The value of relationship banking during financial crises : evidence from the Republic of Korea

A systemic financial crisis with monetary restriction is probably the most promising occasion for assessing whether, and to what extent, relationship banking is valuable to borrowers. The authors take this question to a unique database of credit bureau, microeconomic information covering the pervasive financial crisis the Republic of Korea experienced in 1997-98. The database includes all corporate borrowers surveyed by the Korean Credit Bureau, providing details on the structure of their borrowings, and on their relationship with lending banks. The authors did not have access to the identity of the corporate borrower, and their only non-financial control variable was the borrower's Standard Industrial Classification (SIC). This restriction limited their analysis to smaller borrowers, keeping their sample focused on small, and medium-size enterprises, which were likely to rely on banks for external financing. Their findings: 1) Outstanding loans plunge more for firms with weaker pre-crisis relationship banking. 2) The drop in credit lines - arguably a proxy identifying shifts in the loan supply - is larger for firms relying less on strong relationship banking. 3) More intense pre-crisis relationship banking reduces the probability that a previously non-delinquent firm would build (increase) its loans in arrears in 1998, the year of the sharpest liquidity constraints. 4) All things equal, this probability depends on whether firms were borrowing from one (or more) of the five banks foreclosed in June 1998, showing that it might be particularly difficult for borrowers to replace distressed lending banks during a financial crisis. The authors'findings support the hypothesis that relationship banking = with surviving banks - has a positive value during a systemic financial crisis. They argue that for many viable small, and medium-size businesses in Korea, relationship banking reduced liquidity constraints, and thus, diminished the probability of unwarranted bankruptcy.Financial Intermediation,Banks&Banking Reform,Financial Crisis Management&Restructuring,Economic Adjustment and Lending,Housing Finance

An Analysis of Economic Effects of Expressways in Korea

ABSTRACT In Korea, the public investment on social infrastructure has been a key policy instrument to prime the pump to improve the economy whenever its industrial output growth and private consumption appear to slow down. Over the last decade, Korean economy has experienced a sharp downfall owing to the economic crisis in the late 1990s. The fact that total amount of SOC investment has been steadily increased since the economic crisis of 1997 explains Korean economy's making a rapid recovery. As stated in the textbook of the economics, the SOC investment expansion could be used as a pump priming policy and every government in the world has actually recoursed to it. But the link between investing in road (especially expressway) 1 capital and productivity has not been systematically analyzed. In this paper we analyze how the construction or investment on the roads (roads in general/expressways) has contributed to Korean economy. We adopt the method of 'an interindustry analysis' in order to estimate the various effects designated by the econometric coefficients. We use the data of seven Korean Input-Output (IO) Tables reported every five years. Through the analysis, we show that the contribution of the expressway capital, representative of the road investment to TFP growth is positive in principal industries, and its economic impact has been very deep and broad compared to the OECD countries

Analog Self-Interference Cancellation With Practical RF Components for Full-Duplex Radios

One of the main obstacles in full-duplex radios is analog-to-digital converter (ADC) saturation on a receiver due to the strong self-interference (SI). To solve this issue, researchers have proposed two different types of analog self-interference cancellation (SIC) methods—i) passive suppression and ii) regeneration-and-subtraction of SI. For the latter case, the tunable RF component, such as a multi-tap circuit, reproduces and subtracts the SI. The resolutions of such RF components constitute the key factor of the analog SIC. Indeed, they are directly related to how well the SI is imitated. Another major issue in analog SIC is the inaccurate estimation of the SI channel due to the nonlinear distortions, which mainly come from the power amplifier (PA). In this paper, we derive a closed-form expression for the SIC performance of the multi-tap circuit; we consider how the RF components must overcome such practical impairments as digitally-controlled attenuators, phase shifters, and PA. For a realistic performance analysis, we exploit the measured PA characteristics and carry out a 3D ray-tracing-based, system-level throughput analysis. Our results confirm that the non-idealities of the RF components significantly affect the analog SIC performance. We believe our study provides insight into the design of the practical full-duplex system

Insulin Facilitates the Recovery of Myocardial Contractility and Conduction during Cardiac Compression in Rabbits with Bupivacaine-Induced Cardiovascular Collapse

Bupivacaine inhibits cardiac conduction and contractility. Insulin enhances cardiac repolarization and myocardial contractility. We hypothesizes that insulin therapy would be effective in resuscitating bupivacaine-induced cardiac toxicity in rabbits. Twelve rabbits were tracheally intubated and midline sternotomy was performed under general anesthesia. Cardiovascular collapse (CVC) was induced by an IV bolus injection of bupivacaine 10 mg/kg. The rabbits were treated with either saline (control) or insulin injection, administered as a 2 U/kg bolus. Internal cardiac massage was performed until the return of spontaneous circulation (ROSC) and the time to the return of sinus rhythm (ROSR) was also noted in both groups. Arterial blood pressure, and electrocardiography were continuously monitored for 30 min and plasma bupivacaine concentrations at every 5 min. The ROSC, ROSR and normalization of QRS duration were attained faster in the insulin-treated group than in the control group. At the ROSC, there was a significant difference in bupivacaine concentration between two groups. Insulin facilitates the return of myocardial contractility and conduction from bupivacaine-induced CVC in rabbits. However, recovery of cardiac conduction is dependent mainly on the change of plasma bupivacaine concentrations

Fabrication of AlGaN/GaN Fin-Type HEMT Using a Novel T-Gate Process for Improved Radio-Frequency Performance

To increase the radio-frequency (RF) performance of AlGaN/GaN-based fin-type high electron mobility transistors (HEMTs), a novel T-gate process was developed and applied to fabricate a device with high RF performance. In a single lithography process, the applied T-gate process shows a technique for forming a T-gate using the reactivity difference of several photoresists. The fabricated device has a steep fin width (W-fin) of 130 nm, a fin height (H-fin) of 250 nm, and a gate length (L-G) of 190 nm. The device exhibits a low leakage current (I-off) of 6.6 x 10(-10) A/mm and a high I-on/I-off current ratio of 4.7 x 10(8). Moreover, the fabricated device achieved a high cut-off frequency (f(T)) of 9.7 GHz and a very high maximum oscillation frequency (f(max)) of 27.8 GHz. The f(max) value of the proposed device is 138% higher than that of GaN-based fin-type HEMTs without T-gate.1

CKD-712, (S)-1-(α-naphthylmethyl)-6,7-dihydroxy-1,2,3,4-tetrahydroisoquinoline, Inhibits the NF-κB Activation and Augments Akt Activation during TLR4 Signaling

Since CKD-712 has been developed as an anti-inflammatory agent, we examined the effect of CKD-712 during TLR4 signaling. Using HEK293 cells expressing TLR4, CKD-712 was pre-treated 1 hr before LPS stimulation. Activation of NF-κB was assessed by promoter assay. The activation of ERK, JNK, p38, IRF3 and Akt was measured by western blotting. CKD-712 inhibited the NF-κB signaling triggered by LPS. The activation of ERK, JNK, p38 or IRF3 was not inhibited by CKD-712. On the contrary the activation of these molecules was augmented slightly. The activation of Akt with stimulation of LPS was also enhanced with CKD-712 pre-treatment at lower concentration, but was inhibited at higher concentration. We suggest that during TLR4 signaling CKD-712 inhibits NF-κB activation. However, CKD-712 augmented the activation of Akt as well as Map kinases. Therefore, we suggest that CKD-712 might have a role as an immunomodulator