Financial globalization and the labor share in developing countries: The type of capital matters

In this paper, we investigate how de facto financial globalization has influenced the labor share in developing countries. Our main argument is the need to distinguish between different types of capital in this context, as different forms of foreign investment have different fixed costs and impacts on the host countries' production process and vary concerning their bargaining power vis-à-vis labor. Assuming an aggregate elasticity of substitution between capital and labor would thus be misleading. Our econometric analysis of the impact of foreign direct vs. portfolio investment in a sample of about 40 developing and transition countries after 1992 supports this claim. Using different panel data techniques to address potential endogeneity problems, we find that FDI has a positive effect on the labor share in developing countries, while the impact of portfolio investment is significantly smaller, and potentially negative. Our results also highlight that de facto foreign investment cannot explain the decline of the labor share in developing countries over the investigated period

Coupling a model of human thermoregulation with computational fluid dynamics for predicting human-environment interaction

This paper describes the methods developed to couple a commercial CFD program with a multi-segmented model of human thermal comfort and physiology. A CFD model is able to predict detailed temperatures and velocities of airflow around a human body, whilst a thermal comfort model is able to predict the response of a human to the environment surrounding it. By coupling the two models and exchanging information about the heat transfer at the body surface the coupled system can potentially predict the response of a human body to detailed local environmental conditions. This paper presents a method of exchanging data, using shared files, to provide a means of dynamically exchanging simulation data with the IESD-Fiala model during the CFD solution process. Additional code is used to set boundary conditions for the CFD simulation at the body surface as determined by the IESD-Fiala model and to return information about local environmental conditions adjacent to the body surface as determined by the CFD simulation. The coupled system is used to model a human subject in a naturally ventilated environment. The resulting ventilation flow pattern agrees well with other numerical and experimental work

The Crisis of Finance-Dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies

* For a more detailed elaboration on the macroeconomic theory of finance-dominated capitalism, see the respective chapters in my book The Macroeconomics of Finance-dominated Capitalism – and Its Crisis (Hein 2012a). The present paper is based on this theory, and it extends and updates the analysis of the euro crisis I have presented in Hein (2012b). I would like to thank Achim Truger for his helpful comments and Matthias Mundt for his valuable research assistance. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad

X-ray scattering study of GaN nanowires grown on Ti/Al2_{2}O3_{3} by molecular beam epitaxy

GaN nanowires (NWs) grown by molecular beam epitaxy on Ti films sputtered on Al$_{2}$O$_{3}$ are studied by X-ray diffraction (XRD) and grazing incidence small-angle X-ray scattering (GISAXS). XRD, performed both in symmetric Bragg reflection and at grazing incidence, reveals Ti, Ti$_{3}$O, Ti$_{3}$Al, and TiO$_x$N$_y$ crystallites with in-plane and out-of-plane lattice parameters intermediate between those of Al$_{2}$O$_{3}$ and GaN. These topotaxial crystallites in Ti film, formed due to interfacial reactions and N exposure, possess fairly little misorientation with respect to Al$_{2}$O$_{3}$. As a result, GaN NWs grow on the top TiN layer possessing a high degree of epitaxial orientation with respect to the substrate. The measured GISAXS intensity distributions are modeled by the Monte Carlo method taking into account the orientational distributions of NWs, a variety of their cross-sectional shapes and sizes, and roughness of their side facets. The cross-sectional size distributions of the NWs and the relative fractions of $(1\bar{1}00)$ and $(11\bar{2}0)$ side facets are determined

The Stock-Flow Consistent Approach with Active Financial Markets

Wynne Godley is best known for his insightful forecasting using stockflow consistent models. His insistence that economic stocks and flows should be consistently laid out was also, if less obviously, an insistence that all economic variables are interrelated. Accordingly, production could not be carried out without distributional implications. More importantly, for the theory of a modern credit economy, the financial flows that arise in the process of production and exchange have to be integrated into the model of the economy at large

Backward bending structure of Phillips Curve in Japan, France, Turkey and the U.S.A.

This work aims to analyse the cointegration and the causality relationship between inflation and unemployment by using nonlinear A.R.D.L. and two popular nonlinear causality tests for the period from 1960 to 2016 in Japan, Turkey, the U.S.A. and from 1970 to 2016 in France. This study complements the previous empirical papers. However, it differs from the existing literature with simultaneous use of nonlinear A.R.D.L. and causality methods. Nonlinear A.R.D.L. determined that there is a long run relationship between inflation and unemployment; between economic growth and unemployment for Japan, France, the U.S.A. and Turkey

Multicentre evaluation of the Naída Ci Q70 sound processor: Feedback from cochlear implant users and professionals

The aim of this survey was to gather data from both implant recipients and professionals on the ease of use of the Naída CI Q70 (Naída CI) sound processor from Advanced Bionics and on the usefulness of the new functions and features available. A secondary objective was to investigate fitting practices with the new processor. A comprehensive user satisfaction survey was conducted in a total of 186 subjects from 24 centres. In parallel, 23 professional questionnaires were collected from 11 centres. Overall, there was high satisfaction with the Naída CI processor from adults, children, experienced and new CI users as well as from professionals. The Naída CI processor was shown as being easy to use by all ages of recipients and by professionals. The majority of experienced CI users rated the Naída CI processor as being similar or better than their previous processor in all areas surveyed. The Naída CI was recommended by the professionals for fitting in all populations. Features like UltraZoom, ZoomControl and DuoPhone would not be fitted to very young children in contrast to adults. Positive ratings were obtained for ease of use, comfort and usefulness of the new functions and features of the Naída CI sound processor. Seventy-seven percent of the experienced CI users rated the new processor as being better than their previous sound processor from a general point of view. The survey also showed that fitting practices were influenced by the age of the user