Introducing municipal bond markets in Malaysia: An assessment of present market characteristics

In developed countries, urban growth has multiplied the demand for investment in basic infrastructure services such as water supply, waste removal, roads and mass transportation. At the same time, decentralization strategies have shifted the responsibility for much of these investments to the local governments. This decentralized investment requires the development of decentralized capital financing. No longer can a central government pay for local investment by raising national taxes or borrowings on international markets and using the funds simply to construct projects at the local level. The introduction of municipal bonds is one of the alternative source of funds to finance the escalating costs of financing local governments. This paper discusses the conditions underlying the development of municipal credit markets, which Malaysia can use to provide a vehicle to narrow the local government's resource gap through debt funding

Resummation of Boson-Jet Correlation at Hadron Colliders

We perform a precise calculation of the transverse momentum ($\vec{q}_T$) distribution of the boson+jet system in boson production events. The boson can be either a photon, $W$, $Z$ or Higgs boson with mass $m_V$, and $\vec{q}_T$ is the sum of the transverse momenta of the boson and the leading jet with magnitude $q_T=|\vec q_T|$. Using renormalization group techniques and soft-collinear effective theory, we resum logarithms $\log(Q/q_T)$ and $\log R$ at next-to-leading logarithmic accuracy including the non-global logarithms, where $Q$ and $R$ are respectively the hard scattering energy and the radius of the jet. Specifically, we investigate two scenarios of $p^J_T \lesssim m_V$ or $p^J_T \gtrsim m_V$ in $Z$+jet events, and we examine the $q_T$ distributions with different jet radii and study the effect of non-global logarithms. In the end we compare our theoretical calculations with Monte Carlo simulations and data from the LHC.Comment: 35 pages, 7 figure