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    Boninite and Harzburgite from Leg 125 (Bonin-Mariana Forearc): A Case Study of Magma Genesis during the Initial Stages of Subduction

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    Holes drilled into the volcanic and ultrabasic basement of the Izu-Ogasawara and Mariana forearc terranes during Leg 125 provide data on some of the earliest lithosphere created after the start of Eocene subduction in the Western Pacific. The volcanic basement contains three boninite series and one tholeiite series. (1) Eocene low-Ca boninite and low-Ca bronzite andesite pillow lavas and dikes dominate the lowermost part of the deep crustal section through the outer-arc high at Site 786. (2) Eocene intermediate-Ca boninite and its fractionation products (bronzite andesite, andesite, dacite, and rhyolite) make up the main part of the boninitic edifice at Site 786. (3) Early Oligocene intermediate-Ca to high-Ca boninite sills or dikes intrude the edifice and perhaps feed an uppermost breccia unit at Site 786. (4) Eocene or Early Oligocene tholeiitic andesite, dacite, and rhyolite form the uppermost part of the outer-arc high at Site 782. All four groups can be explained by remelting above a subduction zone of oceanic mantle lithosphere that has been depleted by its previous episode of partial melting at an ocean ridge. We estimate that the average boninite source had lost 10-15 wt% of melt at the ridge before undergoing further melting (5-10%) shortly after subduction started. The composition of the harzburgite (<2% clinopyroxene, Fo content of about 92%) indicates that it underwent a total of about 25% melting with respect to a fertile MORB mantle. The low concentration of Nb in the boninite indicates that the oceanic lithosphere prior to subduction was not enriched by any asthenospheric (OIB) component. The subduction component is characterized by (1) high Zr and Hf contents relative to Sm, Ti, Y, and middle-heavy REE, (2) light REE-enrichment, (3) low contents of Nb and Ta relative to Th, Rb, or La, (4) high contents of Na and Al, and (5) Pb isotopes on the Northern Hemisphere Reference Line. This component is unlike any subduction component from active arc volcanoes in the Izu-Mariana region or elsewhere. Modeling suggests that these characteristics fit a trondhjemitic melt from slab fusion in amphibolite facies. The resulting metasomatized mantle may have contained about 0.15 wt% water. The overall melting regime is constrained by experimental data to shallow depths and high temperatures (1250°C and 1.5 kb for an average boninite) of boninite segregation. We thus envisage that boninites were generated by decompression melting of a diapir of metasomatized residual MORB mantle leaving the harzburgites as the uppermost, most depleted residue from this second stage of melting. Thermal constraints require that both subducted lithosphere and overlying oceanic lithosphere of the mantle wedge be very young at the time of boninite genesis. This conclusion is consistent with models in which an active transform fault offsetting two ridge axes is placed under compression or transpression following the Eocene plate reorganization in the Pacific. Comparison between Leg 125 boninites and boninites and related rocks elsewhere in the Western Pacific highlights large regional differences in petrogenesis in terms of mantle mineralogy, degree of partial melting, composition of subduction components, and the nature of pre-subduction lithosphere. It is likely that, on a regional scale, the initiation of subduction involved subducted crust and lithospheric mantle wedge of a range of ages and compositions, as might be expected in this type of tectonic setting

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    Review of ownership structures and banking efficiency: Implication to ASEAN-5

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    Ownership structure is known as the distribution of equity with relation to votes, capital and the identity of equity owners (Holderness et al., 1999). Ownership structure served as an important element in corporate governance by influencing the type of incentives managers receives from the firm. This paper reviews recent studies on the effect of ownership structure on banking efficiency in the developing countries with the focus on ASEAN countries. Review of previous studies clearly indicates that types of ownerships did exert some influences towards the performance of the banks in terms of efficiency. Even though publicly-owned banks operated in an economically inefficiency environment, it is undeniable that the existence of publicly-owned banks are needed especially in economically less stable countries. This is because the government-owned banks or the state-owned banks can act as a catalyst to ensure the development of certain priority sectors that are believed to contribute to the long run economic growth of the countries. Besides that, the existence of state-owned banks and government-ownership is crucial for the countries to have a balance social and economic objective. In addition, countries need to encourage the entry for foreign participants into the banking sectors to improve the quality and availability of the financial services towards the domestic financial market (Levine, 1996). The entry will encourage domestic banks to compete more efficiently in terms of costs and profits in order to survive in this environment. The spillover effects in terms of technology brought by the foreign participant will enable the creation of a more modern banking environment in the host countries. Not only that, with a balance combination of state-, privately-, and foreign-owned banks, it is believed that the banking industry in the developing countries will be able to survive in the competitive environment while helping the government effectively implement the macroeconomics policies in the long run

    Privatization Matters: Bank Efficiency in Transition Countries

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    To investigate the impact of bank privatization in transition countries, we take the largest banks in six relatively advanced countries, namely, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. Income and balance sheet characteristics are compared across four bank ownership types. Efficiency measures are computed from stochastic frontiers and used in ownership and privatization regressions having dummy variables for bank type. Our empirical results support the hypotheses that foreign-owned banks are most efficient and governmentowned banks are least efficient. In addition, the importance of attracting a strategic foreign owner in the privatization process is confirmed. However, counter to the conjecture that foreign banks cream skim, we find that domestic banks have a local advantage in pursuing fee-forservice business. Finally, we show that both the method and the timing of privatization matter to efficiency; specifically, voucher privatization does not lead to increased efficiency and earlyprivatized banks are more efficient than later-privatized banks even though we find no evidence of a selection effect.http://deepblue.lib.umich.edu/bitstream/2027.42/40065/3/wp679.pd

    Sea-floor tectonics and submarine hydrothermal systems

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    The discovery of metal-depositing hot springs on the sea floor, and especially their link to chemosynthetic life, was among the most compelling and significant scientific advances of the twentieth century. More than 300 sites of hydrothermal activity and sea-floor mineralization are known on the ocean floor. About 100 of these are sites of high-temperature venting and polymetallic sulfide deposits. They occur at mid-ocean ridges (65%), in back-arc basins (22%), and on submarine volcanic arcs (12%). Although high-temperature, 350°C, black smoker vents are the most recognizable features of sea-floor hydrothermal activity, a wide range of different styles of mineralization has been found. Different volcanic substrates, including mid-ocean ridge basalt, ultramafic intrusive rocks, and more evolved volcanic suites in both oceanic and continental crust, as well as temperature-dependent solubility controls, account for the main geochemical associations found in the deposits. Although end-member hydrothermal fluids mainly originate in the deep volcanic basement, the presence of sediments and other substrates can have a large effect on the compositions of the vent fluids. In arc and backarc settings, vent fluid compositions are broadly similar to those at mid-ocean ridges, but the arc magmas also supply a number of components to the hydrothermal fluids. The majority of known black smoker vents occur on fast-spreading mid-ocean ridges, but the largest massive sulfide deposits are located at intermediate- and slow-spreading centers, at ridge-axis volcanoes, in deep backarc basins, and in sedimented rifts adjacent to continental margins. The range of deposit sizes in these settings is similar to that of ancient volcanic-associated massive sulfide (VMS) deposits. Detailed mapping, and in some cases drilling, indicates that a number of deposits contain 1 to 5 million tons (Mt) of massive sulfide (e.g., TAG hydrothermal field on the Mid-Atlantic Ridge, deposits of the Galapagos Rift, and at 13°N on the East Pacific Rise). Two sediment-hosted deposits, at Middle Valley on the Juan de Fuca Ridge and in the Atlantis II Deep of the Red Sea, are much larger (up to 15 and 90 Mt, respectively). In the western Pacific, high-temperature hydrothermal systems occur mainly at intraoceanic back-arc spreading centers (e.g., Lau basin, North Fiji basin, Mariana trough) and in arc-related rifts at continental margins (e.g., Okinawa trough). In contrast to the mid-ocean ridges, convergent margin settings are characterized by a range of different crustal thicknesses and compositions, variable heat flow regimes, and diverse magma types. These variations result in major differences in the compositions and isotopic systematics of the hydrothermal fluids and the mineralogy and bulk compositions of the associated mineral deposits. Intraoceanic back-arc basin spreading centers host black smoker vents that, for the most part, are very similar to those on the mid-ocean ridges. However, isotopic data from both the volcanic rocks and the sulfide deposits highlight the importance of subduction recycling in the origin of the magmas and hydrothermal fluids. Back-arc rifts in continental margin settings are typically sediment-filled basins, which derive their sediment load from the adjacent continental shelf. This has an insulating effect that enhances the high heat flow associated with rifting of the continental crust and also helps to preserve the contained sulfide deposits. Large hydrothermal systems have developed where initial rifting of continental crust or locally thickened arc crust has formed large calderalike sea-floor depressions, similar to those that contained major VMS-forming systems in the geologic record. Hydrothermal vents also occur in the summit calderas of submarine volcanoes at the volcanic fronts of arcs. However, this contrasts with the interpreted settings of most ancient VMS deposits, which are considered to have formed mainly during arc rifting. Hydrothermal vents associated with arc volcanoes show clear evidence of the direct input of magmatic volatiles, similar to magmatic-hydrothermal systems in subaerial volcanic arcs. Several compelling examples of submarine epithermal-style mineralization, including gold-base metal veins, have been found on submarine arc volcanoes,and this type of mineralization may be more common than is presently recognized. Mapping and sampling of the sea floor has dramatically improved geodynamic models of different submarine volcanic and tectonic settings and has helped to establish a framework for the characterization of many similar ancient terranes. Deposits forming at convergent margins are considered to be the closest analogs of ancient VMS. However, black smokers on the mid-ocean ridges continue to provide critically important information about metal transport and deposition in sea-floor hydrothermal systems of all types. Ongoing sea-floor exploration in other settings is providing clues to the diversity of mineral deposit types that occur in different environments and the conditions that are favorable for their formation
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