Suchergebnisse

THE IMPORTANCE OF DOMESTIC SAVINGS RATES FOR CAPITAL ACCUMULATION IS EXAMINED AGGREGATE SAVINGS ARE ESTIMATED. TIME-SERIES DATA COME FROM BRAZIL, COSTA RICA, ISRAEL, THE PHILIPPINES, AND TAIWAN. STEADY-STATE AGGREGATE SAVING RATIONS ARE ANALYZED AT DIFFERENT RATES OF INCOME GROWTH.

AS A RESOURCE-POOR COUNTRY, JAPAN DEPENDS GREATLY ON IMPORTS OF RESOURCE GOODS--FOODS, FUELS, AND CRUDE MATERIALS--TO KEEP ITS ECONOMY RUNNING. THIS DEPENDENCE HAS INCREASED OVER TIME, MAKING JAPAN VULNERABLE TO SUPPLY SHOCKS. AT THE SAME TIME, DEMAND SHOCKS EMANATING FROM JAPAN'S DOMESTIC ECONOMY HAVE COME TO EXERT A GREATER INFLUENCE ON THE WORLD ECONOMY. BECAUSE JAPAN EXPORTS MANUFACTURED GOODS AND IMPORTS LARGELY RESOURCE GOODS, ITS BILATERAL TRADE BALANCE HAS A SURPLUS WITH INDUSTRIALIZED ECONOMIES AND A DEFICIT WITH PRIMARY-PRODUCING COUNTRIES EVEN WHEN JAPAN'S TRADE IS GLOBALLY BALANCED. THIS TRADE STRUCTURE GIVES RISE TO TRADE FRICTIONS, ESPECIALLY WITH THE UNITED STATES. UNLESS THE STRUCTURE IS ALTERED FUNDAMENTALLY, JAPAN WILL FIND IT INCREASINGLY DIFFICULT TO FIT ITSELF INTO THE WORLD ECONOMY.

Considers one approach to modelling the demand for foreign savings in LDCs. If the demand for investment shifts out more buoyantly than does the supply of domestic saving in response to current macro-economic conditions, persistent demand for foreign savings will be generated as a normal feature of the development process. (Abstract amended)

A regional monetary arrangement is actually not something new to the East Asian economies. History of monetary co-operation in the region can be traced back to the establishment of an ASEAN Swap Arrangement among ASEAN member countries in 1977. With the recent outbreak of the Asian financial crisis and the introduction of the euro in Europe, renewed attention has been given to potential monetary integration in East Asia. There have been few studies regarding the viability of an optimum currency area (OCA) in East Asia. This paper reexamines the viability of regional monetary integration in East Asia by focusing on the symmetry of structural shocks as one of the preconditions for forming an OCA. In particular, we attempt to extend the conventional structural VAR approach by employing a 3-variable and a 5-variable VAR model to identify the corresponding supply, demand, and exchange rate shocks, as well as the foreign shocks and countryspecific shocks. Impulse response function analysis is applied to examining the size of these underlying shocks and the speed of adjustment to disturbances. For comparison purpose, we also conduct a similar study for the European countries. All data used in this study are quarterly, expressed in natural logarithms and seasonally adjusted, except for exchange rates. The sample period covers 1981Q1-1996Q4 for the East Asian economies and the USA, and 1980Q1-1997Q4 for the European countries. The results show that it is less suitable for the whole East Asian region to form an OCA than has been suggested in previous studies, as the identified underlying shocks (supply and demand shocks) are significantly correlated only among a few ASEAN economies and Asian NIEs. This conclusion is assured when we compare the correlation patterns of the underlying shocks with those of the European countries. The results also show that Japan has no significant correlations in supply, exchange rate and demand shocks with other East Asian economies, which is in contrast with the case of Germany in the European region. The impulse response function analysis concludes that, although the underlying structural shocks are less symmetric and the average size of the shocks is larger, the speed of adjustment to shocks in East Asia is much faster than in the EU region. On average, it takes less than one year to complete the adjustment to shocks. This is largely due to the fact that the labour market and wage rates in most East Asian economies are relatively more flexible, so that it is easier for the economies to make an internal adjustment in response to shocks. Although the results do not suggest an OCA in the entire East Asian region, they do imply that some sub-groups of the economies, such as some Asian NIEs and ASEAN economies, are more appropriate candidates as their underlying shocks are correlated and symmetric, and the speed of their adjustment to shocks is faster. Moreover, besides the symmetry of underlying shocks, theory also suggests the importance of other factors such as the intensity of intra-regional trade, flexibility of factor markets, and macroeconomic policy coordination, in determining the process of monetary integration. Further research on these issues will provide evidence regarding the viability of regional monetary integration in East Asia.

Department of Energy (United States of America) ; National Science Foundation (United States of America) ; Australian Research Council (Australia) ; National Council for the Development of Science and Technology ; Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro (FAPERJ) ; Natural Sciences and Engineering Research Council (Canada) ; Chinese Academy of Sciences ; National Natural Science Foundation of China (China) ; Administrative Department of Science, Technology and Innovation (Colombia) ; Ministry of Education, Youth and Sports (Czech Republic) ; Academy of Finland (Finland) ; Alternative Energies and Atomic Energy Commission ; National Center for Scientific Research/National Institute of Nuclear and Particle Physics (France) ; Bundesministerium fur Bildung und Forschung (Federal Ministry of Education and Research) ; Deutsche Forschungsgemeinschaft (German Research Foundation) (Germany) ; Department of Atomic Energy (India) ; Department of Science and Technology (India) ; Science Foundation Ireland (Ireland) ; Istituto Nazionale di Fisica Nucleare (National Institute for Nuclear Physics) (Italy) ; Ministry of Education, Culture, Sports, Science and Technology (Japan) ; Korean World Class University Program ; National Research Foundation (Korea) ; National Council of Science and Technology (Mexico) ; Foundation for Fundamental Research on Matter (The Netherlands) ; National Science Council (Republic of China) ; Ministry of Education and Science of the Russian Federation ; National Research Center Kurchatov Institute of the Russian Federation ; Russian Foundation for Basic Research (Russia) ; Slovak R&D Agency (Slovakia) ; Ministry of Science and Innovation ; Consolider-Ingenio Program (Spain) ; Swedish Research Council (Sweden) ; Swiss National Science Foundation (Switzerland) ; Ministry of Education and Science of Ukraine (Ukraine) ; Science and Technology Facilities Council ; Royal Society (United Kingdom) ; A. P. Sloan Foundation (United States of America) ; European Union community Marie Curie Fellowship ; European Union community Marie Curie Fellowship: 302103 ; Drell-Yan lepton pairs produced in the process p (p) over bar -> l(+)l(-) + X through an intermediate gamma*/Z boson have an asymmetry in their angular distribution related to the spontaneous symmetry breaking of the electroweak force and the associated mixing of its neutral gauge bosons. The CDF and D0 experiments have measured the effective-leptonic electroweak mixing parameter sin(2) theta(lept)(eff) using electron and muon pairs selected from the full Tevatron proton-antiproton data sets collected in 2001-2011, corresponding to 9-10 fb(-1) of integrated luminosity. The combination of these measurements yields the most precise result from hadron colliders, sin(2)theta(lept)(eff) = 0.23148 +/- 0.00033. This result is consistent with, and approaches in precision, the best measurements from electron-positron colliders. The standard model inference of the on-shell electroweak mixing parameter sin(2) theta(W), or equivalently the W-boson mass M-W, using the ZFITTER software package yields sin(2) theta(W) = 0.22324 +/- 0.00033 or equivalently, M-W = 80.367 +/- 0.017 GeV/c(2).

Department of Energy ; National Science Foundation (U.S.A.) ; Australian Research Council (Australia) ; National Council for the Development of Science and Technology ; Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro (FAPERJ) ; European Union community Marie Curie Fellowship Contract ; European Union community Marie Curie Fellowship Contract: 302103 ; : DE-AC02-07CH11359 ; The CDF and D0 experiments at the Fermilab Tevatron have measured the asymmetry between yields of forward- and backward-produced top and antitop quarks based on their rapidity difference and the asymmetry between their decay leptons. These measurements use the full data sets collected in proton-antiproton collisions at a center-of-mass energy of root s = 1.96 TeV. We report the results of combinations of the inclusive asymmetries and their differential dependencies on relevant kinematic quantities. The combined inclusive asymmetry is A(FB)(t (t) over bar) = 0.128 +/- 0.025. The combined inclusive and differential asymmetries are consistent with recent standard model predictions.

We thank CERN for the very successful operation of the LHC, as well as the support staff from our institutions without whom ATLAS could not be operated efficiently. We acknowledge the support of ANPCyT, Argentina; YerPhI, Armenia; ARC, Australia; BMWFW and FWF, Austria; ANAS, Azerbaijan; SSTC, Belarus; CNPq and FAPESP, Brazil; NSERC, NRC, and CFI, Canada; CERN; CONICYT, Chile; CAS, MOST, and NSFC, China; COLCIENCIAS, Colombia; MSMT CR, MPO CR, and VSC CR, Czech Republic; DNRF and DNSRC, Denmark; IN2P3-CNRS, CEA-DSM/IRFU, France; GNSF, Georgia; BMBF, HGF, and MPG, Germany; GSRT, Greece; RGC, Hong Kong SAR, China; ISF, I-CORE, and Benoziyo Center, Israel; INFN, Italy; MEXT and JSPS, Japan; CNRST, Morocco; FOM and NWO, Netherlands; RCN, Norway; MNiSW and NCN, Poland; FCT, Portugal; MNE/IFA, Romania; MES of Russia and NRC KI, Russian Federation; JINR; MESTD, Serbia; MSSR, Slovakia; ARRS and MIZŠ, Slovenia; DST/NRF, South Africa; MINECO, Spain; SRC and Wallenberg Foundation, Sweden; SERI, SNSF, and Cantons of Bern and Geneva, Switzerland; MOST, Taiwan; TAEK, Turkey; STFC, United Kingdom; DOE and NSF, United States of America. In addition, individual groups and members have received support from BCKDF, the Canada Council, CANARIE, CRC, Compute Canada, FQRNT, and the Ontario Innovation Trust, Canada; EPLANET, ERC, FP7, Horizon 2020, and Marie Skłodowska-Curie Actions, European Union; Investissements d'Avenir Labex and Idex, ANR, Région Auvergne, and Fondation Partager le Savoir, France; DFG and AvH Foundation, Germany; Herakleitos, Thales and Aristeia programmes cofinanced by EU-ESF and the Greek NSRF; BSF, GIF, and Minerva, Israel; BRF, Norway; Generalitat de Catalunya, Generalitat Valenciana, Spain; the Royal Society and Leverhulme Trust, United Kingdom. The crucial computing support from all WLCG partners is acknowledged gratefully, in particular from CERN, the ATLAS Tier-1 facilities at TRIUMF (Canada), NDGF (Denmark, Norway, Sweden), CC-IN2P3 (France), KIT/GridKA (Germany), INFN-CNAF (Italy), NL-T1 (Netherlands), PIC (Spain), ASGC (Taiwan), RAL (UK), and BNL (USA), the Tier-2 facilities worldwide and large non-WLCG resource providers. Major contributors of computing resources are listed in Ref. [74]