Placing the Czech shadow banking sector under the light

The size of the shadow banking sector (SBS) has more than doubled in the Czech Republic over the last decade. This places a potential burden on policy makers. On the one hand, the SBS complements regular banking by expanding access to credit and investments, enabling better risk sharing and maturity transformation, and supporting market liquidity. On the other hand, SBS activities can put the stability of the financial system at risk and amplify its procyclicality by exacerbating the buildup of leverage and asset price bubbles. We implement a FAVAR model of the Czech economy to determine the impact of macroeconomic factors on the SBS. We find that the SBS: (i) is sensitive to changes in market interest rates and term spread; (ii) exhibits great procyclicality; (iii) can act as a complement to regular banking and satisfy some additional demand for credit. We also define some potential risks of continued growth of the SBS, linked to our empirical evidence.Web of Science29128

Four-states phase diagram of proteins

A four states phase diagram for protein folding as a function of temperature and solvent quality is derived from an improved 2-d lattice model taking into account the temperature dependence of the hydrophobic effect. The phase diagram exhibits native, globule and two coil-type regions. In agreement with experiment, the model reproduces the phase transitions indicative of both warm and cold denaturations. Finally, it predicts transitions between the two coil states and a critical point.Comment: 7 pages, 5 figures. Accepted for publication in Europhysics Letter

Hamiltonian model for multidimensional epistasis

We propose and solve a Hamiltonian model for multidimensional epistastatic interactions between beneficial mutations. The model is able to give rise either to a phase transition between two equilibrium states, without any coexistence, or exhibits a state where hybrid species can coexist, with gradual passage from one wild type to another. The transition takes place as a function of the "tolerance" of the environment, which we define as the amount of noise in the system.Comment: 3 pages, 2 figures (in seperate files) spelling corrected and a reference adde

Mezőgazdasági gépek fogaskerék-hajtóműveinek az optimálása

1. Meghatároztuk a szerszámgép-beállításnak és a fogakat megmunkáló szerszám geometriájának megfelelő fogfelületek valós geometriáját és az így kialakított fogak egymással történő kapcsolódásának a jellemzőit. 2. Új módszert dolgoztunk ki a pillanatnyilag kapcsolódó fogpárok közötti és a fogak menti terheléseloszlás számítására. Az új módszer alapgondolata, hogy terhelés alatt az elméleti pontérintkezés egy meghatározott vonal teljes hosszában, vagy részhosszában húzódó, kis szélességű, felületi érintkezésbe megy át. A módszer figyelembe veszi a fogak hajlításból és nyírásból eredő deformációját, a fogak lokális Hertz-féle összenyomódását, a tengelyek alakváltozását, a kapcsolódó fogaskerekek beállítási hibáit, valamint a csapágyakban fellépő hézagokat. A fogak deformációjának és a bennük fellépő feszültségek számítására egy külön végeselem módszert dolgoztunk ki. 3. Kidolgoztunk egy új módszert a hipoid fogaskerékpár és az íveltfogú kúpkerekpár termo-elasztohidrodinamikus kenésvizsgálatára4. Megalkottuk a megfelelő számítógépes programokat. 5. Eredmények: A szerszámprofil körívsugarainak, illetve a szerszám átmérőjének optimálásával a maximális fogfelületi nyomás 16.22 %-kal, a hajtott kerék szögelfordulási hibája pedig 178.72 %-kal csökkent, a gépbeállítási paraméterek helyes megválasztásával még további 5.8 %-kos, illetve 65.4 %-kos csökkenés érhető el. | 1. The tooth geometry due to cutter geometry and machine tool settings for pinion and gear teeth processing was defined. 2. A new method for load distribution calculation was developed: It was assumed that the theoretical point contact of the mismatched (modified) spiral bevel and hypoid gears under load spreads over a surface along the whole or part of the ?potential? contact line made up of the points of the mating teeth surfaces in which the separations of these surfaces along the tooth face width are minimal. The bending and shearing deflections of gear teeth, the local contact deformation of mating surfaces, gear body bending and torsion, the deflection of supporting shafts, and the manufacturing and alignment errors were included. A new finite element method for the calculation of tooth deflections and stresses was developed. 3. A new method for the thermal elastohydrodynamic analysis of lubrication in spiral bevel and hypoid gears was developed. 4. The corresponding computer programs were developed. 5. The obtained results: By applying the optimal geometry and diameter of the cutter for pinion processing the maximum tooth contact pressure was reduced by 16.22% and the angular position error of the driven gear by 178.72%. The optimization of the machine tool settings in pinion teeth processing yields to further reductions of 5.8% and 65.4%, respectively

Researching the aptitude of young volleyball players (children and adolescents)

In order to establish a child’s calculated performance in a selected branch of sport we need to clarify if he or she has the external and internal conditions with which he or she can be competitive. In our research the target age group of boys and girls are teenagers (13-16 year-olds) (N= 124). This research has a wide range of aspects; it covers anthropometrical measurements, general motor testing, parental and players’ questionnaires. Our aim is to determine the player’s aptitude for high performance. Based on the listed literature the right person is whose height at women is 175-195cm, at men is 185-210cm; moreover his or her motor skill standards are far better than the peers or the individual has favorable parental, environmental or any other kind of condition

A protein model exhibiting three folding transitions

We explain the physical basis of a model for small globular proteins with water interactions. The water is supposed to access the protein interior in an "all-or-none" manner during the unfolding of the protein chain. As a consequence of this mechanism (somewhat speculative), the model exhibits fundamental aspects of protein thermodynamics, as cold, and warm unfolding of the polypeptide chain, and hence decreasing the temperature below the cold unfolding the protein folds again, accordingly the heat capacity has three characteristic peaks. The cold and warm unfolding has a sharpness close to a two-state system, while the cold folding is a transition where the intermediate states in the folding is energetical close to the folded/unfolded states, yielding a less sharp transition. The entropy of the protein chain causes both the cold folding and the warm unfolding.Comment: 13 pages LaTeX, 4 Postscript figure

Modeling predictors of latent classes in regression mixture models

The purpose of this study is to provide guidance on a process for including latent class predictors in regression mixture models. We first examine the performance of current practice for using the 1-step and 3-step approaches where the direct covariate effect on the outcome is omitted. None of the approaches show adequate estimates of model parameters. Given that Step 1 of the 3-step approach shows adequate results in class enumeration, we suggest using an alternative approach: (a) decide the number of latent classes without predictors of latent classes, and (b) bring the latent class predictors into the model with the inclusion of hypothesized direct covariate effects. Our simulations show that this approach leads to good estimates for all model parameters. The proposed approach is demonstrated by using empirical data to examine the differential effects of family resources on students’ academic achievement outcome. Implications of the study are discussed

Shadow banking in the Euro area: an overview

Shadow banking, as one of the main sources of financial stability concerns, is the subject of much international debate. In broad terms, shadow banking refers to activities related to credit intermediation and liquidity and maturity transformation that take place outside the regulated banking system. This paper presents a first investigation of the size and the structure of shadow banking within the euro area, using the statistical data sources available to the ECB/Eurosystem. Although overall shadow banking activity in the euro area is smaller than in the United States, it is significant, at least in some euro area countries. This is also broadly true for some of the components of shadow banking, particularly securitisation activity, money market funds and the repo markets. This paper also addresses the interconnection between the regulated and the non-bank-regulated segments of the financial sector. Over the recent past, this interconnection has increased, likely resulting in a higher risk of contagion across sectors and countries. Euro area banks now rely more on funding from the financial sector than in the past, in particular from other financial intermediaries (OFIs), which cover shadow banking entities, including securitisation vehicles. This source of funding is mainly shortterm and therefore more susceptible to runs and to the drying-up of liquidity. This finding confirms that macro-prudential authorities and supervisors should carefully monitor the growing interlinkages between the regulated banking sector and the shadow banking system. However, an in-depth assessment of the activities of shadow banking and of the interconnection with the regulated banking system would require further improvements in the availability of data and other sources of information

National priorities for dementia care : perspectives of individuals living with dementia and their care partners

The current article reports the consensus recommendations from individuals living with dementia and their care partners on priorities for public policy and research funding, which were found using a nationwide, Delphi study. A modified snowball sample was used. Listservs, personal contacts, and advocacy groups were asked to distribute the survey. Paper versions were provided upon request. In Rounds 1 and 2 of the study, 388 and 301 responses, respectively, were received. Borda counts produced a ranked order consensus of priorities. Research ranked third, after the need for caregiver support and resources for the provision of long-term care. Education and training in person-centered practices for all care partners was also a high priority. Responses indicated that research funding should be expanded beyond its current emphasis on cure. Policymakers should reconsider the current priorities of the National Alzheimer's Project Act to better address the long-term needs of individuals living with dementia and their care partners