Human Rights Violations After 9/11 and the Role of Constitutional Constraints

human rights, terrorism, 9/11, checks and balances, constitutions, constitutional courts

Have euro area and EU economic governance worked? Just the facts

We test whether two key elements of the EU and euro area economic governance framework, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition using a difference-in-difference approach on a panel of over 30 countries, some of which are non-EU (control group). Hence, the impact of the EU economic governance pillars is evaluated based on both the performance before and after their application as well as against the control group. We find strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a significant beneficial impact on fiscal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade. JEL Classification: E62, E63, H63, O43euro area, European Union, governance, institutions, Lisbon Strategy, Stability and Growth Pact

Discourse comprehension in L2: Making sense of what is not explicitly said

Using ERPs, we tested whether L2 speakers can integrate multiple sources of information (e.g., semantic, pragmatic information) during discourse comprehension. We presented native speakers and L2 speakers with three-sentence scenarios in which the final sentence was highly causally related, intermediately related, or causally unrelated to its context; its interpretation therefore required simple or complex inferences. Native speakers revealed a gradual N400-like effect, larger in the causally unrelated condition than in the highly related condition, and falling in-between in the intermediately related condition, replicating previous results. In the crucial intermediately related condition, L2 speakers behaved like native speakers, however, showing extra processing in a later time-window. Overall, the results show that, when reading, L2 speakers are able to process information from the local context and prior information (e.g., world knowledge) to build global coherence, suggesting that they process different sources of information to make inferences online during discourse comprehension, like native speakers.This work was supported by grants from the Spanish Government (PSI2011-23033, CONSOLIDER-INGENIO2010 CSD2007-00048, ECO2011-25295, and ECO2010-09555-E), from the Catalan Government (SGR 2009-1521) and from the Grup de Recerca en Neurociència Cognitiva (GRNC) - 2014SGR1210. It has also received funding from the European Union’s Seventh Framework Programme for research, technological development and demonstration under grant agreement no. 613465

Productivity shocks and real exchange rate: a reappraisal

We reappraise the relationship between productivity and equilibrium real exchange rates using a panel estimation framework that incorporates a large number of countries and importantly, a dataset that allows explicit consideration of the role of non-traded, as well as traded, sector productivity shocks in exchange rate determination. We find evidence of significant correlation between real exchange rates and productivity differentials in both sectors. But our finding of a significant role for the non-traded sector in exchange rate determination, and of a relatively larger correlation between exchange rates and productivity shocks of a given size emanating from this sector, represent clear contradictions of the widely cited Balassa-Samuelson hypothesis. Our findings remain valid in the face of a number of robustness tests, including the exchange rate regime and numéraire currency

Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms. The empirical evidence suggests that while the average size of firms in the top bin of the firm size distribution has remained unaffected by banking sector developments, it has increased with venture capital investment. We argue that this is due to the emergence of new corporate giants rather than the growth of existing ones. JEL Classification: G24, J24, L11banking, firm size, Venture Capital

Have euro area and EU economic governance worked? Just the facts

We test whether two key elements of the EU and euro area economic governance framework, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition using a difference-in-difference approach on a panel of over 30 countries, some of which are non-EU (control group). Hence, the impact of the EU economic governance pillars is evaluated based on both the performance before and after their application as well as against the control group. We find strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a significant beneficial impact on fiscal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade

Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms. The empirical evidence suggests that while the average size of firms in the top bin of the firm size distribution has remained unaffected by banking sector developments, it has increased with venture capital investment. We argue that this is due to the emergence of new corporate giants rather than the growth of existing ones

Determinant factors affecting the web – based training acceptance by health students, applying UTAUT model

Abstract—Nowadays Web-based training (WBT) is the most advanced training methods. With the increasing use of modern methods of training in universities necessity of identification of the factors influencing the acceptance of web-based training becomes more obvious. This study examines the factors influencing the acceptance of web-based training by students. This study was cross-sectional survey and conducted from August to December 2016. As sample, 229 students of Tabriz University of Medical Sciences (TUOMS) were asked to participate in this study and fill the corresponding questionnaires. The unified theory of acceptance and use of technology (UTAUT) was applied to investigate and explain the acceptance of E-learning. The data were analyzed by SPSS v.16. Findings revealed that the web- based training acceptance was directly influenced by performance expectancy, effort expectancy, facilitated condition, and attitude toward technology, self-efficacy, and anxiety. In contrast the impact of the social influences hadn’t been observed on behavior indentation. The findings indicated that UTAUT model explains about 58% of the variance for adoption of WBT. The study not only provides an indicator of students’ acceptance of E-learning, but also recognizes the important factors that would contribute to its successful use. The simulating or disappointing factors effecting use of the E-learning systems in university have been understood in a well-organized way according to the received results. Decision makers should apply these conclusions to improve strategies to align users’ expectations with use of technology use learning

Does the euro make a difference? Spatio-temporal transmission of global shocks to real effective exchange rates in an infinite VAR

This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro area countries and assesses whether their responses to such shocks have converged, as well as to what pattern. Technically, the paper applies a newly developed methodology based on infinite VAR theory featuring a dominant unit to a large set of over 60 countries' real effective exchange rates, including those of the individual euro area economies, and compares impulse response functions to the estimated systems before and after EMU with respect to three types of shocks: a global US dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way euro area countries' real effective exchange rates adjust to these shocks has converged indeed, albeit to a pattern that depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness indicators of these countries in the first ten years of EMU, which suggests that this diverging pattern is unlikely to be due to global external shocks with asymmetric effects but rather to other factors, such as country-specific domestic shocks. JEL Classification: C21, C23euro, High-Dimensional VAR, Identification of Shocks, Real Effective Exchange Rates, Weak and Strong Cross Sectional Dependence