30,604 research outputs found
Capital controls and spillover effects: evidence from Latin-American countries
The surge in capital inflows towards emerging countries after 2009 has revived the debate about capital controls. This paper analyzes some of the international implications of restrictions on capital inflows. Focusing on a sample of Latin-American countries, we use detailed balance of payments data and higher frequency data on portfolio bond and equity flows to investigate the potential spillover effects that capital controls imposed in one country may have on neighboring economies. Using various econometric approaches, we find that a rise in the Brazilian tax on portfolio bond inflows has been affecting other Latin-American economies through significant surges in portfolio funds invested either in fixed income or equity securities. The effect is usually short lasting and followed by rapid reductions in those inflows. Yet it can be large. According to our estimates, the increase in the Brazilian tax on portfolio bond inflows may account for the entire surge in bond inflows to Mexico between September and October 2010.capital flows, capital controls, spillovers, Latin America, VAR.
Quantum Phase Transitions in the Interacting Boson Model: Integrability, level repulsion and level crossing
We study the quantum phase transition mechanisms that arise in the
Interacting Boson Model. We show that the second-order nature of the phase
transition from U(5) to O(6) may be attributed to quantum integrability,
whereas all the first-order phase transitions of the model are due to level
repulsion with one singular point of level crossing. We propose a model
Hamiltonian with a true first-order phase transition for finite systems due to
level crossings.Comment: Accepted in PR
Hamming distance and mobility behavior in generalized rock-paper-scissors models
This work reports on two related investigations of stochastic simulations
which are widely used to study biodiversity and other related issues. We first
deal with the behavior of the Hamming distance under the increase of the number
of species and the size of the lattice, and then investigate how the mobility
of the species contributes to jeopardize biodiversity. The investigations are
based on the standard rules of reproduction, mobility and predation or
competition, which are described by specific rules, guided by generalization of
the rock-paper-scissors game, valid in the case of three species. The results
on the Hamming distance indicate that it engenders universal behavior,
independently of the number of species and the size of the square lattice. The
results on the mobility confirm the prediction that it may destroy diversity,
if it is increased to higher and higher values.Comment: 7 pages, 9 figures. To appear in EP
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