Fighting poverty and child malnutrition: on the design of foreign aid policies

In this paper, we develop a two period overlapping generation model on the effects of child nutrition in developing countries.The model gives rise to multiple equilibria including a poverty trap. We show that child nutrition status affects unfavorably the evolution of human capital and leads countries into poverty. We consider different exogenous foreign aid policies implemented by international organizations such as the World Food Program (WFP). We find that school feeding programs solve social problems like child labor.However, they do not necessarily lead countries to achieve economic development. On the contrary they can lead to poverty if the initial human capital is low. We show that if subsidies are high enough they can prevent a country from going into poverty. Also, we argue that if the WFP provides fixed amount of food to households, then a quality-quantity trade off takes place. Parents decrease the nutrition of their offsprings and increase their number of children.Consequently, total nutrition decreases and the developing country is trickles down and gets locked into poverty trap for any given level of human capitalChild Nutrition; Foreign Aids; poverty traps; human capital;school meals

Globalized market for talents and inequality : what can be learnt from European football?

Complex interactions between high-skilled migration and aggregate performance govern the dynamics of growth and inequality across nations. Due to lack of data, these interdependencies have not been extensively studied in the economics literature. This paper takes advantage of the availability of rich panel data on the mobility of talented football players, and the performances of national leagues and teams to quantify the effect of a globalization" shock, the 1995 Bosman rule, on global efficiency and cross-country inequality in football. I built a micro-founded model endogenizing migration decisions, inequality and training; I estimated its structural parameters; and I used numerical simulations to compare actual data with a counterfactual no-Bosman trajectory. My analysis reveals that the Bosman shock (i) increased global efficiency in football, (ii) increased inequality across leagues, and (iii) decreased inequality across national teams. I quantify the effect of the Bosman rule on the football hierarchy of UEFA and FIFA. Countries from Africa, South except Argentina and Brazil) and Central America have produced more talents and benefitted from brain-gain type effects. My results also show that this brain-gain mechanism is the major source of efficiency gains. However, it plays only a minor role in explaining the rising inequality

Fighting poverty and child malnutrition: on the design of foreign aid policies

In this paper, we have developed a two-period overlapping-generation model featuring the effects of child nutrition in developing countries. The model gives rise to multiple equilibria including a poverty trap. It shows that child nutrition status may affect the development of human capital unfavorably and leads countries into poverty. Various exogenous foreign aid policies implemented by international organizations such as the World Food Programme (WFP) are considered. School feeding programs can solve social problems like child labor. However, they do not necessarily help countries to achieve economic development. On the contrary they can lead to poverty if the initial human capital is low. Only if the subsidies are large, can they prevent a country being trapped in poverty. If the WFP provides a fixed amount of food to households, then a quality/quantity trade-off takes place: Parents decrease the nutrition of their offspring and increase the number of children they have. Consequently, total nutrition decreases and the developing country gets locked into poverty whatever its level of human capital. At the end of the paper, we estimate the changes in human capital from a sample of 66 developing countries (almost half of which are African countries), and use the estimates to explore the quantitative effects of the model. The model is then calibrated under different production functions. The results confirm the theoretical predictions.Child Nutrition; Foreign Aids; poverty traps; human capital; school meals

Liquidity, volume and dividend yields in stock return data: Evidence from London Stock Exchange

This paper investigates monthly liquidity in FTSE 100 equity index in London Stock Exchange over the period 1986 to 2005. The relationship between excess returns, order flow, dividend yields and earning-price ratio was examined using GARCH(1,1). The variables found insignificant, but the unexpected shocks were significant. This research also examined financial crises in October 1987 and in August 1998 as dummy variables in excess returns. These dummies found to have great impact in excess returns and seemed to be very significant. The results of our analysis appear to be in contrast with the existing literature.GJR-GARCH models, liquidity, volume, dividend yields, earnings, excess returns

(0,2) SCFTs from the Leigh-Strassler Fixed Point

We show that there is a family of two-dimensional $(0,2)$ SCFTs associated with twisted compactifications of the four-dimensional $\mathcal{N}=1$ Leigh-Strassler fixed point on a closed hyperbolic Riemann surface. We calculate the central charges for this class of theories using anomalies and $c$-extremization. In a suitable truncation of the five-dimensional maximal supergravity, we construct supersymmetric $AdS_3$ solutions that are holographic duals of those two-dimensional $(0,2)$ SCFTs. We also exhibit supersymmetric domain wall solutions that are holographically dual to the RG flows between the four-dimensional and two-dimensional theories.Comment: 40 pages, 6 figure

Does talent migration increase inequality? A quantitative assessment in football labour market

I analyze the links between talent migration and cross-country inequality by exploiting the 1995 elimination of mobility restrictions on the European football labor market. I develop a simple model and employ an empirical dataset to estimate its parameters. Through simulation analysis, I compare actual data with a counterfactual no-mobility restriction trajectory, and conclude that the elimination of mobility barriers increases not only cross-country inequality by 25%, but also global output in the football economy by stimulating the production of new talent in Africa, Latin and Central America

Almost BPS but still not renormalized

A key feature of BPS multi-center solutions is that the equations controlling the positions of these centers are not renormalized as one goes from weak to strong coupling. In particular, this means that brane probes can capture the same information as the fully back-reacted supergravity solution. We investigate this non-renormalization property for non-supersymmetric, extremal "almost-BPS" solutions at intermediate coupling when one of the centers is considered as a probe in the background created by the other centers. We find that despite the lack of supersymmetry, the probe action reproduces exactly the equations underlying the fully back-reacted solution, which indicates that these equations also do not receive quantum corrections. In the course of our investigation we uncover the relation between the charge parameters of almost-BPS supergravity solutions and their quantized charges, which solves an old puzzle about the quantization of the charges of almost-BPS solutions.Comment: 29 pages, 1 figur