Global liquidity and financial flows to developing countries: new trends in emerging markets and their implications

This paper attempts to examine: (i) the factors responsible for this revival and surge in capital flows into developing countries; (ii) the qualitative changes in financial integration that are accompanying this surge; and (iii) the impact that this surge is having on financial volatility and vulnerability, macroeconomic management and growth, in countries that have been “successful” in attracting such flows. It argues that in the wake of financial liberalization that facilitates cross-border flows of capital, supply-side factors rather than the financing requirements of developing countries, explain the surge. Financial liberalization and the globalization of finance, have also resulted in changes in the financial structure – the markets, institutions and instruments that define the global financial architecture – that are increasing risk and financial fragility. Associated with this increasing risk, are changes in the business practices and motivations of financial firms that reduce the role of finance in ensuring broad-based economic growth.

From Dirgisme to Neoliberalism : Aspects of the Political Economy of the Transition in India

This paper argues that internal contradictions arising from the inability of the post Independence Indian state to introduce the institutional changes and adopt the interventions needed for successful import-substituting industrialisation, had resulted in a crisis in that growth strategy by the mid-1960s. Yet the transition to neoliberalism occurred only after a decade-and a half, and in accelerated fashion only after two decades. The paper would trace this lag to the timing of changes in the international financial system that was a prerequisite for liberalization. It would argue that once the transition occurred and gained momentum India emerged as a successful instance of neoliberal growth because of the foundations created in the import substituting years, her fortuitous ability to avoid severe balance of payments and financial crises, and the human face which governments were forced to adopt given the compulsions of democracy in a populous country with significant poverty

Overview. Standing on the Threshold: Food Justice in India

This piece provides a summary of the articles detailing the recent fight for food justice in India. It begins by providing an overview of the state of food and nutrition in India and reflects on the experience to date of the role of the courts in promoting food justice. It goes on to describe some of the ongoing struggles to claim rights and justice, highlighting implementation, capacity, incentive and cultural barriers to realisation. Finally, this article focuses on the enduring and new challenges to attaining food security in India, strong food justice system or not

Food Price Levels and Volatility: Sources, Impact and Implications

Food inflation in India for the past few years has been at an historic high. Higher food prices have especially hurt those who spend most of their income on food and have not necessarily been helpful to smallholder farmers in terms of increased supply response. The volatility of food prices at the wholesale and retail levels has also increased, and this creates uncertainties for consumers and producers that need to be managed. This article reviews some of the sources of food price increases and volatility (especially over the period 2008–10 when inflation was high) and draws out implications for Indian citizens

Scattering map for two black holes

We study the motion of light in the gravitational field of two Schwarzschild black holes, making the approximation that they are far apart, so that the motion of light rays in the neighborhood of one black hole can be considered to be the result of the action of each black hole separately. Using this approximation, the dynamics is reduced to a 2-dimensional map, which we study both numerically and analytically. The map is found to be chaotic, with a fractal basin boundary separating the possible outcomes of the orbits (escape or falling into one of the black holes). In the limit of large separation distances, the basin boundary becomes a self-similar Cantor set, and we find that the box-counting dimension decays slowly with the separation distance, following a logarithmic decay law.Comment: 20 pages, 5 figures, uses REVTE

Quasi-Normal Modes of Schwarzschild Anti-De Sitter Black Holes: Electromagnetic and Gravitational Perturbations

We study the quasi-normal modes (QNM) of electromagnetic and gravitational perturbations of a Schwarzschild black hole in an asymptotically Anti-de Sitter (AdS) spacetime. Some of the electromagnetic modes do not oscillate, they only decay, since they have pure imaginary frequencies. The gravitational modes show peculiar features: the odd and even gravitational perturbations no longer have the same characteristic quasinormal frequencies. There is a special mode for odd perturbations whose behavior differs completely from the usual one in scalar and electromagnetic perturbation in an AdS spacetime, but has a similar behavior to the Schwarzschild black hole in an asymptotically flat spacetime: the imaginary part of the frequency goes as 1/r+, where r+ is the horizon radius. We also investigate the small black hole limit showing that the imaginary part of the frequency goes as r+^2. These results are important to the AdS/CFT conjecture since according to it the QNMs describe the approach to equilibrium in the conformal field theory.Comment: 2 figure

The Viscosity Bound Conjecture and Hydrodynamics of M2-Brane Theory at Finite Chemical Potential

Kovtun, Son and Starinets have conjectured that the viscosity to entropy density ratio $\eta/s$ is always bounded from below by a universal multiple of $\hbar$ i.e., $\hbar/(4\pi k_{B})$ for all forms of matter. Mysteriously, the proposed viscosity bound appears to be saturated in all computations done whenever a supergravity dual is available. We consider the near horizon limit of a stack of M2-branes in the grand canonical ensemble at finite R-charge densities, corresponding to non-zero angular momentum in the bulk. The corresponding four-dimensional R-charged black hole in Anti-de Sitter space provides a holographic dual in which various transport coefficients can be calculated. We find that the shear viscosity increases as soon as a background R-charge density is turned on. We numerically compute the few first corrections to the shear viscosity to entropy density ratio $\eta/s$ and surprisingly discover that up to fourth order all corrections originating from a non-zero chemical potential vanish, leaving the bound saturated. This is a sharp signal in favor of the saturation of the viscosity bound for event horizons even in the presence of some finite background field strength. We discuss implications of this observation for the conjectured bound.Comment: LaTeX, 26+1 Pages, 4 Figures, Version 2: references adde

On Aharonov-Bohm oscillation in a ferromagnetic ring

Aharonov-Bohm effect in a ferromagnetic thin ring in diffusive regime is theoretically studied by calculating the Cooperon and Diffuson. In addition to the spin-orbit interaction, we include the spin-wave excitation and the spin splitting, which are expected to be dominant sources of dephasing in ferromagnets at low temperatures. The spin splitting turns out to kill the spin-flip channel of Cooperon but leaves the spin-conserving channel untouched. For the experimental confirmation of interference effect (described by Cooperons) such as weak localization and Aharonov-Bohm oscillation with period $h/2e$, we need to suppress the dominant dephasing by orbital motion. To do this we propose experiments on a thin film or thin ring with magnetization and external field perpendicular to the film, in which case the effective field inside the sample is equal to the external field (magnetization does not add up). The field is first applied strong enough to saturate the magnetization and then carrying out the measurement down to zero field keeping the magnetization nearly saturated, in order to avoid domain formations (negative fields may also be investigated if the coercive field is large enough)

Gravitational quasinormal modes of AdS black branes in d spacetime dimensions

The AdS/CFT duality has established a mapping between quantities in the bulk AdS black-hole physics and observables in a boundary finite-temperature field theory. Such a relationship appears to be valid for an arbitrary number of spacetime dimensions, extrapolating the original formulations of Maldacena's correspondence. In the same sense properties like the hydrodynamic behavior of AdS black-hole fluctuations have been proved to be universal. We investigate in this work the complete quasinormal spectra of gravitational perturbations of $d$-dimensional plane-symmetric AdS black holes (black branes). Holographically the frequencies of the quasinormal modes correspond to the poles of two-point correlation functions of the field-theory stress-energy tensor. The important issue of the correct boundary condition to be imposed on the gauge-invariant perturbation fields at the AdS boundary is studied and elucidated in a fully $d$-dimensional context. We obtain the dispersion relations of the first few modes in the low-, intermediate- and high-wavenumber regimes. The sound-wave (shear-mode) behavior of scalar (vector)-type low-frequency quasinormal mode is analytically and numerically confirmed. These results are found employing both a power series method and a direct numerical integration scheme.Comment: added references, typos corrected, minor changes, final version for JHE