Examining Private Investment Heterogeneity: Evidence from a Dynamic Panel

domestic private investment, public investment, dynamic heterogeneity, endogeneity, Generalised Method of Moments

Microwave performance of an optically controlled AlGaAs/GaAs high electron mobility transistor and GaAs MESFET

Direct current and also the microwave characteristics of optically illuminated AlGaAs/GaAs HEMT are experimentally measured for the first time and compared with that of GaAs MESFET. The results showed that the average increase in the gain is 2.89 dB under 1.7 nW/sq cm optical intensity at 0.83 microns. Further, the effect of illumination on S-parameters is more pronounced when the devices are biased close to pinch off. Novel applications of optically illuminated HEMT as a variable gain amplifier, high speed high frequency photo detector, and mixer are demonstrated

Financial Restraints in the South Korean Miracle

We provide novel empirical evidence on the effects of financial restraints on South Korean financial development. The evidence is linked to a simple model of the Korean banking system that encapsulates its cartelised nature, which predicts a positive association between financial development and (i) the degree of state control over the banking system, (ii) mild repression of lending rates. The model also predicts that in the presence of lending rate controls, increases in the level of the administered deposit rate are unlikely to influence financial deepening. We test the model empirically by constructing individual and summary measures of financial restraints. Our empirical findings are consistent with our theoretical predictions but contrast sharply with the predictions of earlier literature that postulates that interest rate ceilings and other financial restraints constitute sources of ‘financial repression’.Financial deepening; financial restraints

Intra-sector mobility and psecific inputs in tax-incidence theory

In a simple three-factor-two-final-good formulation (two factors immobile and sector-specific), a well-known result under competitive and full-employment assumptions is that a partial tax on the mobile factor in either industry hurts that factor everywhere. It can be reversed, however, when the taxed activity uses a sector-specific input produced in the other sector. The model becomes asymmetrical: the same tax often yields different results, depending on where it is levied and the nature and cross-sector linkages of various inputs. Their respective roles in determining tax- incidence are discussed in a series of plausible settings, each 3 x 2, involving primary and produced inputs and intra-sector mobility of some sector-specific factors. Cross-sector linkages of produced inputs, more than any other element, drive the new results which are often similar to those in models with all mobile factors

Monolithic mm-wave phase shifter using optically activated superconducting switches

A phase shifter is disclosed having a reference path and a delay path, light sources, and superconductive switches. Each of the superconductive switches is terminated in a virtual short circuit, which may be a radial stub. Switching between the reference path and delayed path is accomplished by illuminating the superconductive switches connected to the desired path, while not illuminating the superconductive switches connected to the other path

Does Financial Structure Matter?

We address the issue of whether financial structure influences economic growth. Three competing views of financial structure exist in the literature: the bank-based, the market-based and the financial services view. Recent empirical studies examine their relevance by utilizing panel and cross-section approaches. This paper, for the first time ever, utilizes time series data and methods, along with the Dynamic Heterogeneous Panel approach, on developing countries. We find significant cross-country heterogeneity in the dynamics of financial structure and economic growth, and conclude that it is invalid to pool data across our sample countries. We find significant effects of financial structure on real per capita output, which is in sharp contrast to some recent findings. Panel estimates, in most cases, do not correspond to country-specific estimates, and hence may proffer incorrect inferences for several countries of the panel.Financial Structure, Economic Development, Vector Error- Correction Model, Dynamic Heterogeneous Panels

A high frequency GaAlAs travelling wave electro-optic modulator at 0.82 micrometers

Experimental GaAlAs modulators operating at 0.82 micrometers using a Mach-Zehnder interferometer configuration were designed and fabricated. Coplanar 50 ohm travelling wave microwave electrodes were used to obtain a bandwidth length product of 11.95 GHz-cm. The design, fabrication and dc performance of the GaAlAs travelling wave modulator is presented

Government Solvency: Revisiting some EMU Countries

Corsetti and Roubini (1991) reported that the government finances of Greece, Ireland, Italy and the Netherlands (now all EMU countries) did not satisfy the intertemporal budget constraint (IBC). We re-examine this issue by utilizing a new empirical approach and extended data set. Structural shifts, an issue which Corsetti and Roubini were unable to address due to the lack of suitable econometric methods, are tackled. We find that: (i) multiple structural shifts, most of which correspond to important policy changes, did occur in the fiscal path of these countries; (ii) the effect of the majority of structural shifts has been to strengthen the evidence supporting IBC; and (iii) government finances of all four countries satisfy the IBC and this finding is robust to different time horizons. We also find a clear positive Maastricht effect on IBC for all countries.intertemporal budget constraints, strong and weak form sustainability, structural breaks

Optically interconnected phased arrays

Phased-array antennas are required for many future NASA missions. They will provide agile electronic beam forming for communications and tracking in the range of 1 to 100 GHz. Such phased arrays are expected to use several hundred GaAs monolithic integrated circuits (MMICs) as transmitting and receiving elements. However, the interconnections of these elements by conventional coaxial cables and waveguides add weight, reduce flexibility, and increase electrical interference. Alternative interconnections based on optical fibers, optical processing, and holography are under evaluation as possible solutions. In this paper, the current status of these techniques is described. Since high-frequency optical components such as photodetectors, lasers, and modulators are key elements in these interconnections, their performance and limitations are discussed

Properties of large area ErBa2Cu3O(7-x) thin films deposited by ionized cluster beams

ErBa2Cu3O(7-x) films have been produced by simultaneous deposition of Er, Ba, and Cu from three ionized cluster beam (ICB) sources at acceleration voltages of 0.3 to 0.5 kV. Combining ozone oxidation with ICB deposition at 650 C eliminated any need of post annealing processing. The substrates were rotated at 10 rotations per minute during the deposition which took place at a rate of about 3 to 4 nm. Films with areas up to 70 mm in diameter have been made by ICB deposition. These films, 100 nm thick, were deposited on SrTiO3 (100) substrates at 650 C in a mixture of six percent O3 in O2 at a total pressure of 4 x 10(exp -4) Torr. They had T(sub c) ranging from 84.3 K to 86.8 K over a 70 mm diameter and J(sub c) above 10(exp 6) A/sq cm at 77 K. X ray diffraction measurements of the three samples showed preferential c-axis orientation normal to the substrate surface. Scanning electron micrographs (SEM) of the three samples also show some texture dependence on sample position. For the three samples, there is a correlation between SEM texture, full width at half-maximum of rocking curves and J(sub c) versus temperature curves