China's exporters and importers: firms, products, and trade partners

This paper provides a detailed overview of China's participation in international trade using newly available data on the universe of globally engaged Chinese firms over the 2003-2005 period. We document the distribution of trade flows and product- and trade-partner intensity across both exporting and importing firms and study the relationship between firms' intensive and extensive margins of trade. We also compare trade patterns across firms of different organizational structure, distinguishing between domestic private firms, domestic state-owned firms, foreign-owned firms, and joint ventures. We explore the variation in foreign ownership across sectors, and find results consistent with recent theoretical and empirical work on the role of credit constraints and contractual imperfections in international trade and investment. Finally, we examine the rapid expansion of China's trade over the 2003-2005 period, and decompose it into its extensive and intensive margins. We also use monthly data and study the frequent churning and reallocation of trade flows across firms and across products and trade partners within firms.

A Framework for Design-Time Testing of Service-Based Applications at BPEL Level

Software applications created on top of the service-oriented architecture (SOA) are increasingly popular but testing them remains a challenge. In this paper a framework named TASSA for testing the functional and non-functional behaviour of service-based applications is presented. The paper focuses on the concept of design time testing, the corresponding testing approach and architectural integration of the consisting TASSA tools. The individual TASSA tools with sample validation scenarios were already presented with a general view of their relation. This paper’s contribution is the structured testing approach, based on the integral use of the tools and their architectural integration. The framework is based on SOA principles and is composable depending on user requirements.The work reported in this paper was supported by a research project funded by the National Scientific Fund, Bulgarian Ministry of Education, Youth and Science, via agreement no. DOO2-182

Off the cliff and back? Credit conditions and international trade during the global financial crisis

Ministry of Education, Singapore under its Academic Research Funding Tier

Host Country Financial Development and MNC Activity

We present evidence that the level of financial development in FDI recipient countries systematically aects the spatial distribution of multinational corporations' (MNCs) sales. Using detailed proprietary survey data collected by the Bureau of Economic Analysis (BEA) on US multinational activity abroad, we find that stronger financial development in the host country has a negative effect on the share of MNC affiliate sales that remain in the host country, indicating a reduced propensity towards horizontal FDI. Conversely, the share of affiliate sales that is re-exported to third-country destinations increases, suggesting an increased propensity towards export-platform FDI. We provide a three-country model with heterogenous firms that rationalizes these observations : More financially developed host countries foster entry by domestic firms, making the local market more competitive for MNC products. This leads MNCs to orient their affiliates away from servicing the local market towards third-country markets instead.

Mössbauer study of nanodimensional nickel ferrite-mechanochemical synthesis and catalytic properties

Iron-nickel spinel oxide NiFe2O4 nanoparticles have been prepared by the combination of chemical precipitation and subsequent mechanical milling. For comparison, their analogue obtained by thermal synthesis is also studied. Phase composition and structural properties of iron-nickel oxides are investigated by X-ray diffraction and Mössbauer spectroscopy. Their catalytic behavior in methanol decomposition to CO and methane is tested. An influence of the preparation method on the reduction and catalytic properties of iron-nickel samples is established

Volatility and growth: credit constraints and productivity-enhancing investment

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total investment rate. We next confront the model with a panel of countries over the period 1960-2000 and find that a lower degree of financial development predicts a higher sensitivity of both the composition of investment and mean growth to exogenous shocks, as well as a stronger negative effect of volatility on growth

Characterization of nanodimensional Ni-Zn ferrite prepared by mechanochemical and thermal methods.

Nickel zinc ferrite nanoparticles, Ni1−xZnxFe2O4 (x = 0, 0.2, 0.5, 0.8, 1.0), with dimensions below 10 nm have been prepared by combining chemical precipitation with high-energy ball milling. For comparison, their analogues obtained by thermal synthesis have also been studied. Mössbauer spectroscopy, X-ray diffraction, and magnetic measurements are used for the characterization of the obtained materials. X-ray diffraction shows that after 3h of mechanical treatment ferrites containing zinc are formed, while 6h of treatment is needed to obtain NiFe2O4. The magnetic properties of the samples exhibit a strong dependence on the phase composition, particle size and preparation method

Functions preserving nonnegativity of matrices

The main goal of this work is to determine which entire functions preserve nonnegativity of matrices of a fixed order $n$ -- i.e., to characterize entire functions $f$ with the property that $f(A)$ is entrywise nonnegative for every entrywise nonnegative matrix $A$ of size $n\times n$. Towards this goal, we present a complete characterization of functions preserving nonnegativity of (block) upper-triangular matrices and those preserving nonnegativity of circulant matrices. We also derive necessary conditions and sufficient conditions for entire functions that preserve nonnegativity of symmetric matrices. We also show that some of these latter conditions characterize the even or odd functions that preserve nonnegativity of symmetric matrices.Comment: 20 pages; expanded and corrected to reflect referees' remarks; to appear in SIAM J. Matrix Anal. App

Firm Exports and Multinational Activity Under Credit Constraints

We provide firm-level evidence that credit constraints restrict international trade and affect the pattern of multinational activity. We show that foreign affiliates and joint ventures in China have better export performance than private domestic firms in financially more vulnerable sectors. These results are stronger for destinations with higher trade costs and not driven by firm size or other sector characteristics. Our findings are consistent with multinational subsidiaries being less liquidity constrained because they can access foreign capital markets or funding from their parent company. They further suggest that FDI can alleviate the impact of domestic financial market imperfections on trade