Partially abelian representations of knot groups

A knot complement admits a pseudo-hyperbolic structure by solving Thurston's gluing equations for an octahedral decomposition. It is known that a solution to these equations can be described in terms of region variables, also called $w$-variables. In this paper, we consider the case when pinched octahedra appear as a boundary parabolic solution in the decomposition. A $w$-solution with pinched octahedra induces a solution for a new knot obtained by changing the crossing or inserting a tangle at the pinched place. We discuss this phenomenon with corresponding holonomy representations and give some examples including ones obtained from connected sum.Comment: 11 page

What do Asian Countries Want the Seat at the High Table for? G20 as a New Global Economic Governance Forum and the Role of Asia

The recent global crisis has reminded everyone of the importance of reforming the international monetary and financial system. The current system is no longer adequate to meet the needs of a complex, integrated world economy. Various proposals, both on the demand and supply sides, have been put forward, and include building a stronger global financial safety net, diversifying the supply of international reserve currencies, and so on. However, these proposals face trade-offs between desirability and political feasibility. In this situation, a practical proposal entails strengthening policy coordination among the major economies and reforming the International Monetary Fund. Success on both fronts depends heavily on reform of global economic governance and the effectiveness of the G20. Asia‘s representation in the G20, and its increased status, give both privileges and responsibilities. To meet these responsibilities, Asians should invest greater efforts in developing their intellectual leadership in global economic issues.Global Economic Governance Reform; Reform of International Monetary System; Reform of the International Monetary Fund; The role of Asia in global economic governance

Kaluza-Klein Formalism of General Spacetimes

I describe the Kaluza-Klein approach to general relativity of 4-dimensional spacetimes. This approach is based on the (2,2)-fibration of a generic 4-dimensional spacetime, which is viewed as a local product of a (1+1)-dimensional base manifold and a 2-dimensional fibre space. It is shown that the metric coefficients can be decomposed into sets of fields, which transform as a tensor field, gauge fields, and scalar fields with respect to the infinite dimensional group of the diffeomorphisms of the 2-dimensional fibre space. I discuss a few applications of this formalism.Comment: RevTex, no figure

Storage and Retrieval of Thermal Light in Warm Atomic Vapor

We report slowed propagation and storage and retrieval of thermal light in warm rubidium vapor using the effect of electromagnetically-induced transparency (EIT). We first demonstrate slowed-propagation of the probe thermal light beam through an EIT medium by measuring the second-order correlation function of the light field using the Hanbury-Brown$-$Twiss interferometer. We also report an experimental study on the effect of the EIT slow-light medium on the temporal coherence of thermal light. Finally, we demonstrate the storage and retrieval of thermal light beam in the EIT medium. The direct measurement of the photon number statistics of the retrieved light field shows that the photon number statistics is preserved during the storage and retrieval process.Comment: 4 pages, 4 figure

Credit policies : lessons from East Asia

Directed credit programs were a major tool of development in the 1960s and 1970s. In the 1980s, their usefulness was reconsidered. Experience in most countries showed that they stimulated capital-intensive projects, that preferential funds were often (mis)used for nonpriority purposes, that a decline in financial discipline led to low repayment rates, and that budget deficits swelled. Moreover, the programs were hard to remove. But Japan and other East Asian countries have long touted the merits of focused, well-managed directed credit programs, saying they are warranted when there is a significant discrepancy between private and social benefits, when invesment risk is too high on certain projects, and when information problems discourage lending to small and medium-size firms. The assumption underlying policy-based assistance and other forms of industrial assistance (such as lower taxes) is that the main constraint on new or expanding enterprises is limited to access to credit. The authors give an overview of credit policies in East Asian countries (China, Japan, and the Republic of Korea) as well as India, and summarize what these countries have learned about directed credit programs. Among the lessons: 1) Credit programs must small, narrowly focused, and of limited duration (with clear sunset provisions); 2) subsidies must be low to minimize distortion of incentives as well as the tax on financial intermediation that all such programs entail; 3) credit programs must be financed by long-term funds to prevent inflation and macroeconomic instability, recourse to central bank credit should be avoided except in the very early stages of development when the central bank's assistance can help jump-start economic growth; 4) they should aim at achieving positive externalities (or avoiding negative ones), any help to declining industries should include plans for their timely phaseout; 5) they should promote industrialization and export orientation in a competitive private sector with internationaly competitive operations; 6) they should be part of a credible vision of economic development that promotes growth with equity and should involve a long-term strategy to develop a sound financial system; 7) policy based loans should be channeled through well-capitalized, administratively capable financial institutions, professionally managed by autonomous managers; 8) they should be based on clear, objective, easily monitored criteria; 9) programs should aim for a good repayment record and few losses; and 10) they should be supported by effective mechanisms for communication and consultation between the public and private sectors, including the collection and dissemination of basic market information.Payment Systems&Infrastructure,Banks&Banking Reform,Environmental Economics&Policies,Financial Intermediation,Economic Theory&Research,Environmental Economics&Policies,Financial Intermediation,Economic Theory&Research,Housing Finance,Banks&Banking Reform

Risk management and stable financial structures

Conventional development economics has focused mainly on generating economic growth by mobilizing savings and allocating them wisely among investment opportunities. Savings (external and domestic) were to be mobilized through tax incentives, income, and interest rate policies. Their allocation often involved direct government intervention in the investment process. After the disastrous results of the 1980s, the new wisdom is to let the private sector generate growth, while the government provides the regulatory and supervisory framework for competitive markets, ensures the existence of level playing fields, and removes obvious cases of moral hazard. But the private sector working under an inappropriate financial structure may do no better than the government in making right investment choices for long-term growth. So governments (which in a financial crisis are responsible for all national debts) should have an effective national risk management strategy, with an understanding of the national balance sheet, and the necessity of a stable financial structure for steady long-term economic growth. The authors argue that it is not only how much investment is mobilized and allocated but also how investments are financed that matters for an economy's long-term growth. Finance and development are inextricably linked with risk management (both at the sectoral and national levels). Development is a function not just of promoting the right industries and allocating capital for the high-return investments (asset management) but also of choosing the right financial structure (liability management) - and of the related risks arising from the liability mix chosen. The authors argue that one of the ingredients of the East Asian success is prudent risk management by these governments. They present five rules for national risk management, concluding, among other things, to: (a) establish fiscal discipline and price stability as the anchor of overall financial stability; (b) encourage asset diversification through industrialization and export orientation, financed by foreign direct investment; (c) avoid sectoral imbalances, such as excessive domestic or external borrowing, including the development of instruments and institutions to absorb shocks; (d) establish strong institutional capacity to assess and contain systemic risks; and (e) when the above conditions are not adequately met, retain some policy measures to handle the risk.Environmental Economics&Policies,Financial Intermediation,Public Sector Economics&Finance,Banks&Banking Reform,Economic Theory&Research

The government's role in Japanese and Korean credit markets : a new institutional economics perspective

The authors discuss the effectiveness of credit policies in the early stages of economic development in Japan and Korea. They examine the importance of institutional arrangements for managing credit policies in the two countries. They emphasize participatory government intervention, wherein credit policies could be viewed as part of an internal allocation mechanism: government, banks, and large industrial firms may be said to have formed what the authors call a"government led internal organization"(GLIO). They examine the theoretical foundations for this view and discuss the implications for the efficiency of credit allocations. They argue that in early economic development such a participatory approach may have helped overcome pervasive market imperfections. But there were also significant dangers: problems of entrenched interests and institutional inertia. In both countries, the relative importance of GLIO gradually diminished as competitive capital markets and large conglomerates ("privately led internal government organizations") expanded with economic growth.Financial Crisis Management&Restructuring,Banks&Banking Reform,Environmental Economics&Policies,Economic Theory&Research,Financial Intermediation