Exchange-Rate Systems and Interest-Rate Behaviour: The Experience of Hong Kong and Singapore

The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic-US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre- and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.

Impacts of Ageing Population on Monetary and Exchange Rate Managements in Singapore

This paper finds that the ageing of the population in Singapore will cause a reversal of the current net Central Provident Fund (CPF) contribution into a substantial net CPF withdrawal from 2025, with a peak occurring at 2035. The result is qualitatively robust to changes in the underlying assumptions of the projection. The paper then highlights the implications of this change on the exchange rate and monetary managements in Singapore. First, the Monetary Authority of Singapore (MAS)’s ability to influence Singapore’s exchange rate will be greatly hampered. Second, the net CPF withdrawal will mean sustained liquidity injection into (instead of the usual liquidity drain from) the economy. To avoid unnecessary inflation, the MAS has to find a sustainable way to mob up the excess liquidity due to the sustained liquidity injection. As a simple reversal of MAS’s current foreign exchange market operation will result in substantial shrinkage of foreign reserves, the paper proposes the issuance of government bonds to achieve the dual objectives of mobbing up the excess liquidity and avoiding the shrinkage of foreign reserves. This measure will also help the bond market development in Singapore. Finally, the paper proposes two other measures that can help maintain MAS’s influence on Singapore’s exchange rate to a reasonable level in the longer future.Ageing Population, Central Provident Fund, Exchange Rate System, Monetary Policy, Singapore.

Topological Excitations in Spinor Bose-Einstein Condensates

We investigate the properties of skyrmion in the ferromagnetic state of spin-1 Bose-Einstein condensates by means of the mean-field theory and show that the size of skyrmion is fixed to the order of the healing length. It is shown that the interaction between two skyrmions with oppositely rotating spin textures is attractive when their separation is large, following a unique power-law behavior with a power of -7/2.Comment: 4 pages, 5 figure

ac Josephson effect in asymmetric superconducting quantum point contacts

We investigate ac Josephson effects between two superconductors connected by a single-mode quantum point contact, where the gap amplitudes in the two superconductors are unequal. In these systems, it was found in previous studies on the dc effects that, besides the Andreev bound-states, the continuum states can also contribute to the current. Using the quasiclassical formulation, we calculate the current-voltage characteristics for general transmission $D$ of the point contact. To emphasize bound versus continuum states, we examine in detail the low bias, ballistic (D=1) limit. It is shown that in this limit the current-voltage characteristics can be determined from the current-phase relation, if we pay particular attention to the different behaviors of these states under the bias voltage. For unequal gap configurations, the continuum states give rise to non-zero sine components. We also demonstrate that in this limit the temperature dependence of the dc component follows $\tanh(\Delta_s/2T)$, where $\Delta_s$ is the smaller gap, with the contribution coming entirely from the bound state.Comment: To appear in PR

Josephson Current between Triplet and Singlet Superconductors

The Josephson effect between triplet and singlet superconductors is studied. Josephson current can flow between triplet and singlet superconductors due to the spin-orbit coupling in the spin-triplet superconductor but it is finite only when triplet superconductor has $L_z=-S_z=\pm 1$, where $L_z$ and $S_z$ are the perpendicular components of orbital angular momentum and spin angular momentum of the triplet Cooper pairs, respectively. The recently observed temperature and orientational dependence of the critical current through a Josephson junction between UPt$_3$ and Nb is investigated by considering a non-unitary triplet state.Comment: 4 pages, no figure

Symmetry and inert states of spin Bose Condensates

We construct the list of all possible inert states of spin Bose condensates for $S \le 4$. In doing so, we also obtain their symmetry properties. These results are applied to classify line defects of these spin condensates at zero magnetic field.Comment: an error in Sec III C correcte

Collective excitations in a fermion-fermion mixture with different Fermi surfaces

In this paper, collective excitations in a homogeneous fermion-fermion mixture with different Fermi surfaces are studied. In the Fermi liquid phase, the zero-sound velocity is found to be larger than the largest Fermi velocity. With attractive interactions, the superfluid phase appears below a critical temperature, and the phase mode is the low-energy collective excitation. The velocity of the phase mode is proportional to the geometric mean of the two Fermi velocities. The difference between the two velocities may serve as a tool to detect the superfluid phase.Comment: 4 pages. To be published in Phys. Rev.

Creation of Skyrmions in a Spinor Bose-Einstein Condensate

We propose a scheme for the creation of skyrmions (coreless vortices) in a Bose-Einstein condensate with hyperfine spin F=1. In this scheme, four traveling-wave laser beams, with Gaussian or Laguerre-Gaussian transverse profiles, induce Raman transitions with an anomalous dependence on the laser polarization, thereby generating the optical potential required for producing skyrmions.Comment: 5 pages, 2 figures, RevTe