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"We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the construction sector is the most responsive to financial sector growth, with a number of others such as government, public utilities, and transportation also exhibiting significant sensitivity to lagged financial sector growth. Sharp fluctuations in the financial sector have asymmetric effects, with the majority of real sectors adversely affected by contractions but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively by the financial openness channel with foreign reserves mitigating these effects with a sizeable (10 to 15 times greater) impact during sharp financial contractions. Both effects are magnified during particularly large financial contractions (with coefficients on interaction terms 2 to 3 times greater than when all contractions are considered). Consequent upon a financial contraction, the most severe real sector contractions occur in countries with high financial openness, relative predominance of construction, manufacturing, and wholesale and retail sectors, and low international reserves. Finally, we find that abrupt financial contractions are more likely to follow periods of accelerated growth, indicative of "up by the stairs, down by the elevator dynamics.""--National Bureau of Economic Research web site.

Economic Integration --- Foreign Exchange --- Financial Aspects of Economic Integration --- Macroeconomic Aspects of International Trade and Finance

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"This paper studies how portfolios with a global investment scope are actually allocated internationally using a unique micro dataset on U.S. equity mutual funds. While mutual funds have great flexibility to invest globally, they invest in a surprisingly limited number of stocks, around 100. The number of holdings in stocks and countries from a given region declines as the investment scope of funds broadens. This restrictive investment practice has costs. A mean-variance strategy shows unexploited gains from further international diversification. Mutual funds investing globally could achieve better risk-adjusted returns by broadening their asset allocation, including stocks held by more specialized funds within the same mutual fund family (company). This investment pattern is not explained by lack of information or instruments, transaction costs, or a better ability of global funds to minimize negative outcomes. Instead, industry practices related to organizational factors seem to play an important role"--National Bureau of Economic Research web site.

General --- Financial Aspects of Economic Integration --- Portfolio Choice • Investment Decisions --- International Financial Markets

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Works for Works, Book 1: Useless Beauty tackles “legacy” issues of intellectual property rights (IPR) in artistic production and academic scholarship and proposes a category or class of works that has no relation to IPR nor to proprietary regimes of copyright and academic privilege. Keeney’s book is a structuralist argument for establishing new forms of artistic scholarship that operate in direct opposition to established norms in both the art world and neoliberal academia, and is also rigorously contextualized within past and present-day arguments for and against patrimonial and paternalistic, avant-garde and normative, forms of censure and conformity across cultural production.Works for Works, Book 1: Useless Beauty privileges an iterative, generative, and aleatory methodology for artistic scholarship, with transmedia proposed as a “tutelary form” of editioning works against the dictates of the art-academic complex. This focus on generativity also invokes the dialectical operations historically associated with past avant-gardes as they have negotiated an elective nihilism as an avenue for exiting established and authorized forms of conceptual and intellectual inquiry in the Arts and Humanities.

Art: financial aspects --- Political economy --- Intellectual property law --- academic freedom;copyright;intellectual property;legal studies;moral rights;political economy;preposterous presentism

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This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the nature of output shocks in Jordan and Lebanon in the recent past, on the price sensitivity of exports from Jordan, and on currency and asset substitution in both countries. It does not directly address the issue of whether the current exchange rate in either country is overvalued or not, nor does it discuss the issue of an appropriate exit strategy from the current peg.

Exports and Imports --- Foreign Exchange --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- Trade: General --- Currency --- Foreign exchange --- International economics --- Exchange rate arrangements --- Exchange rate flexibility --- Conventional peg --- Exports --- Exchange rates --- International trade --- Jordan

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We examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intra-national real exchange rates. Strikingly, we find that while the international real rates taken as a group appear mean-reverting, the intra-national rates are not. This is consistent with the view that while monetary shocks may be mean-reverting over the medium term, underlying real factors do generate long-term trends in real exchange rates.

Exports and Imports --- Foreign Exchange --- Hypothesis Testing --- 'Panel Data Models --- Spatio-temporal Models' --- Financial Aspects of Economic Integration --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Exchange rates --- Purchasing power parity --- Monetary unions --- Exchange rate analysis --- Economic integration --- United States