Beyond the crisis: revisiting emerging Europe’s growth model

Focusing on the nexus between economic growth and the buildup of external vulnerabilities, this paper provides a systematic account of different growth strategies followed in Central and Eastern Europe in 2000-08 and then uses this growth diagnostics to derive implications for a post-crisis recovery. The main findings point to three policy lessons for improving growth sustainability. First, greater reliance on tradable sectors should be the cornerstone of a future growth model. Second, enhancing domestic sources of bank credit funding would contribute to the mitigation of external vulnerabilities and make the domestic financial system more resilient to global financial shocks. Third, prudential and macroeconomic policies will have to be more proactive in managing capital inflows, including funneling these inflows into investment in export-oriented industries.sustainable economic growth, sources of growth, external vulnerabilities

Neutrinos and Gamma Rays from Photomeson Processes in Gamma Ray Bursts

Acceleration of high-energy hadrons in GRB blast waves will be established if high-energy neutrinos are detected from GRBs. Recent calculations of photomeson neutrino production are reviewed, and new calculations of high-energy neutrinos and the accompanying hadronic cascade radiation are presented. If hadrons are injected in GRB blast waves with an energy corresponding to the measured hard X-ray/soft gamma-ray emission, then only the most powerful bursts at fluence levels >~ 3e-4 erg cm^{-2} offer a realistic prospect for detection of muon neutrinos. Detection of high-energy neutrinos are likely if GRB blast waves have large baryon loads and Doppler factors <~ 200. Significant limitations on the hadronic baryon loading and the number of expected neutrinos are imposed by the fluxes from pair-photon cascades initiated in the same processes that produce neutrinos.Comment: 4 pages, 2 figures, in 2003 Santa Fe Conference on GRB

On Hadronic Models for the Anomalous γ\gamma-ray Emission Component in GRB 941017

Gonz\'alez et al. (2003) have reported the discovery of an anomalous radiation component from ~ 1 -- 200 MeV in GRB 941017. This component varies independently of and contains >~ 3 times the energy found in the prompt ~ 50 keV -- 1 MeV radiation component that is well described by the relativistic synchrotron-shock model. Acceleration of hadrons to very high energies by GRBs could give rise to a separate emission component. Two models, both involving acceleration of ultra-high energy cosmic rays with subsequent photomeson interactions, are considered. The first involves a pair-photon cascade initiated by photohadronic processes in the GRB blast wave. Calculations indicate that the cascade produces a spectrum that is too soft to explain the observations. A second model is proposed where photopion interactions in the GRB blast-wave shell give rise to an escaping collimated neutron beam. The outflowing neutrons undergo further photopion interactions to produce a beam of hyper-relativistic electrons that can lose most of their energy during a fraction of a gyroperiod in the Gauss-strength magnetic fields found in the circumburst medium. This secondary electron beam produces a hard synchrotron radiation spectrum that could explain the anomalous component in GRB 941017.Comment: 5 pages, 1 figure, in 2003 Santa Fe Conference on GRB