Narrow Results

Our paper uses a novel methodology to reexamine the relationship between financial development and economic growth in the era of sustainable development. Our empirical procedure deals with both functional-form misspecification bias as well as bias from endogenous regressors. It also provides an estimate of the growth-finance relationship for every country-year observation, allowing us to examine the relationship of interest for various country groups, using a global sample of 133 countries during 1960–2015. Our results indicate that countries with weak institutions and a smaller-than-average banking sector will reap more benefits from bank-based financial systems. The impact of financial development on economic performance has enormous policy implications for international institutions that provide policy support to countries in their pursuit of achieving the 2030 Agenda for Sustainable Development.

This note explores the consequences of nonlinear price impact functions on price dynamics within the chartist–fundamentalist framework. Price impact functions may be nonlinear with respect to trading volume. As indicated by recent empirical studies, a given transaction may cause a large (small) price change if market depth is low (high). Simulations reveal that such a relationship may create endogenous complex price fluctuations even if the trading behavior of chartists and fundamentalists is linear.

The Muon Campus at Fermilab is a system through which muons are delivered to the storage ring of the Muon $g-2$ Experiment (E989). It consists of a set of 1 km beamlines that transport and prepare a highly polarized muon beam out of secondaries produced downstream a target station. Realistic simulations of this beam delivery system (BDS) using COSY INFINITY, and presented here, contribute to the understanding and characterization of the muon beam production in relation to the statistical and systematic uncertainties of the E989 measurement, intended to be smaller than 0.14 parts per million to achieve the goals of the experiment. The impact of nonlinearities from fringe fields and high-order contributions on the BDS performance are presented, as well as detailed studies of the interactions between secondaries and the beamline elements apertures, particle decay channels, spin dynamics and beamline misalignments.

We investigate the evolution of the atomic quantum entropy and the atom-field entanglement in a system of a Ξ-configuration three-level atom interacting with a single-mode field with additional forms of nonlinearities of both the field and the intensity-dependent atom-field coupling. With the derivation of the unitary operator within the frame of the dressed state and the exact results for the state of the system, we perform a careful investigation of the temporal evolution of the entropy. A factorization of the initial density operator is assumed, considering the field to be initially in a squeezed coherent or binomial state. The effects of the mean photon number, detuning, Kerr-like medium and the intensity-dependent coupling functional on the entropy are analyzed.

In this paper, we will use various ansatz transformations to obtain different kinds of optical solitons solutions for couple of nonlinear Schrödinger equations (NLSEs). We get bright, dark, bright in the dark (dipole), combined dark–bright (combo) and some other solitary wave solutions for quadratic-cubic quintic system in optical meta-materials (CQS-OM) having quadratic cubic nonlinearity along with NLSE with anti-cubic nonlinearity (AC) in an optical fiber. We also show our results graphically in various dimensions under different constraint conditions.

The stabilities of an elastic plate clamped on an infinite, rigid baffle subject to any time dependent force excitation in the presence of mean flow are examined. The mechanisms that can cause plate flexural vibrations to be absolute unstable when the mean flow speed exceeds a critical value are revealed. Results show that the instabilities of an elastic plate are mainly caused by an added stiffness due to acoustic radiation in mean flow, but controlled by the structural nonlinearities. This added stiffness is shown to be negative and increase quadratically with the mean flow speed. Hence, as the mean flow speed approaches a critical value, the added stiffness may null the overall stiffness of the plate, leading to an unstable condition. Note that without the inclusion of the structural nonlinearities, the plate has only one equilibrium position, namely, its undeformed flat position. Under this condition, the amplitude of plate flexural vibration would grow exponentially in time everywhere, known as absolute instability. With the inclusion of structural nonlinearities, the plate may possess multiple equilibrium positions. When the mean flow speed exceeds the critical values, the plate may be unstable and jump from one equilibrium position to another. Since this jumping is random, the plate flexural vibration may seem chaotic.

First and second-order nonequilibrium phase transitions induced by an external nonlinear multiplicative noise are studied. A theoretical approach gives that the physical mechanism responsible for these transitions is a nonlinear instability of the homogeneous phase. Mean–field analysis and numerical simulations confirm the theoretical prediction.

The recent decade has witnessed a surge of cryptocurrency markets as innovative financial systems based strongly on digital emission, interchange and coding. The main characteristic is that cryptocurrencies are not subjected to the regulation of governments and financial institutions (e.g., central banks), such that their dynamics are determined solely by non-centralized mechanisms. Informational efficiency is a key issue for cryptocurrency markets since its fulfillment guarantees that all participants have access to the same information quality and that arbitrage conditions are discarded. This study evaluated the contribution of nonlinearities to the informational efficiency of the Bitcoin market for the period 2014–2022. Singular value decomposition (SVD) entropy together with shuffled and phase-randomized data in a rolling-window framework was used to capture randomness and nonlinear dynamics in Bitcoin returns. It was found that the contribution of nonlinearities to informational efficiency increases with the time scale, with a mean contribution of about 7.25% for long-time scales. This means that the Bitcoin market is only affected by weak nonlinearities, although these effects should be considered for forecasting and valuation.

The difference between knowledge capital and innovation and their combined impact on firm market performance remains a puzzle. Firms can utilise their accumulated stock of knowledge to create value, and at the same time, allocate their resources each year to create innovation, hoping to sustain their performance and make a better future. Using time fixed effects panel regression with industry and country dummies, this study investigates how knowledge capital and innovation impact firm performance by analysing the sample of 2,958 listed companies of Asian countries during 2015–2019. We observe that different sectors exhibit strong variations in their levels of knowledge capital and innovation. This study finds that more knowledge capital negatively impacts firm performance, but up to a certain point. The U-shaped relationship found suggests that learning and accumulating capabilities to exploit knowledge capitals’ potential is essential to achieve higher firm value. We also find that firms’ more spending on innovation positively impacts firm performance, but only up to a certain level. An inverted U-shaped relationship found suggests a balanced investment in innovation activities to attain improved firm performance. Implications for management and potential for further research are provided.

Nonlinearity and adaptation effect are rarely taken into consideration in the existing literature of empirical studies on climate change impacts, which may lead to bias estimation of the impacts on agricultural production. This paper aims to reassess the impacts on crop yields (rice, wheat, and maize) by incorporating the terms of nonlinearity and adaptation into a provincial panel data model and further study the impacts of future climate change under the represented concentration pathways (RCP) scenarios. Results reveal that the historical warming temperature benefits rice but harm wheat and maize productions, and decreasing precipitation benefits rice and maize but harm wheat production. Adaptation can significantly mitigate the negative impacts. Under RCP4.5 and RCP8.0, after adaptation, the yield changes attributed to future climate change vary from 0.66% to 0.98% for rice, -0.65% to -0.84% for wheat, and -0.24 to 0.08% for maize. The shifts of means of climatic variables impose no challenge on national food security of China.