Capital flight and war

The author provides empirical evidence on the effects of inflation on post-war capital flight flows. He tests the hypothesis that inflation has a positive additional impact on capital flight flows after war. He uses a new panel dataset of 77 developing countries, of which 35 experienced at least one episode of war between 1971 and 2000. The author uses a range of estimation methods and four capital flight measures-Cline, World Bank Residual, Morgan Guarantee, and Dooley. The results consistently support the research hypothesis: Post-war inflation increases annual capital flight flows by about 0.005 to 0.01 percentage points of GDP. This effect is substantial in total at high inflation rates. The implication is that low inflation helps to curb capital flight in post-conflict economies.Economic Theory&Research,Banks&Banking Reform,Investment and Investment Climate,Settlement of Investment Disputes,Achieving Shared Growth

The stars of the galactic center

We consider the origin of the so-called S stars orbiting the supermassive black hole at the very center of the Galaxy. These are usually assumed to be massive main-sequence stars. We argue instead that they are the remnants of low-to-intermediate mass red giants which have been scattered on to near-radial orbits and tidally stripped as they approach the central black hole. Such stars retain only low-mass envelopes and thus have high effective temperatures. Our picture simultaneously explains why S stars have tightly-bound orbits, and the observed depletion of red giants in the very center of the Galaxy.Comment: 9 pages, 1 figure, ApJ Letters, in pres

On eigenfunction approximations for typical non-self-adjoint Schroedinger operators

We construct efficient approximations for the eigenfunctions of non-self-adjoint Schroedinger operators in one dimension. The same ideas also apply to the study of resonances of self-adjoint Schroedinger operators which have dilation analytic potentials. In spite of the fact that such eigenfunctions can have surprisingly complicated structures with multiple local maxima, we show that a suitable adaptation of the JWKB method is able to provide accurate lobal approximations to them.Comment: 17 pages, 11 figure

Infrared diode laser spectroscopy of the fundamental band of NF(a1Δ)

Thirty-one lines of the fundamental vibration–rotation band of the NF free radical in its a 1 state have been detected in absorption near 8.6 µm using a tunable infrared diode laser. Linewidths were Doppler limited and several transitions were accompanied by resolved hyperfine structure due to fluorine and nitrogen nuclear moments. Wave number calibration using accurately determined N2O lines yielded v0 = 1165.952±0.001 cm^−1 for the band center. Rotational and centrifugal distortion constants for both v = 0 and 1 states have also been determined

Do Bilateral Tax Treaties Promote Foreign Direct Investment?

We explore the impact of bilateral tax treaties on foreign direct investment using data from OECD countries over the period 1982-1992. We find that recent treaty formation does not promote new investment, contrary to the common expectation. For certain specifications we find that treaty formation may actually reduce investment as predicted by arguments suggesting treaties are intended to reduce tax evasion rather than promote foreign investment.

First Forcer results on deep-inelastic scattering and related quantities

We present results on the fourth-order splitting functions and coefficient functions obtained using Forcer, a four-loop generalization of the Mincer program for the parametric reduction of self-energy integrals. We have computed the respective lowest three even-N and odd-N moments for the non-singlet splitting functions and the non-singlet coefficient functions in electromagnetic and nu+nu(bar) charged-current deep-inelastic scattering, and the N=2 and N=4 results for the corresponding flavour-singlet quantities. Enough moments have been obtained for an LLL-based determination of the analytic N-dependence of the nf^3 and nf^2 parts, respectively, of the singlet and non-singlet splitting functions. The large-N limit of the latter provides the complete nf^2 contributions to the four-loop cusp anomalous dimension. Our results also provide additional evidence of a non-vanishing contribution of quartic group invariants to the cusp anomalous dimension.Comment: 11 pages, LaTeX (PoS style), 4 eps-figures. To appear in the proceedings of `Loops & Legs 2016', Leipzig (Germany), April 201

Estimating the Knowledge-Capital Model of the Multinational Enterprise: Comment

A recent American Economic Review article by David L. Carr, James R. Markusen, and Keith E. Maskus (CMM) estimates a regression specification based upon the 'knowledge-capital' model of the Multinational Enterprise (MNE). The knowledge-capital model combines 'horizontal' motivations for FDI -- the desire to place production close to customers and thereby avoid trade costs -- with 'vertical' motivations -- the desire to carry out unskilled-labor intensive production activities in locations with relatively abundant unskilled labor. The CMM estimates pool inward and outward U.S. affiliate sales data from 1986 through 1994 and appear to support the knowledge-capital model of the MNE. We show that CMM's empirical framework mis-specifies the terms measuring differences in skilled-labor abundance, key variables that identify vertical MNE motivations. After correcting this specification error estimates no longer reject the horizontal model in favor of the knowledge-capital model. Instead, the data strongly support the predictions of the horizontal model of MNEs: affiliate activity between countries decreases as absolute differences in skill-labor abundance widen. Qualitatively identical results are also found using data that include a wider variety of parent and host countries, including data for the OECD.