Sovereign Debt: Default, Market Sanction, and Bailout

This paper explores the case of a sovereign indebted country facing a choice of economic policy today that will determine the country's ability to continue its debt servicing in the future. If the sovereign undertakes an unsound economic policy it will repudiate its debt with certainty; otherwise it will repudiate its debt with some positive probability. In our framework there is no court to enforce contracts. However, we assume the existence of a multilateral financial institution that could bailout the financially troubled sovereign country. Our focus is on the incentives created by the perspective of a bailout, as well as the punishment that the international financial markets could impose on the defaulting country, on today's economic policy. This essay provides a theoretical grounding for the IMF and other multilateral agencies intervention on the international financial markets showing that, unlike the idea that bailouts create both debtor and creditor moral hazard, it is sometimes a result of creditors' overreaction to the prospect of a liquidity crisis. The main result of the essay is that the multilateral will be better off bailing out the country regardless of the economic policy undertaken in order to avoid bigger losses from a generalized financial crisissovereign debt, default, bailout, creadible threat, market sanction

Synthesis, Structure Refinement and Chromate Sorption Characteristics of an Al-Rich Bayerite-Based Layered Double Hydroxide

“Imbibition” of Zn2+ ions into the cation vacancies of bayerite–Al(OH)3 and NO3- ions into the interlayer gallery yields an Al-rich layered double hydroxide with Al/Zn ratio ~3. NO3- ions are intercalated with their molecular planes inclined at an angle to the plane of the metal hydroxide slab and bonded to it by hydrogen bonds. Rietveld refinement of the structure shows that the monoclinic symmetry of the precursor bayerite is preserved in the product, showing that the imbibition is topochemical in nature. The nitrate ion is labile and is quantitatively replaced by CrO42- ions from solution. The uptake of CrO42- ions follows a Langmuir adsorption isotherm, thus showing that the hydroxide is a candidate material for green chemistry applications for the removal of CrO42- ions from waste water. Rietveld refinement of the structure of the hydroxide after CrO42- inclusion reveals that the CrO42- ion is intercalated with one of its 2-fold axes parallel to the b-crystallographic axis of the crystal, also the principal 2 axis of the monoclinic cell

Thermal, solution and reductive decomposition of Cu-Al layered double hydroxides into oxide products

Cu-Al layered double hydroxides (LDHs) with Cu/Al ratio 2 adopt a structure with monoclinic symmetry while that with the ratio 0.25 adopt a structure with orthorhombic symmetry. The poor thermodynamic stability of the Cu-Al LDHs is due in part to the low enthalpies of formation of Cu(OH)2 and CuCO3 and in part to the higher solubility of the LDH. Consequently, the Cu-Al LDH can be decomposed thermally (150 °C), hydrothermally (150 °C) and reductively (ascorbic acid, ambient temperature) to yield a variety of oxide products. Thermal decomposition at low (400 °C) temperature yields an X-ray amorphous residue, which reconstructs back to the LDH on soaking in water or standing in the ambient. Solution decomposition under hydrothermal conditions yields tenorite at 150 °C itself. Reductive decomposition yields a composite of Cu2O and Al(OH)3, which on alkali-leaching of the latter, leads to the formation of fine particles of Cu2O (<1 μm). © 2009 Elsevier Inc. All rights reserved

Consistency Conditions on S-Matrix of Spin 1 Massless Particles

Motivated by new techniques in the computation of scattering amplitudes of massless particles in four dimensions, like BCFW recursion relations, the question of how much structure of the S-matrix can be determined from purely S-matrix arguments has received new attention. The BCFW recursion relations for massless particles of spin 1 and 2 imply that the whole tree-level S-matrix can be determined in terms of three-particle amplitudes (evaluated at complex momenta). However, the known proofs of the validity of the relations rely on the Lagrangian of the theory, either by using Feynman diagrams explicitly or by studying the effective theory at large complex momenta. This means that a purely S-matrix theoretic proof of the relations is still missing. The aim of this paper is to provide such a proof for spin 1 particles by extending the four-particle test introduced by P. Benincasa and F. Cachazo in arXiv:0705.4305[hep-th] to all particles. We show how n-particle tests imply that the rational function built from the BCFW recursion relations possesses all the correct factorization channels including holomorphic and anti-holomorphic collinear limits. This in turn implies that they give the correct S-matrix of the theory.Comment: 24 pages, 4 figure

Adventitious shoot regeneration from leaf explants of the valuable medicinal herb Plectranthus barbatus Andrews

The objective of this study was to develop an efficient protocol for adventitious shoot regeneration for Plectranthus barbatus Andrews using leaf explants. The explants were cultured on MS (Murashige and Skoog, 1962) medium containing various concentration of kinetin (KN), 6-benzylaminopurine (BAP) and thidiazuron (TDZ) (0.5 to 3.0 mg/l) or in combination with á-naphthalene acetic acid (NAA) for shoot development. The highest adventitious shoot regeneration percentage (80%) and average maximum number of 19.7 ± 2.08 shoots per explants was observed on MS medium supplemented with 1.5 mg/l KN followed by 2.0 mg/l BAP with 1.0 mg/l NAA (15.0 ± 2.20 shoots per explants). The shoots were excised and the residual explants were transferred to fresh medium where again they developed shoots. The shoots were elongated when they were cultured on half strength MS medium supplemented with 0.6 mg/l gibberellic acid (GA3) and 0.5 mg/l KN. The in vitro developed shoots produced roots when transferred to half strength MS medium augmented with 1.5 mg/l indole-3-butyric acid (IBA). The in vitro raised plantlets were successfully transferred to mixture of river sand, garden soil and saw dust (1:1:1) and was hardened in controlled environment. Hardened plantlets were transferred to soil in greenhouse.Key words: Plectranthus barbatus, Lamiaceae, medicinal plant, leaf explants, direct organogenesis, in vitro, plant growth regulators

Single Cut Integration

We present an analytic technique for evaluating single cuts for one-loop integrands, where exactly one propagator is taken to be on shell. Our method extends the double-cut integration formalism of one-loop amplitudes to the single-cut case. We argue that single cuts give meaningful information about amplitudes when taken at the integrand level. We discuss applications to the computation of tadpole coefficients.Comment: v2: corrected typo in abstrac

A note on the boundary contribution with bad deformation in gauge theory

Motivated by recently progresses in the study of BCFW recursion relation with nonzero boundary contributions for theories with scalars and fermions\cite{Bofeng}, in this short note we continue the study of boundary contributions of gauge theory with the bad deformation. Unlike cases with scalars or fermions, it is hard to use Feynman diagrams directly to obtain boundary contributions, thus we propose another method based on the ${\cal N}=4$ SYM theory. Using this method, we are able to write down a useful on-shell recursion relation to calculate boundary contributions from related theories. Our result shows the cut-constructibility of gauge theory even with the bad deformation in some generalized sense.Comment: 16 pages, 7 figure

SALT Spectropolarimetry and Self-Consistent SED and Polarization Modeling of Blazars

We report on recent results from a target-of-opportunity program to obtain spectropolarimetry observations with the Southern African Large Telescope (SALT) on flaring gamma-ray blazars. SALT spectropolarimetry and contemporaneous multi-wavelength spectral energy distribution (SED) data are being modelled self-consistently with a leptonic single-zone model. Such modeling provides an accurate estimate of the degree of order of the magnetic field in the emission region and the thermal contributions (from the host galaxy and the accretion disk) to the SED, thus putting strong constraints on the physical parameters of the gamma-ray emitting region. For the specific case of the $\gamma$-ray blazar 4C+01.02, we demonstrate that the combined SED and spectropolarimetry modeling constrains the mass of the central black hole in this blazar to $M_{\rm BH} \sim 10^9 \, M_{\odot}$.Comment: Submitted to Galaxies - Proceedings of "Polarized Emission from Astrophysical Jets", Ierapetra, Crete, June 12 - 16, 201

On-Shell Recursion Relations for Generic Theories

We show that on-shell recursion relations hold for tree amplitudes in generic two derivative theories of multiple particle species and diverse spins. For example, in a gauge theory coupled to scalars and fermions, any amplitude with at least one gluon obeys a recursion relation. In (super)gravity coupled to scalars and fermions, the same holds for any amplitude with at least one graviton. This result pertains to a broad class of theories, including QCD, N=4 SYM, and N=8 supergravity.Comment: 19 pages, 3 figure

One-Loop Amplitudes Of Gluons In SQCD

One-loop amplitudes of gluons in supersymmetric Yang-Mills are four-dimensional cut-constructible. This means that they can be determined from their unitarity cuts. We present a new systematic procedure to explicitly carry out any finite unitarity cut integral. The procedure naturally separates the contributions from bubble, triangle and box scalar integrals. This technique allows the systematic calculation of N=1 amplitudes of gluons. As an application we compute all next-to-MHV six-gluon amplitudes in N=1 super-Yang-Mills.Comment: 49 pages, 4 figures, harvmac. v2: references added, typos fixed. v3: corrections to 3-mass-triangle coefficients, footnote 6 added, acknowledgments added. v4: a typo in formulas for the 3-mass-triangle coefficient is corrected, acknowledgments adde