Productivity growth and the exchange rate regime: The role of financial development

This paper offers empirical evidence that a country's choice of exchange rate regime can have a signifficant impact on its medium-term rate of productivity growth. Moreover, the impact depends critically on the country's level of financial development, its degree of market regulation, and its distance from the global technology frontier. We illustrate how each of these channels may operate in a simple stylized growth model in which real exchange rate uncertainty exacerbates the negative investment e¤ects of domestic credit market constraints. The empirical analysis is based on an 83 country data set spanning the years 1960-2000. Our approach delivers results that are in striking contrast to the vast existing empirical exchange rate literature, which largely finds the effects of exchange rate volatility on real activity to be relatively small and insignificant.

International capital flows and credit market imperfections: A tale of two frictions

The financial crisis of 2007-08 has underscored the importance of adverse selection in financialmarkets. This friction has been mostly neglected by macroeconomic models of financialimperfections, however, which have focused almost exclusively on the effects of limited pledgeability.In this paper, we fill this gap by developing a standard growth model with adverseselection. Our main results are that, by fostering unproductive investment, adverse selection:(i) leads to an increase in the economy s equilibrium interest rate, and; (ii) it generates a negativewedge between the marginal return to investment and the equilibrium interest rate. Underfinancial integration, we show how this translates into excessive capital inflows and endogenouscycles. We also extend our model to the more general case in which adverse selection and limitedpledgeability coexist. We conclude that both frictions complement one another and show thatlimited pledgeability exacerbates the effects of adverse selection.

Jackson County Sanitary Disposal Agency independent auditor's reports, basic financial statements and required supplementary information, schedule of findings, June 30, 2008

Audit report on the Jackson County Sanitary Disposal Agency for the year ended June 30, 2008

Logistics integration processes in the food industry

This paper analyses the integration process that firms follow toimplement Supply Chain Management (SCM). This study has beeninspired in the integration model proposed by Stevens (1989). Hesuggests that companies internally integrate first and then extendintegration to other supply chain members, such as customers andsuppliers.To analyse the integration process a survey was conducted amongSpanish food manufacturers. The results show that there are companiesin three different integration stages. In stage I, companies are notintegrated. In stage II, companies have a medium-high level of internalintegration in the Logistics-Production interface, a low level ofinternal integration in the Logistics-Marketing interface, and a mediumlevel of external integration. And, in stage III, companies have highlevels of integration in both internal interfaces and in some of theirsupply chain relationships.

Wireless E911 Emergency Communications Fund Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense independent auditor's reports, basic financial statements and supplementary information, June 30, 2008.

Audit report on the Wireless E911 Emergency Communication Fund of the Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense for the year ended June 30, 2008

Recreating the South Sea bubble: Lessons from an experiment in financial history

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been proposed as potentially contributing to one of the greatest periods of asset overvaluation in history: an intricate debt-for-equity swap, deferred payment for these shares, and the possibility of default on the deferred payments. We consider which aspect might have had the most impact in creating the South Sea bubble. The results of the experiment suggest that the company?s attempt to exchange its shares for government debt was the single biggest contributor to the stock price explosion, because of the manner in which the swap affected fundamental value. Issuing new shares with only partial payments required, in conjunction with the debt-equity swap, also had a significant effect on the size of the bubble. Limited contract enforcement, on the other hand, does not appear to have contributed significantly.

CABO VERDE: DE UM “ESTADO INVIÁVEL” AO PRAGMATISMO NA POLÍTICA EXTERNA

O artigo procura compreender de forma sincrónica as linhas fundamentais da política externa de Cabo Verde e seus reflexos nas relações internacionais, abarcando o período, desde a independência à actualidade. A perspectiva central é a de que a independência em 1975 representou uma nova era para o Estado de Cabo Verde, embora se tenha propalado a ideia de um Estado inviável. A estratégia para ultrapassar esta situação passava por uma aposta activa nas relações internacionais, nomeadamente numa política externa pragmática que se ajustasse num quadro de concertação e interacção com outros Estados. Procuramos, através de uma abordagem interdisciplinar e interpretativa, analisar os fenómenos sociais-internacionais que se configuram na política externa cabo-verdiana, sabendo que estes se relacionam tanto no campo da história e da sociologia como no campo da ciência política e das relações internacionais. Propõe-se novos desafios para a política externa cabo-verdiana, numa conjuntura internacional abalada pela crise financeira, uma aposta para uma maior integração regional no continente africano, aproveitando de forma estratégica o continente como nova fronteira de desenvolvimento.

Integration of genome-wide association studies with biological knowledge identifies six novel genes related to kidney function.

In conducting genome-wide association studies (GWAS), analytical approaches leveraging biological information may further understanding of the pathophysiology of clinical traits. To discover novel associations with estimated glomerular filtration rate (eGFR), a measure of kidney function, we developed a strategy for integrating prior biological knowledge into the existing GWAS data for eGFR from the CKDGen Consortium. Our strategy focuses on single nucleotide polymorphism (SNPs) in genes that are connected by functional evidence, determined by literature mining and gene ontology (GO) hierarchies, to genes near previously validated eGFR associations. It then requires association thresholds consistent with multiple testing, and finally evaluates novel candidates by independent replication. Among the samples of European ancestry, we identified a genome-wide significant SNP in FBXL20 (P = 5.6 × 10(-9)) in meta-analysis of all available data, and additional SNPs at the INHBC, LRP2, PLEKHA1, SLC3A2 and SLC7A6 genes meeting multiple-testing corrected significance for replication and overall P-values of 4.5 × 10(-4)-2.2 × 10(-7). Neither the novel PLEKHA1 nor FBXL20 associations, both further supported by association with eGFR among African Americans and with transcript abundance, would have been implicated by eGFR candidate gene approaches. LRP2, encoding the megalin receptor, was identified through connection with the previously known eGFR gene DAB2 and extends understanding of the megalin system in kidney function. These findings highlight integration of existing genome-wide association data with independent biological knowledge to uncover novel candidate eGFR associations, including candidates lacking known connections to kidney-specific pathways. The strategy may also be applicable to other clinical phenotypes, although more testing will be needed to assess its potential for discovery in general.

B2B Integration in Global Supply Chains: An Identification of Technical Integration Scenarios

The competitiveness of businesses is increasingly dependent on their electronic networks with customers, suppliers, and partners. While the strategic and operational impact of external integration and IOS adoption has been extensively studied, much less attention has been paid to the organizational and technical design of electronic relationships. The objective of our longitudinal research project is the development of a framework for understanding and explaining B2B integration. Drawing on existing literature and empirical cases we present a reference model (a classification scheme for B2B Integration). The reference model comprises technical, organizational, and institutional levels to reflect the multiple facets of B2B integration. In this paper we onvestigate the current state of electronic collaboration in global supply chains focussing on the technical view. Using an indepth case analysis we identify five integration scenarios. In the subsequent confirmatory phase of the research we analyse 112 real-world company cases to validate these five integration scenarios. Our research advances and deepens existing studies by developing a B2B reference model, which reflects the current state of practice and is independent of specific implementation technologies. In the next stage of the research the emerging reference model will be extended to create an assessment model for analysing the maturity level of a given company in a specific supply chain.

Activation of a HIF1alpha-PPARgamma axis underlies the integration of glycolytic and lipid anabolic pathways in pathologic cardiac hypertrophy.

Development of cardiac hypertrophy and progression to heart failure entails profound changes in myocardial metabolism, characterized by a switch from fatty acid utilization to glycolysis and lipid accumulation. We report that hypoxia-inducible factor (HIF)1alpha and PPARgamma, key mediators of glycolysis and lipid anabolism, respectively, are jointly upregulated in hypertrophic cardiomyopathy and cooperate to mediate key changes in cardiac metabolism. In response to pathologic stress, HIF1alpha activates glycolytic genes and PPARgamma, whose product, in turn, activates fatty acid uptake and glycerolipid biosynthesis genes. These changes result in increased glycolytic flux and glucose-to-lipid conversion via the glycerol-3-phosphate pathway, apoptosis, and contractile dysfunction. Ventricular deletion of Hif1alpha in mice prevents hypertrophy-induced PPARgamma activation, the consequent metabolic reprogramming, and contractile dysfunction. We propose a model in which activation of the HIF1alpha-PPARgamma axis by pathologic stress underlies key changes in cell metabolism that are characteristic of and contribute to common forms of heart disease.

Complete Ontology- Three level Integration

This file contains the complete ontology (OntoProcEDUOC_OKI_Final.owl). At loading time to edit, the OKI ontology corresponding to the implementation level (OntoOKI_DEFINITIVA.owl)must be imported.

Multisensory Integration and Perceptual Enhancement

We perceive our environment through multiple sensory channels. Nonetheless, research has traditionally focused on the investigation of sensory processing within single modalities. Thus, investigating how our brain integrates multisensory information is of crucial importance for understanding how organisms cope with a constantly changing and dynamic environment. During my thesis I have investigated how multisensory events impact our perception and brain responses, either when auditory-visual stimuli were presented simultaneously or how multisensory events at one point in time impact later unisensory processing. In "Looming signals reveal synergistic principles of multisensory integration" (Cappe, Thelen et al., 2012) we investigated the neuronal substrates involved in motion detection in depth under multisensory vs. unisensory conditions. We have shown that congruent auditory-visual looming (i.e. approaching) signals are preferentially integrated by the brain. Further, we show that early effects under these conditions are relevant for behavior, effectively speeding up responses to these combined stimulus presentations. In "Electrical neuroimaging of memory discrimination based on single-trial multisensory learning" (Thelen et al., 2012), we investigated the behavioral impact of single encounters with meaningless auditory-visual object parings upon subsequent visual object recognition. In addition to showing that these encounters lead to impaired recognition accuracy upon repeated visual presentations, we have shown that the brain discriminates images as soon as ~100ms post-stimulus onset according to the initial encounter context. In "Single-trial multisensory memories affect later visual and auditory object recognition" (Thelen et al., in review) we have addressed whether auditory object recognition is affected by single-trial multisensory memories, and whether recognition accuracy of sounds was similarly affected by the initial encounter context as visual objects. We found that this is in fact the case. We propose that a common underlying brain network is differentially involved during encoding and retrieval of images and sounds based on our behavioral findings. - Nous percevons l'environnement qui nous entoure à l'aide de plusieurs organes sensoriels. Antérieurement, la recherche sur la perception s'est focalisée sur l'étude des systèmes sensoriels indépendamment les uns des autres. Cependant, l'étude des processus cérébraux qui soutiennent l'intégration de l'information multisensorielle est d'une importance cruciale pour comprendre comment notre cerveau travail en réponse à un monde dynamique en perpétuel changement. Pendant ma thèse, j'ai ainsi étudié comment des événements multisensoriels impactent notre perception immédiate et/ou ultérieure et comment ils sont traités par notre cerveau. Dans l'étude " Looming signals reveal synergistic principles of multisensory integration" (Cappe, Thelen et al., 2012), nous nous sommes intéressés aux processus neuronaux impliqués dans la détection de mouvements à l'aide de l'utilisation de stimuli audio-visuels seuls ou combinés. Nos résultats ont montré que notre cerveau intègre de manière préférentielle des stimuli audio-visuels combinés s'approchant de l'observateur. De plus, nous avons montré que des effets précoces, observés au niveau de la réponse cérébrale, influencent notre comportement, en accélérant la détection de ces stimuli. Dans l'étude "Electrical neuroimaging of memory discrimination based on single-trial multisensory learning" (Thelen et al., 2012), nous nous sommes intéressés à l'impact qu'a la présentation d'un stimulus audio-visuel sur l'exactitude de reconnaissance d'une image. Nous avons étudié comment la présentation d'une combinaison audio-visuelle sans signification, impacte, au niveau comportementale et cérébral, sur la reconnaissance ultérieure de l'image. Les résultats ont montré que l'exactitude de la reconnaissance d'images, présentées dans le passé, avec un son sans signification, est inférieure à celle obtenue dans le cas d'images présentées seules. De plus, notre cerveau différencie ces deux types de stimuli très tôt dans le traitement d'images. Dans l'étude "Single-trial multisensory memories affect later visual and auditory object recognition" (Thelen et al., in review), nous nous sommes posés la question si l'exactitude de ia reconnaissance de sons était affectée de manière semblable par la présentation d'événements multisensoriels passés. Ceci a été vérifié par nos résultats. Nous avons proposé que cette similitude puisse être expliquée par le recrutement différentiel d'un réseau neuronal commun.

Comprehensive Annual Financial Report (CAFR) of the Iowa Public Employees' Retirement System (IPERS) for the fiscal year ended June 30, 2009.

Comprehensive Annual Financial Report (CAFR) of the Iowa Public Employees Retirement System (IPERS) for the fiscal year ended June 30, 2009. NOTE: this is a large file and may take a moment to download.

Jackson County Sanitary Disposal Agency independent auditor's reports, basic financial statements and required supplementary information, schedule of findings, June 30, 2009

Audit report on the Jackson County Sanitary Disposal Agency for the year ended June 30, 2009

Wireless E911 Emergency Communications Fund Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense independent auditor's reports, basic financial statements and supplementary information, June 30, 2009.

Audit report on the Wireless E911 Emergency Communication Fund of the Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense for the year ended June 30, 2009