The Falsification of Four Popular Hypotheses About the Asian Crisis

Various claims have been made about the causes of the Asian crisis and its spread. Here, we use data on the behaviour of capital flows during the crisis to test the strong forms of four such hypotheses, that portfolio investors and hedge funds played a dominant role in initiating and/or spreading the crisis; that moral hazard kept efficient markets from predicting the crisis; and, finally, the common lender hypothesis of Kaminsky and Reinhart. In the process we also test implications of the Calvo-Mendoza model of rational investor ignorance. All are falsified as monocausal explanations. For example, portfolio investments that could not have been subject to substantial moral hazard continued to flow into Asia until very shortly before the crisis. Likewise, banks were a much larger source of capital outflows during the crisis than were portfolio investors. While falsified in their strongest forms, several of these hypotheses in less strong forms should play a role in a more nuanced analysis. It is necessary to move past simple single-factor approaches in order to produce a more complete, synthetic explanation of this episode.     

Neighbors and the evolution of the comparative advantage of nations: Evidence of international knowledge diffusion?

The literature on knowledge diffusion shows that knowledge decays strongly with distance. In this paper we document that the probability that a product is added to a country's export basket is, on average, 65% larger if a neighboring country is a successful exporter of that same product. For existing products, growth of exports in a country is 1.5% higher per annum if it has a neighbor with comparative advantage in these products. While these results could be driven by a common third factor that escapes our controls, they align with our expectations of the localized character of knowledge diffusion.     

Capital-induced labor migration in a spatial Solow model

Journal of Economics - In this work we consider labor mobility in the spatial Solow model for economic growth. Besides considering that labor diffuses from regions with higher density to regions...     

Alternative Demand for University Outreach Services from Georgia's Golf Industry

Recent technological advancements have influenced farmers' growing demand for private information suppliers, a service traditionally monopolized by public outreach programs of land grant educational institutions. This waning appeal for university extension services creates pressure for these institutions to explore other market segments to broaden their audience coverage. This study demonstrates a potential market niche in Georgia's golf industry for university outreach services. Binomial logistic regression results indicate that significant demand ( a ) is negatively influenced by golf facility size; ( b ) is directly related to the level of industry experience of the golf superintendents; and ( c ) could come from facilities that require assistance in growth-, pest-, and employment-related concerns.     

Design and evaluation of a DIY construction system for educational robot kits

Building a robot from scratch in an educational context can be a challenging prospect. While a multitude of projects exist that simplify the electronics and software aspects of a robot, the same cannot be said for construction systems for robotics. In this paper, we present our efforts to create a low-cost do-it-yourself construction system for small robots. We have created three different construction systems (laser-cut screw connectors, printed friction-fit connectors, and printed hybrid connectors) using small aluminium T-slot extrusions, based on prior work done by Industrial Design college students. Eighty-six secondary school students and 35 teachers tested these three systems during a five-day robotics contest where they had to build firefighting robots. Follow-up questionnaires and an expert evaluation were used to measure the usability, affective appraisal and functionality of the three systems in order to determine which system should serve as a basis for further design iterations. Overall, a clear preference was shown for the hybrid system, which relies on its interlocking shape as well as on a screw connection to create robot frames that are both quick to construct and very rigid once assembled. We believe our work represents a solid first step toward an inexpensive, “hackable” construction system for educational robotics.