentes endógenos y exógenos que puedan afectar el normal desempeño de su gestión. Estamos hablando de la importancia de la resiliencia organizacional y del Capital Psicológico. En un escenario tan impredecible como el de la economía mundial, donde la constante son los cambios en su comportamiento —unos propios de su dinámica e interdependencia, naturales de fenómenos como la globalización, y otros derivados de eventos disruptivos— hoy más que nunca es necesario implementar el modelo de la empresa resiliente, que es aquella entidad capaz de adaptarse y recuperarse frente a una perturbación. Al mismo tiempo, más allá de su tamaño, naturaleza u objeto social, es indispensable reconocer básicamente que toda organización está constituida por personas, lo cual implica la trascendencia que para su funcionamiento tiene el factor humano-dependiente, y por lo tanto se crea la necesidad de promover el Capital Psicológico y la resiliencia a nivel de las organizaciones a través de una cultura empresarial.