Debt overhang in emerging Europe ?

This paper assesses the extent to which debt overhang poses a constraint to economic activity in Emerging Europe, as the region emerges from the recent financial and economic crisis. At the macroeconomic level, it finds that the external imbalance problem for Emerging Europe has been in most cases more one of flows (high current account deficits in the pre-crisis years) rather than large stocks of external debt. A high reliance on equity funding means that net external debt is far lower than net external liabilities. Domestic balance sheets have expanded quite rapidly but sector liabilities remain relatively low compared with advanced economies. With the important exception of Hungary, public debt levels also remain relatively low in Emerging Europe. At the microeconomic level, the potential for debt overhang in the corporate sector is limited to a few countries: Latvia, Lithuania, Estonia, and Slovenia. Due to the low incidence of household debt, hardly any country, except Estonia, seems to face a threat of debt overhang in the household sector. The strong increase in non-performing loans compared with pre-crisis bank profitability suggests that debt overhang in the banking sector is a threat in Ukraine, Latvia, Lithuania, Hungary, Georgia, and Albania. Financial integration of Emerging Europe seems to have contributed to the transmission of the crisis to the region. At the same time, this integration is helping the region in managing the crisis by concerted actions of the major players.Debt Markets,Access to Finance,Bankruptcy and Resolution of Financial Distress,Banks&Banking Reform,Emerging Markets

Higher-dimensional Algebra and Topological Quantum Field Theory

The study of topological quantum field theories increasingly relies upon concepts from higher-dimensional algebra such as n-categories and n-vector spaces. We review progress towards a definition of n-category suited for this purpose, and outline a program in which n-dimensional TQFTs are to be described as n-category representations. First we describe a "suspension" operation on n-categories, and hypothesize that the k-fold suspension of a weak n-category stabilizes for k >= n+2. We give evidence for this hypothesis and describe its relation to stable homotopy theory. We then propose a description of n-dimensional unitary extended TQFTs as weak n-functors from the "free stable weak n-category with duals on one object" to the n-category of "n-Hilbert spaces". We conclude by describing n-categorical generalizations of deformation quantization and the quantum double construction.Comment: 36 pages, LaTeX; this version includes all 36 figure

Exploring the Cosmic Evolution of Habitability with Galaxy Merger Trees

We combine inferred galaxy properties from a semi-analytic galaxy evolution model incorporating dark matter halo merger trees with new estimates of supernova and gamma ray burst rates as a function of metallicity from stellar population synthesis models incorporating binary interactions. We use these to explore the stellar mass fraction of galaxies irradiated by energetic astrophysical transients and its evolution over cosmic time, and thus the fraction which is potentially habitable by life like our own. We find that 18 per cent of the stellar mass in the Universe is likely to have been irradiated within the last 260 Myr, with GRBs dominating that fraction. We do not see a strong dependence of irradiated stellar mass fraction on stellar mass or richness of the galaxy environment. We consider a representative merger tree as a Local Group analogue, and find that there are galaxies at all masses which have retained a high habitable fraction (>40 per cent) over the last 6 Gyr, but also that there are galaxies at all masses where the merger history and associated star formation have rendered galaxies effectively uninhabitable. This illustrates the need to consider detailed merger trees when evaluating the cosmic evolution of habitability.Comment: 11 page, 10 figures. MNRAS accepted 13th Dec 2017. Updated to match accepted version, with additional discussion of metallicity effect

Resonant and Non-Resonant Effects in Photon-Technipion Production at Lepton Colliders

Lepton collider experiments can search for light technipions in final states made striking by the presence of an energetic photon: e+e- \to \photon\technipion. To date, searches have focused on either production through anomalous coupling of the technipions to electroweak gauge bosons or on production through a technivector meson (\technirho, \techniomega) resonance. This paper creates a combined framework in which both contributions are included. This will allow stronger and more accurate limits on technipion production to be set using existing data from LEP or future data from a higher-energy linear collider. We provide explicit formulas and sample calculations (analytic and Pythia) in the framework of the Technicolor Straw Man Model, a model that includes light technihadrons.Comment: 11 pages, including title page, 3 figures; version 2: references adde

Core excitations across the neutron shell gap in ²⁰⁷Tl

The single closed-neutron-shell, one proton-hole nucleus 207Tl was populated in deep-inelastic collisions of a 208Pb beam with a 208Pb target. The yrast and near-yrast level scheme has been established up to high excitation energy, comprising an octupol

Topcolor assisted technicolor models and muon anomalous magnetic moment

We discuss and estimate the contributions of the new particles predicted by topcolor assisted technicolor(TC2) models to the muon anomalous magnetic moment $a_{\mu}$. Our results show that the contributions of Pseudo Goldstone bosons are very small which can be safely ignored. The main contributions come from the ETC gauge boson $x_{\mu}$ and topcolor gauge boson $Z^{\prime}$. If we demand that the mass of $Z^{\prime}$ is consistent with other experimental constrains, its contributions are smaller than that of $x_{\mu}$. With reasonable values of the parameters in TC2 models, the observed BNL results for $a_{\mu}$ could be explained.Comment: latex file, 11 pages, several figures and references adde

Two-proton events in the 17F(p,2p)16O reaction

In a recent experimental study (Gomez del Campo et al, PRL 86, 43 (2001)) of the reaction 17F(p,2p)16O, two-proton events were measured from excitations near a 1-, E*=6.15 MeV state in 18Ne. We calculate by means of R-matrix theory the resonant two-proton production cross section and branching ratios. We conclude that it is unlikely that two-proton production via population of the 1- state is sufficient to explain the observed two-proton events. Alternative sources of such events are discussed.Comment: 4 pages, 4 figures. Resubmission to Physical Review C (first received 6 March 2001

Multiplicative renormalizability and quark propagator

The renormalized Dyson-Schwinger equation for the quark propagator is studied, in Landau gauge, in a novel truncation which preserves multiplicative renormalizability. The renormalization constants are formally eliminated from the integral equations, and the running coupling explicitly enters the kernels of the new equations. To construct a truncation which preserves multiplicative renormalizability, and reproduces the correct leading order perturbative behavior, non-trivial cancellations involving the full quark-gluon vertex are assumed in the quark self-energy loop. A model for the running coupling is introduced, with infrared fixed point in agreement with previous Dyson-Schwinger studies of the gauge sector, and with correct logarithmic tail. Dynamical chiral symmetry breaking is investigated, and the generated quark mass is of the order of the extension of the infrared plateau of the coupling, and about three times larger than in the Abelian approximation, which violates multiplicative renormalizability. The generated scale is of the right size for hadronic phenomenology, without requiring an infrared enhancement of the running coupling.Comment: 17 pages; minor corrections, comparison to lattice results added; accepted for publication in Phys. Rev.