Does Capital Account Openness Lower Inflation?

This paper investigates the relationship between capital account openness and inflation since the 1980s. It argues that widespread capital account liberalization during the last two decades appears to have contributed to the worldwide disinflation observed during the same period. The paper builds a theoretical model to motivate the presence of a negative link between financial integration and inflation. It tests the prediction of the theoretical model by employing static and dynamic panel data procedures. Financial integration appears to discipline monetary authorities, or to help them convince the private sector that they will be more disciplined in the future.capital account openness, inflation, Seignorage, Discipline Effect

Management of International Capital Flows: The Indian Experience

In this paper we devise quantitative techniques to analyze the management of foreign capital flows in India over the past three decades. The paper argues that India's overall approach towards liberalization of the capital account can be characterized as gradualist and calibrated, whereby certain agents and flows have been accorded priority in the liberalization process, from the viewpoint of ensuring financial stability. A cross country analysis indicates that the calibrated approach has resulted in India being ranked towards the lower end of the spectrum in terms of capital account openness. We analyze the extant regulations governing different types of foreign capital flow, and highlight the evolution of various types of capital flows over the recent period. To evaluate Indian macroeconomic management in the face of capital flows, we quantify the various policy options under the classic problem of "impossible trinity". We find that India, like other emerging markets, has also been confronted with the various alternatives under "impossible trinity" and has chosen to adopt an intermediate regime, juggling the objectives of monetary independence, exchange rate stability, and an open capital account as per the needs of the economy.Capital Flows; Impossible Trinity; Macroeconomic Management

Amplitude Mediated Chimera States with Active and Inactive Oscillators

The emergence and nature of amplitude mediated chimera states, spatio-temporal patterns of co-existing coherent and incoherent regions, are investigated for a globally coupled system of active and inactive Ginzburg-Landau oscillators. The existence domain of such states is found to shrink and shift in parametric space as the fraction of inactive oscillators is increased. The role of inactive oscillators is found to be two fold - they get activated to form a separate region of coherent oscillations and in addition decrease the common collective frequency of the coherent regions by their presence. The dynamical origin of these effects is delineated through a detailed bifurcation analysis of a reduced model equation that is based on a mean field approximation. Our results may have practical implications for the robustness of such states in biological or physical systems where age related deterioration in the functionality of components can occur.Comment: 9 pages, 13 figure

Chimera states: The Existence Criteria Revisited

Chimera states, representing a spontaneous break-up of a population of identical oscillators that are identically coupled, into sub-populations displaying synchronized and desynchronized behavior, have traditionally been found to exist in weakly coupled systems and with some form of nonlocal coupling between the oscillators. Here we show that neither the weak-coupling approximation nor nonlocal coupling are essential conditions for their existence. We obtain for the first time amplitude-mediated chimera states in a system of globally coupled complex Ginzburg-Landau oscillators. We delineate the dynamical origins for the formation of such states from a bifurcation analysis of a reduced model equation and also discuss the practical implications of our discovery of this broader class of chimera states.Comment: 5 pages, 5 figure

Existence and stability of travelling wave states in a ring of non-locally coupled phase oscillators with propagation delays

We investigate the existence and stability of travelling wave solutions in a continuum field of non-locally coupled identical phase oscillators with distance-dependent propagation delays. A comprehensive stability diagram in the parametric space of the system is presented that shows a rich structure of multi-stable regions and illuminates the relative influences of time delay, the non-locality parameter and the intrinsic oscillator frequency on the dynamics of these states. A decrease in the intrinsic oscillator frequency leads to a break-up of the stability domains of the traveling waves into disconnected regions in the parametric space. These regions exhibit a tongue structure for high connectivity whereas they submerge into the stable region of the synchronous state for low connectivity. A novel finding is the existence of forbidden regions in the parametric space where no phase-locked solutions are possible. We also discover a new class of non-stationary \textit{breather} states for this model system that are characterized by periodic oscillations of the complex order parameter.Comment: 8 pages, 6 figure