Microeconomic Effects of Capital Controls: The Chilean Experience During the 1990s.

This paper studies the experience with the use of capital controls in Chile during the 1990s. Rather than revisiting previous studies, it complements previous research by providing, for the first time, empirical evidence on some of the microeconomic effects of capital controls, in particular, the unremunerated reserve requirement (URR). By looking at financial statements for a group of 73 Chilean firms during 1986-2001, the paper attempts to identify the effects of the URR on the firms’ costs and ways of financing. Chilean firms are grouped by economic sector, size and access to international capital markets. Results show that the effects of the URR are firm specific; forinstance, there are striking differences in the response to the URR among firms of different size and those with or without access to international capital markets.

Channel Blockade in a Two-Path Triple-Quantum-Dot System

Electronic transport through a two-path triple-quantum-dot system with two source leads and one drain is studied. By separating the conductance of the two double dot paths, we are able to observe double dot and triple dot physics in transport and study the interaction between the paths. We observe channel blockade as a result of inter-channel Coulomb interaction. The experimental results are understood with the help of a theoretical model which calculates the parameters of the system, the stability regions of each state and the full dynamical transport in the triple dot resonances.Comment: 6 pages, 6 figure

The distribution of stars around the Milky Way's central black hole II: Diffuse light from sub-giants and dwarfs

This is the second of three papers that search for the predicted stellar cusp around the Milky Way's central black hole, Sagittarius A*, with new data and methods. We aim to infer the distribution of the faintest stellar population currently accessible through observations around Sagittarius A*. We use adaptive optics assisted high angular resolution images obtained with the NACO instrument at the ESO VLT. Through optimised PSF fitting we remove the light from all detected stars above a given magnitude limit. Subsequently we analyse the remaining, diffuse light density. The analysed diffuse light arises from sub-giant and main-sequence stars with KS ~ 19 - 20 with masses of 1 - 2 Msol . These stars can be old enough to be dynamically relaxed. The observed power-law profile and its slope are consistent with the existence of a relaxed stellar cusp around the Milky Way's central black hole. We find that a Nuker law provides an adequate description of the nuclear cluster's intrinsic shape (assuming spherical symmetry). The 3D power-law slope near Sgr A* is \gamma = 1.23 +- 0.05. At a distance of 0.01 pc from the black hole, we estimate a stellar mass density of 2.3 +- 0.3 x 10^7 Msol pc^-3 and a total enclosed stellar mass of 180 +- 20 Msol. These estimates assume a constant mass-to-light ratio and do not take stellar remnants into account. The fact that no cusp is observed for bright (Ks 16) giant stars at projected distances of roughly 0.1-0.3 pc implies that some mechanism has altered their appearance or distribution.Comment: Accepted for publication A&

The distribution of old stars around the Milky Way's central black hole I: Star counts

(abridged) In this paper we revisit the problem of inferring the innermost structure of the Milky Way's nuclear star cluster via star counts, to clarify whether it displays a core or a cusp around the central black hole. Through image stacking and improved PSF fitting we push the completeness limit about one magnitude deeper than in previous, comparable work. Contrary to previous work, we analyse the stellar density in well-defined magnitude ranges in order to be able to constrain stellar masses and ages. The RC and brighter giant stars display a core-like surface density profile within a projected radius R<0.3 pc of the central black hole, in agreement with previous studies, but show a cusp-like surface density distribution at larger R. The surface density of the fainter stars can be described well by a single power-law at R<2 pc. The cusp-like profile of the faint stars persists even if we take into account the possible contamination of stars in this brightness range by young pre-main sequence stars. The data are inconsistent with a core-profile for the faint stars.Finally, we show that a 3D Nuker law provides a very good description of the cluster structure. We conclude that the observed stellar density at the Galactic Centre, as it can be inferred with current instruments, is consistent with the existence of a stellar cusp around the Milky Way's central black hole, Sgr A*. This cusp is well developed inside the influence radius of about 3 pc of Sgr A* and can be described by a single three-dimensional power-law with an exponent gamma=1.23+-0.05. The apparent lack of RC stars and brighter giants at projected distances of R < 0.3 pc (R<8") of the massive black hole may indicate that some mechanism has altered their distribution or intrinsic luminosity.Comment: Accepted for publication A&