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A better functioning industrial sector matters directly for growth and contributes indirectly to poverty alleviation, unemployment reduction, trade promotion, exchange of goods and services, increased per capital income, GDP growth etc. in developing and developed economies. Nonetheless, after global financial crisis and fall of Bretton wood system a new debate was generated to re-examine the issue after the implementation of financial liberalization policies in these economies. Therefore, the central theme of this study is to test the industrial development nexus in United States of America, European Union and China. With this background in mind the present research aims to ascertain whether financial liberalization in terms of capital account openness (CAO), trade openness (TO), equity openness (EO), Regulatory factors in terms of World Governance indicator, private sector investment, public sector investment and lastly whether macroeconomic factors in terms of exchange rate (ER) and foreign direct investment (FDI) have had any impact on industrial development. Augmented dicker fully test was applied to estimate stationarity of data, vector auto regression, impulse response function and variance decomposition were used to describe shocks, after effects and magnitudes and intra and inter dependence of the study variables. EO, TO and FDI were significant determinants in European Union. However, Governance, TO and CAO are significant predictors in China and Lastly Governance, ER, FDI, private investment and public investment were significant in United States of America. [ABSTRACT FROM AUTHOR]

Due to the serious consequence caused by insurers' insolvency, how to accurately predict insolvency becomes a very important issue in this area. Many methods have been developed to do this task by using some firm-level financial information. In this paper, we propose a new approach which incorporates several macroeconomic factors in the model and applies feature selection to eliminate the bad effect of some unrelated variables. In this way, we can obtain a more comprehensive and accurate model. More importantly, our method is based on the state-of-the-art non-kernel fuzzy quadratic surface support vector machine (FQSSVM) model which not only performs superiorly in prediction, but also becomes very applicable to the users. Finally, we conduct some numerical experiments based on the real data of non-lifer insurers from USA to show the predictive power and efficiency of our proposed method compared with other benchmark methods. Specifically, in a reasonable computational time, FQSSVM has the most accurate prediction rate and least Type Ⅰ and Type Ⅱ errors. [ABSTRACT FROM AUTHOR]

The novelty of this study is the use of continuous wavelet transform analysis of wavelet coherence, as well as its partial and multiple forms, to revisit the co-movements of Asian-Pacific public real estate markets among themselves and with the US, for a time span which covers the 12 January 1995-23 June 2016 period. Earlier research does not have satisfactory results because traditional methods average different relationships in time domain only. From the wavelet analysis, investors can extract the time-scale that most interests them. We find that the co-movement relationship across the real estate markets increases during the two major crisis period, as well as becomes stronger as the scale increases. Hong Kong and Singapore have the strongest time-scale co-movement relationship. Finally, the influence of domestic macroeconomic factors on real estate return co-movement appears to be greater at the long-term horizons than at the short-term horizons. [ABSTRACT FROM AUTHOR]

Objective To analyze overall trends of elective cervical spine surgery in the United States from 2003 to 2013 with the goal of determining whether the economic downturn had an impact. Methods Codes from the International Classification of Diseases, Ninth Revision, Clinical Modification were used to identify elective cervical spine surgery procedures in the Nationwide Inpatient Sample from 2003 to 2013. National Health Expenditure, gross domestic product, and S&P 500 Index were used as measures of economic performance. The economic downturn was defined as 2008–2009. Confidence intervals were determined using subgroup analysis techniques. Linear regressions were completed to determine the association between surgery trends and economic conditions. Results From 2003 to 2013, posterior cervical fusions saw a 102.7% increase. During the same time frame, there was a 7.4% and 14.7% decrease in the number of anterior cervical diskectomy and fusions (ACDFs) and posterior decompressions, respectively. The trend of elective cervical spine surgeries per 100,000 persons in the U.S. population may have been affected by the economic downturn from 2008 to 2009 (−0.03% growth). The percentage of procedures paid for by private insurance decreased from 2003 to 2013 for all ACDFs, posterior cervical fusions, and posterior decompressions. The linear regression coefficients (β) and R 2 values between the number of surgeries and each of the macroeconomic factors analyzed were not statistically significant. Conclusions The overall elective cervical spine surgery trend was not likely impacted by the economic downturn. Posterior cervical fusions grew significantly from 2003 to 2013, whereas ACDFs and posterior decompressions decreased. [ABSTRACT FROM AUTHOR]

This study compares the macroeconomic impacts of China and the United States on international commodity markets using a factor-augmented vector auto-regression (FAVAR) model with latent factors extracted from a rich data set that includes various macroeconomic and financial indicators at monthly frequency. The main results suggest that whether or not the Chinese demand cause commodity prices to soar depends. Macroeconomic factors of China do have significant impact on commodity markets, but the impacts of the United States outperform those of China in terms of the size of coefficients and their level of significance, as well as the direction and magnitude of directional return spillovers. Moreover, the effects of these factors on individual commodity futures are not a universal phenomenon. Therefore, there is no systematic evidence of a relationship between strong growth in the emerging economy and the boom in commodity futures prices, either statistically or economically. [ABSTRACT FROM AUTHOR]

The objective of this research is to establish whether a relationship between firm motives for diversification and macroeconomic conditions exists. To measure the influence of the economic factors on the firm diversification decision, if any, several multi-factor models are employed. As a measurement of diversification level, the change in the number of segments per firm by year (SegGrowth) is estimated on some economic indexes. The study period is divided on sub-periods based on the bull and bear markets as defined by Dow Theory and the Standard & Poor's Equity Research. Results from the regression models suggest that the firm diversification decision is influenced by poor macroeconomic conditions. The average number of segments per year during bear market periods is significantly greater than that for the bull market periods. These results indicate that firms have a propensity to diversify during poor economic conditions. One possible explanation is that when the firm faces economic and financial risks, the diversification could be a solution to lower the risk or to exploit new productive opportunities. [ABSTRACT FROM AUTHOR]

Abstract: In this paper, we develop an effective approach to model linear non-Gaussian causal relationships among a composite set of major US macroeconomic factors. The proposed approach first models the linear relationships of the factors using the Vector Autoregression (VAR) model, then the casual relationships are discovered using the linear non-Gaussian Structural Equation Modeling (SEM) method. One advantage of our hybrid approach is that the contemporaneous causal order of macroeconomic variables which is important for VAR practitioners is obtained naturally as a result of the computation. Applying our approach to 11 major US macroeconomic factors reveals that the federal funds rate has the dominating power in the set. This outcome purely based on the underlying data without any prior knowledge is in line with previous studies using other empirical approaches where prior knowledge is often essential. We also provide a global picture depicting the interaction among all the macroeconomic factors of concern, which are often approached individually or in small grouping in the economic research literature in the past and not studied in a unified view as in our approach. [Copyright &y& Elsevier]

This study investigates the effect of changes in monetary policy on US equity real estate investment trust (EREIT) returns in lower and higher return ranges during bull, bear, and volatile stock market states using quantile regression. Results show that EREIT returns are sensitive to changes in monetary policy at different EREIT return ranges in different market states. During bull markets, changes in monetary policy have a significant negative impact on EREIT when investors have lower expectations of real estate price increases, but are not effective when investors have higher expectations of real estate price increases. During volatile and bear markets, EREIT returns are not sensitive to changes in monetary policy stance. Results also show that EREIT returns respond positively to stock returns in various states and conditions. [ABSTRACT FROM AUTHOR]

Abstract: The study searches for an optimal Dollar–Euro exchange rate policy for the US and the Euro Area (EA) countries. To achieve this, it explores the causal links between the US Dollar–Euro exchange rate and three key macroeconomic variables. The empirical investigation is carried out in an Error Correction Vector Autoregressive (ECVAR) framework based on the theory of cointegration and error-correction representation of cointegrated variables. The results provide evidence in favor of the presence of a long-run relationship between the exchange rate and the spread between US and EA (Eurozone) interest rates. With respect to the direction of causality, the empirical findings show that in the long and short-run there is a uni-directional causal relationship between interest-rate spreads and the US Dollar–Euro exchange rate. This result constitutes a strong message for policy advising to fiscal and monetary authorities on both sides of the Atlantic, and beyond. [Copyright &y& Elsevier]

The social and economic implications of the Airbnb phenomenon have been the subject of much research. Yet, the academic literature on Airbnb is nascent. Specifically, the issue of whether major macroeconomic conditions affect the supply of Airbnb has not been investigated. To address this gap, we propose a conceptual model that explains the determinants of Airbnb supply and examine the extent to which major macroeconomic factors affect the supply of Airbnb. Specifically, we analyze the effects of hotel room rates (ADR), hotel demand, tourism demand, house prices, gross domestic product (GDP), wages and unemployment on the supply of Airbnb in 50 U.S. states. Results show that increases in hotel ADR, house prices, and GDP have contributed to an increase in the supply of Airbnb, whereas increases in unemployment rates and wages have adverse effects on Airbnb supply. Theoretical and policy implications are discussed within realms of macroeconomic theory. [ABSTRACT FROM AUTHOR]

"This paper studies the differences in earnings between Mexican legal and illegal immigrants in the United States. The analysis includes a cross-sectional examination of the wage differences between legal and undocumented workers as well as a longitudinal analysis examining the impact of legalization on the earnings of previously-undocumented workers. It is shown that the average hourly wage rate of male Mexican legal immigrants in the United States was 41.8% higher than that of undocumented workers while female legal immigrants earned 40.8% more.", (excerpt)

"This paper investigates the association between population age structure, particularly the share of the population in the 'prime saving years' 45-60, and the returns on stocks and bonds. The paper is motivated by the claim that the aging of the 'Baby Boom' cohort in the United States is a key factor in explaining the recent rise in asset values. It also addresses the associated claim that asset prices will decline when this large cohort reaches retirement age and begins to reduce its asset holdings. This paper begins by considering household age-asset accumulation profiles. Data from the Survey of Consumer Finances suggest that while cross-sectional age-wealth profiles peak for households in their early 60s, cohort data on the asset ownership of the same households show a much less pronounced peak.... The paper then considers the historical relationship between demographic structure and real returns on Treasury bills, long-term government bonds, and corporate stock. The results do not suggest any robust relationship between demographic structure and asset returns.... The paper concludes by discussing factors such as international capital flows and forward-looking behavior on the part of market participants that could weaken the relationship between age structure and asset returns in a single nation.", (excerpt)

The authors "argue that national variation in the size of highly trained migration can be explained by interaction and inequality between nations, both reflecting the process of global integration. Guided by this analytical framework, we tested the structural determinants of highly skilled migration to the United States. The evidence confirms our hypotheses that economic and educational interactions between sending countries and the United States increase the flow of the highly trained to the United States. Results also provide mixed proof for our hypotheses that levels of professional migration are positively associated with disparities between sending countries and the United States in living conditions, research conditions, children's educational opportunities, political conditions, and professional employment opportunities.", (excerpt)

Context: Since the initiation of managed health care, little information has been available on whether family planning agencies are seeking ways to serve (and obtain reimbursement for serving) the growing number of clients who are managed care enrollees., Methods: A 1995 mail survey sought information from a nationally representative sample of publicly funded family planning agencies about the agencies' involvement with managed health care plans and related clinic services, policies and practices. Completed surveys were received from 603 agencies, for an overall response rate of 68%., Results: One-half of all publicly funded family planning agencies had served known enrollees or managed care plans. One-quarter (24%) had served managed care enrollees under contract, while others sought out-of-plan reimbursement for services provided to enrollees (13%) or used other sources to cover the cost of these services (12%). Family planning clinics administered by hospitals and community health centers were more likely than other types of clinics to have contracts to provide full primary-care services to managed care enrollees, whereas Planned Parenthood affiliates were more likely to have contracts that covered the provision of contraceptive care only. Clinics administered by health departments rarely had secured managed care contracts (10%), and only 36% reported even serving managed care enrollees., Conclusions: The challenges presented by managed care, and agencies' responses to these challenges, vary according to the type of organization providing contraceptive care. Family planning agencies need to seek relationships with managed care organizations based on those services that their clinics can best supply.

"This study investigates the influence of school quality (measured at the high school level) on 1980 to 1990 population and employment change for nonmetropolitan fringe and hinterland census tracts in South Carolina. A Boarnet variation of the Carlino-Mills model is used to examine the interdependence of population and employment change.... Results...indicate that fringe tracts' population growth was positively related to student test scores, and hinterland tracts population and employment growth were negatively related to student-teacher ratios. Empirical results suggest that local school quality provided a positive influence on rural growth, primarily in terms of residential growth. The role of school quality for employment growth was less clear.", (excerpt)

"Using data on undocumented immigrants in the city of Rotterdam, it is argued that peculiarities of the Dutch housing market, especially the large degree of decommodification of the housing stock, lead to a specific housing situation and housing career of illegal immigrants.... The housing situation of undocumented immigrants in Rotterdam clearly shows how formal arrangements create conditions for informal practices.... A comparison between Dutch and U.S. data shows that differences in formal arrangements have substantial effects on the potential of ethnic solidarity within immigrant communities.", (excerpt)

An analysis of the economic benefits of adolescent contraceptive use utilizes information from a national private payer database and from the California Medicaid program to compare private- and public-sector costs and savings. The study estimates the costs of acquiring and using 11 contraceptive methods appropriate for adolescents, treating associated side effects, providing medical care related to an unintended pregnancy during method use and treating sexually transmitted diseases (STDs) and compares them with the costs of using no method. The average annual cost per adolescent at risk of unintended pregnancy who uses no method is $1,267 ($1,079 for unintended pregnancy and $188 for STDs) in the private sector and $677 ($541 for unintended pregnancy and $137 for STDs) in the public sector under the most conservative assumptions. At one year of use, private-sector savings from adolescent contraceptive use range from $308 for the implant to $946 for the male condom; public-sector savings rise from $60 for the implant to $525 for the male condom. Both the use of male condoms with another method and the advance provision of backup emergency contraceptive pills provide additional savings.

The case of Lysenkoism in the Soviet Union helps us understand how people's wrong beliefs can be influenced by what the information they receive from outside, especially when there is a large volume of media coverage and there is no contrary information to be heard. The population control movement in contemporary United States has many parallels to the Lysenko episode.

"This article investigates the effects of welfare payments, wages, and unemployment on women's probability of interstate migration [in the United States]. It also investigates if the income attraction of locations varies with recency of labor market experience. Welfare gains increase the probability of interstate migration. Welfare effects are largest for single mothers with small children and stronger among women with no recent labor market experience. The welfare effects, albeit small, are larger than the wage effects. The wage effects are weaker among women with no recent work experience. Ethnic-specific analyses suggest differences in migration behavior among Anglos, African-Americans, and Puerto Ricans.", (excerpt)

"Using data from the 1990 Public Use Microdata Samples (PUMS) and other U.S. census documents, this paper demonstrates how three rather dramatic shifts in the migration behavior of blacks, which took shape during the 1970s, continued to contribute to the geographical redistribution of the black population down the urban hierarchy during the 1980s. Analyses of black migration flows into six metropolitan areas suggest that liberal welfare benefits play, at best, a minor role in contemporary black population redistribution trends, kinship ties (i.e., location-specific capital), the search for affordable housing, and employment in the hospitality services industry appear to be the dominant forces influencing black migration into the case-study communities.", (excerpt)

"The San Francisco Bay Area has taken on a distinct polycentric metropolitan form, with three tiers of hierarchical employment centers encircling downtown San Francisco.... In this paper it is found that polycentric development is associated with differentials in suburban and urban commute trip times: commute trips made by employees of suburban centers are shorter in duration than commute trips made by their counterparts in larger and denser urban centers. Differentials were even greater, however, with respect to commuting modal splits. Lower density, outlying employment centers averaged far higher rates of drive-alone automobile commuting and insignificant levels of transit commuting....The effects of housing availability and prices on the residential locational choices of those working both in urban and in suburban employment centers are also investigated....", (excerpt)

The effects that such factors as wages, welfare policies and access to physicians, family planning clinics and abortion providers have on abortion rates and birthrates are examined in analyses based on 1978-1988 state-level data and longitudinal regression techniques. The incidence of abortion is found to be lower in states where access to providers is reduced and state policies are restrictive. Calculations indicate that decreased access may have accounted for about one-quarter of the 5% decline in abortion rates between 1988 and 1992. In addition, birthrates are elevated where the costs of contraception are higher because access to obstetrician-gynecologists and family planning services is reduced. Economic resources such as higher wages for men and women and generous welfare benefits are significantly and consistently related to increased birthrates; however, even a 10% cut in public assistance benefits would result in only one birth fewer for every 212 women on welfare. Economic factors showed no consistent relationship with abortion rates.