Trade Credit, International Reserves and Sovereign Debt

We present a unified model of sovereign debt, trade credit and international reserves. Our model shows that access to short-term trade credit and gross international reserves critically affect the outcome of sovereign debt renegotiations. Whereas competitive banks do optimally lend for the accumulation of borrowed reserves that strengthen the bargaining position of borrowers, they also have incentives to restrict the supply of short-term trade credit during renegotiations. We first show that they effectively do so and then derive propositions that : I) establish the size of sovereign debt haircuts as a function of economic fundamentals and preferences ; II) predict that defaults occur during recessions rather than booms, contrary to reputation based models ; III) provide a rationale for holding costly borrowed reserves and, IV) show that the stock of borrowed international reserves tends to increase when global interest rates are low.

Massive Vector Scattering in Lee-Wick Gauge Theory

We demonstrate that amplitudes describing scattering of longitudinally polarized massive vector bosons present in non-Abelian Lee-Wick gauge theory do not grow with energy and, hence, satisfy the constraints imposed by perturbative unitarity. This result contrasts with the widely-known violation of perturbative unitarity in the standard model with a very heavy Higgs. Our conclusions are valid to all orders of perturbation theory and depend on the existence of a formulation of the theory in which all operators are of dimension four or less. This can be thought of as a restriction on the kinds of higher dimension operator which can be included in the higher derivative formulation of the theory.Comment: 11 pages, no figure

Non-invasive brain stimulation techniques for chronic pain

Copyright © 2014 The Cochrane Collaboration.Various devices are available that can electrically stimulate the brain without the need for surgery or any invasive treatment in order to manage chronic pain. There are four main treatment types: repetitive transcranial magnetic stimulation (rTMS) in which the brain is stimulated by a coil applied to the scalp, cranial electrotherapy stimulation (CES) in which electrodes are clipped to the ears or applied to the scalp, transcranial direct current stimulation (tDCS) and reduced impedance non-invasive cortical electrostimulation (RINCE) in which electrodes are applied to the scalp. These have been used to try to reduce pain by aiming to alter the activity of the brain, but the efficacy of these treatments is uncertain. This review update included 56 studies: 30 of rTMS, 11 of CES, 14 of tDCS and one of RINCE. We judged only three studies as having a low risk of bias. Low or very low-quality evidence suggests that low-frequency rTMS and rTMS applied to pre-frontal areas of the brain are not effective but that a single dose of high-frequency stimulation of the motor cortex area of the brain provides short-term pain relief. This effect appears to be small and may be exaggerated by a number of sources of bias. Studies that gave a course of multiple treatments of rTMS produced conflicting results with no overall effect seen when we pooled the results of these studies. Most studies of rTMS are small and there is substantial variation between studies in terms of the treatment methods used. Low-quality evidence does not suggest that CES or tDCS are effective treatments for chronic pain. A single small study of RINCE provided very low-quality evidence of a short-term effect on pain. For all forms of stimulation the evidence is not conclusive and uncertainty remains. The reporting of side effects varied across the studies. Of the studies that clearly reported side effects, short-lived and minor side effects such as headache, nausea and skin irritation were usually reported both after real and sham stimulation. There were two reports of seizure following real rTMS. While the broad conclusions for rTMS and CES have not changed substantially, the addition of this new evidence and the application of the GRADE system has modified some of our interpretation. Previous readers should re-read this update. More studies of rigorous design and adequate size are required to evaluate accurately all forms of non-invasive brain stimulation for the treatment of chronic pain

Tactile Thresholds are Preserved yet Cortical Sensory Function is Impaired in Chronic Non-Specific Low Back Pain Patients

Introduction: A substantial amount of evidence points to an alteration in brain structure and function patients with chronic non-specific low back pain (CNSLBP) [1-6]. One interpretation of these findings is that the observed brain changes may represent a disruption of the brain’s representations of the body part and the resultant body perception disturbance may underpin this clinical problem. The current study aimed to investigate sensory dysfunction in CNSLBP. Specifically we aimed to distinguish cortically mediated sensory dysfunction from peripheral dysfunction by comparing simple tactile thresholds with more complex cortically mediated sensory tests Methods: We investigated tactile thresholds (TTH), two point discrimination (TPD) and graphaesthesia over the lumbar spine of 19 CLBP patients and 19 age and sex matched healthy controls as a way of investigating whether CLBP patients present with a perceptual disturbance of their lumbar spine. Differences in performance of the sensory tests was explored using the Mann Whitney U Test and one-way between groups multivariate analysis of variance. Results: We found no difference in tactile threshold between the two groups (P=.0.751). There was a statistically significant difference between controls and LBP for TPD: F(1,36)=10.15, p=.003 and letter error rate: F(1, 36)=6.54 p=0.015. The data indicate that LBP patients had a larger lumbar TPD distance and a greater letter recognition error rate. Discussion: Both TPD and graphaesthesia are dependant on the integrity of the primary sensory cortex [7]. These data support existing findings of perceptual abnormality in chronic back pain [8] and the preservation of tactile thresholds is suggestive of cortical rather than peripheral sensory dysfunction. Amelioration of these abnormalities may present a target for therapeutic intervention

Rotation and Spin in Physics

We delineate the role of rotation and spin in physics, discussing in order Newtonian classical physics, special relativity, quantum mechanics, quantum electrodynamics and general relativity. In the latter case, we discuss the generalization of the Kepler formula to post-Newtonian order $(c^{-2}$) including spin effects and two-body effects. Experiments which verify the theoretical results for general relativistic spin-orbit effects are discussed as well as efforts being made to verify the spin-spin effects

Sedentary behaviour interventions in young people: A meta-analysis

Background: There is increasing concern about the time young people spend in sedentary behaviour ('sitting time'), especially with the development of attractive home-based electronic entertainment. This may have deleterious health effects. Purpose: To ascertain, through a meta-analytic review, whether interventions targeted at reducing sedentary behaviours in young people are successful. Method: ERIC, MedLine, PsychInfo, SportDiscus and the Cochrane Library databases were searched up to 2010. Titles and abstracts of identifi ed papers were examined against inclusion criteria. Included papers were coded by three researchers. Results: 17 papers, including 17 independent samples (N=4976), met the inclusion criteria and were analysed. There was a small but signifi cant effect in favour of sedentary behaviour reduction for intervention groups (Hedges' g = ? 0.192; SE = 0.056; 95% CI = ?0.303 to ?0.082; p = 0.001). Moderator analyses produced no signifi cant between-moderator results for any of the intervention or study characteristics, although trends were evident. Conclusion: Behaviour change interventions targeting reductions in sedentary behaviour have been shown to be successful, although effects are small. More needs to be known about how best to optimise intervention effects

Fluctuations Do Matter: Large Noise-Enhanced Halos in Charged-Particle Beams

The formation of beam halos has customarily been described in terms of a particle-core model in which the space-charge field of the oscillating core drives particles to large amplitudes. This model involves parametric resonance and predicts a hard upper bound to the orbital amplitude of the halo particles. We show that the presence of colored noise due to space-charge fluctuations and/or machine imperfections can eject particles to much larger amplitudes than would be inferred from parametric resonance alone.Comment: 13 pages total, including 5 figure

One-Loop Renormalization of Lee-Wick Gauge Theory

We examine the renormalization of Lee-Wick gauge theory to one loop order. We show that only knowledge of the wavefunction renormalization is necessary to determine the running couplings, anomalous dimensions, and vector boson masses. In particular, the logarithmic running of the Lee-Wick vector boson mass is exactly related to the running of the coupling. In the case of an asymptotically free theory, the vector boson mass runs to infinity in the ultraviolet. Thus, the UV fixed point of the pure gauge theory is an ordinary quantum field theory. We find that the coupling runs more quickly in Lee-Wick gauge theory than in ordinary gauge theory, so the Lee-Wick standard model does not naturally unify at any scale. Finally, we present results on the beta function of more general theories containing dimension six operators which differ from previous results in the literature.Comment: 17 pages, 7 figure

Ginsparg-Wilson Pions Scattering in a Sea of Staggered Quarks

We calculate isospin 2 pion-pion scattering in chiral perturbation theory for a partially quenched, mixed action theory with Ginsparg-Wilson valence quarks and staggered sea quarks. We point out that for some scattering channels, the power-law volume dependence of two pion states in nonunitary theories such as partially quenched or mixed action QCD is identical to that of QCD. Thus one can extract infinite volume scattering parameters from mixed action simulations. We then determine the scattering length for both 2 and 2+1 sea quarks in the isospin limit. The scattering length, when expressed in terms of the pion mass and the decay constant measured on the lattice, has no contributions from mixed valence-sea mesons, thus it does not depend upon the parameter, C_Mix, that appears in the chiral Lagrangian of the mixed theory. In addition, the contributions which nominally arise from operators appearing in the mixed action O(a^2 m_q) Lagrangian exactly cancel when the scattering length is written in this form. This is in contrast to the scattering length expressed in terms of the bare parameters of the chiral Lagrangian, which explicitly exhibits all the sicknesses and lattice spacing dependence allowed by a partially quenched mixed action theory. These results hold for both 2 and 2+1 flavors of sea quarks.Comment: 27 pages, 3 figures. Mistakes corrected in Eqs. (37), (42). Improved discussion in section 4 and related results in Eqs. (33), (37), (40) and (42). Added references. Version to be published in PR

Orbital Ferromagnetism and Quantum Collapse in Stellar Plasmas

The possibility of quantum collapse and characteristics of nonlinear localized excitations is examined in dense stars with Landau orbital ferromagnetism in the framework of conventional quantum magnetohydrodynamics (QMHD) model including Bohm force and spin-orbit polarization effects. Employing the concepts of effective potential and Sagdeev pseudopotential, it is confirmed that the quantum collapse and Landau orbital ferromagnetism concepts are consistent with the magnetic field and mass-density range present in some white dwarf stars. Furthermore, the value of ferromagnetic-field found in this work is about the same order of magnitude as the values calculated earlier. It is revealed that the magnetosonic nonlinear propagations can behave much differently in the two distinct non-relativistic and relativistic degeneracy regimes in a ferromagnetic dense astrophysical object. Current findings should help to understand the origin of the most important mechanisms such as gravitational collapse and the high magnetic field present in many compact stars.Comment: To appear in journal Physics of Plasma