Crises and growth: A re-evaluation

We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have experienced occasional crises have grown on average faster than countries with smooth credit conditions. We then present a two-sector endogenous growth model in which financial crises can occur, and analyze the relationship between financial fragility and growth. The underlying credit market imperfections generateborrowing constraints, bottlenecks and low growth. We show that under certain conditions endogenous real exchange rate risk arises and firms find it optimal to take on credit risk in the form of currency mismatch. Along such a risky path average growth is higher, but self-fulfilling crises occur occasionally. Furthermore, we establish conditions under which the adoption of credit risk is welfare improving and brings the allocation nearer to the Pareto optimal level. The design of the model is motivated by several features of recent crises: credit risk in the form of foreign currency denominated debt; costly crises that generate firesales and widespread bankruptcies; and asymmetric sectorial responses, wherethe nontradables sector falls more than the tradables sector in the wake of crises.

Regional industrialisation without national growth: The Catalan industrialization and the growth of Spanish economy (1830-1861)

This paper has two main objectives. First, it provides a stylised descriptionof the Catalan industrial path of the period 1830-1861. Second, it reviewsthe evolution of the Catalan industry in the Spanish context and, thus, canserve to describe the relative importance of the Catalan industrialexperience. Consequently, it is mainly devoted to computing and analysing thegrowth rates of Catalan industries during the early phase of industrialisation.The results show that Catalonia experienced a true process ofindustrialisation during the period 1830 to 1861, but that its contributionin rapid increase in Spanish GDP was relatively small.

Deficit, human capital and economic growth dynamics

Long-run economic growth arouses a great interest since it can shed light on the income-path of an economy and try to explain the large differences in income we observe across countries and over time. The neoclassical model has been followed by several endogenous growth models which, contrarily to the former, seem to predict that economies with similar preferences and technological level, do not necessarily tend to converge to similar per capita income levels. This paper attempts to show a possible mechanismthrough which macroeconomic disequilibria and inefficiencies, represented by budget deficits, may hinder human capital accumulation and therefore economic growth. Using a mixed education system, deficit is characterized as a bug agent which may end up sharply reducing the resources devoted to education and training. The paper goes a step further from the literature on deficit by introducing a rich dynamic analysis of the effects of a deficit reduction on different economic aspects.Following a simple growth model and allowing for slight changes in the law of human capital accumulation, we reach a point where deficit might sharply reduce human capital accumulation. On the other hand, a deficit reduction carried on for a long time, taking that reduction as a more efficient management of the economy, may prove useful in inducing endogenous growth. Empirical evidence for a sample of countries seems to support the theoretical assumptions in the model: (1) evidence on an inverse relationship betweendeficit and human capital accumulation, (2) presence of a strongly negative associationbetween the quantity of deficit in the economy and the rate of growth. They may prove a certain role for budget deficit in economic growth

Deficit, human capital and economic growth dynamics

Long-run economic growth arouses a great interest since it can shed light on the income-path of an economy and try to explain the large differences in income we observe across countries and over time. The neoclassical model has been followed by several endogenous growth models which, contrarily to the former, seem to predict that economies with similar preferences and technological level, do not necessarily tend to converge to similar per capita income levels. This paper attempts to show a possible mechanismthrough which macroeconomic disequilibria and inefficiencies, represented by budget deficits, may hinder human capital accumulation and therefore economic growth. Using a mixed education system, deficit is characterized as a bug agent which may end up sharply reducing the resources devoted to education and training. The paper goes a step further from the literature on deficit by introducing a rich dynamic analysis of the effects of a deficit reduction on different economic aspects.Following a simple growth model and allowing for slight changes in the law of human capital accumulation, we reach a point where deficit might sharply reduce human capital accumulation. On the other hand, a deficit reduction carried on for a long time, taking that reduction as a more efficient management of the economy, may prove useful in inducing endogenous growth. Empirical evidence for a sample of countries seems to support the theoretical assumptions in the model: (1) evidence on an inverse relationship betweendeficit and human capital accumulation, (2) presence of a strongly negative associationbetween the quantity of deficit in the economy and the rate of growth. They may prove a certain role for budget deficit in economic growth

Prograde mica 40Ar/39Ar growth ages recorded in high pressure rocks (Syros, Cyclades, Greece)

Phengites from the eclogite and blueschist-facies sequences of the Cycladic island of Syros (Greece) have been dated by the in situ UV-laser ablation Ar-40/Ar-39 method. A massive, phengite-rich eclogite and an omphacite-rich metagabbro were investigated. The phengites are eubedral and coarse-grained (several 100 mum), strain-free and exhibit no evidence for late brittle deformation or recrystallization. Apparent ages in these samples range from 43 to 50 Ma for the phengite-rich eclogite and 42 to 52 Ma for the ompbacitic metagabbro. This large spread of ages is visible at all scales-within individual grains as well as in domains of several 100 mum and across the entire sample (ca. 2 cm). Such variations have been traditionally attributed to metamorphic cooling or the incorporation of excess argon. However, the textural equilibrium between the phengites and other high pressure phases and the subtle compositional variations within the phengites, especially the preservation of growth textures, alternatively suggest that the observed range in ages may reflect variations of radiogenic argon acquired during phengite formation and subsequent growth, thus dating a discrete event on the prograde path. This implies that the oldest phengite 40Ar/39Ar ages provide the best estimate of a minimum crystallization age, which is in agreement with recently reported U-Pb and Lu-Hf geochronological data. Our results are consistent with available stable isotope data and further suggest that, under fluid-restricted conditions, both stable and radiogenic isotopic systems can survive without significant isotopic exchange during subduction and exhumation from eclogite-facies P-T conditions. (C) 2004 Elsevier B.V. All rights reserved.

NPK fertilization on initial growth of physic nut seedlings in Quartzarenic Neossol

Balanced fertilization is important for plant growth. There is little information on physic nut (Jatropha curcas L.) and tests with the fertilization of the species are very recent. This study evaluated the initial growth of physic nut seedlings in response to NPK rates to Quartzarenic Neossol in a greenhouse and estimated P and K critical soil levels and N, P and K in shoot dry matter after 120 days of evaluation. The treatments were arranged in a randomized, fractional factorial design (4 x 4 x 4)½, totalizing 32 treatments with three replicates, 96 experimental plots and N rates (0, 75, 150 and 300 mg dm-3) as urea; P rates (0, 45, 90 and 180 mg dm-3) as triple superphosphate and K rates (0, 50, 100 and 200 mg dm-3) as potassium chloride. After 120 days, the plants were harvested and some variables evaluated: plant height, stem diameter, shoot and root dry weight, macro and micronutrient levels in plant shoots, and soil chemical properties. The physic nut seedlings responded to NPK fertilizer in the initial growth phase; the response to N was negative. The recommended P and K rates were 25 and 67 mg dm-3, respectively. The critical levels, corresponding to the recommended P rate were 13 and 74 mg dm-3 for K in soil (Mehlich-1). The N, P and K levels in the shoot dry matter of physic nut were 37.4, 2.1 and 35.7 g kg-1, respectively.

Improved growth with bioabsorbable sutures in both high- and low-pressure zones.

BACKGROUND: Compromised growth after operation remains a significant problem in the cardiovascular field. Some benefit of absorbable suture materials has been demonstrated for arterial anastomoses. However, for the low-pressure zone, few data are available. METHODS: To assess growth in high- versus low-pressure zones we transected the abdominal aorta (high-pressure zone) as well as the inferior vena cava (low-pressure zone) in 10 young mongrel dogs using for reanastomosis 7-0 nonabsorbable versus absorbable running sutures in random order. RESULTS: All animals survived and were evaluated over 12 months including body weight (gain, 212% +/- 45% for nonabsorbable versus 218% +/- 8% for absorbable; not significant), angiography, and, after elective sacrifice, detailed studies of aorta and vena cava. Systematic complication of angiographic data at 12 months showed at the suture level an area of 13.8 mm2 for nonabsorbable versus 24.3 +/- 14.4 mm2 for absorbable sutures in the high-pressure zone as compared with 12.9 +/- 4.9 mm2 for nonabsorbable versus 25.3 +/- 15.4 mm2 for absorbable sutures in the low-pressure zone. Residual lumen, calculated as a function of the area above and below the suture, accounted for 35% +/- 10% for nonabsorbable versus 92% +/- 12% for absorbable sutures (p < 0.001) in the high-pressure zone as compared with 37% +/- 13% for nonabsorbable versus 75% +/- 15% for absorbable sutures (p < 0.003) in the low-pressure zone (high versus low, not significant). Poststenotic dilatation accounted for 199% +/- 22% for nonabsorbable versus 126% +/- 43% for absorbable sutures (p < 0.01) in the high-pressure zone. In the low-pressure zone, poststenotic dilatation remained below the inflow area, and the residual poststenotic lumen accounted for 52% +/- 14% for nonabsorbable versus 77% +/- 16% for absorbable sutures (p < 0.004). Macroscopic, light, and scanning electron microscopic studies confirmed different growth patterns in high- versus low-pressure zones. CONCLUSIONS: Aortic narrowing resulted in poststenotic dilatation and unrestricted outflow path (hourglass-type stenosis). Caval narrowing was followed by restriction of poststenotic outflow path (funnel-type stenosis). Absorbable suture material allows for superior growth in both high- and low-pressure zones.

Influence of triamcinolone intravitreal injection on retinochoroidal healing processes.

To analyze the effects of triamcinolone intravitreal injection on the wound healing processes after argon laser retinal photocoagulation, wild type C57BL/6J mice, 8-12 weeks old underwent a standard argon laser photocoagulation protocol. After pentobarbital anesthesia and pupil dilatation, argon laser lesions were induced (50microm, 400mW, 0.05s). Two photocoagulation impacts created two disc diameters from the optic nerve in both eyes. The photocoagulated mice were divided into four groups: Group I (n=12), photocoagulation controls, did not receive any intravitreous injection. Group II (n=12), received an intravitreous injection of 1microl of balanced salt solution (BSS). Group III (n=12), received an intravitreous injection of 1microl containing 15microg of triamcinolone acetonide (TAAC) in BSS. Two mice from each of these three groups were sacrificed at 1, 3, 7, 14 days and 2 and 4 months after photocoagulation. Group IV (n=10) received 1.5, 3, 7.5, 15, or 30microg of TAAC and were all sacrificed on day 14. The enucleated eyes were subjected to systematic analysis of the cellular remodeling processes taking place within the laser lesion and its vicinity. To this purpose, specific antibodies against GFAP, von Willebrand factor, F4/80 and KI67 were used for the detection of astrocytes, activated Müller cells, vascular endothelial cells, infiltrating inflammatory cells and actively proliferating cells. TUNEL reaction was also carried out along with nuclear DAPI staining. Temporal and spatial observations of the created photocoagulation lesions demonstrate that 24h following the argon laser beam, a localized and well-delineated affection of the RPE cells and choroid is observed in mice in Groups I and II. The inner retinal layers in these mice eyes are preserved while TUNEL positive (apoptotic) cells are observed at the retinal outer nuclear layer level. At this stage, intense staining with GFAP is associated with activated retinal astrocytes and Müller cells throughout the laser path. From day 3 after photocoagulation, dilated new choroidal capillaries are detected on the edges of the laser lesion. These processes are accompanied by infiltration of inflammatory cells and the presence of proliferating cells within the lesion site. Mice in Group III treated with 15microg/mul of triamcinolone showed a decreased number of infiltrating inflammatory cells and proliferating cells, which was not statistically significant compared to uninjected laser treated controls. The development of new choroidal capillaries on the edges of the laser lesion was also inhibited during the first 2 months after photocoagulation. However, on month 4 the growth of new vessels was observed in these mice treated with TAAC. Mice of Group IV did not show any development of new capillaries even with small doses. After argon laser photocoagulation of the mouse eye, intravitreal injection of triamcinolone markedly influenced the retina and choroid remodeling and healing processes. Triamcinolone is a powerful inhibitor of the formation of neovessels in this model. However, this inhibition is transient. These observations should provide a practical insight for the mode of TAAC use in patients with wet AMD.

Primary root protophloem differentiation requires balanced phosphatidylinositol-4,5-biphosphate levels and systemically affects root branching.

Protophloem is a specialized vascular tissue in growing plant organs, such as root meristems. In Arabidopsis mutants with impaired primary root protophloem differentiation, brevis radix (brx) and octopus (ops), meristematic activity and consequently overall root growth are strongly reduced. Second site mutation in the protophloem-specific presumed phosphoinositide 5-phosphatase COTYLEDON VASCULAR PATTERN 2 (CVP2), but not in its homolog CVP2-LIKE 1 (CVL1), partially rescues brx defects. Consistent with this finding, CVP2 hyperactivity in a wild-type background recreates a brx phenotype. Paradoxically, however, while cvp2 or cvl1 single mutants display no apparent root defects, the root phenotype of cvp2 cvl1 double mutants is similar to brx or ops, although, as expected, cvp2 cvl1 seedlings contain more phosphatidylinositol-4,5-biphosphate. Thus, tightly balanced phosphatidylinositol-4,5-biphosphate levels appear essential for proper protophloem differentiation. Genetically, OPS acts downstream of phosphatidylinositol-4,5-biphosphate levels, as cvp2 mutation cannot rescue ops defects, whereas increased OPS dose rescues cvp2 cvl1 defects. Finally, all three mutants display higher density and accelerated emergence of lateral roots, which correlates with increased auxin response in the root differentiation zone. This phenotype is also created by application of peptides that suppress protophloem differentiation, CLAVATA3/EMBRYO SURROUNDING REGION 26 (CLE26) and CLE45. Thus, local changes in the primary root protophloem systemically shape overall root system architecture.

Balanced Scorecard kevytmetallivalimossa

Työn tavoitteena oli kehittää alihankintaosia valmistavalle kevytmetallivalimolle Balanced Scorecard - malliin pohjautuva suorituskyvyn mittausjärjestelmä. Mittariston tarkoituksena on kasvattaa yritysjohdon tietämystä yrityksen eri toimintojen suorituskyvystä ja tarjota informaatiota päätöksenteon tueksi. Tarve suorituskyvyn mittaamiselle on syntynyt yrityksen kasvaessa ja asiakaspohjan laajentuessa. Työn alussa tutkittiin kirjallisuutta liittyen suorituskyvyn mittaamiseen. Tämän jälkeen tutkittiin strategiatyötä Balanced Scorecard – projektin yhteydessä ja itse Balanced Scorecard – projektiin liittyviä kysymyksiä. Teoriatiedon pohjalta muodostettiin kohdeyrityksen Balanced Scorecard. Ensin täsmennettiin yrityksen visiota ja strategiaa hyvän mittariston luomiseksi. Mittarit valittiin pohjautuen kriittisiin menestystekijöihin ja ne sijoitettiin näkökulmiin, jotka ovat sisäisten prosessien näkökulma, asiakasnäkökulma, talousnäkökulma sekä kasvun ja kehityksen näkökulma. Sisäisten prosessien näkökulmaan sijoitettiin tuotekohtaisia, osastokohtaisia ja toimittajakohtaisia mittareita. Mittaristo ei suinkaan ole projektin päätyttyä valmis vaan sitä tulee kehittää jatkuvasti. Mittariston käyttöönotto avaa mahdollisuuksia niin toiminnanohjausjärjestelmän paremmalle hyödyntämiselle kuin tavoitehinnoittelun käyttöönotolle. Myös asiakaskannattavuuslaskennan käyttöönottoa tulevaisuudessa kannattaa harkita.

Innovaatioprosessi Balanced Scorecard johtamisjärjestelmässä - Tärkeimmät tekijät prosessin onnistumiseksi

Työn tarkoituksena on tutkia, mitkä ovat tärkeimpiä tekijöitä, joita Balanced Scorecard johtamisjärjestelmää käyttävän organisaatioiden tulee huomioida innovaatioprosessinsa suunnittelussa ja toteutuksessa. Lisäksi työssä tutkitaan, millaisia kytkentöjä innovaatioprosessilla on BSC-johtamisjärjestelmän muihin osa-alueisiin sekä onko BSC ylipäätään sopiva johtamisjärjestelmä innovatiivisuutta tavoittelevalla organisaatiolle. Tutkimusstrategiana on kvalitatiivinen tutkimus ja tutkimusmetodina puolestaan puolistrukturoimaton haastattelu. Työn tärkein tutkimustulos on, että BSC-johtamisjärjestelmää käyttävän organisaation innovaatioprosessin onnistuminen ratkaistaan pitkälti aivan muualla kuin prosessin sisällä itsessään. Organisaation tulee ensinnäkin keskittyä edistämään innovaatioille suotuisaa kulttuuria, tässä organisaation arvot ovat yksi tärkein työväline. Toiseksi, organisaation tulee systemaattisesti kehittää yhteistyötä eri funktioiden ja niissä työskentelevien ihmisten välillä. Kolmanneksi, organisaation tulee mitata systemaattisesti niitä asioita, jotka indikoivat innovaatioiden edellytyksistä ja itse innovaatioprosessin toimivuudesta. Kaikki kolme mainittua tulosta liitetään työssä kirjoittajan toimesta yläkäsitteen johtaminen alle. Työssä tuodaan myös esille se, että organisaatioiden on syytä tarkastella edellä mainittuja kolmea teemaa kahdessa aikaulottuvuudessa – ajassa ennen innovaatioita ja varsinaisen innovaation jälkeen. Siten kunkin kolmen teeman olennaisin sisältö riippuukin aikaperspektiivistä. Yhtenä olennaisena johtopäätöksenä työn tekijä esittää, että BSC-johtamisjärjestelmää käyttävän organisaation ei tulisi investoida merkittävästi varsinaiseen innovaatioprosessiinsa ennen kuin se on kyennyt luomaan innovatiivisuutta tukevaa kulttuuria oppimisen ja kasvun näkökulmassa. Ilman innovaatioita tukevaa kulttuuria prosessissa itsessään tuskin on laadukasta sisältöä. Tämä johtopäätös on selkeä viesti organisaatioille toiminnan priorisoinnin kannalta.

Pp2a: At The Crossroads Between Growth and Defence In Plants

Living organisms manage their resources in well evolutionary-preserved manner to grow and reproduce. Plants are no exceptions, beginning from their seed stage they have to perceive environmental conditions to avoid germination at wrong time or rough soil. Under favourable conditions, plants invest photosynthetic end products in cell and organ growth to provide best possible conditions for generation of offspring. Under natural conditions, however, plants are exposed to a multitude of environmental stress factors, including high light and insufficient light, drought and flooding, various bacteria and viruses, herbivores, and other plants that compete for nutrients and light. To survive under environmental challenges, plants have evolved signaling mechanisms that recognise environmental changes and perform fine-tuned actions that maintain cellular homeostasis. Controlled phosphorylation and dephosphorylation of proteins plays an important role in maintaining balanced flow of information within cells. In this study, I examined the role of protein phosphatase 2A (PP2A) on plant growth and acclimation under optimal and stressful conditions. To this aim, I studied gene expression profiles, proteomes and protein interactions, and their impacts on plant health and survival, taking advantage of the model plant Arabidopsis thaliana and the mutant approach. Special emphasis was made on two highly similar PP2A-B regulatory subunits, B’γ and B’ζ. Promoters of B’γ and B’ζ were found to be similarly active in the developing tissues of the plant. In mature leaves, however, the promoter of B’γ was active in patches in leaf periphery, while the activity of B’ζ promoter was evident in leaf edges. The partially overlapping expression patterns, together with computational models of B’γ and B’ζ within trimeric PP2A holoenzymes suggested that B’γ and B’ζ may competitively bind into similar PP2A trimmers and thus influence each other’s actions. Arabidopsis thaliana pp2a-b’γ and pp2a-b’γζ double mutants showed dwarfish phenotypes, indicating that B’γ and B’ζ are needed for appropriate growth regulation under favorable conditions. However, while pp2a-b’γ displayed constitutive immune responses and appearance of premature yellowings on leaves, the pp2a-b’γζ double mutant supressed these yellowings. More detailed analysis of defense responses revealed that B’γ and B’ζ mediate counteracting effects on salicylic acid dependent defense signalling. Associated with this, B’γ and B’ζ were both found to interact in vivo with CALCIUM DEPENDENT PROTEIN KINASE 1 (CPK1), a crucial element of salicylic acid signalling pathway against pathogens in plants. In addition, B’γ was shown to modulate cellular reactive oxygen species (ROS) metabolism by controlling the abundance of ALTERNATIVE OXIDASE 1A and 1D in mitochondria. PP2A B’γ and B’ζ subunits turned out to play crucial roles in the optimization of plant choices during their development. Taken together, PP2A allows fluent responses to environmental changes, maintenance of plant homeostasis, and grant survivability with minimised cost of redirection of resources from growth to defence.

Ordered Model Processes, Reference Declaration And The Economic Organization: Implications For A Balanced Scorecard Contextual Framework

Les Tableaux de Bord de la Performance ont été acclamés avec raison depuis leur introduction en 1992, mais les intellectuels continuent encore à étudier leurs aspects pragmatiques. Ce papier contribue à la littérature sur les Tableaux de Bord de la Performance, tout d’abord, en offrant une explication logique quant à leur succès et ensuite, en présentant un cadre de travail contextuel de tableaux de bord de la performance pour une structure de gestion hiérarchisée. Le cadre de travail contextuel réforme la perspective d’apprentissage et de croissance du tableau de bord de la performance (i) en effectuant la transition de référence (subjective/objective), et (ii) en reconnaissant que la Perspective d’Apprentissage et de Croissance implique avant tout une incidence de formulation stratégique d’une extra-entité. Le transfert de l’incidence (intra-entité/extra-entité) réconcilie l’évolution de la position de politique de gestion non ordonnée [Contenu: (Contenu: Contexte): Contexte] qu’est la Perspective d’Apprentissage et de Croissance Concomitante. Le cadre de travail supplante également les Perspectives des Tableaux de Bord de la Performances développés par Kaplan et Norton en ajoutant la perspective de politique sociale qui manquait. La perspective manquante implique une transition de référence objective [(position endogène, perspective exogène): (position exogène, perspective exogène)]. De tels signaux de transition [Contenu: (Contenu: Contexte): Contexte] ordonnent l’évolution de la position de politique de gestion.

Technology trajectories, innovation, and the growth of biomimetics

Publication rate of patents can be a useful measure of innovation and productivity in science and technology. Patenting activity in new technological fields follows a sigmoid (S-shaped) path. Qualitative and quantitative models in management and economics literature explain why such patterns of productivity may occur. TRIZ analysis suggests that patents are generated in bursts during the evolution of a product and that they are at different levels of inventiveness. The tendency is for the inventiveness to reduce as the product is more mature. This makes it possible to guess at the lifetime stage of a product and gauge its maturity and profitability. An analysis of patenting activity and other measures of inventiveness in the emerging field of biomimetics was presented, and future trends in biologically-inspired innovation was discussed.

Economic transformation in Ghana: where will the path lead?

In the context of the Ghanaian government’s objective of structural transformation with an emphasis on manufacturing, this paper provides a case study of economic transformation in Ghana, exploring patterns of growth, sectoral transformation, and agglomeration. We document and examine why, despite impressive growth and poverty reduction figures, Ghana’s economy has exhibited less transformation than might be expected for a country that has recently achieved middle-income status. Ghana’s reduced share of agriculture in the economy, unlike many successfully transformed countries in Asia and Latin America, has been filled by services, while manufacturing has stagnated and even declined. Likely causes include weak transformation of the agricultural sector and therefore little development of agroprocessing, the emergence of consumption cities and consumption-driven growth, upward pressure on the exchange rate, weak production linkages, and a poor environment for private-sector-led manufacturing.