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China’s Growth
The paper analyzes the recent growth dynamics in China, evaluating both cyclical positions and long-term growth prospects. The analysis shows that financial cycles play a more important role than traditional inflation-based cycles in shaping the dynamics of growth. Currently, the ‘finance-neutral’ gap—our measure of the financial cycle—is large and positive, reflecting imbalances accumulated in the economy since the Global Financial Crisis. A period of slower growth is therefore both likely and needed in the near term to restore the economy to equilibrium. In the medium term, growth will slow as China moves closer to the technology frontier, but a steadfast implementation of reforms can ensure that China follows the path of the “Asia Tigers” and achieves successful convergence to high-income status.
Gone with the Headwinds
Productivity growth—the key driver of living standards—fell sharply following the global financial crisis and has remained sluggish since, adding to a slowdown already in train before. Building on new research, this note finds that the productivity slowdown reflects both crisis legacies and structural headwinds. In advanced economies, the global financial crisis has led to “productivity hysteresis”—persistent productivity losses from a seemingly temporary shock. Behind this are balance sheet vulnerabilities, protracted weak demand and elevated uncertainty, which jointly triggered an adverse feedback loop of weak investment, weak productivity and bleak income prospects. Structural headwinds—already blowing before the crisis—include a waning ICT boom and slowing technology diffusion, partly reflecting an aging workforce, slowing global trade and weaker human capital accumulation. Reviving productivity growth requires addressing remaining crisis legacies in the short run while pressing ahead with structural reforms to tackle longer-term headwinds.
Philippines
This Selected Issues paper examines the interaction between real and financial cycles in the Philippines and their relationship to the global financial cycle. It finds that the surge in capital inflows between 2010 and mid-2013 can largely be explained by global financial factors such as global risk aversion, with exchange rate expectations and domestic fundamentals playing a secondary role. Moreover, local bond yields and retail bank rates seem to be driven by the same global factors and the U.S. term premiums. The paper suggests that the quantitative impact of VIX shocks on domestic demand via capital flows and asset repricing and of changes in the U.S. 10-year Treasury bond yields on bank credit and investment, are significant.
FinFETs and Other Multi-Gate Transistors
This book explains the physics and properties of multi-gate field-effect transistors (MuGFETs), how they are made and how circuit designers can use them to improve the performances of integrated circuits. It covers the emergence of quantum effects due to the reduced size of the devices and describes the evolution of the MOS transistor from classical structures to SOI (silicon-on-insulator) and then to MuGFETs.
Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions
Fiscal stimulus was widely advocated during the global crisis, a period characterized by monetary policy constrained by the effective lower bound (ELB) in many countries, in part because of expected positive spillovers. Standard New Keynesian models predict the cross-border transmission of fiscal shocks is stronger when monetary policy is constrained in recipients. However, the empirical evidence is scarce. This paper bridges this gap by looking at the impact of fiscal shocks in systemic (source) economies on output and demand components in a large group of (recipient) countries, under different monetary policy conditions. Empirical results are compared to simulations with a state-of-the-art estimated open-economy New Keynesian model. Our results corroborate model predictions, finding larger spillovers when recipients are at the ELB, driven by stronger responses of investment and consumption relative to normal times
Navigating Elementary Science Teaching and Learning
This book is a resource for both prospective and practicing elementary teachers as they learn to teach science in ways which foster the development of a community of science learners with multiple perspectives and diverse approaches to problem solving. It includes cases that feature dilemmas embedded in rich narrative stories which characterize the lives of teachers of science, and by extension their students, and serve as tools for discussion, critique, and reflective practice. The introduction to the book explores changing contexts for elementary science teaching and learning, and describes how case-based pedagogy can be used as a tool for both instruction and research. Each subsequent sec...
Cross-Country Experience in Reducing Net Foreign Liabilities
This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.
Material Science And Environmental Engineering - The Proceedings Of 2016 International Workshop (Iwmsee2016)
The 2016 International Workshop on Material Science and Environmental Engineering (IWMSEE2016) was held in Wuhan, Hubei, China from January 22nd to January 24th, 2016. Out of the 214 submissions from various parts of the world, only 85 papers were chosen by the Technical Program Committee.IWMSEE2016 aims to bring together researchers, engineers and students from the areas of Material Science and Environmental Engineering to share and discuss the output of their research and the progress made, in the areas of Material Science and Engineering, Environmental Protection and Sustainable Development, Renewable Energy and Building Energy Saving, Environmental Science and Engineering, Modeling, Simulation and Control System and Safety Management.The conference program is extremely rich and profound and features high-impact presentations of selected papers and additional ground-breaking contributions. All the selected papers demonstrate elements of originality, significance and clarity for the purpose of this conference.
