Intermediate Sector Research Articles

FV 10 Connectivity analysis of nucleus basalis of Meynert deep brain stimulation

Introduction: Nucleus Basalis of Meynert (NBM) is a cholinergic relay in the basal forebrain that has a role in cognition. Postmortem studies reveal projections to cortical and subcortical cognitive-related areas. In cases of Alzheimer’s and Parkinson’s disease dementia (PDD) patients, it suffers cellular degeneration[1]. Deep Brain Stimulation (DBS) of NBM is an experimental treatment for cognitive impairment symptoms of dementia, with however variable effects across different centers[2]. Objective: Through structural and functional connectomic analytics, we aim to explore the widespread connectivity achieved through NBM-DBS and potentially identify stimulation locations within the nucleus responsible for optimal clinical effect. Patients and Methods: 10 PDD patients that underwent a Phase Ib clinical trial at Würzburg University Hospital receiving bilateral NBM-DBS were retrospectively analyzed. Image co-registration and local neurostimulation effects were computed using Brainlab GuideXT software. Normative functional and structural connectome templates were applied for connectivity analysis. Data-driven (voxel-wise t-test, Threshold-Free Cluster Enhancement) and hypothesis-driven analyses were employed. Corresponding patientś clinical impression scores were correlated on each of their Volume of Tissue Activated (VTA) and a beneficial implantation spot in the nucleus was calculated. Results: NBM-DBS enhances fiber projections to the network of Papez and other cognitive-related regions. Amygdala, fornix, subiculum, and parietal, cingulate, occipital and temporal cortices received significantly high structural connectivity through NBM-DBS (p<0.05). In areas like the ventromedial pre-frontal cortex and insula that displayed no significance in structural connectivity, high functional correlation (p<0.05) could be detected. VTAs of subjects with beneficial outcomes demonstrate an inferolateral clustering within the intermediate sector of NMB (p=0.04 on x axis). Better modulation of the memory circuit described by Ferguson et al.[3] was correlated with this beneficial VTA location. Conclusion: NBM-DBS is associated with widespread structural and functional connectivity in cortical and subcortical areas involved in cognition. The precise location within the NBM could be crucial for clinical efficacy. An inferolateral targeting approach within the intermediate sector of the nucleus might result in a better clinical effect.

Analysis of Input-Output Table: Identifying Leading Sectors in Indonesia (Case Study in 2010, 2016 and 2020)

According to Neoclassical theory every country has to maximize their own resources include labor, natural resources also physical resources for developing their economy. Sector-based economic development must be carried out using comprehensive economic indicators, not only looking at the economic structure but also being able to identify and analyze inter-industry relationships. One of the right indicators is through the analysis of the Input-Output Table. The I-O table used is this research are I-O Table 2010, 2016, and 2020 estimated. In this comprehensive analysis, the Forward and Backward Linkage Indexes were calculated so that the sectors that are included in the Leading sector can be identified. In addition, a good multiplier analysis is carried out include output, income, labor, and value-added multiplier to see the amount of output, income, labor, and value-added changes caused by the changes of final demand. The results of the research show that sector that is included as a lever sector is the manufacturing sector (sector 3) and the procurement of electricity and gas (sector 4). Sector 3 is the most potential sector as leading sector due to some reasons this sector has a large output, added value and input structure, and has a high multiplier for four types of multipliers and analysis of Forward linkages and Backward Linkage Indexes shows this sector has high value. Manufacturing industry is a strong leading sector, from this the recommendation is the government can increase output of the manufacturing industry by give subsidy or decrease the tax or government can decrease the price of another sector that be the intermediate sector for manufacturing industry by giving subsidy.

ПРОЦЕСИ ГЛОБАЛІЗАЦІЇ ТА ПРОПОРЦІЇ РОЗВИТКУ СВІТОВОЇ ЕКОНОМІКИ

The article assesses the processes of globalization, which are accompanied by the spread of imbalances in the world economy both in the context of its individual sectors and in the context of individual regions and countries. The emergence of imbalances, especially global imbalances, are caused by numerous imbalances and trends in socio-economic, financial and information technology development. For example, in the period from 1992 to 2020, the share of developed countries in global GDP decreased from 83.6% to 59.6%. The share of gross investment in GDP for the group of developed countries is lower than the global figure by 0.1-2.5%, and for the group of developing countries – higher by 0.5-7.5%, especially since 2008 In the group of developed countries, the value of gross savings in GDP is lower than in the world as a whole, fluctuating from 23.6% to 19.1% and again to 23.0%. Instead, for developing countries. the figure exceeded the global level and reached 33.3% in 2020. Lack of savings is forcing individual governments to increase debt. In the group of developed countries this indicator had a steady upward trend and increased from 69.1% in 2001 to 102.3% in 2018. In the group of developing countries in the period 2000–2020 the maximum value of the indicator was 61 , 4% in 2005, the minimum – about 34% in 2008. The growth rate is projected to reach 54.5% in 2020. A classic example of global imbalances is the data on the dynamics of the balance of payments. During 2012–2021, there was an almost twofold increase in the negative balance for the United States and an increase in the positive balance for developing countries, especially in the region of Southeast Asia. Certain disparities in the growth of volumes are inherent in financial assets in certain sectors. In general, the non-bank financial intermediation sector increased 4.5 times in terms of assets during 2002–2020, the banking sector – 2.8 times, the assets of central banks – more than 8 times, the assets of government agencies – only 1.6 times.

Economic Evaluation of Optical Fiber Composite Low-Voltage Cable Technology Application in China: An Input-Output Analysis

OPLC (optical fiber composite low-voltage cable) technology is a common field of communication and power electronics technology, and it is an important means to realizing the energy Internet and the integration of four networks. As an infrastructure sharing technology, OPLC technology will fundamentally and substantially promote the sustainable development of China’s economy and environment. Taking typical OPLC projects in China as an example, the direct energy consumption of these projects is calculated by the life-cycle cost (LCC) analysis method and then compared with traditional projects that use only power technology or optical fiber. Based on the direct consumption of the project, the interaction between the intermediate sector and the total output variable under the traditional technology and OPLC technology was explored and compared by using the input-output (I-O) model and the structural decomposition model (SDA). The results showed that in 2015, technology substitution weakened the influence of 86% of industries on the upstream industry and weakened the demand sensitivity of 90% of industries to the downstream industry. In 2017, technology substitution reduced the industry’s influence over 86% of upstream industries. Short-term technology replacement will not increase the positive influence of each industry on the upstream industry, thus resulting in a negative impact of technology substitution cost. However, that negative impact will gradually weaken over time. After technology replacement, the total added value of 20 industries increased from 2015 to 2017.

Success factors of very small businesses in regulated context: Case of Moroccan insurance brokers

The development of small businesses and their success are part of many debates, both in academic and professional circles, with the aim of understanding the specificities of these businesses on which emerging economies depend. Variables acting on the success of these business types have been widely demonstrated through various previous research with a lack of intention for businesses in regulated sectors mainly characterized by the access factor, and the additional regulation. This observation may call into question the various results on the key factors of business success, evidently widespread in the entrepreneurial literature and consequently, leaves the question open on the validity of these success factors when we are dealing with small businesses in a regulated context. Starting from this problem, this paper tries to verify, through a sample of 318 very small enterprises (VSEs) active in the field of insurance intermediation in Morocco, whether the key success factors remain the same for regulated VSEs and if the specific regulations can affect positively the success of these small companies. The choice of the insurance intermediation sector finds its motivation in the importance of this highly regulated sector in the Moroccan financial sphere and also the specificities of this sector organized around companies of different sizes (mainly VSEs) who are in charge of the distribution of insurance and reinsurance products, designed initially by insurance companies and controlled by a governmental regulator. The data was collected true survey containing all variables considered to be explanatory of entrepreneurial success according to the literature. The target choice was made randomly, based on the list published by the regulator comprising all the approved insurance intermediation companies. The results of this research show that the variables considered to be explanatory of the entrepreneurial success of VSEs are not all valid for companies active in a regulated sector such as insurance. Indeed, the regulatory surplus standardizes the business model governing this profession and consequently allows, reaching an acceptable level of success with coverage of the various risks that could put the business in difficulty. As a result, we can admit that the equation of entrepreneurial success for small businesses change radically for an activity when it is framed by specific regulation and a supervisor in charge of its control. Classification JEL: M10 Paper type: Empirical research

How information and communication technology drives (routine and non-routine) jobs: Structural path and decomposition analysis for China

A comprehensive exploration into the routine/non-routine job implications of information and communication technology (ICT) is crucial for tackling routine-replacing technological change challenges in the digital era. To this end, we propose an integrated input-output (IO) analytical framework to detangle the intertwined relations between ICT and non-ICT sectors, and further incorporate structural path analysis (SPA) and structural decomposition analysis (SDA) to examine the extent to which and how ICT sub-sectors drive the formations and changes of embodied routine/non-routine jobs in ICT. An empirical study using China's national IO tables from World Input-Output Database and the matched occupational employment data derived from 2000 and 2010 Population Census is conducted. We find that China's ICT growth over 2000–2010 has not led to a decline in jobs, which still holds true for both ICT manufacturing and ICT service, as well as for routine/non-routine jobs. We also find an increase in the embodied employment share of non-routine relative to routine jobs. The typical paths “source sector → (intermediate sector) → ICT final demand” generate many routine/non-routine jobs, which are primarily lied in the zero and first rounds. The decomposition results show that the declining sectoral routine/non-routine job coefficients drives the decline of both ICT embodied routine and non-routine jobs (especially the former), which is completely offset by the rising final demand of ICT. The proposed integrated IO analytical framework could also be applied to other indicators and extended to multi-country/region analysis.

Identifying sectoral impacts on global scarce water uses from multiple perspectives

AbstractScarce water uses driven by hotspots in production and consumption stages of global supply chains have been well studied. However, hotspots in primary inputs and intermediate transmission stages also leading to large amounts of global scarce water uses are overlooked. This gap can lead to the underestimation of the impacts of certain nation sectors on global scarce water uses. This study identifies critical primary suppliers and transmission centers in global supply chains contributing to scarce water uses, based on environmentally extended multi‐regional input‐output (EE‐MRIO) model and complex network analysis methods. Results show that some critical primary suppliers (e.g., the service auxiliary to financial intermediation sector in the United States and the financial intermediation services sector in India) and transmission centers (e.g., the raw milk sector in the United States and the transmission services of electricity sector in China) are unidentifiable in previous studies. These findings provide hotspots for supply‐side measures (e.g., optimization of primary input and product allocation behaviors) and productivity improvement measures. The critical inter‐sectoral transactions (mainly involving the agricultural and food products sectors in India, China, and the United States) further provide explicit directions for these measures. Moreover, this study conducts a community detection, which identifies communities (i.e., the clusters of nation sectors closely interconnected) leading to global scarce water uses. Most of the communities involve sectors from different nations, providing foundations for international cooperation strategies.

Critical supply chains for mitigating PM2.5 emission-related mortalities in India

Air pollution and its health-related effects are a major concern globally, and many people die from air pollution-related diseases each year. This study employed a structural path analysis combined with a health impact inventory database analysis to estimate the number of consumption-based PM2.5 emission-related deaths attributed to India’s power supply sector. We identified critical supply chain paths for direct (production) electricity use and indirect (consumption) use. We also considered both domestic and foreign final demand and its effect on PM2.5 emission-related deaths. Several conclusions could be drawn from our results. First, the effect of indirect electricity usage on PM2.5 emission-related deaths is approximately four times larger than that for direct usage. Second, a large percentage of pollution-related deaths can be attributed to India’s domestic final demand usage; however, electricity usage in the intermediate and final demand sectors is inextricably linked. Third, foreign final demand sectors from the Middle East, the USA, and China contribute indirectly toward PM2.5 emission-related deaths, specifically in the rice export supply chain. The results show that the Indian government should implement urgent measures to curb electricity use in rice supply chains in order to reduce the number of PM2.5 emission-related deaths.

Uncovering the structure of virtual multi-regional grey water network in China

Grey water footprint (GWF) is a useful indicator to describe inadequate water quality from the viewpoint of freshwater volume. The exchange of commodities prompts the flows of virtual grey water (i.e., grey water embodied in commodities) among economic sectors, which constitute a virtual grey water network. Conventional production-based and consumption-based GWF methods cannot identify intermediate sectors acting as transmission centres and major supply chain paths in the network. This study identifies critical transmission sectors and supply chain paths in China's virtual multi-regional grey water (VMGW) network, based on the betweenness concept, multi-regional input-output analysis, and structural path analysis. The top three important transmission sectors in the VMGW network are the food manufacturing in Shandong, the food manufacturing in Henan, and the chemical industry in Henan. These sectors transmit 117, 90, and 58 billion m3 of virtual grey water, respectively. Improving the production efficiency of critical transmission sectors can indirectly help reduce the economy-wide GWF. Critical supply chain paths further provide explicit hotspots for production efficiency improvement measures. For instance, “Heilongjiang-cattle → Liaoning-food manufacturing” is the most important interregional supply chain path in the VMGW network, transmitting 316 million m3 of virtual grey water. Improving the use efficiency of cattle products during food manufacturing in Liaoning can facilitate GWF reduction in Heilongjiang. This study provides additional hotspots and more explicit directions for formulating sector-oriented policies to reduce the GWF in China.

A dynamic theory of the declining aggregated labor income share: Intangible capital vs. tangible capital

Reports of the literature documenting the declining labor share of income have increased greatly in the past few years, which is opposed to one of the famous “Kaldor's stylized facts” of growth. The declining labor income share has been observed since the 1980s in a number of countries, and especially in the United States. Recent studies have revealed the following five major driving forces of the declining labor share: (i) supercycles and boom-busts, (ii) rising and faster depreciation, (iii) superstar effects and consolidation, (iv) capital substitution and automation, and (v) globalization and labor bargaining power. We set up a two-sector optimal growth model with the R&D intermediate sectors producing intangible capital. By integrating driving factors (ii) through (iv) above into the model, we demonstrate the long-run decline of the aggregated labor income share.

Da fábrica sorocabana ao conglomerado nacional: uma análise da história do Grupo Votorantim (1891-1980)

A Votorantim, um dos principais grupos empresariais atuando na economia brasileira, tem sua origem que remonta ao ano de 1891, quando o banco União de São Paulo criou a Fábrica Têxtil Votorantim no município paulista de Sorocaba. Com a falência do banco União em 1917, a empresa foi leiloada e, nos anos subsequentes, seu controle acionário foi adquirido pelo português Antonio Pereira Ignácio, um importante industrial do setor têxtil paulista e que fez da Votorantim a principal firma do ramo têxtil algodoeiro de São Paulo nas décadas de 1920 e 1930. Todavia, a partir dos anos 1930, o Grupo Votorantim passou a concentrar esforços no setor de bens intermediários – cimento, produtos químicos, alumínio, aço e ferro – através da constituição das seguintes empresas: Fábrica de Cimento Santa Helena (1936), Siderúrgica Barra Mansa (1937), Cia. Nitro-Química (1937) e a Cia. Brasileira de Alumínio (1955). Tendo em vista a escassez de análises sobre como teria se dado a conversão do Grupo Votorantim do setor de bens de consumo finais à indústria de base, o artigo aborda esta guinada realçando: a correlação entre o Grupo e o projeto industrializante do presidente Getúlio Vargas, os recursos produtivos preexistentes e a expertise industrial de seus dirigentes. A pesquisa calca-se em documentação primária constituída de: relatórios da diretoria do Grupo Votorantim, demonstrações de lucros e perdas e balanços patrimoniais. Como resultado, o artigo traz uma contribuição ao debate sobre a formação de grupos econômicos em economias periféricas, ao demonstrar que, no caso da Votorantim, a geração de receitas pelo próprio Grupo foi o instrumento principal de financiamento à criação das novas empresas no setor de bens intermediários do Brasil.

Inflation Risk and the Finance-Growth Nexus

This paper shows that the effect of inflation on asset prices and real aggregates depends on the financial intermediation sector. When firms finance using nominal long-term debt issued by financial intermediaries, unexpected changes in inflation lead to a wealth transfer across sectors. Higher inflation decreases firms' real liabilities and default risk, which helps reduce debt overhang. However, it hurts intermediaries' balance sheet, leading to a contraction in credit. We show theoretically that the ultimate effect of inflation depends on the tightness of financing constraints in the intermediation sector. We find strong empirical evidence consistent with these results. We also show that an inflation policy responding to both financial and real variables can help stabilize our economy.

«ЧУДОДЕЙСТВЕННАЯ ДИАГОНАЛЬ» В ПРОСТРАНСТВЕННОЙ ОРИЕНТАЦИИ: ОТ ГУМОРАЛЬНОЙ ТЕОРИИ И КОНЦЕПЦИИ СТИХИЙ В ВААСТУ-ВИДЬЕ К КОМПОЗИЦИИ В ЖИВОПИСИ

This article continues the consideration of the systemic, structural and functional aspects of the spatial model of the ancient Indian Vastu-vidya. On the one hand, the Vastu-Vidya localizes the maximum of the elements in the intermediate sectors of space. The main direction in it is assigned to the North-East. This orientation coincides with the orientation to the magnetic pole of the Earth, which is significant for the spatial orientation of many species of the animal world. On the other hand, the concept of the elements correlates with the ancient concept of four liquids, the ancient humoral theory used in medicine, and also for the definition of the four temperaments. In the course of the analysis, the author establishes the commonality of the spatial models of the Vastu-Vidya and the Permian bronze casts describing the flight of the shaman from the lower world to the upper world, as well as traditional images of the plan of the sacral structures. The application of the concept of "miraculous" diagonals to the analysis of the composition of paintings, functional zoning and geopolitics allows us to draw attention to an important element of the traditional worldview that has been lost by modern civilization.

Crossing the Credit Channel

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy.

Structural Transformation, Service Sector Growth and Poverty Alleviation: The Role of Formal–Informal Interaction and Rising Informal Wage

The motivation of this article is to develop a theoretical mechanism on the interaction between formal and informal sectors and rising informal wage, in the process of service sector growth. Based on empirical support for service sector growth, structural change, higher employment of labour in unorganised sector and rising informal wage in the Indian context, this article develops a theoretical model on the formal–informal interaction in labour employment using a trade-theoretic general equilibrium framework. The results show that with the expansion of capital-intensive, organised service sector, following capital investment in the country, the informal, non-traded intermediate sector, which supplies inputs to the formal service sector, expands with greater employment. The labour-intensive domestic sector of consumer services declines, with the result that the price of consumer services rises, leading to rise in informal wage rate.

Drivers and critical supply chain paths of black carbon emission: A structural path decomposition

As the second largest factor contributing to global warming, black carbon (BC) is also the main cause of smog pollution in Chinese cities and has negative influence on residential health. In this paper, structural decomposition analysis (SDA) and structural path decomposition (SPD) are jointly used to identify the socioeconomic factors and critical supply chain paths driving consumption-based BC changes in Sichuan Province, which has become a main BC emission source since the implementation of “Western Development Strategy”. The SDA results show that economic growth contributes 75.02 kt emission increase. Emission intensity plays a critical role in emission reduction, which offsets the emission increase by 56.00 kt. The results of SPD identify that the major paths influencing BC emission changes are “Petroleum Processing→(Construction/Metal Smelting and Production/Machinery and Equipment)→Final Demand,” “Agriculture→(Food Production/Agriculture)→Final Demand,” and “Transportation→(Commercial and Institution)→Final Demand.” Socioeconomic drivers might pose a bidirectional impact on BC emission on different supply paths. The results reveal that BC reduction should emphasize reducing the emission intensity of the upstream sector, improving the production efficiency of the intermediate sector, and using cleaner alternatives in the downstream sectors on critical paths. The case of Sichuan may provide insights into the BC mitigation practices of other regions.

Evolutionary path and driving forces of inter-industry transfer of CO2 emissions in China: Evidence from structural path and decomposition analysis

Carbon dioxide (CO2) emissions are currently a hot topic of global concern. It is of great significance for reducing CO2 emissions to fully understand the transfer pattern of CO2 emissions among industries and the key factors affecting CO2 emissions. This paper uses the structural path analysis model to explore deeply the main paths of inter-industry transfer of CO2 emissions in China from 2002 to 2017 and applies the structural path decomposition model to analyze the main factors affecting CO2 emissions in specific paths from the perspectives of CO2 emission intensity, intermediate product input structure, final demand structure, per capita final demand, and population size. The results show that: (1) China's CO2 emissions increased from 3500.41 million tons (Mt) in 2002 to 9475.66Mt in 2017, with an average annual growth rate of 6.86%. The growth rate of China's CO2 emissions slowed down after 2012. (2) Non-metallic mineral industry\\electricity industry\\metal products industry→(intermediate sector)→investment demand and electricity industry→(intermediate sector)→consumption demand are two types of key paths that affect China's CO2 emissions, and these paths remain basically unchanged during the study period. (3) The CO2 emission intensity effect is the main factor in restraining the growth of emissions, and the per capita final demand effect and intermediate product structure effect are the main promoting factors. The effect of driving factors on different industrial paths is different, and the offsetting effect of the driving factor in different paths may lead to the insignificant effect of this factor in the overall decomposition. To effectively reduce CO2 emissions, China should focus on specific industrial paths and implement upstream and downstream comprehensive governance to achieve a low-carbon industrial chain throughout the whole process.

Critical transmission paths and nodes of carbon emissions in electricity supply chain

As the largest contributor to production-based emissions, electricity generation sector has led to huge carbon emission transmissions. This is the first attempt to explore the latest features of carbon emission transmissions from electricity sector to the final domestic consumption of China in 2002–2015, combining MRIO-based Structural Path Analysis and transmission-based emission method. Results show that: (1) Although inter-provincial transmissions are increasing significantly, emission transmissions within intra-provincial trading are dominated. (2) 30 provinces are classified into two types, i.e., consumption centers and production centers. Both the inter-provincial transmission paths in consumption centers and production centers show the grid-level agglomeration and provincial heterogeneity. The inflow paths in consumption centers are mainly sourced from the production of Eastern China and South China, while the outflow paths for production centers are caused by the consumption in Central China, Guangdong and Jiangsu. Inter-provincial linkages are intensified and perform the feature of territorial propinquity. (3) Both intra-grid and inter-grid transmission nodes show an agglomeration trend of “electricity sector < intermediate sectors < electricity sector < consumption”. These intermediate sectors include manufacture sectors, energy-intensive sectors and service sector. This paper provides policy implications on promoting low-carbon electricity cooperation across provinces and managing intermediate transmissions along supply chain.

Tracing CO2 emissions of China’s construction sector

In the face of the increasingly severe situation of global climate change, the construction (CON) sector has attracted widespread attention as an important CO2 emitter. However, existing studies mainly focus on the calculation of indirect carbon emissions caused by the consumption of the CON sector, and a comprehensive and detailed analysis of the CON sector’s emission transmission paths is lacking. In this study, we use environmentally extended input-output analysis (EIOA) and structural path analysis (SPA) to evaluate the contribution of critical CO2 transmission paths on the demand side and supply side with the help of a path multiplier (Mp) and analyse the change in these paths over time. The results show that the impact of the CON sector on other sectors from the demand side and supply side is transmitted through different paths and that the impact transmitted through the demand-side paths is much greater than that transmitted through the supply-side paths. Sectors including the production and supply of electric power, steam and hot water (ESH), the non-metal mineral products (NMP), and the smelting and pressing of metals (SPM) are not only significantly affected by the demand of the CON sector and generate many carbon emissions but also participate in the paths of influence on other sectors as intermediate sectors. The composition of the critical paths is relatively stable, but the intensity of some paths varies over time.

Financial intermediation, house prices, and the welfare effects of the U.S. Great Recession

Abstract This paper quantifies the welfare costs of the Great Recession in the United States and their distribution between borrowing and saving households. We use a calibrated dynamic general equilibrium model with shocks to aggregate income and to the financial intermediation sector. The model matches the boom-bust cycle in house prices, the dynamics of household leverage, and the increase in inequality of wealth observed in the U.S. after 2007. We find large welfare costs for financially constrained households, the borrowers. Savers instead benefited from a redistribution of housing wealth due to the de-leveraging of borrowers caused by the plunge in house prices. This redistribution mechanism was exacerbated by the financial intermediation shock. We also show that the welfare costs for borrowers would have been lower if aggregate leverage had remained at pre-2001 levels.