Fluctuation Induced First Order Phase Transitions

We study a $U(N)\times U(N)$ symmetric scalar field model in four and three dimensions. First, using our data in four dimensions in the weak coupling region, we demonstrate explicitly that the observed first order phase transition is induced by quantum fluctuations. Next, based on the renormalization group and our new simulation results in three dimensions we argue that even if the $U_A(1)$ symmetry is restored below the critical temperature the QCD finite temperature chiral phase transition for two flavor could be extremely weak first order. Contribution to Lattice '93 proceedings. Needs espcrc2.sty file (included). Search Figure1.ps, Figure2.ps, ... for postscript files.Comment: 3 pages, 4 postscript figures attached. Preprint BUHEP-93-2

A semi-implicit Hall-MHD solver using whistler wave preconditioning

The dispersive character of the Hall-MHD solutions, in particular the whistler waves, is a strong restriction to numerical treatments of this system. Numerical stability demands a time step dependence of the form $\Delta t\propto (\Delta x)^2$ for explicit calculations. A new semi--implicit scheme for integrating the induction equation is proposed and applied to a reconnection problem. It it based on a fix point iteration with a physically motivated preconditioning. Due to its convergence properties, short wavelengths converge faster than long ones, thus it can be used as a smoother in a nonlinear multigrid method

Does Globalization Affect Growth?

The paper presents an index of globalization covering its three main dimensions: economic integration, social integration, and political integration. Using panel data for 123 countries in 1970-2000 the effects of the overall index of globalization as well as sub-indexes constructed to measure the single dimensions on economic growth are analyzed empirically. The results show that globalization promotes growth - but not to an extent necessary to reduce poverty on a large scale. The dimensions most robustly related with growth refer to actual economic flows and restrictions in developed countries. Although less robustly, information flows also promote growth whereas political integration has no effect.Globalization, Growth

IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality

In theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to disentangle those effects empirically. Using panel data for 98 countries over the period 1970-2000 it analyzes whether IMF involvement influences economic growth in program countries. Consistent with the results of previous studies, it is shown that IMF programs reduce growth rates when their endogeneity is accounted for. There is only weak evidence that compliance with conditionality mitigates this negative effect. IMF loans have no statistically significant impact. --IMF programs,growth,compliance,conditionality

Does Globalization Affect Growth? Evidence from a new Index of Globalization

Measurement of Globalization, Growth

The Influence of Globalization on Taxes and Social Policy – an Empirical Analysis for OECD Countries

Using panel regression for the period 1970-2000 the paper analyzes whether globalization has influenced the OECD countries’ social and overall spending as well as their tax rates on labor, consumption and capital. Accounting for potential endogeneity of the regressors, the results show that globalization (measured by an index covering 23 variables) did not generally decrease the leeway for independent economic policy. Globalization even increased implicit tax rates on capital (as calculated by Carey and Rabesona 2002) – a result that is mainly driven by economic integration. However, there seems to be competition over tax rates on capital when data based on legislation as suggested by Devereux and Griffith (2003) is employed. Depending on the method of estimation, increasing social integration also influences policies, while political integration does not matter for economic policy in most specifications.globalization, economic policy, government expenditure, social spending, implicit tax rates, dynamic panel, tax competition

IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality

In theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to separate those effects empirically. Using panel data for 98 countries over the period 1970-2000 it analyzes whether IMF involvement influences economic growth in program countries. Consistent with the results of previous studies, it is shown that IMF programs reduce growth rates when their endogeneity is accounted for. There is also evidence that compliance with conditionality mitigates this negative effect, while the overall impact, however, remains negative. IMF loans have no robust statistically significant impact.IMF programs, growth, compliance, conditionality

Does the IMF cause moral hazard? A critical review of the evidence

The paper provides a critical review of empirical studies on IMF induced moral hazard. Taken together, there is considerable evidence that the insurance provided by the Fund leads to moral hazard with investors in bond markets, while moral hazard in equity markets has so far not been convincingly tested. Debtor moral hazard has much less frequently been investigated, and the counterfactual is more difficult to construct. There is, however, evidence that debtor governments’ policies are negatively influenced by the insurance. Their policies are more expansive leading to higher probabilities of IMF programs and shorter inter-program-periods.