Donors' Support for Microcredit as Social Enterprise: A Critial Reappraisal

microfinance, microcredit, poverty, microenterprises, donor assistance, aid effectiveness

On Discovering Electromagnetic Emission from Neutron Star Mergers: The Early Years of Two Gravitational Wave Detectors

We present the first simulation addressing the prospects of finding an electromagnetic (EM) counterpart to gravitational wave detections (GW) during the early years of only two advanced interferometers. The perils of such a search may have appeared insurmountable when considering the coarse ring-shaped GW localizations spanning thousands of deg^2 using time-of-arrival information alone. We show that leveraging the amplitude and phase information of the predicted GW signal narrows the localization to arcs with a median area of only ~250 deg^2, thereby making an EM search tractable. Based on the locations and orientations of the two LIGO detectors, we find that the GW sensitivity is limited to one polarization and thus to only two sky quadrants. Thus, the rates of GW events with two interferometers is only ~40% of the rate with three interferometers of similar sensitivity. Another important implication of the sky quadrant bias is that EM observatories in North America and Southern Africa would be able to systematically respond to GW triggers several hours sooner than Russia and Chile. Given the larger sky areas and the relative proximity of detected mergers, 1m-class telescopes with very wide-field cameras are well positioned for the challenge of finding an EM counterpart. Identification of the EM counterpart amidst the even larger numbers of false positives further underscores the importance of building a comprehensive catalog of foreground stellar sources, background AGN and potential host galaxies in the local universe.Comment: Submitted to ApJL, 8 pages, 4 figures, 1 tabl

Debt Dynamics and Contingency Financing: Theoretical Reappraisal of the HIPC Initiative

Sovereign debt management, External debt, Foreign aid, Growth models, Economic development

A Quest for Pro-Poor Globalization

pro-poor globalization, inequality, poverty

The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility

Set in the context of the recent theoretical and policy debates on appropriate exchange rate regimes for emerging market economies in a world of free capital mobility, the paper attempts to present the case for an intermediate exchange rate regime, drawing on recent theoretical and empirical literatures on behavioural finance and currency market structures; and to examine empirically the experiences and evolution of Brazil.s foreign exchange market under different exchange rate regimes.exchange rate management, emerging markets, Brazil

Institutional Analysis of Financial Market Fragmentation in Sub-Saharan Africa: A Risk-Cost Configuration Approach

financial markets, institutions, risk-cost analysis, sub-Saharan Africa

Linking Globalization to Poverty

While the economic opportunities offered by globalization can be large, a question is often raised as to whether the actual distribution of gains is fair, in particular, whether the poor benefit less than proportionately from globalization and could under some circumstances be hurt by it. This Policy Brief summarizes and examines the various channels and transmission mechanisms, such as greater openness to trade and foreign investment, economic growth, effects on income distribution, technology transfer and labour migration, through which the process of globalization affects different dimensions of poverty in the developing world.globalization, growth, inequality, poverty, pro-poor, distribution, labour mobility, capital, technology, vulnerability,

Financial Globalization and Economic Development: Toward an Institutional Foundation

On the promise of enormous benefits from financial openness, many developing countries have embraced financial globalization by adopting internal and external financial liberalization. Yet, despite the rhetoric of its proponents, there is little evidence of enhanced development finance or any concomitant improvement in economic development. We critically examine the mainstream theoretical rationale for financial globalization and liberalization as well as their explanations of the widespread financial instability and crises that have been associated with financial openness. The paper also draws on broader theoretical traditions to explain the ubiquity of recent financial crises. Pointing to an alternative more dynamic analysis of the symbiotic relationships between finance and economic development, we propose an institutional-centric approach that forms a basis for understanding the transformation required for financial development. For development to occur, financial flows need to feed into real sector circuits to enhance expansion and accumulation, whilst national flows need to tap into international flows to complement the speed and capacity of the domestic flows.Developing Countries; Development; Finance; Financial Liberalization

Channels and Policy Debate in the Globalization-Inequality-Poverty Nexus

globalization, growth, inequality, poverty

Binary black hole merger: symmetry and the spin expansion

We regard binary black hole (BBH) merger as a map from a simple initial state (two Kerr black holes, with dimensionless spins {\bf a} and {\bf b}) to a simple final state (a Kerr black hole with mass m, dimensionless spin {\bf s}, and kick velocity {\bf k}). By expanding this map around {\bf a} = {\bf b} = 0 and applying symmetry constraints, we obtain a simple formalism that is remarkably successful at explaining existing BBH simulations. It also makes detailed predictions and suggests a more efficient way of mapping the parameter space of binary black hole merger. Since we rely on symmetry rather than dynamics, our expansion complements previous analytical techniques.Comment: 4 pages, 4 figures, matches Phys. Rev. Lett. versio