Bank Behavior with Access to Credit Risk Transfer Markets

One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of banks, using a sample of banks that have not accessed these markets as a control group. We find that banks that adopt advanced credit risk management techniques (proxied by the issuance of at least one collateralized loan obligation) experience a permanent increase in their target loan levels of around 50%. Partial adjustment to this target, however, means that the impact on actual loan levels is spread over several years.Our findings confirm the general efficiency enhancing implications of new risk management techniques in a world with frictions suggested in the theoretical literature.credit risk transfer;risk management;bank lending

A microscopic model for Josephson currents

A microscopic model of a Josephson junction between two superconducting plates is proposed and analysed. For this model, the nonequilibrium steady state of the total system is explicitly constructed and its properties are analysed. In particular, the Josephson current is rigorously computed as a function of the phase difference of the two plates and the typical properties of the Josephson current are recovered

Rochechouart 2017-Drilling Campaign: First Results

No abstract available

Bank Behavior with Access to Credit Risk Transfer Markets

One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of banks, using a sample of banks that have not accessed these markets as a control group. We find that banks that adopt advanced credit risk management techniques (proxied by the issuance of at least one collateralized loan obligation) experience a permanent increase in their target loan levels of around 50%. Partial adjustment to this target, however, means that the impact on actual loan levels is spread over several years.Our findings confirm the general efficiency enhancing implications of new risk management techniques in a world with frictions suggested in the theoretical literature.

The Dutch Disease in Reverse: Iceland's Natural Experiment

For a long time, abundant natural resources brought Iceland a high and volatile real exchange rate with adverse effects on manufacturing and services. During 2003-2008, another national treasure, the sovereign’s AAA rating, was used by privatized banks to attract foreign capital, elevating the real exchange rate even further. The financial collapse and the associated collapse of the currency in 2008 left the country with a large foreign debt which offset some of the effect of the natural resources on the real exchange rate. In effect, this was the Dutch disease in reverse as witnessed, in particular, by a massive increase in the number of tourists following the financial collapse. This paper discusses the behavior of the exchange rate of the Icelandic króna before and after 2008 as well as its relationship to natural resources, capital flows, output, exports and imports, including tourism

Reconstructing prehistoric lifeways using multi-Isotope analyses of human enamel, dentine, and bone from Legaire Sur, Spain

Megalithism has been repetitively tied to specialised herding economies in Iberia, particularly in the mountainous areas of the Basque Country. Legaire Sur, in the uplands of Álava region, is a recently excavated passage tomb (megalithic monument) that held a minimum number of 25 individuals. This study analysed the carbon, nitrogen, oxygen, and strontium isotope ratios of 18 individuals, in a multi-tissue sampling study (successional tooth enamel sampling, incremental dentine sampling, and bulk bone collagen sampling). The results provide a high-resolution reconstruction of individual mobility, weaning, and dietary lifeways of those inhumed at the site. Oxygen and strontium isotope analysis suggest all individuals come from a similar, likely local, geological region, aside from one biological female who presents a notably different geographical birthplace, weaning, and dietary life history than the rest of the burial population. Comparisons to other nearby megalithic sites (∼35km as the crow flies), located in a valley area, reveal that, whilst sharing the same mortuary practices, these individuals held notably different lifeways. They highlight notably earlier ages of cessation of nursing (≤2 years at Legaire Sur vs. ≥4 years in other megalithic tombs), and a greater dependence on pastoralism than previously observed in lowland megalithic graves. The results from Legaire Sur reveal the complexity of the Late Neolithic-Chalcolithic transition in north-central Iberia, categorising yet another separate socio-economic group with distinctive lifeways inhabiting the region

GoldenBraid: An Iterative Cloning System for Standardized Assembly of Reusable Genetic Modules

Synthetic Biology requires efficient and versatile DNA assembly systems to facilitate the building of new genetic modules/pathways from basic DNA parts in a standardized way. Here we present GoldenBraid (GB), a standardized assembly system based on type IIS restriction enzymes that allows the indefinite growth of reusable gene modules made of standardized DNA pieces. The GB system consists of a set of four destination plasmids (pDGBs) designed to incorporate multipartite assemblies made of standard DNA parts and to combine them binarily to build increasingly complex multigene constructs. The relative position of type IIS restriction sites inside pDGB vectors introduces a double loop (“braid”) topology in the cloning strategy that allows the indefinite growth of composite parts through the succession of iterative assembling steps, while the overall simplicity of the system is maintained. We propose the use of GoldenBraid as an assembly standard for Plant Synthetic Biology. For this purpose we have GB-adapted a set of binary plasmids for A. tumefaciens-mediated plant transformation. Fast GB-engineering of several multigene T-DNAs, including two alternative modules made of five reusable devices each, and comprising a total of 19 basic parts are also described