Renormalized Polyakov Loops, Matrix Models and the Gross-Witten Point

The values of renormalized Polyakov loops in the three lowest representations of SU(3) were measured numerically on the lattice. We find that in magnitude, condensates respect the large-N property of factorization. In several ways, the deconfining phase transition for N=3 appears to be like that in the N=infinity matrix model of Gross and Witten. Surprisingly, we find that the values of the renormalized triplet loop are described by an SU(3) matrix model, with an effective action dominated by the triplet loop. Future numerical simulations with a larger number of colors should be able to show whether or not the deconfining phase transition is close to the Gross-Witten point.Comment: 9 pages, 3 figures, Combined contribution to proceedings of Strong and Electroweak Matter 2004 (SEWM 2004), Helsinki, Finland, 16-19 June 200

The shadow banking system: implications for fi nancial regulation

The current financial crisis has highlighted the changing role of financial institutions and the growing importance of the “shadow banking system” that grew on the back of the securitisation of assets and the integration of banking with capital market developments. This trend has been most pronounced in the United States, but has had a profound influence for the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to the fluctuations of leverage of market-based fi nancial intermediaries. Balance sheet growth of market-based financial intermediaries provides a window on liquidity in the sense of availability of credit, while contractions of balance sheets have tended to precede the onset of financial crises. Securitisation was intended as a way to disperse credit risk to those who were better able to absorb losses, but instead securitisation served to increase the fragility of the financial system as a whole by allowing banks and other intermediaries to leverage up by buying each others’ securities. In the new, post-crisis financial system, the role of securitisation is likely to be held in check by more stringent financial regulation and the recognition of the importance of preventing excessive leverage and maturity mismatch in undermining financial stability.

Liquidity and financial contagion.

There is an apparent puzzle at the heart of the 2007 credit crisis. The subprime mortgage sector is small relative to the financial system as a whole and the exposure was widely dispersed through securitization. Yet the crisis in the credit market has been potent. Traditionally, financial contagion has been viewed through the lens of defaults, where if A has borrowed from B and B has borrowed from C, then the default of A impacts B, which then impacts C, etc. However, in a modern market-based financial system, the channel of contagion is through price changes and the measured risks and marked-to-market capital of financial institutions. When balance sheets are marked to market, asset price changes show up immediately on balance sheets and elicit response from financial market participants. Even if exposures are dispersed widely throughout the financial system, the potential impact of a shock can be amplified many-fold through market price changes.

Rural economic growth linkages and small scale poultry production: A survey of producers in KwaZulu-Natal

This study analyses survey data gathered from small and large poultry producers in the rural areas of KwaZulu-Natal, and highlights factors constraining the impact of commercial poultry production on the local economy. It was found that small-scale poultry production has the ability to initiate economic growth through the "export" of its products and to draw under-utilised resources such as labour into production. The impact of the subsequent multiplier effect is most likely strongest in the non-tradable, non-agricultural sector. Alleviating constraints for a large number of small enterprises is expected to impact more positively on the rural economy than if a few larger enterprises were encouraged to grow bigger. The descriptive results suggest that small producers face much higher transaction costs than larger producers. Government policies should focus on absorbing some of these transaction costs to nurture economic growth in the rural areas of KwaZulu-Natal, i.e. by improving education, physical infrastructure and technology transfer through extension. Other important interventions include the provision of mentoring and training services for new managers including institution, legal and financial management instruction.Livestock Production/Industries,

IL-10 production in macrophages is regulated by a TLR-driven CREB-mediated mechanism that is linked to genes involved in cell metabolism

IL-10 is produced by macrophages in diverse immune settings and is critical in limiting immune-mediated pathology. In helminth infections, macrophages are an important source of IL-10; however, the molecular mechanism underpinning production of IL-10 by these cells is poorly characterized. In this study, bone marrow–derived macrophages exposed to excretory/secretory products released by Schistosoma mansoni cercariae rapidly produce IL-10 as a result of MyD88-mediated activation of MEK/ERK/RSK and p38. The phosphorylation of these kinases was triggered by TLR2 and TLR4 and converged on activation of the transcription factor CREB. Following phosphorylation, CREB is recruited to a novel regulatory element in the Il10 promoter and is also responsible for regulating a network of genes involved in metabolic processes, such as glycolysis, the tricarboxylic acid cycle, and oxidative phosphorylation. Moreover, skin-resident tissue macrophages, which encounter S. mansoni excretory/secretory products during infection, are the first monocytes to produce IL-10 in vivo early postinfection with S. mansoni cercariae. The early and rapid release of IL-10 by these cells has the potential to condition the dermal microenvironment encountered by immune cells recruited to this infection site, and we propose a mechanism by which CREB regulates the production of IL-10 by macrophages in the skin, but also has a major effect on their metabolic state

Magnetorotational-type instability in Couette-Taylor flow of a viscoelastic polymer liquid

We describe an instability of viscoelastic Couette-Taylor flow that is directly analogous to the magnetorotational instability (MRI) in astrophysical magnetohydrodynamics, with polymer molecules playing the role of magnetic field lines. By determining the conditions required for the onset of instability and the properties of the preferred modes, we distinguish it from the centrifugal and elastic instabilities studied previously. Experimental demonstration and investigation should be much easier for the viscoelastic instability than for the MRI in a liquid metal. The analogy holds with the case of a predominantly toroidal magnetic field such as is expected in an accretion disk and it may be possible to access a turbulent regime in which many modes are unstable.Comment: 4 pages, 4 figures, to be published in Physical Review Letter