Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign reserves grew very rapidly during this period, and hence it is often argued that we live in the era of a New Merchantilism in which large stocks of reserves are a war-chest for defense against Sudden Stops. We conduct a quantitative assessment of this argument using a stochastic intertemporal equilibrium framework with incomplete asset markets in which precautionary saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk. In this framework, Sudden Stops are an equilibrium outcome produced by an endogenous credit constraint that triggers Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible explanations of the observed surge in reserves but business cycle volatility is not. In fact, business cycle volatility has declined in the post-globalization period. These results hold whether we use the formulation of intertemporal preferences of the Bewley-Aiyagari-Hugget class of precautionary savings models or the Uzawa-Epstein setup with endogenous time preference.

Thermal Stability of Metallic Single-Walled Carbon Nanotubes: An O(N) Tight-Binding Molecular Dynamics Simulation Study

Order(N) Tight-Binding Molecular Dynamics (TBMD) simulations are performed to investigate the thermal stability of (10,10) metallic Single-Walled Carbon Nanotubes (SWCNT). Periodic boundary conditions (PBC) are applied in axial direction. Velocity Verlet algorithm along with the canonical ensemble molecular dynamics (NVT) is used to simulate the tubes at the targeted temperatures. The effects of slow and rapid temperature increases on the physical characteristics, structural stability and the energetics of the tube are investigated and compared. Simulations are carried out starting from room temperature and the temperature is raised in steps of 300K. Stability of the simulated metallic SWCNT is examined at each step before it is heated to higher temperatures. First indication of structural deformation is observed at 600K. For higher heat treatments the deformations are more pronounced and the bond breaking temperature is reached around 2500K. Gradual (slow) heating and thermal equilibrium (fast heating) methods give the value of radial thermal expansion coefficient in the temperature range between 300K-600K as 0.31x10^{-5}(1/K) and 0.089x10^{-5}(1/K), respectively. After 600K, both methods give the same value of 0.089x10^{-5}(1/K). The ratio of the total energy per atom with respect to temperature is found to be 3x10^{-4} eV/K

Electron orbital valves made of multiply connected armchair carbon nanotubes with mirror-reflection symmetry: tight-binding study

Using the tight-binding method and the Landauer-B\"{u}ttiker conductance formalism, we demonstrate that a multiply connected armchair carbon nanotube with a mirror-reflection symmetry can sustain an electron current of the $\pi$-bonding orbital while suppress that of the $\pi$-antibonding orbital over a certain energy range. Accordingly, the system behaves like an electron orbital valve and may be used as a scanning tunneling microscope to probe pairing symmetry in d-wave superconductors or even orbital ordering in solids which is believed to occur in some transition-metal oxides.Comment: 4 figures, 12 page

Tubular structures of GaS

In this Brief Report we demonstrate, using density-functional tight-binding theory, that gallium sulfide (GaS) tubular nanostructures are stable and energetically viable. The GaS-based nanotubes have a semiconducting direct gap which grows towards the value of two-dimensional hexagonal GaS sheet and is in contrast to carbon nanotubes largely independent of chirality. We further report on the mechanical properties of the GaS-based nanotubes

Chemically active substitutional nitrogen impurity in carbon nanotubes

We investigate the nitrogen substitutional impurity in semiconducting zigzag and metallic armchair single-wall carbon nanotubes using ab initio density functional theory. At low concentrations (less than 1 atomic %), the defect state in a semiconducting tube becomes spatially localized and develops a flat energy level in the band gap. Such a localized state makes the impurity site chemically and electronically active. We find that if two neighboring tubes have their impurities facing one another, an intertube covalent bond forms. This finding opens an intriguing possibility for tunnel junctions, as well as the functionalization of suitably doped carbon nanotubes by selectively forming chemical bonds with ligands at the impurity site. If the intertube bond density is high enough, a highly packed bundle of interlinked single-wall nanotubes can form.Comment: 4 pages, 4 figures; major changes to the tex

Metal-semiconductor (semimetal) superlattices on a graphite sheet with vacancies

It has been found that periodically closely spaced vacancies on a graphite sheet cause a significant rearrange-ment of its electronic spectrum: metallic waveguides with a high density of states near the Fermi level are formed along the vacancy lines. In the direction perpendicular to these lines, the spectrum exhibits a semimetal or semiconductor character with a gap where a vacancy miniband is degenerated into impurity levels.Comment: 4 pages, 3 figure

Nanoscale Processing by Adaptive Laser Pulses

We theoretically demonstrate that atomically-precise ``nanoscale processing" can be reproducibly performed by adaptive laser pulses. We present the new approach on the controlled welding of crossed carbon nanotubes, giving various metastable junctions of interest. Adaptive laser pulses could be also used in preparation of other hybrid nanostructures.Comment: 4 pages, 4 Postscript figure

Bundling up carbon nanotubes through Wigner defects

We show, using ab initio total energy density functional theory, that the so-called Wigner defects, an interstitial carbon atom right besides a vacancy, which are present in irradiated graphite can also exist in bundles of carbon nanotubes. Due to the geometrical structure of a nanotube, however, this defect has a rather low formation energy, lower than the vacancy itself, suggesting that it may be one of the most important defects that are created after electron or ion irradiation. Moreover, they form a strong link between the nanotubes in bundles, increasing their shear modulus by a sizeable amount, clearly indicating its importance for the mechanical properties of nanotube bundles.Comment: 5 pages and 4 figure

Extended parametric resonances in nonlinear Schrodinger systems

We study an example of exact parametric resonance in a extended system ruled by nonlinear partial differential equations of nonlinear Schr\"odinger type. It is also conjectured how related models not exactly solvable should behave in the same way. The results have applicability in recent experiments in Bose-Einstein condensation and to classical problems in Nonlinear Optics.Comment: 1 figur

Graphene as a quantum surface with curvature-strain preserving dynamics

We discuss how the curvature and the strain density of the atomic lattice generate the quantization of graphene sheets as well as the dynamics of geometric quasiparticles propagating along the constant curvature/strain levels. The internal kinetic momentum of Riemannian oriented surface (a vector field preserving the Gaussian curvature and the area) is determined.Comment: 13p, minor correction