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This paper investigates the impact of four historical tropical storms on the Colonial Bank's operations in the British Caribbean between 1922 and 1927. By employing a high-frequency data set of bank transactions, this study reveals how these severe shocks influenced the banking activities of clients. The findings reveal a multifaceted and significant impact of tropical storm strikes on the banks' operations, particularly a surge in borrowing via overdrafts of current accounts. Moreover, the study reveals the multifaceted nature of such storms' impact on the bank's functionality, with affected branches demonstrating an uptick in deposits and savings as a strategy to mitigate funding shocks. The results of the econometric analysis indicate that the impact of such storms on banks' functionality during the early 20th century was significant and multidimensional. It highlights the critical role that the Colonial Bank plays in facilitating recovery from these devastating events and contributes to the existing literature by studying multiple shocks at different geographical locations and time frames. [ABSTRACT FROM AUTHOR]

We develop an account of societal democratization that synthesizes cultural sociology and deliberative democracy. Cultural sociologists emphasize the symbolic inclusion of marginalized groups into the civil sphere. Deliberative democrats stress growth in the deliberative capacity of society. We argue that democratization entails the co-evolution of culture and reason. The basis of co-evolution is the performative construction of an inclusive demos, which requires a deliberative background but is also a source of the moral emotions that motivate deliberation. Since moral emotions can also sweep people up and make them do reckless things, they must in turn be redeemable in inclusive deliberation. This synthesis sharpens a normative position for the evaluation of episodes of inclusion, extends current accounts of the place of emotion in cultural sociology and deliberative democracy, and provides a frame for comparative analyses of democratization. We illustrate with an examination of the exclusion and inclusion of Indigenous Australians. [ABSTRACT FROM AUTHOR]

This study analyzes the size, behavior, and responsible factors behind the balance of payments (BOP) problems in Afghanistan from 2004 to 2020. Since the impact of the real indicators on the BOP of Afghanistan still remains unexplored, this article comprehensively analyzes the primary responsible factors for the BOP problems in Afghanistan. First, a comprehensive critical analysis of the BOP and its components is performed. Second, the autoregressive distributed lag (ARDL) model is conducted to empirically scrutinize the influence of fiscal policy variables like government spending (GEX), tax on international trade (TIT), external debt (EXD), and GDP on the BOP. The empirical results revealed that GDP has a significantly positive impact on Afghanistan's BOP in the long run, whereas the influence of GEX on the BOP is significantly negative. Furthermore, it was found that TIT and EXD have insignificant association with BOP. Although there is a meaningful convergence towards long-run equilibrium with an adjustment speed of 94.95% in each period, none of the covariates has a significant effect on the BOP in the short run. Furthermore, the Granger causality test exposed a bidirectional causality between GEX and BOP and a one-way causation from GDP to BOP. The study recommends structural changes in the economy to increase domestic production and improvements in the composition and direction of exports and imports, redirect government spending in favor of domestic producers, and source external debt with improved debt conditions. [ABSTRACT FROM AUTHOR]

In the early 2000s, several countries in the euro area (EA), mostly in the South, experienced an increase in current account deficits, while Northern countries saw an increase in current account surpluses. During the euro crisis, the South transitioned from a current account deficit to a surplus, while the North's surplus widened, thereby increasing the EA's overall current account surplus. To analyze the causes of the current account adjustment in the EA during the 2010s and to identify economic policies that reduce external imbalances, we employ a New Keynesian DSGE model with three regions (the North of the EA, the South of the EA, and the rest of the world). Our analysis reveals that the EA's expansionary monetary policy, fiscal consolidation, and lackluster productivity performance explain a significant portion of the current account adjustment. Furthermore, we find that the fiscal revaluation and expansion of the North would have limited effects on external imbalances. [ABSTRACT FROM AUTHOR]

The main economic challenge is rising aggregate demand, which leaves the economy short on resources and leads to expanding fiscal and external account deficits. The current study uses autoregressive distributed lag (ARDL) model to evaluate the twin deficit hypothesis in the context of Pakistan in an effort to find an answer to this question. The study uses augmented ARDL, popularized by McNown et al. (Appl Econ 50:1509–1521, 2018) and Sam et al. (Econ Model 80:130–141, 2019), to address the degenerate problems that might arise while applying the ARDL approach. Two separate models were estimated, one with the current account balance as the dependent variable and the other with the balance of trade. In the long run, both models confirm the conventional interpretation of twin deficit hypothesis in Pakistan, with the causality running only from the fiscal deficit to the balance of trade. Other control variables in both models are crucial in understanding the current account balance and balance of trade. According to models, an increase in the exchange rate, as measured by the log of the nominal effective exchange rate, improves both current account and trade balance, verifying the elasticity approach in the long run. The openness of the economy is found to worsen current account balance, and the result is statistically significant. Contrarily, openness has been improved trade balance, but the result is statistically insignificant. To control a large and persistent external deficit, the government has to reduce its fiscal deficit, and such a strategy would be successful when monetary policy is accommodative. [ABSTRACT FROM AUTHOR]

Current accounts of the production effect suggest that production leads to the encoding of additional production-associated features and/or better feature encoding. Thus, if it is the act of production that leads to the storage and/or enhanced encoding of these features, then less of this act should reduce the resulting production effect. In two experiments, we provide a direct test of this idea by manipulating how much of a given item is produced within a single mode of production (typing). Results demonstrate that such partial production can yield a significant production effect that is smaller than the effect that emerges from producing the entire item. These results suggest that how much of an item is produced can moderate the size of the production effect and are considered in the context of recent modelling efforts. [ABSTRACT FROM AUTHOR]

Following the European Debt Crisis, there was a significant push for greater fiscal discipline across the EU member states. This began with the revitalization of the Stability and Growth Pact in 2011 and continued with the adoption of the Fiscal Stability Treaty of 2013. The measures were designed to maintain or achieve both government debt-to-GDP ratios of below 60% and government budget deficits of below 3%. This paper investigates whether the fiscal discipline measures had an impact on the relationship between fiscal and current account balances. Using the synthetic control method, we examine current account balances in each EU member state that implemented the fiscal provisions in the treaty (Title III), compared to a synthetic counterfactual economy. We find that countries most impacted by the European Debt Crisis experienced the greatest improvement in their current account deficits from the fiscal discipline measures. Several other EU member states also experienced stabilization in their current account balances compared to their synthetic counterfactuals. [ABSTRACT FROM AUTHOR]

A prominent feature within the sphere of international macroeconomics surrounds the notion of the domestic economy succumbing to a "sudden stop" — i.e. the point at which creditors are no longer willing to enter into fresh exposures vis-à-vis debtors. One avenue which has been increasingly adopted as a means to survey a nation's external sustainability (i.e. its vulnerability to sudden stops) is through the net international investment position (NIIP) — the difference between stocks of cross-border claims and liabilities. On the basis that financial account transactions are larger than current account transactions in terms of both volume and value, this paper by conjoining several strands of the international macroeconomics literature presents three motivations to suggest that the notion of external sustainability can be decoupled from the NIIP, namely that while a nation may in theory be a net creditor vis-à-vis the rest of the world in accordance with its NIIP, in reality, its susceptibility to sudden stops may be larger than an economy which is a net debtor as a consequence of (1) stock or (2) flow effects. Moreover, should the domestic economy succumb to a sudden stop as a result of either stock or flow effects, (3) this may not translate into changes to NIIP, thereby masking the fact that even though the domestic economy has succumbed to balance of payments difficulties, it continues to appear as a net creditor. To achieve its objectives, each motivative factor is presented through systems of financial accounts. Separate annexes also disseminate how delays between payment and settlement result in credit risks, in addition to how exchange rate fluctuations can impose accounting losses/gains on the balance sheets of counterparties. [ABSTRACT FROM AUTHOR]

With the rapid development of wind power, the pressure on peak regulation of the power grid is increased. Electrochemical energy storage is used on a large scale because of its high efficiency and good peak shaving and valley filling ability. The economic benefit evaluation of participating in power system auxiliary services has become the focus of attention since the development of grid-connected hundred megawatt-scale electrochemical energy storage systems (ESS). Based on the relationship between power and capacity in the process of peak shaving and valley filling, a dynamic economic benefit evaluation model of peak shaving assisted by hundred megawatt-scale electrochemical ESS considering the equivalent life of the battery is proposed. The model considers the investment cost of energy storage, power efficiency, and operation and maintenance costs, and analyzes the dynamic economic benefits of different energy storage technologies participating in the whole life cycle of the power grid. Then, according to the current ESS market environment, the auxiliary service compensation price, peak-valley price difference and energy storage cost unit price required to make the energy storage technology achieve the balance of payments are calculated, and the economic balance points of different energy storage types are clarified. Finally, based on the measured data of different provincial power grids, the economies of six energy storage types applied to three provincial power grids are compared and analyzed, and the rationality and effectiveness of the relevant models proposed are verified. The work has theoretical guiding significance for the economic benefit evaluation of hundred megawatt-scale electrochemical energy storage. Highlights: A proportional relationship between grid filling power and capacity demand is proposed. It is used to determine the energy storage configuration for auxiliary peak shaving. A dynamic economic evaluation model considering energy storage investment and maintenance costs, electricity profit, and auxiliary service compensation is proposed. In the three provincial power grids, the economics of 6 hundred megawatt-scale electrochemical energy storages are compared and analyzed. Auxiliary service compensation, time of day rate, and energy storage cost that enable energy storage to reach an economic equilibrium point are determined. [ABSTRACT FROM AUTHOR]

In recent years, political rhetoric implying international trade hinder employment has gained momentum. We argue that the dynamics between the unemployment rate and the current account balance have both economic and political relevance. The presence of cointegration between the unemployment rate and the current account balance to GDP ratio and the nature of their short-run fluctuations will help us analyze the dynamics between the two objectively to evaluate the political rhetoric. We use quarterly data from 1948: Q1 to 2020: Q1 on the unemployment rate and current account balance to GDP ratio in the United States. Traditional cointegration tests fail to detect any cointegration. However, threshold cointegration tests confirm statistical evidence of threshold cointegration between the two. The estimated threshold vector error-correction model shows statistically significant evidence of falling unemployment rate coupled with deteriorating current account balance. This finding indicates that as unemployment rates go down, the current account balance deteriorates to maintain the long-run co-movement. Arguably, as the unemployment rate decline, concurrently imports rise faster than exports causing the current account balance to deteriorate. This finding thereby refutes the political rhetoric. [ABSTRACT FROM AUTHOR]

Both symbolic (digits) and non-symbolic (dots) numerals are spatially coded, with relatively small numbers being responded faster with a left key and large numbers being responded faster with a right key (spatial–numerical association of response codes [SNARC]). The idea of format independent SNARC seems to support the existence of a common system for symbolic and non-symbolic numerical representations, although evidence in the field is still mixed. The aim of the present study is to investigate whether symbolic and non-symbolic numerals interact in the SNARC effect when both information is simultaneously displayed. To do so, participants were presented with dice-like patterns, with digits being used instead of dots. In two separate magnitude classification tasks, participants had to respond either to the number of digits presented on the screen or to their numerical size. In the non-symbolic task, they had to judge whether the digits on the screen were more or less than three, irrespective of the numerical value of the digits. In the symbolic task, participants had to judge whether the digits on the screen were numerically smaller or larger than three, irrespective of the number of digits being present. The results show a consistent SNARC effect in the symbolic task and no effect in the non-symbolic one. Furthermore, congruency between symbolic and non-symbolic numerals did not modulate the response patterns, thus supporting the idea of independent representations and questioning some propositions of current theoretical accounts. [ABSTRACT FROM AUTHOR]

An emerging type of photovoltaic (PV) system for which maximum power point tracking (MPPT) algorithms are scarce in the literature is the PV water heating system (PWHS). The application of existing PWHS-specific MPPT algorithms presents a significant difficulty in that none of them is able to provide, concurrently, low-complexity implementations and high tracking efficiencies. This paper addresses such challenge by proposing a novel impedance matching-based MPPT algorithm that has O(1)-complexity iterations and high efficiency for typical PWHS loads. Such efficiency improvement is achieved via generalization of a previous impedance matching algorithm, which is obtained by taking into account the effect of current harmonics into the impedance matching computations. The proposed algorithm is validated by means of simulation experiments, whose results confirm that it yields superior performance when compared to other low-complexity MPPT methods in the PWHS literature. [ABSTRACT FROM AUTHOR]

Pakistan experienced consistent rise in budget deficit and current account deficit that dampened the country's abilities to achieve sustained economic growth over the last several years. To this aim, this study intends to investigate the existence of twin deficit hypothesis in the presence structural breaks over the last four decades. Utilizing time series data for the years 1980–2019 and employing Zivot-Andrew unit root test, ADF, PP and ARDL approaches, we find that budget deficit being statistically significant in the short-run and long-run positively affect the current account deficit of the country. The effects are unaltered when we run regression with structural break and without structural breaks. The study, thus, confirms the presence of twin deficit hypothesis in both the short-run and long-run periods in case of Pakistan. Thus, a consistent, well devised and prudent fiscal policy help alleviate the current account deficit of Pakistan over the last four decades. [ABSTRACT FROM AUTHOR]

Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995–2020. Furthermore, we estimate time-varying coefficients of the current account balance responses to changes in the CAPB and in the government balance and we identify the determinants of these responses. The CAPB and the government balance, in addition to being determinants of the current account balance, are also determinants of the time-varying responses of the current account balance. The government balance, current account balance and public debt, and the temporal period also influence these responses. [ABSTRACT FROM AUTHOR]

Over the years, policymakers have explored various combinations of varying degrees of monetary policy independence, exchange rate stability, and financial openness while recognizing that not all three policies can be achieved to the fullest extent – the "monetary trilemma" hypothesis. In recent years, holding international reserves (IR) has become an important policy instrument as a buffer or insurance against liquidity shortages. Significant and fundamental economic events such as currency crises have often changed the policy mix. In this paper, we find that countries' policy mixes have been diverse and varied over time from the perspective of the trilemma and also IR holding. We then illustrate how the combination of the three trilemma policies and IR holding drastically changed before and after the Asian Financial Crisis (AFC). However, the Global Financial Crisis did not lead to a drastic change in the policy arrangements. We find that countries that faced large terms of trade shocks or negative economic growth during the crisis increase IR holding in the post-AFC. Countries that had negative growth during the crisis also tend to pursue more exchange rate flexibility and more open financial markets. This characteristic is true for commodity exporters, but not for manufacturing exporters. Countries with large current account deficit (i.e., "large capital borrowers") tend to be more sensitive to economic growth at the time of the AFC. Countries that are under IMF stabilization programs or those with sovereign wealth funds tend to hold more IR. These characteristics were not found in the aftermath of the GFC. In general, countries increased their IR holdings after the GFC, but did not respond to the during-crisis economic and institutional conditions. [ABSTRACT FROM AUTHOR]

This paper examines monetary policy spillovers from the US and the People's Republic of China (PRC) to real and financial sectors in advanced and emerging Asian economies over the period 2000 to 2020. Using a structural vector autoregression (SVAR) approach, we find that Asian economies overall are more susceptible to spillovers to GDP, inflation, and the current account emanating from monetary policy shocks in the PRC than to those from the US. This is related to high inter-regional trade integration in Asia and is in line with previous research findings. However, while the prevailing literature has highlighted the dominant role of US monetary policy as a transmitter of shocks to global and Asian financial markets, we find more persistence in the response of advanced Asian interest rates to PRC monetary policy shocks. In addition, emerging Asian economies are found to be more susceptible to shocks emanating from the PRC in respect of equity markets and exchange rates. The rising synchronization of Asian financial markets in relation to the PRC as the financial account in the PRC has gradually opened as well as indirect effects via trade and regional value chains help to rationalize our findings. [ABSTRACT FROM AUTHOR]

We investigate the long-run relationship between de jure trade openness and economic growth as well as between de jure financial openness and economic growth for a panel of 118 developed and developing countries in the period 1970–2017. We fit a cross-sectional autoregressive distributed lag model and unveil the positive association between both liberalizations and economic growth in the global panel and for the more developed countries. Conversely, only trade liberalization is linked with larger output growth in less developed nations. We complement these results with a long-run causality analysis, which reveals that for the whole sample and for the two subsamples both de jure trade and de jure financial openness jointly cause economic growth. These outcomes may be indicative that during the time span under scrutiny developing countries faced current account crises when they stuck to the early prescriptions of the Washington Consensus. Yet, they later adopted a more nuanced view of economic liberalism putting in place a number of capital controls, which protected them from sudden stops and capital reversals. [ABSTRACT FROM AUTHOR]

Scholars, practitioners, and policymakers have called for greater uniformity in state juvenile justice systems' operationalizations of juvenile recidivism. Yet the last censuses of these measurement strategies found that states' measures varied widely and generally did not conform to recommended best practices. The current study combined reviews of state publications and statutes with communications with juvenile justice agency representatives to create an updated accounting of current measurement practices. Now, nearly one-third of states have adopted the Council of Juvenile Justice Administrators best practices for operationalizing juvenile recidivism. In addition, most states now track youth into the adult criminal justice system. There remains wide variation in the type of system contact assessed and the follow-up period used. Continued improvements in measurement will enable stakeholders to make better comparisons across systems, programs, and states. [ABSTRACT FROM AUTHOR]

Promoting financial sustainability is the focus of current state policies while addressing the concerns of environmental pollution. The alarming impacts of climate change on economies motivate us to revisit an intensive empirical study to explore the dynamic relationships of low-carbon energy, current account balance, and reserves with carbon dioxide (CO2) emissions in the most polluted countries across the globe for the years 1981–2020. We applied the dynamic autoregressive distributive lag (D-ARDL) simulation model to investigate the short and long-run connection. The empirical outcomes of the study uncover that in the short run, a 1% increase in renewable energy reduces CO2-based emissions by 0.417%, 0.169%, and 0.619% in China, the USA, and India, respectively. We further explored that China's and the USA's economic growth causes environmental deterioration. In contrast, a 1% increase in current account balances improves the environmental quality of China and India by 0.3% and 0.6%, respectively. This research concludes that model variables significantly impact the environment. Therefore, it is necessary to draw policy implications to increase the consumption of low-carbon energy to sustain economic growth by limiting the adverse impacts of economic activities. [ABSTRACT FROM AUTHOR]

The digitalisation of processes is a current topic in accounting. New technologies can change activities which in turn may require different skills from accounting graduates. This paper aims to shed light on the changes that digitalisation brings about in various areas of accounting by assessing the types of activities (non-routine and routine) and corresponding competences in the context of progressing stages of digitalisation. In addition, it is analysed how different technologies are used in these activities and where their execution is placed within the supply chain. The systematic literature review shows a lack of expertise in the field of digitalisation that enables graduates and employees to successfully manage respective processes in the workplace. While routine activities are continuously being automated or digitalised, non-routine activities and the corresponding skills have a similarly increasing importance for employees in accounting as the acquisition of general digital competences. [ABSTRACT FROM AUTHOR]

According to process ontology in the philosophy of biology, the living world is better understood as processes rather than as substantial individuals. Within this perspective, an organism does not consist of a hierarchy of structures like a machine, but rather a dynamic hierarchy of processes, dynamically maintained and stabilized at different time scales. With this respect, two processual approaches on enzymes by Stein (Hyle Int J Philos Chem 10(4):5–22, 2004, Process Stud 34:62–80, 2005, Found Chem 8:3–29, 2006) and by Guttinger (Everything Flows: Towards a Processual Philosophy of Biology, Oxford University Press, Oxford, 2018) allows to think of macromolecules as relational and processual entities. In this work, I propose to extend their arguments to another case study within the biochemical domain, which is the case of ligand receptors and receptor-mediated biosignaling. The aim of this work is to analyze the case of G Protein-Coupled Receptors and biosignaling under the consideration of a processual ontology. I will defend that the processual ontology framework is adequate for the biochemical domain and that it allows accounting for the current biochemical knowledge related to the case study. [ABSTRACT FROM AUTHOR]

We introduce a Monte Carlo procedure for estimating the posterior location uncertainty of events produced by NET-VISA, a Physics-Based Generative Model of global scale seismology. The procedure produces a parametric estimate (confidence ellipse) of the uncertainty in location as well as the joint uncertainty in depth and time. This takes into account the uncertainty in the measurements of all of the seismic, hydroacoustic, and infrasound phases that are detected as well as those that are not detected at operational stations including the possibility that the detections were, in fact, noise. The resulting parameteric estimates are shown to be more accurate than some of the existing deployed algorithms in evaluations on a ground truth seismic dataset. An improvement is also proposed to the NET-VISA model training to take into account the inaccuracy in the current human-labeled training data. This extra uncertainty that is injected into the model leads to even better uncertainty quantification. We also demonstrate on a number of illustrative examples that NET-VISA's generative model leads to posterior uncertainty contours that are not accurately captured by confidence ellipses. [ABSTRACT FROM AUTHOR]

This study investigates what specific information underlies key audit matters (KAMs). Investigating Taiwan listed companies from 2016 to 2020 in which the audit market is highly price-competitive and has a relatively low litigation risk, we find that companies' accounting performance is relatively poor when more KAMs are disclosed by auditors. The negative association between accounting performance measures and the number of KAMs is enhanced when auditors' perceived risk increases. When auditors perceive increased risk, they convey negative accounting performance-related information through the number of KAMs disclosed to fulfill their professional due diligence. We also find a negative association between changes in the types of KAMs disclosed and accounting performance in the current and next years. This finding suggests that changes in the types of KAMs disclosed by auditors reflect that companies are subject to major changes in business strategies or operating conditions and may have poor accounting performance in the near future. [ABSTRACT FROM AUTHOR]

This paper uses principal components analysis to describe the evolution of current account imbalances in a sample of 18 Organization for Economic Cooperation and Development countries from 1950 to 2020. The analysis shows, using only statistical methods, how two groups of countries formed in the 1980s. There is the current account surplus group including countries in Northern Europe, Japan and Switzerland and then the deficit group including the United States, the United Kingdom, Australia and several countries in Southern Europe. The divergence cannot be attributed to divergence in fiscal and monetary policy. Instead, there is some support for the thesis of Robert Aliber set out in another paper in this issue that capital flows between countries affect exchange rates, asset prices and the current account. The paper builds on two earlier papers in this journal by the same author, one showing how countries that have experienced a financial crisis tend to subsequently develop current account surpluses and the other showing how surpluses and deficits caused by capital flows affect the domestic real economy. [ABSTRACT FROM AUTHOR]

We study the behaviour of real interest rate gaps—i.e. periods of real interest rates above (below) the natural interest rate—and link their length with a set of key observable determinants. Using quarterly data for 13 OECD countries over (close to) the last 60 years, we find that global risk-taking, CPI inflation, (un)conventional monetary policy, and income redistribution crucially shape the duration of both events. However, while labour-related supply-side factors appear to affect the length of positive interest rate gaps, the adoption of an inflation targeting regime and the current account balance seem to explain the duration of negative interest rate gaps. Our results suggest that the "normalisation" of the conduct of monetary policy is likely to be very gradual, and subject to spikes in uncertainty and financial markets' volatility. [ABSTRACT FROM AUTHOR]

Portugal is one of the most externally indebted economies in the eurozone. The deeply negative net international investment position (NIIP) suggests that large current account surpluses will be needed in the future to restore external sustainability. Despite significant interest in the scope for external adjustment within a monetary union, little is known about the magnitude or likelihood of the relative price change required to facilitate this adjustment. Drawing on a new probabilistic framework of external sustainability, this paper estimates the likelihood that a real effective depreciation is needed to lower Portugal's net external liabilities to more prudent levels. Contrary to conventional thinking, we find that the NIIP is sustainable without real depreciation with fairly high probability, estimated between 32 and 43 percent. We highlight the predominance of financial account shocks over current account shocks in this assessment. To provide context to the assessment, we also apply the framework to Ireland. Despite a weaker NIIP than in Portugal, the probability that the external position is sustainable in Ireland is higher, estimated between 54 and 60 percent, predominantly reflecting forecasts of large and sustained trade surpluses. [ABSTRACT FROM AUTHOR]

One important strategy for dealing with error in our methods is triangulation, or the use multiple methods to investigate the same object. Current accounts of triangulation assume that its primary function is to provide a confirmatory boost to hypotheses beyond what confirmation of each method alone could produce. Yet, researchers often use multiple methods to examine new constructs about which they are uncertain. For example, social psychologists use multiple indirect measures to provide convergent evidence about implicit attitudes, but how to characterize implicit attitudes is an open question. To make sense of triangulation under uncertainty about constructs, I suggest two changes: first, triangulation can serve multiple epistemic functions, including some that are non-confirmatory, and second, researchers should assess the epistemic risk in claims about evidence and the acceptance/rejection of hypotheses. [ABSTRACT FROM AUTHOR]

Generative models have been proposed as a new type of non-representational scientific models recently. A generative model is characterized with the capacity of producing new models on the basis of the existing one. The current accounts do not explain sufficiently the mechanism of the generative capacity of a generative model. I attempt to accomplish this task in this paper. I outline two antecedent accounts of generative models. I point out that both types of generative models function to generate new homogenous models in the sense that the latter is a straightforward derivative of the former, both of which share many similar features. Unfortunately, both accounts are implicit about the generative capacity of generative models. Using a case study, I articulate that a two-staged process of abstraction and idealization in modeling may contribute to the generative capacity of a scientific model. I also demonstrate that this two-staged process may go beyond the capacity of generating new homogenous models to generating new heterogeneous models. [ABSTRACT FROM AUTHOR]

In connection with the start-up of the T-15MD tokamak, testing of numerous magnetic probes of the electromagnetic diagnostic system is an important problem, because measurements from magnetic probes are used to control the plasma discharge. The article analyzes the first experiments on measuring the magnetic field performed on the T-15MD tokamak. A program has been created in which Kirchhoff equations for currents in poloidal coils and eddy currents in a vacuum chamber and passive stabilization conductors are solved. The distribution of the magnetic field and voltage in the magnetic probes are calculated and compared with experimentally measured values. As a result, it is found that some probes have incorrect connection polarity and that the signals from two probes are mixed up during recording to the database. It is shown that large currents are induced in the vacuum chamber, which will influence the plasma equilibrium, especially at the initial stage of current rise. An algorithm is proposed to improve the 2D model of the T-15MD chamber, which increases the accuracy of calculating the eddy currents and thereby improves plasma discharge control. [ABSTRACT FROM AUTHOR]

We agree with Aguinis and Gabriel that, contrary to Eden and Nielsen, international business (IB) is not uniquely complex, but argue that it faces two unique challenges. First, because it deals with cross-country phenomena, IB data are less plentiful and reliable. Second, because IB uses many imported theories, and they tend to be influenced by the national environment of their authors, they often have, taken as is, limited applicability in many of the contexts IB studies. We illustrate our twin points by examining the secondary data used in IB to measure the economic activities of multinational enterprises outside their home country, both at the country level, using foreign direct investment (FDI) data from balance of payments statistics, and at the firm level, using firm-level databases such as Orbis. We document the serious shortcomings of FDI data and the problems encountered in using firm-level data. We then highlight some of the cultural biases inherent in Williamson's version of transaction cost theory (TCT) but show how they can be overcome to arrive at a richer and more general theory that is applicable to a wider variety of contexts. [ABSTRACT FROM AUTHOR]

In this paper we analyze whether the long-term economic growth of Kazakhstan is subject to macroeconomic constraints. The balance-of-payments-constrained growth (BPCG) models predict that a country's growth rate can be approximated through the ratio of growth rates of exports to the income elasticity of demand for imports. We apply the BPCG model to Kazakhstan's quarterly data—a typical emerging economy with a low trade to GDP ratio. To estimate the trade parameters we use Johansen's cointegration technique. Vector error correction model is employed to analyze the short-run adjustments of income elasticities. The results demonstrate that the average growth rate estimated by the BPCG hypothesis projects around 2% long-run economic growth for Kazakhstan and current economic growth is aggregate demand constrained. [ABSTRACT FROM AUTHOR]

There is growing recognition of the need for pupils to have the opportunity to engage with both religious and non-religious worldviews in religious education (RE). This recognition is bound up with issues of social justice and equality, underpinned by a desire to ensure that all young people should have the opportunity 'to understand the worldviews of others and reflect on their own' (Commission on Religious Education 2018: 26). In thinking about how best to provide non-religious pupils with opportunities to reflect on their own worldviews, beliefs, and moral commitments, we should take into account their current experiences in RE. This article therefore offers original insight into the experiences and perspectives of non-religious primary school children in relation to RE. We draw on data from a qualitative study exploring what it means to be 'non-religious' for primary school children in three different areas of England. Through presenting how these children reflect on RE, we see that they care about social justice but also that their own experiences of RE can be seen as perpetuating a 'hermeneutic injustice' (Fricker, 2007) as they are not being given interpretive resources to make sense of their own experiences and worldviews. We argue that giving children the opportunity to explore the kind of 'emerging worldview' (Beaman, 2017) that they themselves express might be one way to overcome this inequality and provide them with a language to reflect on their beliefs and values and enter into meaningful conversation with others. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the relationship between external imbalances and poverty in the Eurozone. The former are registered through the Target2 (T2) settlement mechanism and can be assimilated into changes in official reserves to cover the balance of payments disequilibrium in a fixed exchange rate regime. The presence of T2 discrepancies has led to differences in interest rates and increased distances in general living conditions inside the Eurozone. An empirical investigation implemented in 11 Eurozone countries reveals that T2 is negatively correlated with poverty, therefore allowing for an interpretation that approximates balance of payment crisis models. Results that appear to be robust to several control variables suggest that the policy framework of the Eurozone—in the absence of a compensatory mechanism—should be revised towards centralised fiscal instruments and anti-speculative monetary interventions. [ABSTRACT FROM AUTHOR]

Background: The systematics of Liolaemus magellanicus has been relatively well researched, but despite its recognition as the southernmost lizard in the world, scant attention has been paid to the discovery, distribution, biogeography, and ecology of this lizard at the southern tip of South America. I hereby research such aspects and collate the most relevant information reported in the primary literature. Methods and Results: I conducted a selective review of the history of discovery, distributional records, biogeography, and ecological features of L. magellanicus, as recorded in mainstream journals and landmark monographs and books. I specifically omitted the work on the systematics of the species and genus because its complexity warrants separate treatment. I found scattered references to this lizard starting with the chronicles of several overseas expeditions (British, French, and Swedish), with Darwin, Jacquinot and Guichenot, and Anderson and Ohlin acting as informers; and culminating with Skottsberg, a traveler, and Bridges, an early settler in Tierra del Fuego Island. Modern treatment of this species started with Hellmich in the 1930s and Donoso-Barros in the 1960s in Chile, and with Cei in Argentina in the 1960s and has continued chiefly in the latter country until today. Discussion: I propose this species as a model ectothermic vertebrate that may serve to test hypotheses about: (a) Resource allocation strategies to deal with a harsh environment that affords limited opportunities for foraging and reproductive activities of a lizard. (b) Behavioral strategies for dealing with thermoregulation, food, and mate acquisition, and care –if any—of offspring. (c) Its place within the rather impoverished food web of which this species forms part of. This relatively new species, which persisted in glacial refuges before being cut off into two subpopulations—one mainlander, another islander—also offers fertile ground for testing population genetic, evolutionary, and phylogeographic hypotheses. I think that biogeographers, systematists, evolutionists, physiologists, and ecologists should take advantage of this uniquely positioned species in the southernmost margin of the world. [ABSTRACT FROM AUTHOR]

According to process ontology in the philosophy of biology, the living world is better understood as processes rather than as substantial individuals. Within this perspective, an organism does not consist of a hierarchy of structures like a machine, but rather a dynamic hierarchy of processes, dynamically maintained and stabilized at different time scales. With this respect, two processual approaches on enzymes by Stein (Hyle Int J Philos Chem 10(4):5–22, 2004, Process Stud 34:62–80, 2005, Found Chem 8:3–29, 2006) and by Guttinger (Everything Flows: Towards a Processual Philosophy of Biology, Oxford University Press, Oxford, 2018) allows to think of macromolecules as relational and processual entities. In this work, I propose to extend their arguments to another case study within the biochemical domain, which is the case of ligand receptors and receptor-mediated biosignaling. The aim of this work is to analyze the case of G Protein-Coupled Receptors and biosignaling under the consideration of a processual ontology. I will defend that the processual ontology framework is adequate for the biochemical domain and that it allows accounting for the current biochemical knowledge related to the case study. [ABSTRACT FROM AUTHOR]

Motivated by the Weak Gravity Conjecture in the context of holography in AdS, it has been proposed that operators charged under global symmetries in CFTs, in three dimensions or higher, should satisfy certain convexity properties on their spectrum. A key element of this proposal is the charge at which convexity must appear, which was proposed to never be parametrically large. In this paper, we develop this constraint in the context of multiple Abelian global symmetries. We propose the statement that the convex directions in the multi-dimensional charge space should generate a sub-lattice of the total lattice of charged operators, such that the index of this sub-lattice cannot be made parametrically large. In the special case of two-dimensional CFTs, the index can be made parametrically large, which we prove by an explicit example. However, we also prove that in two dimensions there always exist convex directions generating a sub-lattice with an index bounded by the current levels of the global symmetry. Therefore, in two dimensions, the conjecture should be slightly modified to account for the current levels, and then it can be proven. In more than two dimensions, we show that the index of the sub-lattice generated by marginally convex charge vectors associated to BPS operators only, can be made parametrically large. However, we do not find evidence for parametric delay in convexity once all operators are considered. [ABSTRACT FROM AUTHOR]

It is well known since Phillips (1955) that the Formule du Tableau Economique can be translated into an input–output table. Phillips's translation is however far from faithful. We propose a more accurate translation that attempts to take seriously all the features of Quesnay's formalism, by considering in particular its clear, although tacit, distinction between current and capital accounts. This formalism is first approached as an autonomous object of analysis, and then serves as the basis for discussing the imputation of the net product, by considering successively three candidates to that imputation (other than the productive class): the class of landowners, the sterile class and nature. [ABSTRACT FROM AUTHOR]

This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financial interactions are negatively affected by stricter containment and closure policies as well as health system policies of a partner country, while German capital flows benefit from a partner's economic support policies. Moreover, to the extent that public interventions to fight the pandemic affect financial interactions, the adjustment mainly takes place along the intensive margin. [ABSTRACT FROM AUTHOR]

The impact of foreign direct investment (FDI) on environmental quality has been discussed in the environmental economics literature over the last decades. Within this scope, the pollution haven hypothesis (PHH) postulates that FDI inflows can cause environmental degradation in developing countries. Using data over the period 1993–2018 for 10 developing countries with current account deficits, this paper aims to test the validity of the PHH. Therefore, the paper examines whether or not developing countries face off a trade-off between financing current account deficits and environmental deterioration. The paper employs panel data methods that consider cross-sectional dependence. The empirical findings show that foreign direct investment inflows have no impact on environment, meaning the PHH does not dominate for these countries. Hence, the findings indicate that there is no trade-off between financing current account deficits and environmental deterioration. [ABSTRACT FROM AUTHOR]

Typing has become a pervasive mode of language production worldwide, with keyboards fully integrated in a large part of many daily activities. The bulk of the literature on typing expertise concerns highly trained professional touch-typists, but contemporary typing skills mostly result from unconstrained sustained practice. We measured the typing performance of a large cohort of 1301 university students through an online platform and followed a preregistered plan to analyse performance distributions, practice factors, and cognitive variables. The results suggest that the standard model with a sharp distinction between novice and expert typists may be inaccurate to account for the performance of the current generation of young typists. More generally, this study shows how the mere frequent use of a new tool can lead to the incidental development of high expertise. [ABSTRACT FROM AUTHOR]

eXtensible Business Reporting Language (XBRL) is a software standard of significant importance in the current shift in financial reporting. This new standard is representative of the dramatic developments in how financial information is presented and reported. Over the past 20 years (2000–2020), we have witnessed how information systems and technology advancement have continued to shape current practices in accounting, which has resulted in an increasing trend toward Internet reporting, and thus the XBRL adoption. This study investigates the current trends and various characteristics of worldwide research on XBRL using bibliometric analysis, subsequently presenting a plausible future research direction. The Scopus database was searched for articles indexed under the terms "XBRL*" or "Digital Financial Reporting*" or "Internet Financial Reporting*" or "Web financial reporting*", which yielded a total of 661 documents from the years 2000–2020. We analysed a total of 621 documents as our final sample after excluding those not related to the interest of the study. Our analysis discovered six (6) main research clusters related to XBRL, which are financial reporting, development of XBRL, decision making, XBRL adoption, corporate governance and disclosure, and financial analytics. We also proposed a future research direction within XBRL-related research. [ABSTRACT FROM AUTHOR]

Renewable energy is in the center for providing a sustainable energy future. Renewables are the key for overcoming the energy problems. This paper investigated the dynamic and causal relationship among renewable energy production, current account balance, energy imports, renewable energy consumption, and economic growth in the 1976–2019 period for G20 countries through panel Fourier bootstrapping ARDL model. According to empirical results, the evidence of cointegration between the selected variables was determined. Results indicate that economic growth, energy imports, energy consumption, and current account balance provide the important impacts on renewable energy generations. Our results determined that there is a unidirectional causality from energy imports, renewable energy consumption, and current deficit to renewable energy production. As countries decrease their dependence on the imports of energy, this may both increase the quality of environment through production of more renewable energy and reduce current account imbalances. [ABSTRACT FROM AUTHOR]

Traditional GDP calculations exclude the ecological environment and natural resource depletion, arguing that sustained economic growth can lead to sustained welfare improvements. The Index of Sustainable Economic Welfare (ISEW) is a monetary measure of sustainability and economic welfare aimed at overcoming some of the limitations of GDP. Given the significant impact of industrial development, the demographic composition, and the balance of payments in economic growth and sustainable economic well-being, we propose an improved ISEW method (SE-ISEW), where the structural index is used instead of the Atkinson index as a measure of structural imbalance. This study calculates and compares the ISEW and SE-ISEW for 30 provinces in mainland China from 1997 to 2017 and discusses highly controversial methodological assumptions related to income inequality, long-term environmental damage, and nonrenewable energy consumption. Findings show that China's GDP is larger than ISEW and SE-ISEW respectively. Moreover, the "relative threshold effect"—increases in social welfare are slower than the expansion of economic scale—has been found in many provinces. In the case of rapid economic growth, the gap between GDP and ISEW or SE-ISEW has increased over time. This study reveals an unbalanced development of China's economic growth and sustainable welfare growth and provides a new way of thinking about structural transformation. [ABSTRACT FROM AUTHOR]

In this paper, score-driven time series models are used, in order to provide robust estimates of the seasonal components of Russian rouble (RUB) currency exchange rates for the period of 1999 to 2020. This paper is the first empirical application of score-driven models to the RUB to US dollar (USD) and RUB to Euro (EUR) currency exchange rates in the literature. The model includes score-driven local level, seasonality, and volatility components for a variety of probability distributions: Student's t distribution, skewed generalized t (Skew-Gen-t) distribution, exponential generalized beta distribution of the second kind (EGB2), normal-inverse Gaussian (NIG) distribution, and Meixner (MXN) distribution. The use of the MXN distribution is new in the literature of score-driven seasonality models. We show that the score-driven models of this paper are robust to changes in the currency exchange rate regimes of the Bank of Russia. We find that the annual seasonality of the RUB is significant, and it is in the range of ± 4 % . We review the determinants of the RUB seasonality using data on exports, imports, and primary income from the current account of the Russian Federation. The statistical performances of all score-driven models are superior to the statistical performance of the classical multiplicative seasonal autoregressive integrated moving average (ARIMA) model. Our results may motivate the practical use of score-driven models of the RUB exchange rate seasonality for financing, investment, or policy decisions. [ABSTRACT FROM AUTHOR]

Migration and remittances have always been an exciting arena of research for economists around the globe. Remittance flows have evolved as a significant economic variable over the past decade. In several developing countries, remittances exceed the other capital inflows and value of total exports. Thus, it is widely recognised as a potential funding source for economic development in emerging economies. The inflow of remittances to India has increased tremendously in the recent past making the country the highest recipient of remittances across the globe. Remittances are an essential component that contributes to narrowing the Current Account Deficit and has always been a stable constituent of the Balance of Payment. This paper is an attempt to explore the vital macroeconomic variables which determine the remittance flows to India. Notably, we enquire into the dominant motives of remittances in the Indian context. We employ an ARDL approach to cointegration to identify the macroeconomic determinants of remittances and find those crucial variables such as exchange rate, oil price, and domestic GDP substantially impact the flow of remittances. The results also indicate that the migrants are more vulnerable to the oil price shocks in host countries. The overall findings of our study are that (1) remittances are not countercyclical in the Indian context (2) remittances are subject to weak investment motive as opposed to the altruistic motive. [ABSTRACT FROM AUTHOR]

Using a sample covering 50 advanced and emerging economies over 1990–2017, it is found that large current account deficits are followed by systematic negative surprises in economic growth. This regularity is verified both in the case of advanced economies and emerging economies. In addition, large current account deficits are reversed significantly faster than what forecasters anticipate and are followed by low asset returns and drops in sentiment. The findings are robust to changes in the specification and do not seem to be explained by efficient learning dynamics. This evidence indicates that analysts are unable to incorporate the negative information transmitted by large current account deficits and has implications for the understanding of past economic events and for the design of macro-prudential policies. [ABSTRACT FROM AUTHOR]

A new field-oriented control strategy for induction motor is proposed in the paper. It is called Maximum Torque Per Watt (MTPW) and allows obtaining the minimum value of the sum of the stator and rotor losses due to joule effect, and of the iron losses, for a given value of the reference torque and of the motor speed. Iron losses have been modeled according to Steinmetz equation, separating hysteresis and eddy currents and taking into account the dependence both on the frequency and on the peak value of the flux density. Numerical and experimental results are presented to confirm the validity of the proposed approach, which allows achieving significant improvements in the efficiency of induction motor drive. [ABSTRACT FROM AUTHOR]

The aim of this paper is two-fold. The first aim is to review the core representational and processing aspects of influential accounts of single-document and multiple-document comprehension with a particular emphasis on how readers negotiate conflicting information during reading. This review provides the groundwork for the second aim—to expand our current account of knowledge revision during reading of single documents to multiple documents. The product of this expansion is an initial conceptualization of the Knowledge Revision Components Framework–Multiple Documents (KReC-MD). This initial conceptualization presents the theoretical foundation necessary for future empirical work and further refinement. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has been accompanied on social media by an explosion of information disorders such as inaccurate, misleading and irrelevant information. Countermeasures adopted thus far to curb these informational disorders have had limited success because these did not account for the diversity of informational contexts on social media, focusing instead almost exclusively on curating the factual content of user's posts. However, content-focused measures do not address the primary causes of the infodemic itself, namely the user's need to post content as a way of making sense of the situation and for gathering reactions of consensus from friends. This paper describes three types of informational context—weak epistemic, strong normative and strong emotional—which have not yet been taken into account by current measures to curb down the informational disorders. I show how these contexts are related to the infodemic and I propose measures for dealing with them for future global crisis situations. [ABSTRACT FROM AUTHOR]

The increasing popularity of massively online open courses (MOOCs) has been attracting a lot of learners. Despite the popularity, it has been observed that there is a significant percentage of learners who discontinue courses and drop out of the platform. This is a problem that most of the MOOC courses face. The dropout probability of any student depends on his/her interaction with the platform, and the features of the course in which the student has enrolled. The research work is intended to study and analyze the dropout behavior of the students in online learning with identification of the reasons and to understand their impact. The current research accounts for the activity log of learners of 13 different online courses offered by Harvard and MIT during 2012 to 2013. The work examines the attributes which affects the student dropout rate. The research can be useful in improving the existing features of the MOOC courses and content to ensure persistence turnout of their learners. [ABSTRACT FROM AUTHOR]