Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign reserves grew very rapidly during this period, and hence it is often argued that we live in the era of a New Merchantilism in which large stocks of reserves are a war-chest for defense against Sudden Stops. We conduct a quantitative assessment of this argument using a stochastic intertemporal equilibrium framework with incomplete asset markets in which precautionary saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk. In this framework, Sudden Stops are an equilibrium outcome produced by an endogenous credit constraint that triggers Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible explanations of the observed surge in reserves but business cycle volatility is not. In fact, business cycle volatility has declined in the post-globalization period. These results hold whether we use the formulation of intertemporal preferences of the Bewley-Aiyagari-Hugget class of precautionary savings models or the Uzawa-Epstein setup with endogenous time preference.

Microscopic mass estimations

The quest to build a mass formula which have in it the most relevant microscopic contributions is analyzed. Inspired in the successful Duflo-Zuker mass description, the challenges to describe the shell closures in a more transparent but equally powerful formalism are discussed.Comment: 14 pages, 6 figures, submitted to Journal of Physics G, Focus issue on Open Problems in Nuclear Structure Theor

CO observations and investigation of triggered star formation towards N10 infrared bubble and surroundings

We studied the environment of the dust bubble N10 in molecular emission. Infrared bubbles, first detected by the GLIMPSE survey at 8.0 $\mu$m, are ideal regions to investigate the effect of the expansion of the HII region on its surroundings eventual triggered star formation at its borders. In this work, we present a multi-wavelength study of N10. This bubble is especially interesting as infrared studies of the young stellar content suggest a scenario of ongoing star formation, possibly triggered, on the edge of the HII region. We carried out observations of $^{12}$CO(1-0) and $^{13}$CO(1-0) emission at PMO 13.7-m towards N10. We also analyzed the IR and sub-mm emission on this region and compare those different tracers to obtain a detailed view of the interaction between the expanding HII region and the molecular gas. We also estimated the parameters of the denser cold dust condensation and of the ionized gas inside the shell. Bright CO emission was detected and two molecular clumps were identified, from which we have derived physical parameters. We also estimate the parameters for the densest cold dust condensation and for the ionized gas inside the shell. The comparison between the dynamical age of this region and the fragmentation time scale favors the "Radiation-Driven Implosion" mechanism of star formation. N10 reveals to be specially interesting case with gas structures in a narrow frontier between HII region and surrounding molecular material, and with a range of ages of YSOs situated in region indicating triggered star formation.Comment: Version 2 - Submmited to ApJ (under review

Beyond mean-field bistability in driven-dissipative lattices: bunching-antibunching transition and quantum simulation

In the present work we investigate the existence of multiple nonequilibrium steady states in a coherently driven XY lattice of dissipative two-level systems. A commonly used mean-field ansatz, in which spatial correlations are neglected, predicts a bistable behavior with a sharp shift between low- and high-density states. In contrast one-dimensional matrix product methods reveal these effects to be artifacts of the mean-field approach, with both disappearing once correlations are taken fully into account. Instead, a bunching-antibunching transition emerges. This indicates that alternative approaches should be considered for higher spatial dimensions, where classical simulations are currently infeasible. Thus we propose a circuit QED quantum simulator implementable with current technology to enable an experimental investigation of the model considered

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed exchange rates. Micro data show a strong association between credit booms and firm-level measures of leverage, firm values, and external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show three major differences: (1) credit booms and the macro and micro fluctuations associated with them are larger in emerging economies, particularly in the nontradables sector; (2) not all credit booms end in financial crises, but most emerging markets crises were associated with credit booms; and (3) credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains.

Search for the Higgs Boson H20H_2^0 at LHC in 3-3-1 Model

We present an analysis of production and signature of neutral Higgs boson ($H_{2}^{0}$) on the version of the 3-3-1 model containing heavy leptons at the Large Hadron Collider. We studied the possibility to identify it using the respective branching ratios. Cross section are given for the collider energy, $\sqrt{s} =$ 14 TeV. Event rates and significances are discussed for two possible values of integrated luminosity, 300 fb$^{-1}$ and 3000 fb$^{-1}$.Comment: 17 pages 7 figures. arXiv admin note: substantial text overlap with arXiv:1205.404

Soil and water pollution in a banana production region in tropical Mexico

The effects of abundant Mancozeb (Mn, Zn— bisdithiocarbamate) applications (2.5 kg ha-1week-1 for 10 years) on soil and surface-, subsurface- and groundwater pollution were monitored in a banana production region of tropical Mexico. In soils, severe manganese accumulation was observed, wheras the main metabolite ethylenethiourea was near the detection limit. Surface and subsurface water was highly polluted with ethylenethiourea, the main metabolite of Mancozeb (22.5 and 4.3 lg L-1, respectively), but not with manganese. In deep ground water, no ethylenethiourea was detected. The level of pollution in the region presents a worrisome risk for aquatic life and for human health