Sovereign Debt: Default, Market Sanction, and Bailout

This paper explores the case of a sovereign indebted country facing a choice of economic policy today that will determine the country's ability to continue its debt servicing in the future. If the sovereign undertakes an unsound economic policy it will repudiate its debt with certainty; otherwise it will repudiate its debt with some positive probability. In our framework there is no court to enforce contracts. However, we assume the existence of a multilateral financial institution that could bailout the financially troubled sovereign country. Our focus is on the incentives created by the perspective of a bailout, as well as the punishment that the international financial markets could impose on the defaulting country, on today's economic policy. This essay provides a theoretical grounding for the IMF and other multilateral agencies intervention on the international financial markets showing that, unlike the idea that bailouts create both debtor and creditor moral hazard, it is sometimes a result of creditors' overreaction to the prospect of a liquidity crisis. The main result of the essay is that the multilateral will be better off bailing out the country regardless of the economic policy undertaken in order to avoid bigger losses from a generalized financial crisissovereign debt, default, bailout, creadible threat, market sanction

Three Body Interactions, Angular Momentum and Black Hole Moduli Spaces

We investigate the dynamics of a pair of (4+1)-dimensional black holes in the moduli approximation and with fixed angular momentum. We find that spinning black holes at small separations are described by the de Alfaro, Fubini and Furlan model. For more than two black holes, we find an explicit expression for the three-body interactions in the moduli metric by associating them with the one-loop three-point amplitude of a four-dimensional $\phi^3$ theory. We also investigate the dynamics of a three black hole system in various approximations.Comment: 20 pages, phyzz

Unitarity Cuts: NLO Six-Gluon Amplitudes in QCD

We report on a technique for evaluating finite unitarity cut for one-loop amplitudes in gauge theories, and discuss its application to the cut-constructible part of six-gluon amplitude in QCD.Comment: talk given at Loops & Legs 2006, April 23-28, Eisenach (Germany

Prevalência de sobrepeso e obesidade e sua associação com polimorfismos em escolares

The nutritional status is directed to the health of the child, influencing its process of growth and development. The objective of the study was to investigate the nutritional status and to identify the existence of the association with ACTN3 (R577X) and ECA I / D gene polymorphisms in public and private school students. It is a study with a crosssectional design from November 2015 to July 2016. All the studies enrolled in school are included and are frequently considered as classes. To collect the data on an anthropometric evaluation by means of measures of weight and height. Subsequently, the data were analyzed for the use of the Stata 13.0 program. After an evaluation of the results, the following results can be observed regarding nutritional status, observing that only 0.6% (n = 1) were evaluated with 57.8% as eutrophic, while 16.5% (N = 76) and 23.7% (n = 109) were overweight and obese. Regarding the RCT polymorphism, 223 individuals were found to be DD (52.5%), 131 ID (30.8%) and 71 II (16.70). The prevalence of the D allele was 68% and the I allele was 32%. Regarding the ACTN3 polymorphism, 155 RR (38.8%), 161 RX (40.25%) and 84 XX (21%) individuals were observed. The prevalence of the 59% R allele and the X allele was 41%. No association was found between the nutritional status of the children and the polymorphisms studied. The two genes show a balance of distribution disequilibrium for Hardy-Weinberg in the sample, which should be studied to verify if this imbalance also reflects an adult population of Arroio Grande.Sem bolsaO estado nutricional está diretamente ligado à saúde da criança, influenciando no seu processo de crescimento e desenvolvimento. O estudo teve por objetivo investigar o estado nutricional e identificar a existência da associação com os polimorfismo R577X da ACTN3 e ECA I/D, em escolares do ensino da rede pública e privada. É um estudo com delineamento transversal no período de novembro de 2015 a julho de 2016. Foram incluídos no estudo todos os escolares matriculados e que estavam frequentando regularmente as aulas. Para a coleta dos dados foi realizada avaliação antropométrica por meio das medidas de peso e estatura. Posteriormente, os dados foram analisados através da utilização do programa Stata 13.0. Após a avaliação dos dados pode-se observar os seguintes resultados, em relação ao estado nutricional observa-se que apenas 0,2% (n=1) foram classificados com magreza e 57,8% como eutróficos, enquanto que 16,5% (n=76) e 23,7% (n=109) foram classificados com sobrepeso e obesidade, respectivamente. Em relação ao polimorfismo da ECA, encontrou-se 223 indivíduos DD (52,5%), 131 ID (30,8%) e 71 II (16,70). A prevalência do alelo D foi de 68% e do alelo I foi de 32%. Quanto ao polimorfismo da ACTN3 observou-se 155 indivíduos RR (38,8%), 161 RX (40,25%) e 84 XX (21%). A prevalência do alelo R de 59% e do alelo X foi de 41%. Não foi encontrada associação entre o estado nutricional das crianças e os polimorfismos estudados. Os dois genes apresentaram estarem em desequilíbrio de distribuição quanto a Hardy-Weinberg na amostra, o que deverá ser estudado para verificar se este desequilíbrio também reflete a população adulta de Arroio Grande

Maintenance of Gains, Morbidity, and Mortality at 1 Year Following Cardiac Rehabilitation in a Middle‐Income Country: A Wait‐List Control Crossover Trial

Background-—Despite the epidemic of cardiovascular diseases in middle-income countries, few trials are testing the benefits of cardiac rehabilitation (CR). This trial assessed (1) maintenance of functional capacity, risk factor control, knowledge, and hearthealth behaviors and (2) mortality and morbidity at 6 months following CR in a middle-income country. Methods and Results-—Eligible Brazilian coronary patients were initially randomized (1:1:1 concealed) to 1 of 3 parallel arms (comprehensive CR [exercise plus education], exercise-only CR, or wait-list control). The CR programs were 6 months in duration, at which point follow-up assessments were performed. Mortality and morbidity were ascertained from chart and patient or family report (blinded). Controls were then offered CR (crossover). Outcomes were again assessed 6 months later (blinded). ANCOVA was performed for each outcome at 12 months. Overall, 115 (88.5%) patients were randomized, and 62 (53.9%) were retained at 1 year. At 6 months, 23 (58.9%) of those 39 initially randomized to the wait-list control elected to attend CR. Functional capacity, risk factors, knowledge, and heart-health behaviors were maintained from 6 to 12 months in participants from both CR arms (all P>0.05). At 1 year, knowledge was significantly greater with comprehensive CR at either time point (P<0.001). There were 2 deaths. Hospitalizations (P=0.03), nonfatal myocardial infarctions (P=0.04), and percutaneous coronary interventions (P=0.03) were significantly fewer with CR than control at 6 months. Conclusions-—CR participation is associated with lower morbidity, long-term maintenance of functional capacity, risk factors, and heart-health behaviors, as well as with greater cardiovascular knowledge compared with no CR. Clinical Trial Registration-—URL: http://www.clinicaltrials.gov. Unique identifier: NCT02575976. (J Am Heart Assoc. 2019;8: e011228. DOI: 10.1161/JAHA.118.011228.) Key Words: cardiac rehabilitation • coronary disease • morbidity/mortality • rehabilitation • risk factorYork University Librarie

Neither Hired Mouth nor Class Monarchs: The Scope of Schoolteachers’ Freedom of Expression in Canada

What are the boundaries for teachers’ freedom of expression in public, secular schools in Canada? Drawing from the constitutional text, legislation, and normative expectations emerging from the literature, this article examines the scope given to teachers’ expression in landmark case law. The analysis shows that the binomial of trust and responsibility guides the interpretation of this fundamental freedom for teachers, who should neither act as class monarchs, absolutely free of restraints, nor as hired mouth, narrowly limited to the official curriculum. The article concludes that the ethical duties of preventing harm to students and engaging in responsible pedagogy circumscribe Canadian schoolteachers’ freedom of expression.Quelles sont les limites de la liberté d’expression des enseignants dans les écoles publiques et laïques au Canada? À la lumière du texte constitutionnel, de la législation et des attentes normatives émergeant de la littérature, j’examine le cadre de la liberté d’expression des enseignants dans la jurisprudence. L’analyse montre que le binôme confiance et responsabilité guide l’interprétation de cette liberté fondamentale pour les enseignants : ils ne doivent ni agir libres de toute contrainte ni se restreindre à la transmission du curriculum. Les devoirs éthiques de prévenir des dommages aux étudiants et de s’engager dans une pédagogie responsable délimitent la liberté d’expression des enseignants canadie