<s>
A	O
J	B-Application
curve	I-Application
is	O
any	O
of	O
a	O
variety	O
of	O
J-shaped	O
diagrams	O
where	O
a	O
curve	O
initially	O
falls	O
,	O
then	O
steeply	O
rises	O
above	O
the	O
starting	O
point	O
.	O
</s>
<s>
In	O
economics	O
,	O
the	O
"	O
J	B-Application
curve	I-Application
"	O
is	O
the	O
time	O
path	O
of	O
a	O
country	O
’s	O
trade	O
balance	O
following	O
a	O
devaluation	O
or	O
depreciation	O
of	O
its	O
currency	O
,	O
under	O
a	O
certain	O
set	O
of	O
assumptions	O
.	O
</s>
<s>
Likewise	O
,	O
if	O
there	O
is	O
a	O
currency	O
revaluation	O
or	O
appreciation	O
the	O
same	O
reasoning	O
may	O
be	O
applied	O
and	O
will	O
lead	O
to	O
an	O
inverted	O
J	B-Application
curve	I-Application
.	O
</s>
<s>
Empirical	O
investigations	O
of	O
the	O
J	B-Application
curve	I-Application
have	O
sometimes	O
focused	O
on	O
the	O
effect	O
of	O
exchange	O
rate	O
changes	O
on	O
the	O
trade	O
ratio	O
,	O
i.e.	O
</s>
<s>
The	O
asymmetric	O
J-curve	B-Application
implies	O
that	O
there	O
could	O
be	O
an	O
asymmetric	O
relationship	O
between	O
the	O
exchange	O
rate	O
changes	O
and	O
trade	O
balance	O
.	O
</s>
<s>
However	O
,	O
the	O
term	O
asymmetric	O
J-curve	B-Application
was	O
coined	O
by	O
the	O
British	O
economists	O
Muhammad	O
Ali	O
Nasir	O
and	O
Mary	O
Leung	O
.	O
</s>
<s>
They	O
employed	O
cumulative	O
dynamic	O
multiplier	O
analysis	O
and	O
reported	O
empirical	O
evidence	O
of	O
an	O
asymmetric	O
J-curve	B-Application
in	O
an	O
article	O
on	O
US	O
trade	O
deficit	O
.	O
</s>
<s>
In	O
private	O
equity	O
,	O
the	O
J	B-Application
curve	I-Application
is	O
used	O
to	O
illustrate	O
the	O
historical	O
tendency	O
of	O
private	O
equity	O
funds	O
to	O
deliver	O
negative	O
returns	O
in	O
early	O
years	O
and	O
investment	O
gains	O
in	O
the	O
outlying	O
years	O
as	O
the	O
portfolios	O
of	O
companies	O
mature	O
.	O
</s>
<s>
Historically	O
,	O
the	O
J	B-Application
curve	I-Application
effect	I-Application
has	O
been	O
more	O
pronounced	O
in	O
the	O
US	O
,	O
where	O
private	O
equity	O
firms	O
tend	O
to	O
carry	O
their	O
investments	O
at	O
the	O
lower	O
of	O
market	O
value	O
or	O
investment	O
cost	O
and	O
have	O
been	O
more	O
aggressive	O
in	O
writing	O
down	O
investments	O
than	O
in	O
writing	O
up	O
investments	O
.	O
</s>
<s>
The	O
steeper	O
the	O
positive	O
part	O
of	O
the	O
J	B-Application
curve	I-Application
,	O
the	O
quicker	O
cash	O
is	O
returned	O
to	O
investors	O
.	O
</s>
<s>
J	B-Application
curves	I-Application
have	O
flattened	O
dramatically	O
.	O
</s>
<s>
In	O
political	O
science	O
,	O
the	O
"	O
J	B-Application
curve	I-Application
"	O
is	O
part	O
of	O
a	O
model	O
developed	O
by	O
James	O
Chowning	O
Davies	O
to	O
explain	O
political	O
revolutions	O
.	O
</s>
<s>
This	O
is	O
referred	O
to	O
as	O
the	O
Davies	O
 '	O
J	B-Application
curve	I-Application
,	O
because	O
economic	O
development	O
followed	O
by	O
a	O
depression	O
would	O
be	O
modeled	O
as	O
an	O
upside	O
down	O
and	O
slightly	O
skewed	O
J	O
.	O
</s>
<s>
Another	O
"	O
J	B-Application
curve	I-Application
"	O
refers	O
to	O
the	O
correlation	O
between	O
stability	O
and	O
openness	O
.	O
</s>
<s>
This	O
theory	O
was	O
suggested	O
initially	O
by	O
the	O
author	O
Ian	O
Bremmer	O
,	O
in	O
his	O
book	O
The	O
J	B-Application
Curve	I-Application
:	O
A	O
New	O
Way	O
to	O
Understand	O
Why	O
Nations	O
Rise	O
and	O
Fall	O
.	O
</s>
<s>
The	O
x-axis	O
of	O
the	O
political	O
J	B-Application
curve	I-Application
graph	O
measures	O
the	O
'	O
openness	O
 '	O
of	O
the	O
economy	O
in	O
question	O
and	O
the	O
y-axis	O
measures	O
the	O
stability	O
of	O
that	O
same	O
state	O
.	O
</s>
<s>
Thus	O
,	O
a	O
J-shaped	B-Application
curve	I-Application
is	O
formed	O
.	O
</s>
<s>
States	O
can	O
travel	O
both	O
forward	O
(	O
right	O
)	O
and	O
backwards	O
(	O
left	O
)	O
along	O
this	O
J	B-Application
curve	I-Application
,	O
and	O
so	O
stability	O
and	O
openness	O
are	O
never	O
secure	O
.	O
</s>
<s>
In	O
medicine	O
,	O
the	O
"	O
J	B-Application
curve	I-Application
"	O
refers	O
to	O
a	O
graph	O
in	O
which	O
the	O
x-axis	O
measures	O
either	O
of	O
two	O
treatable	O
symptoms	O
(	O
blood	O
pressure	O
or	O
blood	O
cholesterol	O
level	O
)	O
while	O
the	O
y-axis	O
measures	O
the	O
chance	O
that	O
a	O
patient	O
will	O
develop	O
cardiovascular	O
disease	O
(	O
CVD	O
)	O
.	O
</s>
<s>
What	O
is	O
less	O
well	O
known	O
is	O
that	O
plots	O
of	O
large	O
populations	O
against	O
CVD	O
mortality	O
often	O
take	O
the	O
shape	O
of	O
a	O
J	B-Application
curve	I-Application
which	O
indicates	O
that	O
patients	O
with	O
very	O
low	O
blood	O
pressure	O
and/or	O
low	O
cholesterol	O
levels	O
are	O
also	O
at	O
increased	O
risk	O
.	O
</s>
