Capital Flows to Latin America (2003–17): A Critical Survey from Prebisch’s Business Cycle Theory

ABSTRACT

The economic literature on capital flows to developing countries has shared two important commonalities since the 1990s. Published works (whether they focus on the external situation or stress the domestic determinants of capital flows) tend to assume a beneficial effect of capital inflows, which leads to an improvement of peripheral institutions, whose deficiencies are ostensibly the main cause of economic turmoil and/or failure in attracting capital flows, in continuity with New Institutional Economics. In doing so, mainstream economists deliberately overlook the asymmetric characteristics of the international monetary system and the persisting hegemony of dollar. Raul Prebisch’s pioneering work on business cycles in Latin America provide an alternative view, one capable of amending the existing mainstream literature. On the one hand, Prebisch stressed the destabilizing role of capital inflows on Latin American economies, particularly short-term speculative capital. On the other hand, Prebisch designed a set of counter cyclical monetary policies in order to contrast capital volatility, particularly during downturns. An analysis of stylized facts shows that, when correctly updated, Prebisch’s theory has remarkable explanatory potential when applied to Latin America’s current economic and financial situation.     

水平岩层软弱基座危岩体演化过程研究

以重庆市甄子岩29号危岩体为研究对象，基于现场调查和分析解剖，建立UDEC离散元数值计算模型，对其演化变形过程进行模拟分析。研究表明，在巨大的自重作用下，由于基座岩体岩质软，岩体较破碎，且基座外侧为直立的陡崖，具有完整的临空面，从而使基座岩体易发生压缩流变及剪切流变，进而使危岩体存在滑移垮塌的危险。     

The long overhang of bad decisions in agro-industrial development: Sugar and tomato paste in Ghana

In theory, learning from past mistakes should result in adapted and improved development policy. However policy learning can be difficult to achieve, and the link between learning and policy change is neither direct nor immediate. In this study we look at learning in agro-industrial policy in Ghana, by tracing the interest in sugar production and tomato processing over six decades. Specifically we ask why four failed factories established in the early 1960s have continued to play central roles in both policy and public discourse. Using policy documents, academic material, and the popular press, we show that Ghana’s policy focus on sugar production and tomato processing has endured, despite the fact that the factories were misconceived, poorly sited, ill-equipped and poorly managed. Indeed, the political ideas that underpinned the establishment of these factories in the early days of independence can be seen in the current One District, One Factory policy. We suggest that it is their symbolic and political value, not their economic value, which keeps the discussion around these factories alive. Even when shut down, they are a physical manifestation of historic commitments by the state, and as such they guarantee the attention of politicians, and hold out hope of a next re-launch. Unfortunately as long as the factories continue to be incorporated into each new generation of agro-industrial policy, it is difficult for any alternatives to gain traction. This analysis highlights the very long overhang of bad decisions, particularly when they are associated with physical infrastructure. Learning from past mistakes will only happen if the short-term political cost of turning policy learning into policy action can be overcome.     

The role of the entrepreneurial encounter in the emergence of opportunities: Vallée’s Dallas Buyers Club

ABSTRACT

This paper aims to explore the conceptual potential of the Deleuzian notion of the encounter in order to better understand the genealogy of opportunities. We adopt a processual perspective of opportunities. In order to translate this notion to the domain of entrepreneurship, we analysed and interpreted Jean-Marc Vallée’s Dallas Buyers Club. This film follows the creation of the first club in the United States that illegally allowed HIV-positive people to supply themselves with foreign antiretroviral drugs from Mexico or Japan. The article highlights encounters in this process that disturb the entrepreneur’s belief systems and allow him or her to be open to potential opportunity. It finally explores how the encounter may improve our understanding of the political becoming of opportunities within the entrepreneurial process.     

Fuzzy modelling of static system optimum traffic assignment problem having multi origin-destination pair

Traffic congestion is an unpreventable problem to avoid in a transportation network and it has negative effects on traffic accident, time wasting, traffic delay and safety problem. Besides, in transportation networks, drivers do not want to deal with traffic jam while traversing between specified origin-destination pair. Therefore, traffic assignment (TA) is imperative to improve traffic management, transportation safety, time, and cost savings. System Optimum Traffic Assignment Problem (SOTAP) is a kind of TA model which aims to minimize the total system travel time on the network, and satisfies the flow conservation constraints. To model the SOTAP more realistically, the imprecise parameters can be taken as fuzzy. Therefore, in this paper, we focus on converting the conventional SOTAP to a fuzzy quadratic programming problem (QPP) which is named System Optimum Fuzzy Traffic Assignment Problem (SOFTAP). Here, link travel time is expressed with BPR function as generally used in the literature by converting to fuzzy except link-dependent parameters. Thus, the nonlinear objective function of SOFTAP is expressed in terms of fuzzy link flows and fuzzy link travel times. A solution approach from the literature is modified to the reconstructed SOFTAP.     

重力坝模型的尺寸效应

利用两个不同比尺预制缝重力坝模型的试验成果，以有限元富集技术进行非线性断裂分析，建立了极限承载力和长度比尺的确定性尺寸效应公式。混凝土重力坝的断裂尺寸效应满足指数衰减关系，用三次指数衰减公式可以准确地预测原型的极限承载力。断裂过程区的相对长度是引起模型试验尺寸效应的主要原因。数值计算结果表明，断裂过程区相对长度不仅是与材料有关的参数，能否充分发展还取决于结构尺寸和几何形状；断裂过程区相对长度的尺寸效应不同于统计尺寸效应和断裂参数尺寸效应，具有尺寸范围效应。断裂过程区相对长度在小试件、大试件和相对无穷大试件的发展程度不同。     

以IBAC为核心处理洗浴废水的试验研究

根据洗浴废水的水质特征,采用原水→混凝沉淀-过滤→固定化生物活性炭(Immobilized Biological Activated Carbon,IBAC)→微滤膜(MF)→UV消毒→出水的工艺流程.混凝沉淀-过滤物化预处理单元可以有效地减少洗浴废水中的各类污染物.IBAC生化处理单元,实现有机污染物、LAS、浴臭等有效去除,是保证出水合格的根本措施.微滤膜发挥物理截留作用、UV消毒杀死细菌和总大肠菌群.出水水质达到＜城市供水水质标准＞(CJ/T 206-2005).     

太原精神病院污水处理系统改建为中水处理系统的工程设计

太原精神病医院将现有生活污水处理系统改建为中水回用系统,平均日处理水量100 m3.工程设计充分考虑了对原有设施的利用,生物处理单元采用生物接触氧化法.为减少污水提升次数,调节池设在生物处理单元之后.通过延长水力停留时间缓解水量、水质波动对沉淀、生物处理单元的不利影响,投入运行后效果良好.     

基于改进模糊综合评价法的水利工程社会评价研究

通过对水利工程社会评价及模糊综合评价法的介绍,讨论了模糊层次分析法中的一致性检验问题,并采用改进的模糊综合评价法对江垭水利枢纽工程进行社会评价,得到综合评价结果。     

A play-the-winner-type urn design with reduced variability

We propose a new adaptive allocation rule, the drop-the-loser, that randomizes subjects in the course of a trial comparing treatments with dichotomous outcomes. The rule tends to assign more patients to better treatments with the same limiting proportion as the randomized play-the-winner rule. The new design has significantly less variable allocation proportion than the randomized play-the-winner rule. Decrease in variability translates into a gain in statistical power. For some values of success probabilities the drop-the-loser rule has a double advantage over conventional equal allocation in that it has better power and assigns more subjects to the better treatment. Acknowledgments. I thank Stephen Durham, the associate editor, and the referees for their helpful suggestions.