Interfacial layering in a three-component polymer system

We study theoretically the temporal evolution and the spatial structure of the interface between two polymer melts involving three different species (A, A* and B). The first melt is composed of two different polymer species A and A* which are fairly indifferent to one another (Flory parameter chi_AA* ~ 0). The second melt is made of a pure polymer B which is strongly attracted to species A (chi_AB 0). We then show that, due to these contradictory tendencies, interesting properties arise during the evolution of the interface after the melts are put into contact: as diffusion proceeds, the interface structures into several adjacent "compartments", or layers, of differing chemical compositions, and in addition, the central mixing layer grows in a very asymmetric fashion. Such unusual behaviour might lead to interesting mechanical properties, and demonstrates on a specific case the potential richness of multi-component polymer interfaces (as compared to conventional two-component interfaces) for various applications.Comment: Revised version, to appear in Macromolecule

The Influence of Capital Controls on Long Run Growth: Where and How Much?

The recent financial crisis in East Asia generated a revival of interest in the merits of financial openness. The ensuing debate on the benefits of openness has focused more on short and medium run issues than on the long run effects. Within the empirical literature on economic growth, little or no attention has been paid to the effects of financial openness. Contrary to the orthodox position, the few results that exist suggest that capital controls have no effect on economic growth. This paper argues that this conclusion emerges from a failure to account for underlying differences across countries with similar degrees of capital controls. I show that the degree of ethnic and linguistic heterogeneity in a country plays a significant role in explaining the effects of controls on economic growth. For countries with relatively higher degrees of ethnic heterogeneity, the effects are particularly adverse whereas for countries with high degrees of homogeneity, capital controls actually have a net positive effect on economic growth. On balance, more developing countries suffered due to controls than not. Within the sample of 57 non OECD countries that did implement controls for the period 1975-95, as many as 39 saw a reduction in their growth rates. This result is robust to a number of variables commonly used in the economic growth regressions.Economic Growth, Capital Controls, Ethno-Linguistic Fractionalization

Assessing Financial Vulnerability in Partially Dollarized Economies

The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a “financial accelerator” mechanism. After allowing for different degrees of liability dollarization in a general equilibrium framework, this analysis uncovers some important implications about the role of the asset price channel and central bank’s commitment with the exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we claim that, in absence of an asset price channel, departures from a pure float will not only help mitigate vulnerability but will also be welfare improving. On the other hand, and with an active asset price channel, a tighter exchange rate policy will only have marginal effects on welfare and vulnerability when compared to that associated to a reduction in liability dollarization.Liability dollarization, financial vulnerability, fear of floating, monetary policy

A method to measure vacuum birefringence at FCC-ee

It is well-known that the Heisenberg-Euler-Schwinger effective Lagrangian predicts that a vacuum with a strong static electromagnetic field turns birefringent. We propose a scheme that can be implemented at the planned FCC-ee, to measure the nonlinear effect of vacuum birefringence in electrodynamics arising from QED corrections. Our scheme employs a pulsed laser to create Compton backscattered photons off a high energy electron beam, with the FCC-ee as a particularly interesting example. These photons will pass through a strong static magnetic field, which changes the state of polarization of the radiation - an effect proportional to the photon energy. This change will be measured by the use of an aligned single-crystal, where a large difference in the pair production cross-sections can be achieved. In the proposed experimental setup the birefringence effect gives rise to a difference in the number of pairs created in the analyzing crystal, stemming from the fact that the initial laser light has a varying state of polarization, achieved with a rotating quarter wave plate. Evidence for the vacuum birefringent effect will be seen as a distinct peak in the Fourier transform spectrum of the pair-production rate signal. This tell-tale signal can be significantly above background with only few hours of measurement, in particular at high energies.Comment: Presented by UIU at the International Symposium on "New Horizons in Fundamental Physics: From Neutrons Nuclei via Superheavy Elements and Supercritical Fields to Neutron Stars and Cosmic Rays," held to honor Walter Greiner on his 80th birthday at Makutsi Safari Farm, South Africa, November 23-29, 201

A Simple and Flexible Dynamic Approach to Foreign Direct Investment Growth: The Canada-United States Relationship in the Context of Free Trade.

This paper asks a simple question: Did Wilfred Laurier’s dream of free trade with the United States, when it came to fruition in 1989, also impact on foreign direct investment (FDI) into Canada by US multinationals? This paper argues that the customary static econometric approach found in the FDI literature, along with the assumption that policy changes influence only the intercept term, are inadequate to address the question. Instead we introduce an innovative dynamic framework to support the testing of hypotheses on behavioural changes in the variables using a structural break framework. A key conclusion is that prior to signing the free trade agreement US FDI responded only to current growth in the Canadian economy, in a unitary fashion, and current exchange rate shifts. This can be described as a static relationship. The implementation of the free trade agreements between Canada and the USA increased the responsiveness of US FDI to growth in the Canadian economy by a factor greater than two. Furthermore, dynamics are found in the form of a lagged effect for changes in the growth in the Canadian economy and interest rate differentials. These conclusions challenge the dominant view, including that in official policy circles, that the free trade agreement had no impact on US firms’ FDI decisions in Canada. Note: Previous versions of this paper were entitled: “A Simple and Flexible Dynamic Approach to Foreign Direct Investment Growth: Did Canada Benefit From the Free Trade Agreements with the United States?”Canada-United States, foreign direct investment, empirical relationship

Capital Account Liberalisation: Empirical Evidence and Policy Capital Account Liberalisation: Empirical Evidence and Policy Issues - I

This paper documents trends in capital flows into India in a comparative perspective,examines the impact of these flows on key macroeconomic variables and discusses the implications for economic policy........capital flows; capital account liberalisation; exchange rate appreciation; sterilisation;macroeconomic policy

Exchange Rate Regimes and Economic Linkages

We investigate how the exchange rate regime influences economic linkages across countries. We divide the exchange rate regime into three classifications: currency union, peg and floating exchange rates. Unlike most studies solely focusing on the relationship between anchor and client countries, the exchange rate regime between any two countries is inferred based on their relationship to the common anchor currency. Then we empirically explore how the various exchange rate regimes impact on bilateral trade, output co-movement and financial integration. Financial integration is measured by the degree of risk sharing reflected in consumption co-movement relative to output co-movement. We find that, while currency union has the greatest effect, the peg regime also significantly boosts trade. We also find that, while the peg regime contributes to both output and consumption co-movements, the currency union strengthens only consumption co-movement and possibly lowers output co-movement. These findings are interpreted that the currency union, the strictest form of pegged regimes, leads to higher industry specialization and better risk sharing opportunities than the less strict peg regime.Exchage Rate Regime, Economic Linkage, Trade, Output Co- movement, Cosumption Co-movement, Risk Sharing

Between the historical languages and the reconstructed language : an alternative approach to the Gerundive + “Dative of Agent” construction in Indo-European

It is argued by Hettrich (1990) that the “dative of agent” construction in the Indo-European languages most likely continues a construction inherited from Proto-Indo-European. In two recent proposals (Danesi 2013, Luraghi 2016), it is argued that the “dative of agent” contains no agent at all, although the two proposals differ with regard to the reconstructability of the “dative of agent” construction. Luraghi argues that it is an independent secondary development from an original beneficiary function (cf. Hettrich 1990), while Danesi maintains that the construction is reconstructable for an earlier proto-stage. Elaborating on Danesi’s approach, we analyze gerundives with the “dative of agent” in six different Indo-European languages that bridge the east–west divide, namely, Sanskrit, Avestan, Ancient Greek, Latin, Tocharian, and Lithuanian. Scrutiny of the data reveals similarities at a morphosyntactic level, a semantic level (i.e. modal meaning and low degree of transitivity), and also, to some extent, at an etymological level. An analysis involving a modal reading of the predicate, with a dative subject and a nominative object, is better equipped to account for the particulars of the “gerundive + nominative + dative” construction than the traditional agentive/passive analysis. The proposal is couched within the theoretical framework of Construction Grammar, in which the basic unit of language is the Construction, i.e. a form–function correspondence, and no principled distinction between lexical items and complex syntactic structures is assumed. As these structures are by definition units of comparanda, required by the Comparative Method, they can be successfully utilized in the reconstruction of a proto-construction for Proto-Indo-European

A Leading Indicators Approach to the Predictability of Currency

In this paper, we present a leading economic indicators approach to the predictability of currency crises in Turkey. After summarizing main theoretical models of currency crises and discussing the possible origins of financial crises in the European ERM countries (1992-93), Turkey (1994) and Southeast Asian countries (1997-98), we survey the empirical literature on the predictability of currency crises. Our leading economic indicators approach based on Burns and Mitchell (1946) shows that terms-of-trade, market-determined exchange rate over official exchange rate and some survey data can be considered as leading economic indicators of currency crises in Turkey.Leading economic indicators, predictability of currency crises, Turkey

Particle Creation If a Cosmic String Snaps

We calculate the Bogolubov coefficients for a metric which describes the snapping of a cosmic string. If we insist on a matching condition for all times {\it and} a particle interpretation, we find no particle creation.Comment: 10 pages, MRC.PH.17/9