Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize international capital flows. In this paper, we utilize an open economy macro model incorporating bank credit to evaluate this policy. The model suggests that high levels of reserve requirements are a perverse policy tool in that they amplify the effects of foreign monetary shocks, but changes in reserve requirements can insulate a repressed financial market from international financial shocks. The model also suggests that traditional measures of capital mobility such as interest parity conditions or the scale of gross private capital flows are of no value in assessing the openness of repressed financial systems.

Latin America and East Asia in the Context of an Insurance Model of Currency Crises

This paper focuses on the 1995 Latin American and 1997 East Asian crises using an insurance-based model of financial crises. First the model of Dooley (forthcoming) is described. Second, some empirical evidence for an insurance model is presented. The key variables in this approach include the ratio of foreign exchange reserves to bank loans (domestic credit) extended to the private sector, the ability of the private sector to appropriate government assets, and appropriation as measured by capital flight. We argue that the insurance model is consistent with the observed evolution of these variables in the recent crises in Latin America and Asia. Finally, we examine the statistical evidence in favor of the model using panel regressions. We find that the econometric results are consistent with the insurance model, and tend to support this approach over some competing explanations.

The Role of Final State Interactions in Quasielastic 56^{56}Fe(e,e′)(e,e') Reactions at large ∣q⃗∣|\vec q|

A relativistic finite nucleus calculation using a Dirac optical potential is used to investigate the importance of final state interactions [FSI] at large momentum transfers in inclusive quasielastic electronuclear reactions. The optical potential is derived from first-order multiple scattering theory and then is used to calculate the FSI in a nonspectral Green's function doorway approach. At intermediate momentum transfers excellent predictions of the quasielastic $^{56}$Fe$(e,e')$ experimental data for the longitudinal response function are obtained. In comparisons with recent measurements at $|{\vec q|}=1.14$~GeV/c the theoretical calculations of $R_L$ give good agreement for the quasielastic peak shape and amplitude, but place the position of the peak at an energy transfer of about $40$~MeV higher than the data.Comment: 13 pages typeset using revtex 3.0 with 6 postscript figures in accompanying uuencoded file; submitted to Phys. Rev.

A single-photon sampling architecture for solid-state imaging

Advances in solid-state technology have enabled the development of silicon photomultiplier sensor arrays capable of sensing individual photons. Combined with high-frequency time-to-digital converters (TDCs), this technology opens up the prospect of sensors capable of recording with high accuracy both the time and location of each detected photon. Such a capability could lead to significant improvements in imaging accuracy, especially for applications operating with low photon fluxes such as LiDAR and positron emission tomography. The demands placed on on-chip readout circuitry imposes stringent trade-offs between fill factor and spatio-temporal resolution, causing many contemporary designs to severely underutilize the technology's full potential. Concentrating on the low photon flux setting, this paper leverages results from group testing and proposes an architecture for a highly efficient readout of pixels using only a small number of TDCs, thereby also reducing both cost and power consumption. The design relies on a multiplexing technique based on binary interconnection matrices. We provide optimized instances of these matrices for various sensor parameters and give explicit upper and lower bounds on the number of TDCs required to uniquely decode a given maximum number of simultaneous photon arrivals. To illustrate the strength of the proposed architecture, we note a typical digitization result of a 120x120 photodiode sensor on a 30um x 30um pitch with a 40ps time resolution and an estimated fill factor of approximately 70%, using only 161 TDCs. The design guarantees registration and unique recovery of up to 4 simultaneous photon arrivals using a fast decoding algorithm. In a series of realistic simulations of scintillation events in clinical positron emission tomography the design was able to recover the spatio-temporal location of 98.6% of all photons that caused pixel firings.Comment: 24 pages, 3 figures, 5 table

Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences in both the policy procedures and objectives as compared to other industrial countries. In this paper we propose an out of sample' test of a set of restrictions on a vector autoregression employed by Clarida and Gertler (1997) in their analysis of the Bundesbank's behavior. Our interpretation of the evidence is that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as compared to other central banks.

Total Cross Sections for Neutron Scattering

Measurements of neutron total cross-sections are both extensive and extremely accurate. Although they place a strong constraint on theoretically constructed models, there are relatively few comparisons of predictions with experiment. The total cross-sections for neutron scattering from $^{16}$O and $^{40}$Ca are calculated as a function of energy from $50-700$~MeV laboratory energy with a microscopic first order optical potential derived within the framework of the Watson expansion. Although these results are already in qualitative agreement with the data, the inclusion of medium corrections to the propagator is essential to correctly predict the energy dependence given by the experiment.Comment: 10 pages (Revtex 3.0), 6 fig

Energy Dependence of the NN t-matrix in the Optical Potential for Elastic Nucleon-Nucleus Scattering

The influence of the energy dependence of the free NN t-matrix on the optical potential of nucleon-nucleus elastic scattering is investigated within the context of a full-folding model based on the impulse approximation. The treatment of the pole structure of the NN t-matrix, which has to be taken into account when integrating to negative energies is described in detail. We calculate proton-nucleus elastic scattering observables for $^{16}$O, $^{40}$Ca, and $^{208}$Pb between 65 and 200 MeV laboratory energy and study the effect of the energy dependence of the NN t-matrix. We compare this result with experiment and with calculations where the center-of-mass energy of the NN t-matrix is fixed at half the projectile energy. It is found that around 200 MeV the fixed energy approximation is a very good representation of the full calculation, however deviations occur when going to lower energies (65 MeV).Comment: 11 pages (revtex), 6 postscript figure

Full-Folding Optical Potentials for Elastic Nucleon-Nucleus Scattering based on Realistic Densities

Optical model potentials for elastic nucleon nucleus scattering are calculated for a number of target nuclides from a full-folding integral of two different realistic target density matrices together with full off-shell nucleon-nucleon t-matrices derived from two different Bonn meson exchange models. Elastic proton and neutron scattering observables calculated from these full-folding optical potentials are compared to those obtained from `optimum factorized' approximations in the energy regime between 65 and 400 MeV projectile energy. The optimum factorized form is found to provide a good approximation to elastic scattering observables obtained from the full-folding optical potentials, although the potentials differ somewhat in the structure of their nonlocality.Comment: 21 pages, LaTeX, 17 postscript figure

Authors\u27 and editors\u27 perspectives on peer review quality in three scholarly nursing journals

This study examined the quality of peer review in three scholarly nursing journals from the perspectives of authors and editors. Specifically, the study examined the extent to which manuscript reviews provided constructive guidance for authors to further develop their work for publication, and for editors to make informed and sound decisions on the disposition of manuscripts