Factor Proportions and the Growth of World Trade

Most of the expansion of global trade during the last three decades has been of the North-South kind - between capital-abundant developed and labour-abundant developing countries. Based on this observation, I argue that the recent growth of world trade is best understood from a factor-proportions perspective. I present novel evidence documenting that differences in capital-labour ratios across countries have increased in the wake of two shocks to the global economy: i) the opening up of China and ii) financial globalisation and the resulting upstream capital flows towards capital-abundant regions. I analyse their impact on specialisation and the volume of trade in a dynamic model which combines factor-proportions trade in goods with international trade in financial assets. Calibrating this model, I find that it can account for 60% of world trade growth between 1980 and 2007. It is also capable of predicting international investment patterns which are consistent with the data

Exchange Rate Predictability in a Changing World

An expanding literature articulates the view that Taylor rules are helpful in predicting exchange rates. In a changing world however, Taylor rule parameters may be subject to structural instabilities, for example during the Global Financial Crisis. This paper forecasts exchange rates using such Taylor rules with Time Varying Parameters (TVP) estimated by Bayesian methods. In core out-of-sample results, we improve upon a random walk benchmark for at least half, and for as many as eight out of ten, of the currencies considered. This contrasts with a constant parameter Taylor rule model that yields a more limited improvement upon the benchmark. In further results, Purchasing Power Parity and Uncovered Interest Rate Parity TVP models beat a random walk benchmark, implying our methods have some generality in exchange rate prediction.

Education and the local equity bias around the world

Using a panel of 38 economies, over the period 2001 to 2010, we analyse the link between different facets of education and diversification in international portfolios. We find that university education, mathematical numeracy, in addition to financial skill, play an important role in reducing home bias. After separating countries according to their level of financial development, we find that less developed economies with more university graduates, or with higher level of mathematical numeracy, have lower level of local equity bias compared to more developed countries. We also find that the beneficial effect of education is more pronounced during the most recent financial crisis, especially for economies with less developed financial markets.

Antidoping programme and biological monitoring before and during the 2014 FIFA World Cup Brazil.

BACKGROUND: The FIFA has implemented an important antidoping programme for the 2014 FIFA World Cup. AIM: To perform the analyses before and during the World Cup with biological monitoring of blood and urine samples. METHODS: All qualified players from the 32 teams participating in the World Cup were tested out-of-competition. During the World Cup, 2-8 players per match were tested. Over 1000 samples were collected in total and analysed in the WADA accredited Laboratory of Lausanne. RESULTS: The quality of the analyses was at the required level as described in the WADA technical documents. The urinary steroid profiles of the players were stable and consistent with previously published papers on football players. During the competition, amphetamine was detected in a sample collected on a player who had a therapeutic use exemption for attention deficit hyperactivity disorder. The blood passport data showed no significant difference in haemoglobin values between out-of-competition and postmatch samples. CONCLUSIONS: Logistical issues linked to biological samples collection, and the overseas shipment during the World Cup did not impair the quality of the analyses, especially when used as the biological passport of football players.

Biogeographic origin and radiation of the Old World crocidurine shrews (Mammalia: Soricidae) inferred from mitochondrial and nuclear genes.

The crocidurine shrews include the most speciose genus of mammals, Crocidura. The origin and evolution of their radiation is, however, poorly understood because of very scant fossil records and a rather conservative external morphology between species. Here, we use an alignment of 3560 base pairs of mitochondrial and nuclear DNA to generate a phylogenetic hypothesis for the evolution of Old World shrews of the subfamily Crocidurinae. These molecular data confirm the monophyly of the speciose African and Eurasian Crocidura, which also includes the fossorial, monotypic genus Diplomesodon. The phylogenetic reconstructions give further credit to a paraphyletic position of Suncus shrews, which are placed into at least two independent clades (one in Africa and sister to Sylvisorex and one in Eurasia), at the base of the Crocidura radiation. Therefore, we recommend restricting the genus Suncus to the Palaearctic and Oriental taxa, and to consider all the African Suncus as Sylvisorex. Using molecular dating and biogeographic reconstruction analyses, we suggest a Palaearctic-Oriental origin for Crocidura dating back to the Upper Miocene (6.8 million years ago) and several subsequent colonisations of the Afrotropical region by independent lineages of Crocidura.

Glomus intraradices induces changes in root system architecture of rice independently of common symbiosis signaling

? Arbuscular mycorrhizal fungi colonize the roots of most monocotyledons and dicotyledons despite their different root architecture and cell patterning. Among the cereal hosts of arbuscular mycorrhizal fungi, Oryza sativa (rice) possesses a peculiar root system composed of three different types of roots: crown roots; large lateral roots; and fine lateral roots. Characteristic is the constitutive formation of aerenchyma in crown roots and large lateral roots and the absence of cortex from fine lateral roots. Here, we assessed the distribution of colonization by Glomus intraradices within this root system and determined its effect on root system architecture. ? Large lateral roots are preferentially colonized, and fine lateral roots are immune to arbuscular mycorrhizal colonization. Fungal preference for large lateral roots also occurred in sym mutants that block colonization of the root beyond rhizodermal penetration. ? Initiation of large lateral roots is significantly induced by G. intraradices colonization and does not require a functional common symbiosis signaling pathway from which some components are known to be needed for symbiosis-mediated lateral root induction in Medicago truncatula. ? Our results suggest variation of symbiotic properties among the different rice root-types and induction of the preferred tissue by arbuscular mycorrhizal fungi. Furthermore, signaling for arbuscular mycorrhizal-elicited alterations of the root system differs between rice and M. truncatula.

Public particiation and the legitimacy of intergovernmental decision-making : a focus on the World Trade Organization

The legitimacy of the WTO's decision-making process has always been questioned, and many have advocated public participation mechanisms as a remedy. The present study considers the limits and potential of these mechanisms by advancing a conceptual framework, which distinguishes the four 'implementation parameters' of public participation: the goal, the object, the modalities, and the actors. It addresses the issue of legitimacy by considering to what extent, and by virtue of which legal developments, one can see implementing the democratic principle as a goal for public participation in the context of the WTO. By analyzing the institutional structure of the WTO and its different types of decisions, it then outlines how this goal should influence the object and modalities of public participation, which decision-making procedures should be opened to public participation, and how the mechanisms should be implemented in practice. Finally, it suggests speciflrc amendments to existing WTO affangements on public participation

Synthèse de l'évolution de la plateforme Urgonienne (Barrémien tardif à Aptien précoce) du Sud-Est de la France : facies, micropaléontologie, géochimie, géométries, paléotectonique et géomodélisation

Il y a environ 125 millions d'années, au Crétacé inférieur, la position des continents et le climat terrestre étaient bien différents de ce que l'on connait aujourd'hui. Le Sud-Est de la France, secteur de cette étude, était alors recouvert d'eau, sous un climat chaud et humide. Sur la bordure de cette étendue d'eau (appelée bassin Vocontien), qui correspond aujourd'hui aux régions de la Provence, du Vaucluse, du Gard, de l'Ardèche et du Vercors, des plateformes carbonatées, (telles que les Bahamas), se développaient. Le calcaire, formé à partir des sédiments accumulés sur ces plateformes, est appelé Urgonien. L'objectif de cette étude est de définir les facteurs qui ont influencé le développement de cette plateforme carbonatée dite « urgonienne » et dans quelle mesure. Plusieurs missions de terrain ont permis de récolter de nombreux échantillons de roche en 52 lieux répartis sur l'ensemble du Sud-Est de la France. Les observations réalisées sur le terrain ainsi que les données acquises en laboratoire (microfaune, microfacies et données géo-chimiques) ont permis, de subdiviser chacune des 52 séries urgoniennes en séquences stratigraphiques et cortèges sédimentaires. La comparaison des épaisseurs et des faciès de chaque cortège sédimentaire permet de concevoir la géométrie et l'évolution paléogéographique de la plateforme urgonienne. Les résultats de cette étude démontrent que son organisation est principalement dirigée par des failles qui ont jouées pendant le dépôt des sédiments. Sur la bordure nord du bassin Vocontien, trois failles subméridiennes contrôlent la géométrie et la répartition des environnements de dépôt. Sur sa bordure sud, ces failles synsédimentaires d'orientation N30° et N110° délimitent des blocs basculés. En tête de bloc, des séries d'épaisseurs réduites à faciès de lagon interne se sont déposées alors que les pieds de blocs sont caractérisés par des épaisseurs importantes et la présence de faciès plus externes. Ces concepts ont ensuite été testés en construisant un modèle numérique en trois dimensions de l'Urgonien du Sud-Est de la France. Sa cohérence avec les données acquises tout au long de cette étude d'une part, et sa cohérence géométrique d'autre part, valide les théories avancées. Des formations équivalentes à l'Urgonien sont réparties dans le monde entier et notamment au Moyen-Orient où elles constituent les réservoirs pétroliers les plus importants. Etre capable de caractériser les facteurs ayant influencé son architecture permet par la suite une meilleure exploitation de ses ressources énergétiques. -- Au Crétacé inférieur, l'intense activité magmatique due à la dislocation du super-continent Pangée influence fortement les conditions environnementales globales. Au Barrémien terminal et Aptien basal, période géologique dont fait l'objet cette étude, le bassin Vocontien, puis Bédoulien, recouvre le Sud-Est de la France, sous un climat chaud et humide. Sur les bordures de ces bassins, des plateformes carbonatées se mettent en place. Les sédiments qui se déposent sur ces plateformes sont à l'origine de la formation urgonienne. Afin d'étudier cette formation, une charte biostratigraphique, principalement basée sur les Orbitolinidés, et un modèle de faciès ont été développés. Les assemblages faunistiques, la succession des faciès, les observations de terrain ainsi que l'étude de signaux géochimiques ont permis le découpage séquentiel de la série urgonienne le long de 54 coupes et puis, répartis sur l'ensemble du Sud-Est de la France. Les corrélations induites par cette étude stratigraphique ont mis en évidence d'importantes variations d'épaisseur et d'environnements de dépôt au sein même de la plateforme urgonienne. Ces variations sont expliquées par le jeu de failles syn-sédimentaires qui ont compartimentées la plateforme urgonienne en blocs. Sur la bordure sud du bassin Vocontien, ces failles d'orientation N30° et N110° délimitent six blocs basculés. Au sommet du Barrémien terminal, la subsidence des blocs situés le plus au sud s'amplifie jusqu'à provoquer l'ouverture du bassin de la Bédoule au sud du secteur d'étude. Cette théorie d'évolution a ensuite été testée par l'élaboration d'un modèle numérique en trois dimensions de l'Urgonien du Sud-Est de la France. Sa cohérence avec les données acquises tout au long de cette étude d'une part, et sa cohérence géométrique d'autre part, valide les théories avancées. Des analogues de l'Urgonien sont répartis dans le monde entier et notamment au Moyen-Orient où ils représentent d'importants réservoirs pétroliers. Être capable de caractériser les facteurs ayant influencé l'architecture de l'Urgonien du Sud-Est de la France permet par la suite une meilleure exploitation de ses ressources énergétiques. -- During the Early Cretaceous epoch, intensive magmatic activity due to the dislocation of the super-continent Pangaea, highly influenced global environmental conditions, which were characterized by a warm and generally humic climate. In this context, carbonate platforms were important in tropical and subtropical shallow-water regions, and especially during the late Barremian and early Aptian, platform carbonates of so-called Urgonian affinity are widespread. In southeastern France, the Urgonian platform was part of the northern Tethyan margin and bordered the Vocontian and the Bedoulian basins. The goal of this thesis was the systematic study of the Urgonian Formation in this region, and in order to achieve this goal, a biostratigraphic chart and a facies model were developed. The faunistic assemblages, the facies succession, the field observations and the study of geochemical signals lead to a sequential subdivision of the Urgonian series along 54 sections and wells allocated in five different regions in southeastern France (Gard, Ardèche, Vercors, Vaucluse and Provence). Correlations from this stratigraphic study highlight important variations in thickness and depositional environments of the Urgonian series. These variations are explained by relative movements induced by syn-sedimentary faults, which divided the Urgonian platforms into blocks. On the southern border of the Vocontian basin, these faults, oriented N30° and N110°, delineate six tilted blocks. At the top of the upper Barremian carbonates, subsidence of the two southern blocks accelerated leading to the opening of the Bedoulian basin. The reconstruction of the sequence-stratigraphic and paleoenvironmental evolution of the Urgonian platforms was then tested by the construction of a 3D numerical model of the Urgonian formation of southeastern France. Firstly, its consistency with the data collected during this study, and secondly, its geometrical coherence validate the proposed theory. Urgonian analogs exist all over the world and particularly in Middle East where they constitute important oil reservoirs. The exact reconstruction of the major factors, which influenced the architecture of these formations, will allow for a better exploitation of these energy resources.

As the world turns: short-term human spatial memory in egocentric and allocentric coordinates

We aimed to determine whether human subjects' reliance on different sources of spatial information encoded in different frames of reference (i.e., egocentric versus allocentric) affects their performance, decision time and memory capacity in a short-term spatial memory task performed in the real world. Subjects were asked to play the Memory game (a.k.a. the Concentration game) without an opponent, in four different conditions that controlled for the subjects' reliance on egocentric and/or allocentric frames of reference for the elaboration of a spatial representation of the image locations enabling maximal efficiency. We report experimental data from young adult men and women, and describe a mathematical model to estimate human short-term spatial memory capacity. We found that short-term spatial memory capacity was greatest when an egocentric spatial frame of reference enabled subjects to encode and remember the image locations. However, when egocentric information was not reliable, short-term spatial memory capacity was greater and decision time shorter when an allocentric representation of the image locations with respect to distant objects in the surrounding environment was available, as compared to when only a spatial representation encoding the relationships between the individual images, independent of the surrounding environment, was available. Our findings thus further demonstrate that changes in viewpoint produced by the movement of images placed in front of a stationary subject is not equivalent to the movement of the subject around stationary images. We discuss possible limitations of classical neuropsychological and virtual reality experiments of spatial memory, which typically restrict the sensory information normally available to human subjects in the real world.