Credit Supply versus Demand: Bank and Firm Balance-Sheet Channels in Good and Crisis Times

Abstract: Banking crises involve periods of persistently low credit and economic growth. Banks’ balance sheets are then weak but so are those of non-financial corporate borrowers. Hence, a crucial question is whether credit growth is low due to supply or to demand factors. However convincing identification has been elusive due to a lack of detailed loan application-, bank-, and firm-level data. Access to a dataset of loan applications in Spain that is matched with complete bank and firm balance-sheet data covering the period from 2002 to 2010 allows us to identify bank and firm balancesheet channels. We find robust evidence showing that bank balance-sheet strength determines the success of loan applications and the granting of loans in crisis times. The heterogeneity in firm balance-sheet strength determines loan granting in both good and crisis times, although the potency of this firm balance-sheet channel is the largest in the latter period. Our findings therefore hold important implications for both theory and policy.bank lending channel;credit supply;business cycle;credit crunch;capital;liquidity

Credit Supply versus Demand:Bank and Firm Balance-Sheet Channels in Good and Crisis Times

Abstract: Banking crises involve periods of persistently low credit and economic growth. Banks’ balance sheets are then weak but so are those of non-financial corporate borrowers. Hence, a crucial question is whether credit growth is low due to supply or to demand factors. However convincing identification has been elusive due to a lack of detailed loan application-, bank-, and firm-level data. Access to a dataset of loan applications in Spain that is matched with complete bank and firm balance-sheet data covering the period from 2002 to 2010 allows us to identify bank and firm balancesheet channels. We find robust evidence showing that bank balance-sheet strength determines the success of loan applications and the granting of loans in crisis times. The heterogeneity in firm balance-sheet strength determines loan granting in both good and crisis times, although the potency of this firm balance-sheet channel is the largest in the latter period. Our findings therefore hold important implications for both theory and policy.

Influence of Toyocerin (Bacillus cereus var. toyoi) on the breeding performances of primiparous rabbit does

[EN] This study was carried out to evaluate the effects of Bacillus cereus var. toyoi (Toyocerin¿ 109) on performance of rabbit does during two reproductive cycles. A total of 102 does were assigned to three treatments: T0 (basal diet), T200 (basal diet + 0.2 g Toyocerin¿/kg feed) and T1000 (basal diet + 1 g Toyocerin¿/ kg feed). The experimental diets contained a coccidiostat and were given ad libitum. No antibiotics were administered with the feed or water along the trial. Artificial insemination (AI) of does was performed 11 days (d) after kindling and kits were weaned at 35 d of age. Does, kits and feed were weighted at the beginning, AI, kindling, 18 d after kindling and weaning. Toyocerin¿ increased feed intake of lactating does, mainly between 18 d after kindling and weaning (P<0.05). When T200 was compared with T0 treatment, feed intake increased 76 g/d in the first cycle and 34 g/d in the second one. These increases allowed higher kit growth from 18th day to weaning and live weight at weaning (P<0.05). The weight of T200 kits was 43 g (4.9%) and 54 g (5.6%) higher than those of T0 kits in the first and second cycles, respectively. In the second cycle, Toyocerin¿ reduced kit mortality during the first 18 days of life from 18.5% with T0 to 11.1% with T200 and 9.9% with T1000 (P<0.05). Feed efficiency was not affected by treatments. No effects of Toyocerin level were observed on any recorded traits. The results of this experiment suggest that Toyocerin¿ can have a positive effect on productivity of rabbit does kept under an intensive system.The authors thanks to António Silva and Clara Silva for technical assistants. This work was supported by a Project signed by Rubinum.Pinheiro, V.; Mourao, J.; Jimenez, G. (2007). Influence of Toyocerin (Bacillus cereus var. toyoi) on the breeding performances of primiparous rabbit does. World Rabbit Science. 15(4). https://doi.org/10.4995/wrs.2007.59015

Biodeterioration of Roman tombs: The role of pigmented actinobacteria

Etruscan and Roman necropolises are cemeteries with different types of burial practices, which are remarkable for their magnificent mural paintings. The conservation of these paintings is difficult, mainly derived from environmental factors and the opening of the tombs to public visits. One of the most complex phenomena observed on these sites is biodeterioration. The Circular Mausoleum tomb (Roman Necropolis of Carmona, Seville, Spain) is characterized by a heavy colonization of phototrophic microorganisms on the walls and ceiling. In addition, some areas near the ceiling exhibited an important number of violet stains of unknown origin. Previously, Agarossi (1994) found similar violet stains, attributed to streptomycetes, in two Etruscan tombs. However, no data on the species involved or the chemical structure of the pigments were reported. Here we show that the violet stains observed in the Circular Mausoleum are produced by a strain of the actinobacterium Streptomyces isolated from the mortar walls, and able to synthesize the same violet pigment in the laboratory. Streptomyces parvus MC05 was identified after whole genome study by means of Next Generation Sequencing methods. Pairwise comparisons carried out for genomes of the type strain of S. parvus DSM40348T and the MC05 strain were performed using Jspecies service. While results observed for ANIb, ANIm and Tetra indexes indicated that both strains belong to the same species, the S. parvus MC05 strain differs from the DSM20348T type strain in genome size and secondary metabolites production. AntiSMASH analysis implemented for both strains showed that the S. parvus MC05, isolated from the tomb, presents the capacity of synthesize bioactive compounds which were absents in the type strain. HPLC-MS of the culture extracts from S. parvus MC05 showed the production of three main granaticin derivatives (dihydrogranaticin A, granaticin A and granaticin B) in addition to minor products of other granaticin analogues. Granaticin pigments exhibited antibacterial activity, which justified the low number of clones of Gram positive bacteria found in the whole microbial community study. Gram negative bacteria were not affected (Dominguez-Moñino et al. 2017). To conclude, the origin of the violet stains in the walls of the Circular Mausoleum is the presence of S. parvus MC05, a member of the complex microbial community thriving on the tomb. In growing periods (rainy season) the bacterium excretes the soluble violet granaticins, compounds with a benzoisochromanequinone structure, which diffuses to the mortar and surrounding substrata in wetting periods

Actinobacteria isolated from subterranean and cultural heritage: implications for biotechnology

Due to their extraordinary properties, Actinobacteria can thrive in extreme environments, such as limestone caves, lava tubes and stone monuments. They grow forming microbial mats and speleothems on the walls and ceilings of caves, ranging from extensive coatings to small colonies (Riquelme et al. 2015). Their colour includes yellow, tan, orange, grey, pink and white. Recently, we have found abundant yellow and white-coloured bacterial mats coating the cave walls and secondary mineral deposits (speleothems) of lava tubes from La Palma Island, Canary Islands, Spain (Gonzalez-Pimentel et al. 2018) and Mount Etna in Catania (Sicily, Italy). Field Emission Scanning Electron Microscopy (FESEM) of the coloured microbial mats revealed abundant Actinobacteria-like cells, including a variety of filaments and spore structures with smooth surface ornamentation or profuse surface appendages. The DNA-/RNA-based analyses confirmed that these microbial mats are mainly composed of metabolically active Actinobacteria (Gonzalez-Pimentel et al. 2018). It is well known that Actinobacteria, mainly isolated from marine and soil ecosystems, are an important source of bioactive compounds, with Streptomyces ranking first with a huge number of bioactive secondary metabolites (Guo et al. 2015). These compounds, not only produced by Streptomyces but also by Bacillus, are very important to the industrial sector, such as pharmacology, biofuel and food industries, as well as to the conservation of stone cultural heritage, due to their antimicrobial properties (Silva et al. 2017). In the last decades, these sectors have intensified demands for exploring novel eco-friendly bioactive compounds, which stresses the need to investigate new groups of Actinobacteria from underexplored habitats. Yet, Actinobacteria from caves have not been the target of intensive screening for bioactive secondary metabolites. Hence, Actinobacterial-like microbial mats were collected and isolated from lava tubes in La Palma and Mount Etna to investigate their biotechnological potential. The screening of antimicrobial activity was based both on culture-dependent techniques using the agar diffusion assay and on metagenomics. Our study has showed that the strain Streptomyces sp. MZ0467C isolated from La Palma lava tube has antimicrobial activity against Microbacterium, Rhodococcus, Arthrobacter, Kocuria, Sphingomonas and Paenibacillus due to its ingenious adaptations and metabolic strategies to survive under extreme environmental conditions. This demonstrates that Actinobacteria from subterranean environments are promising sources of antibacterial compounds with interest for cultural heritage conservation

Short-term effects of traffic noise on suicides and emergency hospital admissions due to anxiety and depression in Madrid (Spain)

Studies show a relationship between some mental illnesses and suicides and different environmental variables such as air pollution, characterized by stress at the neuropsychological level. Despite the fact that traffic noise is also a powerful neurological stressor, studies that relate traffic noise to these mental disorders are practically non-existent. The objective is to analyze the short-term impact that chemical air pollution, traffic noise and thermal extremes have on emergency hospital admissions due to anxiety, dementia and suicides in the city of Madrid. This ecological, longitudinal study uses generalized linear models with Poisson link to analyze the short-term impact of the average daily concentrations of chemical pollutants (NO2, PM10, PM2.5, O3), noise pollution indicators (Leqday, Leqnight and Leq24h) and temperatures during heat waves (Theat) and cold waves (Tcold) on daily admissions to emergency services in the city of Madrid from 2010 to 2013 due to anxiety (ICD-10: F32), depression (ICD-10: F40-F42) and suicide (ICD-10: X60-X84). The results show no association between any of the chemical pollutants considered and the dependent variables studied. On the contrary, the values of Leqday are associated with the three variables analyzed in lag 0 for the cases of anxiety and depression and in lag 1 for suicides, with RR: 1.20 (IC95% 1.14 1.26), RR: 1.11 (IC95% 1.06 1.16) and RR: 1.17 (IC95% 1.05 1.30), respectively, for increases of 1 dB(A) in the values of Leqday. An association was also found between Tcold and admissions for anxiety in lag 9 with RR: 1.62 (IC95% 1.18 2.22) for increases of 1 °C in the values of Tcold. Traffic noise can be considered an important risk factor related to the illnesses and anxiety and depression and for suicides in the city of Madrid, although new studies are needed to support the findings shown here.The authors gratefully acknowledge Project ENPY 376/18 and Project ENPY 107/18 grants from the Institute of Health Carlos III.S

Mass-spectrometric identification of primary biological particle markers and application to pristine submicron aerosol measurements in Amazonia

The detection of primary biological material in submicron aerosol by means of thermal desorption/electron impact ionization aerosol mass spectrometry was investigated. Mass spectra of amino acids, carbohydrates, small peptides, and proteins, all of which are key building blocks of biological particles, were recorded in laboratory experiments. Several characteristic marker fragments were identified. The intensity of the marker signals relative to the total organic mass spectrum allows for an estimation of the content of primary biological material in ambient organic aerosol. The developed method was applied to mass spectra recorded during AMAZE-08, a field campaign conducted in the pristine rainforest of the central Amazon Basin, Brazil, during the wet season of February and March 2008. The low abundance of identified marker fragments places upper limits of 7.5% for amino acids and 5.6% for carbohydrates on the contribution of primary biological aerosol particles (PBAP) to the submicron organic aerosol mass concentration during this time period. Upper limits for the absolute submicron concentrations for both compound classes range from 0.01 to 0.1 μg m−3. Carbohydrates and proteins (composed of amino acids) make up for about two thirds of the dry mass of a biological cell. Thus, our findings suggest an upper limit for the PBAP mass fraction of about 20% to the submicron organic aerosol measured in Amazonia during AMAZE-08

Applying spatial reasoning to topographical data with a grounded geographical ontology

Grounding an ontology upon geographical data has been pro- posed as a method of handling the vagueness in the domain more effectively. In order to do this, we require methods of reasoning about the spatial relations between the regions within the data. This stage can be computationally expensive, as we require information on the location of points in relation to each other. This paper illustrates how using knowledge about regions allows us to reduce the computation required in an efficient and easy to understand manner. Further, we show how this system can be implemented in co-ordination with segmented data to reason abou