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"Prasad, Eswar"
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The future of money : how the digital revolution is transforming currencies and finance
\"New technologies are shaking the foundations of traditional finance. Leading economist Eswar S. Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook's Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people\"-- Provided by publisher.
Book
Why are Saving Rates of Urban Households in China Rising?
From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to ¼ of disposable income. We use household-level data to explain the postponing of consumption despite rapid income growth. Tracing cohorts over time indicates virtually no consumption smoothing over the life cycle. Saving rates have increased across all demographic groups, although the age-profile of savings has an unusual U-shaped pattern, with saving rates being the highest among the youngest and oldest households in recent years. These patterns are best explained by the rising private burden of expenditures on housing, education, and health care.
eBook
Global Business Cycles: Convergence or Decoupling?
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.
eBook
GLOBAL BUSINESS CYCLES: CONVERGENCE OR DECOUPLING?
We analyze the evolution of the degree of global cyclical interdependence over the period 1960—2008. Using a dynamic factor model, we decompose macroeconomic fluctuations in output, consumption, and investment into a global factor, factors specific to country groups, and country-specific factors. We find that during 1985—2008, there is some convergence of business cycle fluctuations among industrial economies and among emerging market economies. Surprisingly, there is a concomitant decline in the relative importance of the global factor. We conclude that there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.
Journal Article
Why Are Saving Rates of Urban Households in China Rising?
From 1995 to 2005, the average urban household savings rate in China rose by 7 percentage points, to about one-quarter of disposable income. Savings rates increased across all demographic groups, and the age profile of savings has an unusual pattern in recent years, with younger and older households having relatively high savings rates. We argue that these patterns are best explained by the rising private burden of expenditures on housing, education, and health care. These effects and precautionary motives may have been amplified by financial underdevelopment, including constraints on borrowing against future income and low returns on financial assets.
Journal Article
The Determinants of China’s International Portfolio Equity Allocations
We analyze shifts in the structure of China’s capital outflows over the past decade. The composition of gross outflows has shifted from accumulation of foreign exchange reserves by the central bank to non-official outflows. Unlocking the enormous pool of domestic savings could have a significant impact on global financial markets as China continues to open up its capital account and as domestic investors look abroad for returns and diversification. We analyze in detail the allocation patterns of Chinese institutional investors (IIs), which constitute the main channel for foreign portfolio investment outflows. We find that, relative to benchmarks based on market capitalization, Chinese IIs underweight developed countries and hightech sectors, respectively, in their international portfolio allocations but overinvest in high-tech stocks in developed countries. To further examine Chinese IIs’ joint decisions on destination country–sector pairs, we construct continuous measures of revealed comparative advantage and disadvantage in a sector for a country based on trade patterns. We find that, in their foreign portfolio allocations, Chinese IIs overweight sectors in which China has a comparative disadvantage. Moreover, Chinese IIs concentrate such investments in countries that have higher comparative advantage in those sectors. Diversification and information advantages related to foreign imports to China seem to influence patterns of foreign portfolio allocations, while yield-seeking and learning motives do not.
Journal Article
Extraordinary Synergy in the Mechanical Properties of Polymer Matrix Composites Reinforced with 2 Nanocarbons
One of the applications of nanomaterials is as reinforcements in composites, wherein small additions of nanomaterials lead to large enhancements in mechanical properties. There have been extensive studies in the literature on composites where a polymer matrix is reinforced by a single nanomaterial such as carbon nanotubes. In this article, we examine the significant synergistic effects observed when 2 different types of nanocarbons are incorporated in a polymer matrix. Thus, binary combinations of nanodiamond, fewlayer graphene, and single-walled nanotubes have been used to reinforce polyvinyl alcohol. The mechanical properties of the resulting composites, evaluated by the nanoindentation technique, show extraordinary synergy, improving the stiffness and hardness by as much as 400% compared to those obtained with single nanocarbon reinforcements. These results suggest a way of designing advanced materials with extraordinary mechanical properties by incorporating small amounts of 2 nanomaterials such as graphene plus nanodiamond or nanodiamond plus carbon nanotube.
Journal Article
Effect of Temperature and Sliding Velocity on the Dry Sliding Wear Mechanisms of Boron Modified Ti-6Al-4V Alloys
The dry sliding wear behavior of as-cast pristine and boron-modified Ti-6Al-4V (Ti64) alloys (having 0.3 and 0.55 wt% B) is investigated using pin-on-disc experiments with the pin being Ti64 alloy and the EN31 steel disc. Experiments are performed at sliding speeds (s) of 1, 2, and 4 m/s and temperatures 300 and 573 K. A mixed response in wear behavior is observed. At the lowest sliding speed, all three alloys (except 0.55B alloy at 300 K) exhibit similar wear rates, with abrasive wear being the dominant wear mechanism. At 2 m/s, temperature and s increase, and adhesive wear takes over along with delamination wear. Here, the 0.55B sample shows the highest wear rate due to the debonding of more TiB particles, which increases three body abrasion wear. With further increase in s to 4 m/s, delamination and oxidation wear are observed for all the samples. XRD evaluation shows traces of TiO2 and Fe2O3, which imply the formation of MML in samples tested at s = 4 m/s, which is also validated through subsurface microstructure analysis. It is found that MML having more TiB particles has more stability, because of which 0.3B samples show higher wear rate.
Journal Article
The Zinc-BED Transcription Factor Bedwarfed Promotes Proportional Dendritic Growth and Branching through Transcriptional and Translational Regulation in Drosophila
Dendrites are the primary points of sensory or synaptic input to a neuron and play an essential role in synaptic integration and neural function. Despite the functional importance of dendrites, relatively less is known about the underlying mechanisms regulating cell type-specific dendritic patterning. Herein, we have dissected the functional roles of a previously uncharacterized gene, CG3995, in cell type-specific dendritic development in Drosophila melanogaster. CG3995, which we have named bedwarfed (bdwf), encodes a zinc-finger BED-type protein that is required for proportional growth and branching of dendritic arbors. It also exhibits nucleocytoplasmic expression and functions in both transcriptional and translational cellular pathways. At the transcriptional level, we demonstrate a reciprocal regulatory relationship between Bdwf and the homeodomain transcription factor (TF) Cut. We show that Cut positively regulates Bdwf expression and that Bdwf acts as a downstream effector of Cut-mediated dendritic development, whereas overexpression of Bdwf negatively regulates Cut expression in multidendritic sensory neurons. Proteomic analyses revealed that Bdwf interacts with ribosomal proteins and disruption of these proteins resulted in phenotypically similar dendritic hypotrophy defects as observed in bdwf mutant neurons. We further demonstrate that Bdwf and its ribosomal protein interactors are required for normal microtubule and F-actin cytoskeletal architecture. Finally, our findings reveal that Bdwf is required to promote protein translation and ribosome trafficking along the dendritic arbor. These findings shed light on the complex, combinatorial, and multi-functional roles of transcription factors (TFs) in directing the diversification of cell type-specific dendritic development.
Journal Article