International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile

This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early 80s, where a currency collapse triggered a financial crisis in Chile, despite stricter capital controls on inflows than the 90s and tighter currency matching requirements on the banking sector. We conclude that financial regulation and the exchange rate regime are at the center of capital inflows experiences and financial vulnerabilities. Rigid exchange rates induce vulnerabilities, which may lead to sharp capital account reversals. We also discuss three important characteristics of the Chilean experience since the 90s. The first is the fact that most international borrowing is done directly by corporations and it is not intermediated by the banking system. The second is the implication of the free trade agreement of Chilean and the US regarding capital controls. Finally, we examine the Chilean experience following the Asian-Russia crisis, showing that Chile did not suffer a sudden-stop, but a current account reversal due to policy reactions and a sudden-start in capital outflows.

A comparison between detailed and configuration-averaged collisional-radiative codes applied to non-local thermal equilibrium plasma

A collisional-radiative model describing nonlocal-thermodynamic-equilibrium plasmas is developed. It is based on the HULLAC (Hebrew University Lawrence Livermore Atomic Code) suite for the transitions rates, in the zero-temperature radiation field hypothesis. Two variants of the model are presented: the first one is configuration averaged, while the second one is a detailed level version. Comparisons are made between them in the case of a carbon plasma; they show that the configuration-averaged code gives correct results for an electronic temperature Te=10 eV (or higher) but fails at lower temperatures such as Te=1 eV. The validity of the configuration-averaged approximation is discussed: the intuitive criterion requiring that the average configuration-energy dispersion must be less than the electron thermal energy turns out to be a necessary but far from sufficient condition. Another condition based on the resolution of a modified rate-equation system is proposed. Its efficiency is emphasized in the case of low-temperature plasmas. Finally, it is shown that near-threshold autoionization cascade processes may induce a severe failure of the configuration-average formalism.Comment: 9

Neutrino Mixing Discriminates Geo-reactor Models

Geo-reactor models suggest the existence of natural nuclear reactors at different deep-earth locations with loosely defined output power. Reactor fission products undergo beta decay with the emission of electron antineutrinos, which routinely escape the earth. Neutrino mixing distorts the energy spectrum of the electron antineutrinos. Characteristics of the distorted spectrum observed at the earth's surface could specify the location of a geo-reactor, discriminating the models and facilitating more precise power measurement. The existence of a geo-reactor with known position could enable a precision measurement of the neutrino oscillation parameter delta-mass-squared.Comment: 6 pages, 6 figures, minor revisions, submitted to PR

Financial Diversification, Sudden Stops and Sudden Starts

The recent literature on sudden stops is based on the fact that many emerging market economies experience recurrent and sharp capital account reversals. In this paper we argue, as some recent research has started to emphasize, that more information can be obtained by looking at gross rather than net flows. Economies may be curtailed from international financial markets, resulting in a sudden stop of inflows, but others may be experiencing portfolio shifts that cause sudden start of capital outflows. By looking at gross flows, and comparing emerging markets (EMEs) with developed economies (DEs) we indeed show that there is a variety of experiences that cannot be lumped together. In particular, sudden stop of inflows are as common in DEs as in EMEs, but a key difference is that in the former outflows and inflows are negatively correlated, which dampen the reversal of net flows. We present a model of financial diversification to interpret these results which is consistent with most evidence we report here. l II) could be helpful on this task.

Composite Fermions and quantum Hall systems: Role of the Coulomb pseudopotential

The mean field composite Fermion (CF) picture successfully predicts angular momenta of multiplets forming the lowest energy band in fractional quantum Hall (FQH) systems. This success cannot be attributed to a cancellation between Coulomb and Chern-Simons interactions beyond the mean field, because these interactions have totally different energy scales. Rather, it results from the behavior of the Coulomb pseudopotential V(L) (pair energy as a function of pair angular momentum) in the lowest Landau level (LL). The class of short range repulsive pseudopotentials is defined that lead to short range Laughlin like correlations in many body systems and to which the CF model can be applied. These Laughlin correlations are described quantitatively using the formalism of fractional parentage. The discussion is illustrated with an analysis of the energy spectra obtained in numerical diagonalization of up to eleven electrons in the lowest and excited LL's. The qualitative difference in the behavior of V(L) is shown to sometimes invalidate the mean field CF picture when applied to higher LL's. For example, the nu=7/3 state is not a Laughlin nu=1/3 state in the first excited LL. The analysis of the involved pseudopotentials also explains the success or failure of the CF picture when applied to other systems of charged Fermions with Coulomb repulsion, such as the Laughlin quasiparticles in the FQH hierarchy or charged excitons in an electron-hole plasma.Comment: 27 pages, 23 figures, revised version (significant changes in text and figures), submitted to Phil. Mag.

Flashy flagella: flagellin modification is relatively common and highly versatile among the Enterobacteriaceae

Schematic diagrams of inserts within the fliDCAZ loci of FGI−/FMI− Enterobacteriaceae. Flanking genes are indicated by yellow arrows, predicted phage genes by blue arrows, fimbrial biogenesis genes by grey arrows and sugar/amino acid transporter genes by orange arrows. Black arrows indicate predicted transposase or endonuclease genes, while the red arrows indicate genes with disrupted reading frames. The flagellin glycan biosynthetic genes in the FGI+ strains E. tracheiphila Buff/PSU-1 are indicated by green arrows, upstream of the predicted phage integration site. (TIF 471 kb

Comparative metagenomic analysis reveals mechanisms for stress response in hypoliths from extreme hyperarid deserts

Understanding microbial adaptation to environmental stressors is crucial for interpreting broader ecological patterns. In the most extreme hot and cold deserts, cryptic niche communities are thought to play key roles in ecosystem processes and represent excellent model systems for investigating microbial responses to environmental stressors. However, relatively little is known about the genetic diversity underlying such functional processes in climatically extreme desert systems. This study presents the first comparative metagenome analysis of cyanobacteria-dominated hypolithic communities in hot (Namib Desert, Namibia) and cold (Miers Valley, Antarctica) hyperarid deserts. The most abundant phyla in both hypolith metagenomes were Actinobacteria, Proteobacteria, Cyanobacteria and Bacteroidetes with Cyanobacteria dominating in Antarctic hypoliths. However, no significant differences between the twometagenomeswere identified. The Antarctic hypolithicmetagenome displayed a high number of sequences assigned to sigma factors, replication,recombination andrepair, translation, ribosomal structure,andbiogenesis. In contrast, theNamibDesert metagenome showed a high abundance of sequences assigned to carbohydrate transport and metabolism. Metagenome data analysis also revealed significantdivergence inthe geneticdeterminantsof aminoacidandnucleotidemetabolismbetween these two metagenomes and those of soil from other polar deserts, hot deserts, and non-desert soils. Our results suggest extensive niche differentiation in hypolithic microbial communities from these two extreme environments and a high genetic capacity for survival under environmental extremes.Fil: Le, Phuong Thi. University of Pretoria; Sudáfrica. Vlaams Instituut voor Biotechnologie; Bélgica. University of Ghent; BélgicaFil: Makhalanyane, Thulani P.. University of Pretoria; SudáfricaFil: Guerrero, Leandro Demián. University of Pretoria; Sudáfrica. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Investigaciones en Ingeniería Genética y Biología Molecular "Dr. Héctor N. Torres"; ArgentinaFil: Vikram, Surendra. University of Pretoria; SudáfricaFil: Van De Peer, Yves. University of Pretoria; Sudáfrica. Vlaams Instituut voor Biotechnologie; Bélgica. University of Ghent; BélgicaFil: Cowan, Don A.. University of Pretoria; Sudáfric

I Can\u27t See The Good In Good-bye

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