10,834 research outputs found
Was the credit channel a key monetary transmission mechanism following the recent financial crisis in the Republic of Korea?
The author investigates whether the credit channel is a key monetary transmission mechanism in the Republic of Korea, especially after its recent financial crisis. To identify the existence of a distinctive credit channel (especially the bank lending channel), he applies two empirical tests to both aggregate financial data and disaggregated bank balance sheet data. As a more definitive analysis of the role of the credit channel, he estimates a disequilibrium model of the bank loan market, specifying separate loan demand and supply equations to characterize the credit crunch and identify its intensity in the wake of the crisis. The author finds convincing evidence ofthe importance of the credit channel in the aftermath of the crisis. Bank lending plays a significant independent role in amplifying the real effects of the tightened monetary policy implemented in response to the crisis. There is strong evidence to suggest a substantial excess demand for bank loans following the crisis. This excess demand was caused by a sharp decline in loan supply largely attributable to pervasive and stringent bank capital regulation (a capital-induced bank credit crunch), rather than by weak demand for loans.Economic Theory&Research,Payment Systems&Infrastructure,International Terrorism&Counterterrorism,Financial Intermediation,Banks&Banking Reform,Banks&Banking Reform,Economic Stabilization,Financial Crisis Management&Restructuring,Economic Theory&Research,Financial Intermediation
Top-bottom mass hierarchy, puzzle and gauge coupling unification with split multiplets
A supersymmetric 5D SU(5) grand unification is considered. The SU(5) is
broken down to by the
assignment of the bulk field(s). The matter fields are located at the fixed
point(s). In the bulk, a Higgs multiplet (containing the bottom
doublet ) and the SU(5) gauge multiplet are located. At one fixed point,
(the top doublet) and the standard model matter multiplets are presented.
Because of the difference of the locations of and , one can obtain a
hierarchy between top and bottom Yukawa couplings. We also present a
possibility to understand the mass puzzle in this framework of the
split multiplet.Comment: LaTeX file of 17 pages including 3 eps figures. A note is added and
typo errors corrected. To appear in Euro. Phys. J.
Blandford-Znajek process as a gamma ray burst central engine
We investigate the possibility that gamma-ray bursts are powered by a central
engine consisting of a black hole with an external magnetic field supported by
a surrounding disk or torus. The rotational energy of the black hole can be
extracted electromagnetically as a Poynting flux, a mechanism proposed by
Blandford and Znajek(1977). Recently observed magnetars indicate that some
compact objects have very high magnetic fields, up to G, which is
required to extract the energy within the duration of a GRB, i.e., in 1000 s or
less. We demonstrate also that the Poynting flux need not be substantially
dominated by the disk.Comment: 7 pages, no figure, paspconf.sty, to appear in Proceedings " Gamma
Ray Bursts: The First Three Minutes", Gr\"aft{\aa}vallen, Sweden, Feb. 6 -
11, 199
Influences of an impurity on the transport properties of one-dimensional antisymmetric spin filter
The influences of an impurity on the spin and the charge transport of
one-dimensional antisymmetric spin filter are investigated using bosonization
and Keldysh formulation and the results are highlighted against those of
spinful Luttinger liquids. Due to the dependence of the electron spin
orientation on wave number the spin transport is not affected by the impurity,
while the charge transport is essentially identical with that of spinless
one-dimensional Luttinger liquid.Comment: 7 pages, 2 figures. To appear in Physical Review
Narrative Health Communication and Behavior Change: The Influence of Exemplars in the News on Intention to Quit Smoking.
This study investigated psychological mechanisms underlying the effect of narrative health communication on behavioral intention. Specifically, the study examined how exemplification in news about successful smoking cessation affects recipients\u27 narrative engagement, thereby changing their intention to quit smoking. Nationally representative samples of U.S. adult smokers participated in 2 experiments. The results from the 2 experiments consistently showed that smokers reading a news article with an exemplar experienced greater narrative engagement compared to those reading an article without an exemplar. Those who reported more engagement were in turn more likely to report greater smoking cessation intentions
Emergent Geometry and Quantum Gravity
We explain how quantum gravity can be defined by quantizing spacetime itself.
A pinpoint is that the gravitational constant G = L_P^2 whose physical
dimension is of (length)^2 in natural unit introduces a symplectic structure of
spacetime which causes a noncommutative spacetime at the Planck scale L_P. The
symplectic structure of spacetime M leads to an isomorphism between symplectic
geometry (M, \omega) and Riemannian geometry (M, g) where the deformations of
symplectic structure \omega in terms of electromagnetic fields F=dA are
transformed into those of Riemannian metric g. This approach for quantum
gravity allows a background independent formulation where spacetime as well as
matter fields is equally emergent from a universal vacuum of quantum gravity
which is thus dubbed as the quantum equivalence principle.Comment: Invited Review for Mod. Phys. Lett. A, 17 page
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