Holography for chiral scale-invariant models

Deformation of any d-dimensional conformal field theory by a constant null source for a vector operator of dimension (d + z -1) is exactly marginal with respect to anisotropic scale invariance, of dynamical exponent z. The holographic duals to such deformations are AdS plane waves, with z=2 being the Schrodinger geometry. In this paper we explore holography for such chiral scale-invariant models. The special case of z=0 can be realized with gravity coupled to a scalar, and is of particular interest since it is related to a Lifshitz theory with dynamical exponent two upon dimensional reduction. We show however that the corresponding reduction of the dual field theory is along a null circle, and thus the Lifshitz theory arises upon discrete light cone quantization of an anisotropic scale invariant field theory.Comment: 62 pages; v2, published version, minor improvements and references adde

Crowds in or crowds out? The effect of foreign direct investment on domestic investment in Chinese cities

This study investigates the empirical relationship between foreign direct investment (FDI) and domestic investment (DI) in China using a comprehensive city-level panel over the period from 2003 to 2011. System-generalized method-of-moment estimation reveals mixed results. At the national level, FDI neither crowds in nor crowds out DI, indicating a neutral FDI–DI nexus. However, when the full sample is segmented by geographical topology, a positive and significant FDI–DI nexus can be found in eastern and, to a lesser extent, central cities. A negative, although insignificant, association is reported among western cities. Further, the empirical nexus is conditional on several local absorptive capacities including human capital, financial development, and institutional quality. These findings suggest that a region-based FDI strategy in general and local governments should strengthen their absorptive capacities to fully internalize FDI spillovers