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The Evolutionary Pattern of Global Imbalance: Evidence from Cross Country Data from 1970 to 2010
WENKAI SUN 연세대학교 동서문제연구원 2012 Global economic review Vol.41 No.4
In this article, we emphasize that net foreign asset (NFA) is an important indicator that can nicely reflect global imbalance and has not received enough attention. We use a representative data-set to examine how the NFA varies with the development stages of different countries. We also investigate the determinants of NFA and the composition of external asset and liability. We have obtained some important findings. First, the change of NFA follows an inverse U-shaped curve with the increase of gross domestic product (GDP) per capita. This means that the most-watched global imbalance may decrease with economic development in the future. Second, industrial structure, openness to international market, inflation, development of domestic financial market and public debt are important factors that affect the ratio of NFA/GDP and compositions of external asset and liability. Third, the NFA/GDP ratio in China is currently at the early stage of the inverse U-shaped curve and is expected to decrease in the future. As for the compositions of external asset and liability, China is holding too much asset in the form of foreign exchange reserves (FER) and too much liability in the form of foreign direct investment (FDI). In contrast to some existing views, we believe that the restrictions on capital mobility, rather than NFA, affect the composition of external asset and liability. This study sheds some light on the imbalance issue and the corresponding policy-making.
Gesture Trajectory Recognition System Based on Improved HMM Algorithm
Wenkai Xu,이응주 한국멀티미디어학회 2012 멀티미디어학회논문지 Vol.15 No.4
In this paper, we propose an automatic system that recognizes continuous gestures trajectory in real-time, including Arabic numbers from 0 to 9. We assume the gesture trajectory is almost in a plane that called principal gesture plane, then the Least Squares Method is used to estimate the plane and project the 3-D trajectory model onto the principal. An improved HMM-FNN model is proposed for gesture recognition, which combines ability of HMM model for temporal data modeling with that of fuzzy neural network for fuzzy rule modeling and fuzzy inference. The algorithm we present have the satisfactory performance and achieves average rate recognition 95.6% for Arabic numbers from 0 to 9, respectively.
Hand Motion Detection and Tracking for Natural User Interface Using Kinect Device
Wenkai Xu,이응주 한국멀티미디어학회 2012 멀티미디어학회논문지 Vol.15 No.4
Human body motion is a non-verbal part for interaction or movement that can be used to involves real world and virtual world. In this paper, we explain a study on natural user interface (NUI) in human hand motion recognition using RGB color information and depth information by Kinect camera from Microsoft Corporation. To achieve the goal, hand tracking and gesture recognition have no major dependencies of the work environment, lighting or users’ skin color, libraries of particular use for natural interaction and Kinect device, which serves to provide RGB images of the environment and the depth map of the scene were used. An improved Camshift tracking algorithm is used to tracking hand motion, the experimental results show out it has better performance than Camshift algorithm, and it has higher stability and accuracy as well.
A Novel Method for Dynamic Gesture Recognition
Wenkai Xu,Yiting Shang,Eung-Joo Lee 한국멀티미디어학회 2011 한국멀티미디어학회 국제학술대회 Vol.2011 No.-
In this paper, we propose an automatic system that recognizes both continuous gestures and isolated in real-time, including Arabic numbers (0-9), alphabets (A-Z). We present a new method to get skin-color segmentation based on mixing nonlinear YCbCr elliptic cluster skill-color model and HSI skin-color segmentation model; then an improved HMM-FNN model is proposed for gesture recognition. The algorithm we present have the best performance and achieves average rate recognition 95.76% and 93.64% for Arabic Numbers and Alphabets, respectively.
Liquidity Constraints, the Composition of Government Expenditure, and Economic Growth
WENKAI SUN,XIANGHONG WANG 연세대학교 동서문제연구원 2011 Global economic review Vol.40 No.4
This paper examines the impacts of liquidity constraints on economic growth and social welfare by incorporating the role of government expenditure into the overlappinggenerations model developed by Jappelli and Pagano in 1990s. In our model, the government can provide funds to the young faced with liquidity constraints. Our theoretical findings are as follows: (1) with exogenous technical progress, liquidity constraints on households raise the saving rate; (2) with endogenous technical progress, liquidity constraints and economic growth rate show an inverted U-shaped relationship; (3) with both exogenous and endogenous technical progress, the steady state per capita income first increases and then declines with the increase of liquidity constraints. Our empirical analysis with cross-country data supported this conclusion; (4) given certain values of the model parameters, social welfare in steady state may decrease with the reduction of liquidity constraints.