Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

Monetary Policy Under a Currency Board

The consensus view is that central banks under currency boards do not have tools for active monetary policy. In this paper, we analyze the foreign exchange fee as a monetary policy instrument that can be used by a central bank under a currency board. We develop a general equilibrium model showing that changes in this fee may have the same effects as a change in the monetary policy stance. Thus central banks under the currency board are shown to have an avenue to implement active monetary policy.

Tax Collection in History

Methods of tax collection employed by modern governments seem dull when compared to the rich variety observed in history. Whereas most governments today typically use salaried agents to collect taxes, various other types of contractual relationships have been observed in history, including sharing arrangements which divide the tax revenue between the government and collectors at fixed proportions, negotiated payment schemes based on the tax base, and sale of the revenue to a collector in exchange for a lump-sum payment determined at auction. We propose an economic theory of tax collection that can coherently explain the temporal and spatial variation in contractual forms. We begin by offering a simple classification of tax collection schemes observed in history. We then develop a general economic model of tax collection that specifies the cost and benefits of alternative schemes and identifies the conditions under which a government would choose one contractual form over another in maximizing the net revenue. Finally, we use the conclusions of the model to explain some of the well-known patterns of tax collection observed in history and how choices varied over time and space.

A space-time analysis of reported shigellosis and salmonellosis cases in Texas from 2000 to 2004

Background. The purpose of this study was to describe the risk factors and demographics of persons with salmonellosis and shigellosis and to investigate both seasonal and spatial variations in the occurrence of these infections in Texas from 2000 to 2004, utilizing time series analyses and the geographic information system digital mapping methods. ^ Methods. Spatial Analysis: MapInfo software was used to map the distribution of age-adjusted rates of reported shigellosis and salmonellosis in Texas from 2000–2004 by zip codes. Census data on above or below poverty level, household income, highest level of educational attainment, race, ethnicity, and urban/rural community status was obtained from the 2000 Decennial Census for each zip code. The zip codes with the upper 10% and lower 10% were compared using t-tests and logistic regression to determine whether there were any potential risk factors. ^ Temporal analysis. Seasonal patterns in the prevalence of infections in Texas from 2000 to 2003 were determined by performing time-series analysis on the numbers of cases of salmonellosis and shigellosis. A linear regression was also performed to assess for trends in the incidence of each disease, along with auto-correlation and multi-component cosinor analysis. ^ Results. Spatial analysis: Analysis by general linear model showed a significant association between infection rates and age, with young children aged less than 5 and those aged 5–9 years having increased risk of infection for both disease conditions. The data demonstrated that those populations with high percentages of people who attained a higher than high school education were less likely to be represented in zip codes with high rates of shigellosis. However, for salmonellosis, logistic regression models indicated that when compared to populations with high percentages of non-high school graduates, having a high school diploma or equivalent increased the odds of having a high rate of infection. ^ Temporal analysis. For shigellosis, multi-component cosinor analyses were used to determine the approximated cosine curve which represented a statistically significant representation of the time series data for all age groups by sex. The shigellosis results show 2 peaks, with a major peak occurring in June and a secondary peak appearing around October. Salmonellosis results showed a single peak and trough in all age groups with the peak occurring in August and the trough occurring in February. ^ Conclusion. The results from this study can be used by public health agencies to determine the timing of public health awareness programs and interventions in order to prevent salmonellosis and shigellosis from occurring. Because young children depend on adults for their meals, it is important to increase the awareness of day-care workers and new parents about modes of transmission and hygienic methods of food preparation and storage. ^

Regression with autocorrelated data: A study of time trend of global infant mortality rate

The infant mortality rate (IMR) is considered to be one of the most important indices of a country's well-being. Countries around the world and other health organizations like the World Health Organization are dedicating their resources, knowledge and energy to reduce the infant mortality rates. The well-known Millennium Development Goal 4 (MDG 4), whose aim is to archive a two thirds reduction of the under-five mortality rate between 1990 and 2015, is an example of the commitment. ^ In this study our goal is to model the trends of IMR between the 1950s to 2010s for selected countries. We would like to know how the IMR is changing overtime and how it differs across countries. ^ IMR data collected over time forms a time series. The repeated observations of IMR time series are not statistically independent. So in modeling the trend of IMR, it is necessary to account for these correlations. We proposed to use the generalized least squares method in general linear models setting to deal with the variance-covariance structure in our model. In order to estimate the variance-covariance matrix, we referred to the time-series models, especially the autoregressive and moving average models. Furthermore, we will compared results from general linear model with correlation structure to that from ordinary least squares method without taking into account the correlation structure to check how significantly the estimates change.^

Mapa educativo nacional. Una experiencia en la República Argentina

El Proyecto Mapa Educativo Nacional (MEN) es un SIG generado a partir del desarrollo e integración de 24 Mapas Educativos Provinciales sobre la base de un modelo conceptual general, con una visión dinámica de los 49.000 establecimientos educativos, así como de su contexto territorial. Los objetivos del trabajo son: a) sistematizar los aportes al Proyecto MEN desde la teoría cartográfica, reconociendo instancias de concepción, construcción y comunicación de los mapas que lo integran, así como vinculaciones entre territorio, espacio y espacialidades emergentes de la concreción de la tarea; y b) identificar en qué medida la concreción del Proyecto MEN en la República Argentina contribuye a fortalecer un enfoque dialéctico conocimiento-realidad sobre el territorio y la gestión aplicado a un objeto de estudio e intervención concreto de desarrollo institucional, con el propósito de promover un círculo virtuoso de transformación entre sujetos de cambio y agentes de desarrollo.

Mapa educativo nacional. Una experiencia en la República Argentina

El Proyecto Mapa Educativo Nacional (MEN) es un SIG generado a partir del desarrollo e integración de 24 Mapas Educativos Provinciales sobre la base de un modelo conceptual general, con una visión dinámica de los 49.000 establecimientos educativos, así como de su contexto territorial. Los objetivos del trabajo son: a) sistematizar los aportes al Proyecto MEN desde la teoría cartográfica, reconociendo instancias de concepción, construcción y comunicación de los mapas que lo integran, así como vinculaciones entre territorio, espacio y espacialidades emergentes de la concreción de la tarea; y b) identificar en qué medida la concreción del Proyecto MEN en la República Argentina contribuye a fortalecer un enfoque dialéctico conocimiento-realidad sobre el territorio y la gestión aplicado a un objeto de estudio e intervención concreto de desarrollo institucional, con el propósito de promover un círculo virtuoso de transformación entre sujetos de cambio y agentes de desarrollo.

Modelled global ocean temperature from 6 ka to present

We compare the ocean temperature evolution of the Holocene as simulated by climate models and reconstructed from marine temperature proxies. This site provides informations about the Holocene temperature trends as simulated by the models. We use transient simulations from a coupled atmosphere-ocean general circulation model, as well as an ensemble of time slice simulations from the Paleoclimate Modelling Intercomparison Project. The general pattern of sea surface temperature (SST) in the models shows a high latitude cooling and a low latitude warming. The proxy dataset comprises a global compilation of marine alkenone- and Mg/Ca-derived SST estimates. Independently of the choice of the climate model, we observe significant mismatches between modelled and estimated SST amplitudes in the trends for the last 6000 years. Alkenone-based SST records show a similar pattern as the simulated annual mean SSTs, but the simulated SST trends underestimate the alkenone-based SST trends by a factor of two to five. For Mg/Ca, no significant relationship between model simulations and proxy reconstructions can be detected. We tested if such discrepancies can be caused by too simplistic interpretations of the proxy data. We tested different seasons and depths in the model to compare the proxy data trends, and can reconcile only part of the mismatches on a regional scale. We therefore considered the additional environmental factor changes in the planktonic organisms' habitat depth and a time-shift in the recording season to diagnose whether invoking those environmental factors can help reconciling the proxy records and the model simulations. We find that invoking shifts in the living season and habitat depth can remove some of the model-data discrepancies in SST trends. Regardless whether such adjustments in the environmental parameters during the Holocene are realistic, they indicate that when modeled temperature trends are set up to allow drastic shifts in the ecological behavior of planktonic organisms, they do not capture the full range of reconstructed SST trends. Our findings indicate that climate model and reconstructed temperature trends are to a large degree only qualitatively comparable, thus providing a challenge for the interpretation of proxy data as well as the models' sensitivity to orbital forcing.

Mapa educativo nacional. Una experiencia en la República Argentina

El Proyecto Mapa Educativo Nacional (MEN) es un SIG generado a partir del desarrollo e integración de 24 Mapas Educativos Provinciales sobre la base de un modelo conceptual general, con una visión dinámica de los 49.000 establecimientos educativos, así como de su contexto territorial. Los objetivos del trabajo son: a) sistematizar los aportes al Proyecto MEN desde la teoría cartográfica, reconociendo instancias de concepción, construcción y comunicación de los mapas que lo integran, así como vinculaciones entre territorio, espacio y espacialidades emergentes de la concreción de la tarea; y b) identificar en qué medida la concreción del Proyecto MEN en la República Argentina contribuye a fortalecer un enfoque dialéctico conocimiento-realidad sobre el territorio y la gestión aplicado a un objeto de estudio e intervención concreto de desarrollo institucional, con el propósito de promover un círculo virtuoso de transformación entre sujetos de cambio y agentes de desarrollo.

EPICA Dome C Ice Core 800KYr deuterium data and temperature estimates

A high-resolution deuterium profile is now available along the entire European Project for Ice Coring in Antarctica Dome C ice core, extending this climate record back to marine isotope stage 20.2, ~800,000 years ago. Experiments performed with an atmospheric general circulation model including water isotopes support its temperature interpretation. We assessed the general correspondence between Dansgaard-Oeschger events and their smoothed Antarctic counterparts for this Dome C record, which reveals the presence of such features with similar amplitudes during previous glacial periods. We suggest that the interplay between obliquity and precession accounts for the variable intensity of interglacial periods in ice core records. Temperature was estimated after correction for sea-water isotopic composition (Bintanja et al, 2005) and for ice sheet elevation (Parrenin et al, 2007) on EDC3 age scale (Parrenin et al, 2007).

Glacial-interglacial bioproductivity of the Mexican Margin

Sedimentary accumulation of biogenic components (organic carbon, opal, and biogenic barium) on the northwestern Mexican margin declined during every glacial interval of the past 140 kyr, indicating decreases in upwelling-induced productivity during cold periods. The glacial-interglacial contrasts in upwelling on this margin are attributed to reversals in land-ocean thermal contrast, the waxing and waning of the Laurentide Ice Sheet, and consequent responses of the western hemisphere wind fields. This scenario is consistent with three independent lines of evidence: terrestrial paleoclimatic data, general circulation model results, and our marine records. This pattern of glacial-interglacial variability in upwelling off NW Mexico is opposite to that observed in other low-latitude and midlatitude upwelling areas, such as the eastern equatorial Pacific. These results add to a growing pool of observations that the response of oceanic upwelling to glacial climatic forcing has been regionally variable.

Sea-surface temperature reconstruction of sediments from the North Pacific and North Atlantic

Holocene climate variability is investigated in the North Pacific and North Atlantic realms, using alkenone-derived sea-surface temperature (SST) records as well as a millennial scale simulation with a coupled atmosphere-ocean general circulation model (AOGCM). The alkenone SST data indicate a temperature increase over almost the entire North Pacific from 7 cal kyr BP to the present. A dipole pattern with a continuous cooling in the northeastern Atlantic and a warming in the eastern Mediterranean Sea and the northern Red Sea is detected in the North Atlantic realm. Similarly, SST variations are opposite in sign between the northeastern Pacific and the northeastern Atlantic. A 2300 year long AOGCM climate simulation reveals a similar SST seesaw between the northeastern Pacific and the northeastern Atlantic on centennial time scales. Our analysis of the alkenone SST data and the model results suggests fundamental inter-oceanic teleconnections during the Holocene.

Stable oxygen isotope data of Globorotalia inflata and radiocarbon dates for sediment cores GeoB6211-2, GeoB13862-1, and GeoB6308-3

The Southern Westerly Winds (SWW) exert a crucial influence over the world ocean and climate. Nevertheless, a comprehensive understanding of the Holocene temporal and spatial evolution of the SWW remains a significant challenge due to the sparsity of high-resolution marine archives and appropriate SWW proxies. Here, we present a north-south transect of high-resolution planktonic foraminiferal oxygen isotope records from the western South Atlantic. Our proxy records reveal Holocene migrations of the Brazil- Malvinas Confluence (BMC), a highly sensitive feature for changes in the position and strength of the northern portion of the SWW. Through the tight coupling of the BMC position to the large-scale wind field, the records allow a quantitative reconstruction of Holocene latitudinal displacements of the SWW across the South Atlantic. Our data reveal a gradual poleward movement of the SWW by about 1-1.5° from the early to the mid-Holocene. Afterwards variability in the SWW is dominated by millennial-scale displacements in the order of 1° in latitude with no recognizable longer-term trend. These findings are confronted with results from a state-of-the-art transient Holocene climate simulation using a comprehensive coupled atmosphere-ocean general circulation model. Proxy-inferred and modeled SWW shifts compare qualitatively, but the model underestimates both orbitally forced multi-millennial and internal millennial SWW variability by almost an order of magnitude. The underestimated natural variability implies a substantial uncertainty in model projections of future SWW shifts.