Financial development, financial fragility and growth

This paper studies the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (e.g., Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns (e.g., Kaminski and Reinhart 1999). The paper accounts for these contrasting effects based on the distinction between the short- and long-run impacts of financial intermediation. Working with a panel of cross-country and time-series observations, the paper estimates an encompassing model of short- and long-run effects using the Pooled Mean Group estimator developed by Pesaran, Shin, and Smith (1999). The conclusion from this analysis is that a positive long-run relationship between financial intermediation and output growth co-exists with a, mostly, negative short-run relationship. The paper further develops an explanation for these contrasting effects by relating them to recent theoretical models, by linking the estimated short-run effects to measures of financial fragility(namely, banking crises and financial volatility), and by jointly analyzing the effects of financial depth and fragility in classic panel growth regressions.

The aftermath of Civil War

Using an event-study methodology, this paper analyzes the aftermath of civil war in a cross-section of countries. It focuses on those experiences where the end of conflict marks the beginning of a relatively lasting peace. The paper considers 41 countries involved in internal wars in the period 1960-2003. In order to provide a comprehensive evaluation of the aftermath of war, the paper considers a host of social areas represented by basic indicators of economic performance, health and education, political development, demographic trends, and conflict and security issues. For each of these indicators, the paper first compares the post- and pre-war situations and then examines their dynamic trends during the post-conflict period. It conducts this analysis both in absolute and relative terms, the latter in relation to control groups of otherwise similar countries. The paper concludes that, even though war has devastating effects and its aftermath can be immensely difficult, when the end of war marks the beginning of lasting peace, recovery and improvement are indeed achieved.

Subjective theories of gynaecologists discussing sexuality in consultations

Objectives: This study aims to explore subjectives theories (Flick, 1991) concerning sexualityamong gynaecologists. Methods: We conducted 27 deepened semi-structured interviews withmen and women gynaecologists, in the French part of Switzerland. A thematic contentanalysis was applied to the entire corpus. Results: We observe that discourse on sexualityissues can be source of discomfort during consultation with patients. Our analysis highlightsdisparities among levels of knowledge, attitudes and practices in gynaecologists. We observedthat their knowledges on sexuality seem to be constructed mainly on a profane knowledgebased on the common sense and/or their personal experiences. Furthermore, our findingsshow sex differences among physicians, especially on theoretical perspectives underlying theirdiscourse, and the time they allow themselves to spend with a patient. Conclusion: Nowadays,gynaecologists come across sexuality issues that go beyond anatomical and physiologicalconsiderations and for which they are not necessarily qualified. Our research suggests toanalyse both the role and the limits of gynaecologists as well as the motivations guiding theircurrent practice.

Executive Order, July 1, 1945

Appointed and commissioned J. Norman Lee of Decorah, Iowa as Lieutenant Colonel on the Staff of the Commander-in-Chief

Further characterisation of the 91500 zircon crystal

This paper reports the results from a second characterisation of the 91500 zircon, including data from electron probe microanalysis, laser ablation inductively coupled plasma-mass spectrometry (LA-ICP-MS), secondary ion mass spectrometry (SIMS) and laser fluorination analyses. The focus of this initiative was to establish the suitability of this large single zircon crystal for calibrating in situ analyses of the rare earth elements and oxygen isotopes, as well as to provide working values for key geochemical systems. In addition to extensive testing of the chemical and structural homogeneity of this sample, the occurrence of banding in 91500 in both backscattered electron and cathodoluminescence images is described in detail. Blind intercomparison data reported by both LA-ICP-MS and SIMS laboratories indicate that only small systematic differences exist between the data sets provided by these two techniques. Furthermore, the use of NIST SRM 610 glass as the calibrant for SIMS analyses was found to introduce little or no systematic error into the results for zircon. Based on both laser fluorination and SIMS data, zircon 91500 seems to be very well suited for calibrating in situ oxygen isotopic analyses.

Barrier for the reaction X20+ + X20+ -> X402+ in alkali-metal clusters related to electron density at the bond midpoint of the supermolecule (X20+)2

Using the extended Thomas-Fermi version of density-functional theory (DFT), calculations are presented for the barrier for the reaction Na20++Na20+¿Na402+. The deviation from the simple Coulomb barrier is shown to be proportional to the electron density at the bond midpoint of the supermolecule (Na20+)2. An extension of conventional quantum-chemical studies of homonuclear diatomic molecular ions is then effected to apply to the supermolecular ions of the alkali metals. This then allows the Na results to be utilized to make semiquantitative predictions of position and height of the maximum of the fusion barrier for other alkali clusters. These predictions are confirmed by means of similar DFT calculations for the K clusters.

Resultats dels treballs d'excavació a l'àrea central de la ciutat romana de Pollentia (Alcúdia, Mallorca): avanç preliminar

Les excavacions realitzades als darrers anys a l'area central de la ciutat romana de Pollentia han permes d'identificar una part del forum. Entre les restes descobertes destaca l'existencia del conjunt format pel Capitoli i el portie periferic que, cronologicament, s'inscriuen dins la primera fase edilicia de la ciutat, a la primera meitat del segle 1 aC.

Un conjunt de materials d'època tardo-republicana de la ciutat romana de Pollentia (Alcúdia, Mallorca)

El pou D 18, situat a la part sud-oest de la zona coneguda del forum de Pollentia, fou amortitzat en el segon quart del segle 1 a.C. EIs materials que formaven part del farciment constitueixen un conjunt tancat representatiu sobretot deIs tipus ceramics locals i d'importació utilitzats en aquesta epoca. El volum principal d'importacions correspon als productes italics, seguits a gran distancia pels materials púnics, iberics i egeus.

Reducing the Problem of Transverse Cracking, HR-232, 1985

The Iowa Department of Transportation (DOT) is continually improving the pavement management program and striving to reduce maintenance needs. Through a 1979 pavement management study, the Iowa DOT became a participant in a five state Federal Highway Administration (FHWA) study of "Transverse Cracking of Asphalt Pavements". There were numerous conclusions and recommendations but no agreement as to the major factors contributing to transverse cracking or methods of preventing or reducing the occurrence of transverse cracking. The project did focus attention on the problem and generated ideas for research. This project is one of two state funded research projects that were a direct result of the FHWA project. Iowa DOT personnel had been monitoring temperature susceptibility of asphalt cements by the Norman McLeod Modified Penetration Index. Even though there are many variables from one asphalt mix to another, the trend seemed to indicate that the frequency of transverse cracking was highly dependent on the temperature susceptibility. Research project HR-217 "Reducing the Adverse Effects of Transverse Cracking" was initiated to verify the concept. A final report has been published after a four-year evaluation. The crack frequency with the high temperature susceptible asphalt cement was substantially greater than for the low temperature susceptible asphalt cement. An increased asphalt cement content in the asphalt treated base also reduced the crack frequency. This research on prevention of transverse cracking with fabric supports the following conclusions: 1. Engineering fabric does not prevent transverse cracking of asphalt cement concrete. 2. Engineering fabric may retard the occurrence of transverse cracking. 3. Engineering fabric does not contribute significantly to the structural capability of an asphalt concrete pavement.