Effect of Remittance Inflows on External Debt in Developing Countries

This paper analyzes the effect of remittance inflows on external debt in developing countries, by identifying international reserves as a potential transmission channel. Using panel data over the period 1970–2017 and covering 50 low-and middle-income countries worldwide, we find a positive and significant effect of remittance inflows on the external debt-to-GDP ratio. We also find a negative and significant effect of international reserves on external debt. After controlling for international reserves, the effect of remittance inflows on external debt increases;it remains positive and significant. The results suggest that the role of international reserves as a self-insurance mechanism, and the Dutch disease effect related to remittance inflows are at play. In addition, we find negative and significant effects of economic growth and savings-investment gap on external debt. We also find positive and significant effects of the nominal exchange rate and the United States lending interest rate on external debt. We discuss the policy implications of these findings, while highlighting factors that policymakers should focus on for containing external debt in developing countries in the post-COVID-19.

Íkiz Açık Hipotezi Türkiye'de Geçerliliği: Zamanla Değişen Nedensellik Analizi

Finansal ve ekonomik istikrarın sürdürülebilirliği açısından iç ve dış dengenin birlikte sağlandığı maliye politikalarının uygulanması son derece önem arz etmektedir. Bu nedenle, cari işlemler ile bütçe açıkları arasındaki ilişkinin incelenmesi politika yapıcılar, araştırmacılar ve ekonomistler arasında tartışılan önemli konulardan biri haline gelmiştir. Bu kapsamda, çalışmada Türkiye için Ocak 1998 – Aralık 2021 döneminde ikiz açık hipotezi, Granger nedenselliğin geçici istikrarını yeniden değerlendirmek amacıyla kullanılan yinelemeli algoritmalar kullanılarak araştırılmaktadır. Zamanla değişen Granger nedensellik analizden elde edilen bulgular, Türkiye'de ele alınan dönemde cari işlemler dengesi ve bütçe açığı arasında çift yönlü bir nedensellik ilişkisi olduğunu ortaya koymaktadır. Bu sonuç, Türkiye'de ikiz açık hipotezinin geçerli olduğunu ifade etmektedir. Aynı zamanda, nedensellik ilişkisinde anlamlı geçici değişimlerin olduğu gözlenmektedir. Seçim ve kriz dönemlerinde ikiz açık hipotezinin varlığı mevcut iken, 2002-2008 ve 2015-2021 dönemlerinde cari işlemler hedeflemesi politikası uygulanmaktadır. COVID-19 pandemisi döneminde ise, cari işlemler dengesi ve bütçe açığı arasında çift yönlü asimetrik aktarım mekanizmasının işlediği ifade edilebilir.Alternate :Implementing fiscal policies to ensure domestic and foreign balances together is of vital importance to sustain financial and economic stability. Therefore, investigating the relationship between budget deficit and current account deficit is one of the issues debated by popolicymakersnd economists. In this context, the existence of the win deficit hypothesis in Turkey is researched through recursive algorithms used to revaluate the temporal stability of Granger causality for the periods of January 1998-December 2021. The findings from time-varying Granger causality analysis reveal the existence of a bidirectional causality relationship between budget deficit and current account deficit. This result means the validity of the twin deficit hypothesis in Turkey. Also, the temporal changes in the so-called casualty relationships are observed significantly. During the electoral and crisis periods there is the existence of the twin deficit hypothesis wthe hileaccountnt acount targeting policy is implemented during the periods of 2002-2008 and 2015-2021. In the COVID-19 period, a bidirectional asymmetric transmission mechanism between budget deficit andcurrentt account deficit is worked can be stated.

Reinstating fiscal policy for normal times: Public investment and Public Jobs Programmes

This paper upholds the classical Keynesian position that a laissez-faire market economy lacks a spontaneous tendency to full employment. Focusing on the UK case, it argues that monetary policy could not prevent the economic collapse of 2008-9 or achieve full recovery from the Great Recession that followed. The paper then outlines the case for fiscal policy to regain a permanent status of primacy in modern macroeconomic management, beyond the pandemic emergency. It distinguishes between public investment and automatic stabilisers, reducing discretionary actions to a minimum. It presents the case for re-empowering the State'spublic investment function and for reforming the system of automatic counter-cyclical stabilisers by means of public jobs programmes.

Late-Onset Seizure Disorder in Adult Cerebral Palsy Associated With COVID-19 Infection.

COVID-19 can affect many organ systems, including the CNS, with symptoms of altered mental status and seizures. We present a case of a 30-year-old man with cerebral palsy who developed seizures after a COVID-19 infection. Admission labs were remarkable for hypernatremia, and elevated creatine kinase, and troponin levels as well as creatinine above baseline. MRI was performed demonstrating a small, evolving acute/subacute abnormality in the midline splenium of the corpus callosum. An EEG showed moderate to severe abnormalities with low-voltage delta waves. The patient was treated with medication and advised to follow up with a neurologist. One month later, no residual CT abnormality corresponding to the previously reported lesion in the midline splenium of the corpus callosum was observed. Although epilepsy is a common finding in patients with cerebral palsy, the complete lack of seizure activity throughout this patient's early life, coupled with previously unremarkable brain imaging, further supports our claim that his recent onset of seizures was directly related to COVID-19. This case highlights the possibility of new seizures in patients with pre-existing neurological conditions after COVID-19 infection and emphasizes the need for more research.

On the relationship between neurocognitive measures and olfactory dysfunction in COVID-19 patients with and without anosmia.

One of the predominant symptoms of the COVID-19 virus is the complete (anosmia) or partial (hyposmia) loss of smell. Anosmia may be a critical neurocognitive symptom because there is an empirically demonstrated association of anosmia with neurodegenerative diseases like Parkinson's disease, Alzheimer's disease, etc. The present study assessed the neurocognitive disorder patterns in recovered COVID-19 patients who either self-reported anosmia or its absence. Of the 60 adult participants (n = 32 males, n = 28 females; Mage = 20.78 years, range = 18-31 years), 15 reported COVID-19 induced anosmia, 15 reported COVID-19 without anosmia, and 30 reported not having contracted COVID-19. The participants were first administered a 10-item smell test, and analysis of variance revealed significantly better scores for the control group than the other two groups. Further, there was no significant difference in smell scores between the patients who self-reported anosmia or denied it. This statistical pattern was consistent across all neuropsychological tests: short- and long-term verbal memory, digit span, Trail Making, and a self-report 46-item neurocognitive scale. Regardless of the self-report of anosmia or denial, all thirty COVID-19 patients scored significantly poorer than the control group on all of the tests and neurocognitive scale. In summary, the self-report of anosmia appears to be unreliable, and the COVID-19 patients who were found to be anosmic on the initial objective smell test demonstrated poorer neuropsychological performance than controls.

Testing for multiple bubbles: historical episodes on the sustainability of public debt in Spain, 1850-2020

PurposeThis paper aims to analyze the dynamics of the Spanish public debt-gross domestic product ratio during the period 1850-2020. Design/methodology/approachThis study uses a recent procedure to test for recurrent explosive behavior (Phillips et al., 2011;Phillips et al., 2015a, 2015b) to identify episodes of explosive public debt dynamics and also the episodes of fiscal adjustments over this long period. FindingsThe identified episodes of explosive behavior of public debt coincided with fiscal stress events, whereas fiscal adjustments and changes in economic policies stabilized public finances after periods of explosive dynamics of public debt. Originality/valueThe longer than usual span of the data should allow the authors to obtain some more robust results than in most of previous analyses of long-run sustainability.

Economic Role of Government Budget Revision in the Presence of COVID-19

Fiscal policies are one of the most important instruments of government to guide the progress of the country's economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. This study aims to assess the multiplier effects that budget revision has on the economy for the case of Albania, and more specifically by referring to the initial and revised budget scenario for the year 2020 which is characterized by significant changes caused by the presence of COVID-19. Referring to the multipliers from the input–output tables (IOT) the total effect that the state budget brings to the economy for a certain year is derived. From this paper, it appears that the budget restructuring that takes place during the year does not take into account the multiplier effect in the economy, but is mostly done for specific purposes related to certain government functions. In this context, it is very important that various options during budget revision are evaluated, concluding with the option that has the highest returns for the economy.

The Case for A Global Excess Profits Tax: A Response to Dr. Tarcísio Diniz Magalhães & Professor Allison Christians

In striving to slow the spread of the COVID-19 pandemic, governments across the globe acted quickly to implement various "stay-at- home" orders and bans on all "non-essential activities." While these actions were likely effective in slowing the spread of the virus, the economic impacts were felt almost immediately. The US deficit rose to $3.1 trillion following massive spending to aid individuals and small businesses. Internationally, governments have been increasing their debt loads to combat both the health and financial impacts of the pandemic. Indeed, by the end of 2020, the international debt load increased to a record-breaking $281 trillion. Almost as quickly, various proposals have been offered regarding how to mitigate this pandemic-fueled deficit. One solution offered is the return of a historical tax scheme-an excess profits tax. Excess profits taxes have historically been applied both domestically and internationally during times of war. Although there are variations in how an excess profits tax is calculated, traditionally, an excess profits tax is applied to those companies who earn returns in excess of a set "normal" rate of return.

Absence of self-reported neuropsychiatric and somatic symptoms after Omicron variant SARS-CoV-2 breakthrough infections.

Persistent somatic and neuropsychiatric symptoms have been frequently described in patients after infection with severe acute respiratory syndrome coronavirus 2 even after a benign clinical course of the acute infection during the early phases of the coronavirus severe acute respiratory syndrome coronavirus 2 pandemic and are part of Long COVID. The Omicron variant emerged in November 2021 and has rapidly become predominant due to its high infectivity and suboptimal vaccine cross-protection. The frequency of neuropsychiatric post-acute sequelae after infection with the severe acute respiratory syndrome coronavirus 2 Omicron and adequate vaccination status is not known. Here, we aimed to characterize post-acute symptoms in individuals with asymptomatic or mildly symptomatic breakthrough infection with severe acute respiratory syndrome coronavirus 2. These individuals had either proven infection with the Omicron variant (n = 157) or their infection occurred in 2022 where Omicron was the predominant variant of severe acute respiratory syndrome coronavirus 2 in Germany (n = 107). This monocentric cross-sectional study was conducted at the University Medical Center Hamburg-Eppendorf between 11 February 2022 and 11 April 2022. We employed questionnaires addressing self-reported somatic symptom burden (Somatic Symptom Scale 8) and neuropsychiatric symptoms including mood (Patient Health Questionnaire 2), anxiety (Generalized Anxiety Disorder 7), attention (Mindful Attention Awareness Scale) and fatigue (Fatigue Assessment Scale) in a cohort of hospital workers. Scores were compared between 175 individuals less than 4 weeks after positive testing for severe acute respiratory syndrome coronavirus 2, 88 individuals more than 4 weeks after positive testing and 87 severe acute respiratory syndrome coronavirus 2 uninfected controls. The majority (n = 313; 89.5%) of included individuals were vaccinated at least three times. After recovery from infection, no significant differences in scores assessing neuropsychiatric and somatic symptoms were detected between the three groups (severe acute respiratory syndrome coronavirus 2 uninfected controls, individuals less and more than 4 weeks after positive testing) independent of age, sex, preconditions and vaccination status. In addition, self-reported symptom burden did not significantly correlate with the number of vaccinations against severe acute respiratory syndrome coronavirus 2, time from recovery or the number of infections. Notably, in all three groups, the mean scores for each item of our questionnaire lay below the pathological threshold. Our data show that persistent neuropsychiatric and somatic symptoms after recovery from severe acute respiratory syndrome coronavirus 2 infection in fully vaccinated hospital workers do not occur more frequently than that in uninfected individuals. This will guide healthcare professionals in the clinical management of patients after recovery from breakthrough infections with severe acute respiratory syndrome coronavirus 2.

Psychosemantic Markers of Deficiency in Self-Regulation Components during Situations of Increasing Uncertainty

The aim of the study is to develop and test an express diagnostic method for determining psychosemantic markers of self-regulation components deficiency in clients during an online counseling situation. The article describes the specifics of the population's appeals to psycho-logical services from universities for psychological help since the beginning of the COVID-19 pandemic. It shows that people's requests have a different focus: problems with behavior, problems with cognitive functions, problems with emotions, will, motivation, etc. However, a common component in all requests is a pronounced lack of self-regulatory resources in solving problems that arise in situations of increasing uncertainty. The study results of psychosemantic markers of components deficiency in human self-regulation during situations of increasing uncertainty are presented. The relevance of the re-sults of the components deficiency in human self-regulation is determined by the fact that self-regulation is an important resource of an individual, which contributes to successful adap-tation to various life difficulties and situations, including situations of forced increasing uncertainty such as the COVID-19 pandemic. Using the analysis of various theoretical works and empirical studies, 4 main groups of deficits (deficiencies) of self-regulation, characteristic of people in a situation of increasing uncertainty, were identified: deficiency of the operational component of self-regulation, deficiency of the emotional-volitional component of self-regulation, deficiency of the motivational component of self-regulation and deficiency in the individual-personal component of self-regulation. This empirical study of psychosemantic markers of deficiency in self-regulation compo-nents was carried out using the method of content analysis of requests from people who ap-plied for help to the TSU psychological service during the COVID-19 pandemic. It was noted that the number of deficiencies in different people are both minimal (only 1 type of deficiency occurs) and maximum (all 4 identified types of deficiency occur). Thus, the predominant type of deficiency among people who applied for help to the psychological service of TSU was the deficit of the emotional-volitional component of self-regulation, namely, problems with the regulation of fear, anxiety and aggression. This fact indicates that the situation of uncertainty to a greater extent affected the emotional component of the psyche. In addition, it is the self-regulation of emotions that is one of the most complex types of self-regulation, and this is probably why there are more related requests to it. The deficit of the operational component of self-regulation was the least common. The novelty of the study is the indications psycho-semantic tools, which allows collecting diagnostic information in the course of working with a client on an online consultative platform. © 2022 Tomsk State University. All rights reserved.

Cognitive consequences of COVID-19 infection and quarantine-induced social isolation: Hope for the young and mildly infected

Coronavirus disease 2019 (COVID-19) has infected over 539 million individuals worldwide, and initial research supports the possibility that COVID-19 may damage the central nervous system either directly or indirectly. Neurological signs and noted cognitive deficits observed in even mildly infected patients are a cause for concern for those infected by COVID-19;the effect of social isolation on the central nervous system is also of interest. The present study sought to determine the extent of these potential cognitive deficits in a young and mildly infected sample of college students. Participants completed an extensive survey assessing their experience with COVID-19 and any pandemic-induced social isolation. Participants then completed a battery of cognitive assessments to evaluate attention, memory, and executive functioning. Results largely suggested that mild infection did not cause lasting cognitive deficits. While social isolation largely did not influence cognition, it had an effect on non-diagnostic measures of certain mental health disorders. Overall, the present data suggest no evidence of current Long-COVID related cognitive deficits in a young and mildly infected sample, despite participants reporting perceived deficits in their cognition. This perceived lack will be important for clinicians and researchers to consider as the COVID-19 pandemic continues to develop. (PsycInfo Database Record (c) 2023 APA, all rights reserved)

Public Debt, Governance, and Growth in Developing Countries: An Application of Quantile via Moments

Developing countries often encounter budget deficits by taking loans from internal and external sources. The effectiveness of public debt has been a long debate in the seminal and empirical literature. In this study, we investigate the effectiveness of public debt on economic growth, incorporating the role of governance in 44 developing countries. In doing so, we applied the Quantile Via Moments approach to analyze heterogeneous panel data ranging 1990–2000 considering the scale and location properties under different economic circumstances. Our results show that public debt impedes economic growth in all quantiles. Our empirical finding corroborates our proposition that in the presence of good governance, public debt promotes economic growth in the medium to higher quantiles. The empirical findings of this study confirm that governance is far more important in promoting economic growth.

Von der Corona-bedingten Schuldenaufnahme zur Wiedereinhaltung der Schuldenbremse

Die Wiedereinhaltung der Schuldenbremse auf der Bundesebene macht in den kommenden Jahren eine Reduktion der im Rahmen der Corona-Pandemie stark gestiegenen Neuverschuldung notwendig. In diesem Beitrag stellen die Autoren die fiskalpolitischen Spielräume im Vergleich mit der maximal zulässigen Nettokreditaufnahme unter der Schuldenbremse dar. Diese Spielräume erhöhen sich insbesondere durch den Abbau der Rücklagen sowie durch sinkende Zinsausgaben. Zudem passt die Konjunkturkomponente den fiskalischen Spielraum symmetrisch an die konjunkturellen Gegebenheiten an und ermöglicht damit das uneingeschränkte Wirken der automatischen Stabilisatoren. Verbesserungen der Verfahren, die zu weniger revisionsanfälligen Schätzungen des Produktionspotenzials führen, können dabei helfen, die Spielräume durch die Konjunkturkomponente der Schuldenbremse verlässlicher zu bestimmen. Einschränkend wirken unter anderem die Tilgungszahlungen, die sich durch die Inanspruchnahme der Ausnahmeregelung ergeben. Die Autoren zeigen alternative Möglichkeiten für die Tilgungszahlungen auf, mit denen die Tilgungen zusammengefasst und konjunkturgerecht gestaltet werden können.

Learning gain rather than learning loss during COVID-19: A proposal for reframing the narrative

"Learning loss" has become the new buzzword in education during the COVID-19 era. Learning loss may be real in certain academic subjects (e.g. mathematics and reading) for certain students, as indicated by standardized test scores. However, it only tells a partial story. The other part of the story actually indicates different kinds of learning gain that might have occurred for children experiencing non-conventional learning opportunities during the COVID-19 pandemic. Thus, the authors caution against subscribing to a learning-loss narrative, a deficits-based perspective, which can lead one to lose sight of children's potential learning gains that are not necessarily assessed or recognized. Against this backdrop, the authors offer four recommendations: (1) reframing the concept of "learning loss" to "learning gain";(2) applying a strengths-based model rather than a deficits-based model for understanding student learning;(3) investing in the development of the whole child;and (4) ensuring that we focus on young children's socio-emotional well-being (e.g. relationship-building) and not solely on the cognitive domains. [ FROM AUTHOR] Copyright of Contemporary Issues in Early Childhood is the property of Sage Publications, Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

The Impact of COVID-19 Lockdown Measures and COVID-19 Infection on Cognitive Functions: A Review in Healthy and Neurological Populations.

The COVID-19 pandemic severely affected people's mental health all over the world. This review aims to present a comprehensive overview of the literature related to the effects of COVID-19 lockdown measures and COVID-19 infection on cognitive functioning in both healthy people and people with neurological conditions by considering only standardized tests. We performed a narrative review of the literature via two databases, PUBMED and SCOPUS, from December 2019 to December 2022. In total, 62 out of 1356 articles were selected and organized into three time periods: short-term (1-4 months), medium-term (5-8 months), and long-term (9-12 months), according to the time in which the tests were performed. Regardless of the time period, most studies showed a general worsening in cognitive performance in people with neurological conditions due to COVID-19 lockdown measures and in healthy individuals recovered from COVID-19 infection. Our review is the first to highlight the importance of considering standardized tests as reliable measures to quantify the presence of cognitive deficits due to COVID-19. Indeed, we believe that they provide an objective measure of the cognitive difficulties encountered in the different populations, while allowing clinicians to plan rehabilitation treatments that can be of great help to many patients who still, nowadays, experience post-COVID-19 symptoms.

Psychiatric and neurological complications of long COVID.

COVID-19 was primarily considered a pulmonary disease with extrapulmonary manifestations. As the pandemic spread, there has been growing evidence that the disease affects various organs/systems, including the central and peripheral nervous systems. Accumulation of clinical data demonstrates that in a large population of survivors impairments in the function of one or more organs may persist for a long time, a phenomenon commonly known as post COVID or long COVID. Fatigue and cognitive dysfunction, such as concentration problems, short-term memory deficits, general memory loss, a specific decline in attention, language and praxis abilities, encoding and verbal fluency, impairment of executive functions, and psychomotor coordination, are amongst the most common and debilitating features of neuropsychatric symptoms of post COVID syndrome. Several patients also suffer from compromised sleep, depression, anxiety and post-traumatic stress disorder. Patients with long COVID may demonstrate brain hypometabolism, hypoperfusion of the cerebral cortex and changes in the brain structure and functional connectivity. Children and adolescents represent a minority of COVID-19 cases, so not surprisingly data on the long-term sequelae after SARS-CoV-2 infections in these age groups are scarce. Although the pathogenesis, clinical characteristics, epidemiology, and risk factors of the acute phase of COVID-19 have been largely explained, these areas are yet to be explored in long COVID. This review aims to provide an update on what is currently known about long COVID effects on mental health.

Multidomain cognitive impairment in non-hospitalized patients with the post-COVID-19 syndrome: results from a prospective monocentric cohort.

BACKGROUND: A fraction of patients with asymptomatic to mild/moderate acute COVID-19 disease report cognitive deficits as part of the post-COVID-19 syndrome. This study aimed to assess the neuropsychological profile of these patients. METHODS: Assessment at baseline (three months or more following acute COVID-19) of a monocentric prospective cohort of patients with post-COVID-19 syndrome. Multidomain neuropsychological tests were performed, and questionnaires on depression, anxiety, fatigue, sleep, and general health status were administered. RESULTS: Of the 58 patients screened, six were excluded due to possible alternative causes of cognitive impairment (major depression, neurodegenerative disease). Of the remaining 52 individuals, only one had a below-threshold screening result on Mini-Mental State Examination, and 13 scored below the cut-off on Montreal Cognitive Assessment. Extended neuropsychological testing revealed a neurocognitive disorder (NCD) in 31 (59.6%) participants with minor NCD in the majority of cases (n = 26). In patients with NCD, the cognitive domains learning/memory and executive functions were impaired in 60.7%, complex attention in 51.6%, language in 35.5%, and perceptual-motor function in 29.0%. Cognitive profiles were associated with daytime sleepiness but not with depression, anxiety, sleep quality, total general health status, or fatigue. CONCLUSION: Neurocognitive impairment can be confirmed in around 60% of individuals with self-reported deficits as part of post-COVID-19 syndrome following a mild acute COVID-19 disease course. Notably, screening tests cannot reliably detect this dysfunction. Standard psychiatric assessments showed no association with cognitive profiles. Longitudinal studies are needed to further evaluate the course of neurocognitive deficits and clarify pathophysiology.