How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India

Many emerging markets have undertaken significant financial sector reforms, especially in their banking sectors, that are critical for both financial development and real economic activity. In this paper, we investigate the success of banking reforms in India where significant banking reforms were implemented during the 1990s. Using the argument that wellfunctioning credit markets would reflect a credit channel for monetary policy at work, we test whether a change in monetary policy has predictable impact on borrowing behaviour of several types of firms, including business group affiliated, unaffiliated private firms, state-owned firms and foreign firms. The empirical results suggest that unaffiliated private firms have the most vulnerable to monetary policy stance during tight policy regimes. We also find that during tight monetary policy regimes, bank credit of smaller firms is more sensitive to changes in the interest rate than that of large firms. In an easy money regime, monetary policy and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion of bank credit in total debt for any of the firms. We discuss the policy implications of the findings

Statistical distribution of quantum entanglement for a random bipartite state

We compute analytically the statistics of the Renyi and von Neumann entropies (standard measures of entanglement), for a random pure state in a large bipartite quantum system. The full probability distribution is computed by first mapping the problem to a random matrix model and then using a Coulomb gas method. We identify three different regimes in the entropy distribution, which correspond to two phase transitions in the associated Coulomb gas. The two critical points correspond to sudden changes in the shape of the Coulomb charge density: the appearance of an integrable singularity at the origin for the first critical point, and the detachement of the rightmost charge (largest eigenvalue) from the sea of the other charges at the second critical point. Analytical results are verified by Monte Carlo numerical simulations. A short account of some of these results appeared recently in Phys. Rev. Lett. {\bf 104}, 110501 (2010).Comment: 7 figure

The STAR Photon Multiplicity Detector

Details concerning the design, fabrication and performance of STAR Photon Multiplicity Detector (PMD) are presented. The PMD will cover the forward region, within the pseudorapidity range 2.3--3.5, behind the forward time projection chamber. It will measure the spatial distribution of photons in order to study collective flow, fluctuation and chiral symmetry restoration.Comment: 15 pages, including 11 figures; to appear in a special NIM volume dedicated to the accelerator and detectors at RHI

Fraction of uninfected walkers in the one-dimensional Potts model

The dynamics of the one-dimensional q-state Potts model, in the zero temperature limit, can be formulated through the motion of random walkers which either annihilate (A + A -> 0) or coalesce (A + A -> A) with a q-dependent probability. We consider all of the walkers in this model to be mutually infectious. Whenever two walkers meet, they experience mutual contamination. Walkers which avoid an encounter with another random walker up to time t remain uninfected. The fraction of uninfected walkers is investigated numerically and found to decay algebraically, U(t) \sim t^{-\phi(q)}, with a nontrivial exponent \phi(q). Our study is extended to include the coupled diffusion-limited reaction A+A -> B, B+B -> A in one dimension with equal initial densities of A and B particles. We find that the density of walkers decays in this model as \rho(t) \sim t^{-1/2}. The fraction of sites unvisited by either an A or a B particle is found to obey a power law, P(t) \sim t^{-\theta} with \theta \simeq 1.33. We discuss these exponents within the context of the q-state Potts model and present numerical evidence that the fraction of walkers which remain uninfected decays as U(t) \sim t^{-\phi}, where \phi \simeq 1.13 when infection occurs between like particles only, and \phi \simeq 1.93 when we also include cross-species contamination.Comment: Expanded introduction with more discussion of related wor

Coupled channel description of 16O+142,144,146Nd scattering around the Coulomb barrier using a complex microscopic potential

Angular distributions of elastic scattering and inelastic scattering from 2+ 1 state are measured for 16O+142,144,146Nd systems at several energies in the vicinity of the Coulomb barrier. The angular distributions are systematically analyzed in coupled channel framework. Renormalized double folded real optical and coupling potentials with DDM3Y interaction have been used in the calculation. Relevant nuclear densities needed to generate the potentials are derived from shell model wavefunctions. A truncated shell model calculation has been performed and the calculated energy levels are compared with the experimental ones. To simulate the absorption, a 'hybrid' approach is adopted. The contribution to the imaginary potential of couplings to the inelastic channels, other than the 2+ 1 target excitation channel, is calculated in the Feshbach formalism. This calculated imaginary potential along with a short ranged volume Woods-Saxon potential to simulate the absorption in fusion channel reproduces the angular distributions for 16O+146Nd quite well. But for 16O+142,144Nd systems additional surface absorption is found to be necessary to fit the angular distribution data. The variations of this additional absorption term with incident energy and the mass of the target are explored. © 2003 Elsevier Science B.V. All rights reserved

Thermodynamics of a one-dimensional S=1/2 spin-orbital model

The thermodynamic properties of a one-dimensional model describing spin dynamics in the presence of a twofold orbital degeneracy are studied numerically using the transfer-matrix renormalization group (TMRG). The model contains an integrable SU(4)-symmetric point and a gapless phase which is SU(4) invariant up to a rescaling of the velocities for spin and orbital degrees of freedom which allows detailed comparison of the numerical results with conformal field theory. We pay special attention to the correlation lengths which show an intriguing evolution with temperature. We find that the model shows an intrinsic tendency towards dimerization at finite temperature even if the ground state is not dimerized.Comment: 9 pages, 12 figure

Origin and pressure dependence of ferromagnetism in A2Mn2O7 pyrochlores (A=Y, In, Lu, and Tl)

Non-conventional mechanisms have been recently invoked in order to explain the ferromagnetic ground state of A2Mn2O7 pyrochlores (A=Y, In, Lu and Tl) and the puzzling decrease of their Curie temperatures with applied pressure. Here we show, using a perturbation expansion in the Mn-O hopping term, that both features can be understood within the superexhange model, provided that the intra-atomic oxygen interactions are properly taken into account. An additional coupling between the Mn ions mediated by the In(5s)/Tl(6s) bands yields the higher Tc's of these two compounds, this mechamism enhancing their ferromagnetism for higher pressures.Comment: 7 pages and 2 figures submitted to Phys. Rev. B, missing text adde

Spin polarised nuclear matter and its application to neutron stars

An equation of state(EOS) of nuclear matter with explicit inclusion of a spin-isospin dependent force is constructed from a finite range, momentum and density dependent effective interaction. This EOS is found to be in good agreement with those obtained from more sophisticated models for unpolarised nuclear matter. Introducing spin degrees of freedom, it is found that at density about 2.5 times the density of normal nuclear matter the neutron matter undergoes a ferromagnetic transition. The maximum mass and the radius of the neutron star agree favourably with the observations. Since finding quark matter rather than spin polarised nuclear matter at the core of neutron stars is more probable, the proposed EOS is also applied to the study of hybrid stars. It is found using the bag model picture that one can in principle describe both the mass and size as well as the surface magnetic field of hybrid stars satisfactorily.Comment: 26 pages, 11 figures available on reques

A microscopic complex potential description of elastic, inelastic cross section in the Coulomb nuclear interference region in the 28Si on 28Si system

Elastic and inelastic angular distribution and excitation functions were measured for the 28Si + 28Si system in the vicinity of the Coulomb barrier. While the elastic data could be described very well by using fully microscopic complex potential, the inelastic cross sections were found to be more sensitive to small variations in the potential. In particular the Coulomb nuclear interference dip observed in the inelastic excitation functions could not be fitted satisfactorily with calculation. Inclusion of an energy dependent term of Gaussian shape to the associated matrix element with the reorientation coupling in the phenomenological calculations leads to a better fit the inelastic excitation functions. © 1998 Elsevier Science B.V