Measurement of inflation: An alternative approach

The stochastic approach to index numbers has attracted renewed attention in recent times (e.g., Clements and Izan, 1981 and 1987; Diewert, 1995; Giles and McCann, 1994; and Selvanathan and Rao, 1994). One of the attractions of this approach is that it provides standard errors for the index numbers. This paper reviews the stochastic approach and extends the existing work by presenting an alternative approach to measure the rate of inflation. This approach has been demonstrated using consumption expenditure data for three countries, Australia, the United Kingdom (UK) and the United States (US).stochastic approach, index numbers, inflation, standard errors

Foreign Direct Investment, Domestic Investment, and Economic Growth in China: A Time Series Analysis

In this paper, we investigate the causal link between foreign direct investment (FDI), domestic investment and economic growth in China for the period 1988-2003. Towards this purpose, a multivariate VAR system with error correction model (ECM) and the innovation accounting (variance decomposition and impulse response function analysis) techniques are used. The results show that while there is a bi-directional causality between domestic investment and economic growth, there is only a single-directional causality from FDI to domestic investment and to economic growth. Rather than crowding out domestic investment, FDI is found to be complementary with domestic investment. Thus, FDI has not only assisted in overcoming shortage of capital, it has also stimulated economic growth through complementing domestic investment in China.foreign direct investment, domestic investment, economic growth, multivariate VAR system, error correction model

Remittances and Economic Growth: Empirical Evidence from Bangladesh India and Sri Lanka

In many developing countries, remittance payments from migrant workers are increasingly becoming a significant source of export income. This paper investigates the causal link between remittances and economic growth in three countries, Bangladesh, India and Sri Lanka, by employing the Granger causality test under a VAR framework (Granger 1988). Using time series data over a 25 year period, we found that growth in remittances does lead to economic growth in Bangladesh. In India, there seems to be no causal relationship between growth in remittances and economic growth; but in Sri Lanka, a two-way directional causality is found; namely economic growth influences growth in remittences and vice-versa. The paper also discusses a number of policy issues arising from the results of the analysis in relation to remittances in association with liberalisation of financial institutions, gender issues, regulation and enforcement, investment and savings schemes, and promotion and education.

Causality between Foreign Direct Investment and Tourism : Empirical Evidence from India

This paper investigates the causal link between foreign direct investment and tourism in India by employing the Granger causality test under a VAR framework. A one-way causality link is found from foreign direct investment to tourism in India. This evidence once again adds to the need for appropriate policies and plans to further expand and develop tourism given that FDI flow into India is expected to be strong in the coming years, bringing along a demand for tourism as well.FDI, Tourism, Granger Causality

IMPLICIT PRICES OF PRAWN AND SHRIMP ATTRIBUTES IN THE PHILIPPINE DOMESTIC MARKET

Improving quality is a major goal in the global seafood market due to increasing consciousness among buyers, who are becoming "quality consumers" rather than "quantity consumers." This paper uses the hedonic approach to determine the marketable characteristics of prawn and shrimp in a domestic market that prioritizes export of quality products to a more lucrative market. Using price and attribute data for prawn and shrimp purchased from the Philippine domestic market, we estimate a log-linear hedonic price model with combined continuous and dummy explanatory variables. The estimation results show significant implicit prices of attributes, such as: tail length, freshness, product form, species, color, size, ease of preparation, discoloration, protein, and carbohydrate content. Longer tails and banana species are highly valued. Peeling and breading to ease preparation obtain a high premium. Freezing, although commonly practiced, receives the highest discount among forms of preservation. As the characteristics of local consumers and the market in the Philippines are similar to other competing Asian exporters such as Indonesia, India, Malaysia, Thailand, and Vietnam, the results presented in this paper will be applicable to these exporting countries.Resource /Energy Economics and Policy,

Hybrid shear-warp rendering

Shear-warp rendering is a fast and efficient method for visualizing a volume of sampled data based on a factorization of the viewing transformation into a shear and a warp. In shear-warp rendering, the volume is resampled, composited and warped to obtain the final image. Many applications, however, require a mixture of polygonal and volumetric data to be rendered together in a single image. This paper describes a new approach for extending the shear-warp rendering to simultaneously handle polygonal objects. A data structure, the zlist-buffe, is presented. It is basically a multilayered z-buffer. With the zlist-buffer, an object-based scan conversion of polygons requires only a simple modification of the standard polygon scan-conversion algorithm. This paper shows how the scan conversion can be integrated with shear-warp rendering of run-length encoded volume data to obtain quality images in real time. The utility and performance of the approach using a number of test renderings is also discussed

Enhancing the personal identification number input as a means of identification signature

The process of typing the personal identification number (PIN) can be broken down into quantifiable components, such as latency time, keypress force, keypress duration and keypress displacement which can be evaluated and used to verify the identity of a person. The keypress pattern is called the PIN signature. As the PIN signature is like the written signature that differs slightly with every execution, a neural-fuzzy application is devised to verify the PIN signature input against the reference profile

Stochastic Index Numbers: A Review

The stochastic approach is a new way of viewing index numbers in which uncertainty and statistical ideas play a central role. Rather than just providing a single number for the rate of inflation, the stochastic approach provides the whole probability distribution of inflation. This paper reviews the key elements of the approach and then discusses some previously overlooked links with Fisher’s early work contained in his book The Making of Index Numbers. We then consider some more recent developments, including Diewert’s well-known critique of the stochastic approach, and provide responses to his criticisms. We also provide a review of Theil’s work on the stochastic approach, and present and extend Diewert’s work on this topic within the context of the Country Product Dummy method which measures price levels internationally.

Search of dynamic magnetic resonance images using active shape model

This paper focuses on segmenting dynamic magnetic resonance (MR) images of the human heart stored in a database. Heart MR images are dynamic, as the size and shape of a person?s heart vary in time. Active Shape Model segmentation was used to segment dynamic images of the heart. The input data is a points file of a set of random points. This method is economical since points of all the frames need not be placed in the points file for search. Segmented dynamic images of an organ such as a heart would help physicians to better understand certain medical conditions. The novelty of this approach is that it allows automatic segmentation of thousands of dynamic MR images in the database, visualization of the shape variation and retrieval of similar cases of interest from the image database

A multimedia visualization tool for solving mechanics dynamics problem

The objective of this research is to complement and enhanced traditional tutorial teaching and learning by incorporating multimedia technology. In this case study, the development of a PC base virtual experiment for mechanics dynamics problem involving the motion of a projectile that is taught in the second year of the mechanical engineering undergraduate course at University Tenaga Nasional (UNITEN) is described. The developed prototype tool was found to be effective in promoting learning and the outcome of this research revealed that multimedia approach enhanced user understanding of the underlying theory of engineering mechanics, promote interactivity as well as visualization and users are able to solve engineering problem such as motion of a projectile quickly and efficiently.The objective of this research is to complement and enhanced traditional tutorial teaching and learning by incorporating multimedia technology. In this case study, the development of a PC base virtual experiment for mechanics dynamics problem involving the motion of a projectile that is taught in the second year of the mechanical engineering undergraduate course at University Tenaga Nasional (UNITEN) is described. The developed prototype tool was found to be effective in promoting learning and the outcome of this research revealed that multimedia approach enhanced user understanding of the underlying theory of engineering mechanics, promote interactivity as well as visualization and users are able to solve engineering problem such as motion of a projectile quickly and efficiently