The institutional matrices theory as the basis of explanation of real estate bubble

The increase of prices that could not be explained on the basis of fundamentals is still a very complex process. The economic bubbles have occurred over hundreds of years. Multiplicity of markets, geographical spread and variety of items influenced by bubble makes them still poorly understood. Insufficiency of actual structures for understanding and predicting the economic bubble was the reason for explanation based on the ground of new institutional economy. In the article factors creating the real estate bubble are examined using the institutional matrices theory. The research is performed through the analysis of data and identification of factors conductive in formation of enormous price increase in the United States, Spain and Poland. The study confirms that the lack of balanced combination of dominant and complementary matrices institutions leads to the creation of real estate bubbles. Besides, it was confirmed that the combination of dominant Y-matrix with their basic institutions is the necessary condition of the growth beyond the fundamentals. The examined institutions distorting the market growth and turning it into the bubble have been divided into two groups. First, unintended effects of intervention in market mechanism, has been examined by the identification of housing finance organization in the United States and analysis of the effects of their activity, analysis of social housing policy in Spain and Poland, and finally by the analysis of tax and subsidies systems. Second group, wrongly understood full “liberalization” and deregulation of all market processes, has been examined at two levels: creation of debt for the customers and financing banks themselves. Research was performed in this group in the area of bank lending standards, securitization process and capital requirements for banks. The activities of intervention in the market mechanism were against the dominant matrix and were planned for stabilization and stimulation of real estate market. But in fact supports the speculation and blow of the bubble due to the inappropriate design of institutions of complementary matrix. The activities of wrongly understood full „liberalization” were intended for absolute deregulation by elimination of institutions of complementary matrix. Research confirms that liberalization is possible in the healthy economy however it does not mean for sure that market mechanism could work without any institutions

Giant ultra-broadband photoconductivity in twisted graphene heterostructures

The requirements for broadband photodetection are becoming exceedingly demanding in hyperspectral imaging. Whilst intrinsic photoconductor arrays based on mercury cadmium telluride represent the most sensitive and suitable technology, their optical spectrum imposes a narrow spectral range with a sharp absorption edge that cuts their operation to < 25 um. Here, we demonstrate a giant ultra-broadband photoconductivity in twisted double bilayer graphene heterostructures spanning a spectral range of 2 - 100 um with internal quantum efficiencies ~ 40 % at speeds of 100 kHz. The giant response originates from unique properties of twist-decoupled heterostructures including pristine, crystal field induced terahertz band gaps, parallel photoactive channels, and strong photoconductivity enhancements caused by interlayer screening of electronic interactions by respective layers acting as sub-atomic spaced proximity screening gates. Our work demonstrates a rare instance of an intrinsic infrared-terahertz photoconductor that is complementary metal-oxide-semiconductor compatible and array integratable, and introduces twist-decoupled graphene heterostructures as a viable route for engineering gapped graphene photodetectors with 3D scalability

The soft budget constraint as the key factor in formation of real estate bubble

The multiplicity of approaches and perspectives used for the explanation of enormous price increases indicates the complexity of this process. The aim of the article is the explanation of the real estate bubble through the identification of soft budget constraint as the key factor in its formation. For this purpose the soft budget constraint has been defined in the aspect of the real estate bubble on two levels of capital creation. The first one placed in the sphere of real economy is the meeting place of lenders and borrowers looking for the source of financing of the real estate assets. The second placed in the finance sphere is a meeting place of banks and other financial institutions generating the capital on a huge scale. In the article the institutional basis of soft budget constraint has been analyzed from the perspective of two levels of generation of capital by the identification of key factors in connection with enormous price increase. The research has been performed for three countries: Spain, the United States of America and Poland. In the performed analysis there were described the factors of soft budget constraint similar and different for each of the country. The performed research of soft budget constraint led to the following conclusions. In all of the analyzed countries severe credit policy had not a preventing function and was rather an answer for the emerging economic conditions. The soft credit policy was realized for the longer period of time only in the United States and in this country had the most significant impact on the increase of credit action and growth of real estate prices. The analysis of the lending standards shows symptoms of soft budget constraint in the real sphere. In each of the analyzed countries the mortgages were granted even for the period of fifty years, with the zero down payments, many times with the loan to value ratio above 100%. The next factor of soft budget constraint was the introduction of new banking products in the United States and Spain such as interest-only mortgages and adjustable rate mortgages. In the financial sphere the huge in size accelaration of generation of capital was identified in the form of securitization present on an enourmous scale in the United States and on a smaller scale in Spain. This process led to the additional credit action by the elimination of toxic assets from the balance sheets and transfer of a risk which also finally led to real estate price increases. The research of the quality of mortgages portfolios confirmed the existence of the soft budget constraint factors in the period of boom on the real estate market. In each of the examined countries there was an increase of share of nonperforming loans in the value of all mortgages. The highest dynamic of increase of nonperfoming loans was identifed in the United States. In this country the cumulation of several factors of soft budget constraints was observed on each of analyzed levels. This cumulation led t

The institutional matrices theory as the basis of explanation of real estate bubble

Tyt. z nagłówka.Bibliogr. s.132-[135].Wzrost cen, którego nie można wyjaśnić, odnosząc się do wartości fundamentalnych, jest nadal bardzo złożonym procesem. Bańki cenowe występują na przestrzeni kilkuset lat. Złożoność rynków, ich rozproszenie geograficzne oraz różnorodność przedmiotów objętych zjawiskiem bańki czyni je ciągle niewystarczająco zrozumianym zjawiskiem. Brak wystarczających aktualnych struktur pozwalających zrozumieć i przewidzieć zjawisko bańki cenowej był powodem wyjaśniania jej na gruncie nowej ekonomii instytucjonalnej. W artykule czynniki tworzące bańkę cenową na rynku nieruchomości zostały zbadane przy zastosowaniu teorii matrycy instytucjonalnej. Badania przeprowadzono, dokonując analizy danych i identyfikując czynniki sprzyjające tworzeniu ogromnych rozmiarów wzrostu ceny w Stanach Zjednoczonych, Hiszpanii i Polsce. Badania potwierdziły, że brak zbilansowanej kombinacji instytucji matrycy dominującej i komplementarnej prowadzi do powstawania bańki cenowej na rynku nieruchomości. W artykule potwierdzono również fakt, iż warunkiem bazowym wzrostów przekraczających wartości fundamentalne jest struktura z dominacją matrycy Y z jej bazowymi instytucjami. Zbadane instytucje zakłócające wzrost rynkowy i przekształcające go w bańkę zostały podzielone na dwie grupy. Pierwsza, niezamierzone efekty ingerencji w mechanizm rynkowy, została zbadana przez identyfikację organizacji wspierających zakup nieruchomości w Stanach Zjednoczonych i analizę efektów ich działalności, analizę społecznej polityki mieszkaniowej w Polsce i Hiszpanii oraz analizę systemu ulg podatkowych i dopłat. Druga grupa, błędnie rozumiana pełna „liberalizacja&quot; i deregulacja wszystkich procesów rynkowych, została zbadana na dwóch poziomach: kreacji kredytu dla klientów i pozyskiwania kapitału przez same banki. Badania zostały przeprowadzone w tej grupie w obszarze standardów udzielania kredytów, procesu sekurytyzacji i wymogów kapitałowych. Działania ingerujące w mechanizm rynkowy będące w sprzeczności z dominującą matrycą Y miały na celu stabilizację i stymulację rynku nieruchomości. W rzeczywistości wspierały jednak spekulację i pompowanie bańki, ponieważ instytucje matrycy komplementarnej nie zostały prawidłowo zaprojektowane. Działania dążące do błędnie rozumianej pełnej „liberalizacji&quot; miały na celu absolutną deregulację przez eliminację instytucji komplementarnych. Badania potwierdziły, iż liberalizacja jest możliwa w zdrowo funkcjonującym systemie, ale nie oznacza na pewno, iż mechanizm rynkowy może funkcjonować bez żadnych instytucji.The increase of prices that could not be explained on the basis of fundamentals is still a very complex process. The economic bubbles have occurred over hundreds of years. Multiplicity of markets, geographical spread and variety of items influenced by bubble makes them still poorly understood. Insufficiency of actual structures for understanding and predicting the economic bubble was the reason for explanation based on the ground of new institutional economy. In the article factors creating the real estate bubble are examined using the institutional matrices theory. The research is performed through the analysis of data and identification of factors conductive in formation of enormous price increase in the United States, Spain and Poland. The study confirms that the lack of balanced combination of dominant and complementary matrices institutions leads to the creation of real estate bubbles. Besides, it was confirmed that the combination of dominant Y-matrix with their basic institutions is the necessary condition of the growth beyond the fundamentals. The examined institutions distorting the market growth and turning it into the bubble have been divided into two groups. First, unintended effects of intervention in market mechanism, has been examined by the identification of housing finance organization in the United States and analysis of the effects of their activity, analysis of social housing policy in Spain and Poland, and finally by the analysis of tax and subsidies systems. Second group, wrongly understood full “liberalization” and deregulation of all market processes, has been examined at two levels: creation of debt for the customers and financing banks themselves. Research was performed in this group in the area of bank lending standards, securitization process and capital requirements for banks. The activities of intervention in the market mechanism were against the dominant matrix and were planned for stabilization and stimulation of real estate market. But in fact supports the speculation and blow of the bubble due to the inappropriate design of institutions of complementary matrix. The activities of wrongly understood full „liberalization” were intended for absolute deregulation by elimination of institutions of complementary matrix. Research confirms that liberalization is possible in the healthy economy however it does not mean for sure that market mechanism could work without any institutions.Dostępny również w formie drukowanej.SŁOWA KLUCZOWE: bańka cenowa, bańka cenowa na rynku nieruchomości, teoria matrycy instytucjonalnej, miękkie ograniczenie finansowe. KEYWORDS: economic bubble, real estate bubble, institutions, institutional matrices theory, soft bugdet constraint

Barrier Inhomogeneities in Atomic Contacts on WS2

The down-scaling of electrical components requires a proper understanding of the physical mechanisms governing charge transport. Here, we have investigated atomic-scale contacts and their transport characteristics on WS2 using conductive atomic force microscopy (c-AFM). We demonstrate that c-AFM can provide true atomic resolution, revealing atom vacancies, adatoms, and periodic modulations arising from electronic effects. Moreover, we find a lateral variation of the surface conductivity that arises from the lattice periodicity of WS2. Three distinct sites are identified, i.e., atop, bridge, and hollow. The current transport across these atomic metal-semiconductor interfaces is understood by considering thermionic emission and Fowler-Nordheim tunnelling. Current modulations arising from point defects and the contact geometry promise a novel route for the direct control of atomic point contacts in diodes and devices

Optymalizacja warunków pomiaru stałej Kerra w cieczach aktywnych optycznie na przykładzie oleju rycynowego

The results of measurements of Kerr constant in castor oil, obtained by dynamic-polarimetric method are presented. Variable optical path length and four measurement setup configurations were used. They differed by the orientation of polarizer and of quarterwave plate and therefore they were non-equivalent when other, unwanted effects occurred. It was shown that the Kerr constant measurement performed with use of only one system configuration and one length of optical path may be strongly affected by other effects, however taking the arithmetic mean of two results obtained from appropriate system configurations significantly reduces this error. Theoretical dependences were fitted to the experimental results, which allowed for approximation of other constants, like dichroism, linear birefringence and optical activity induced by external electric field (electrogyration).Przedstawiono wyniki pomiarów stałej Kerra w oleju rycynowym metodą polaryzacyjno-optyczną dla różnych długości drogi światła w próbce przy czterech konfiguracjach pomiarowych, nierównoważnych pod względem wpływu innych niepożądanych efektów, które różnią się orientacjami polaryzatora i płytki ćwierćfalowej. Pokazano, że pomiar stałej Kerra przeprowadzony dla tylko jednej konfiguracji pomiarowej przy jednej długości drogi światła w próbce może być obciążony znacznym wkładem kilku innych niepożądanych efektów, jednakże obliczenie średniej arytmetycznej z pomiarów w dwóch odpowiednio dobranych konfiguracjach pomiarowych pozwala na znaczne zredukowanie błędów pomiarowych. Do wyników doświadczalnych dopasowano zależności teoretyczne, co oprócz pomiaru stałej Kerra pozwoliło także na zgrubne oszacowanie innych wielkości takich jak dichroizm, liniowa dwójłomność i aktywność optyczna indukowana polem elektrycznym (elektrożyracja)

Wpływ materiału elektrod oraz odległości pomiędzy elektrodami na pomiar stałej Kerra w oleju rycynowym.

The influence of the electrode material and of the spacing between electrodes on Kerr constant in castor oil is investigated. It is shown that the spacing of the electrodes influences the measurement of Kerr constant whereas the electrode material has no influence on the results of the measurement.Przedstawiono wyniki badań wpływu materiału elektrody oraz odległości pomiędzy elektrodami na pomiary stałej Kerra w oleju rycynowym. Pokazano, że odległość pomiędzy elektrodami wpływa na wyniki pomiaru stałej Kerra oraz że materiał elektrod nie ma na nie wpływu.http://fizyka.p.lodz.pl/pl/scientific-bulletin

Control of the metal/WS2 contact properties using 2-dimensional buffer layers

Transition metal dichalcogenides (TMDC) have recently attracted much attention as a promising platform for the realization of 2-dimensional (2D) electronic devices. One of the major challenges for their wide-scale application is the control of the potential barrier at the metal/TMDC junction. Using conductive atomic force microscopy (c-AFM) we have investigated modifications of the Schottky barrier height (SBH) across a Pt/WS2 junction by the introduction of thin buffer layers of graphene and MoSe2. While graphene greatly reduces the contact resistance in both bias directions, thin layers of MoSe2 lower the Schottky barrier and leave the rectifying properties of the junction intact. We have studied the dependence of the transport properties on the thickness of the graphene and MoSe2 buffer layers. In both cases, the charge transport characteristics can be tailored by varying the buffer layer thickness. The edge of single layer graphene is observed to form an ohmic contact to the underlying WSe2 substrate. This study demonstrates that the introduction of atomically thin MoSe2 and graphene buffer layers is a feasible and elegant method to control the Schottky barrier when contacting TMDCs. The results are important for the fabrication of devices utilizing 2D materials

Universal Fermi-Level Pinning in Transition-Metal Dichalcogenides

Understanding the electron transport through transition-metal dichalcogenide (TMDC)-based semiconductor/metal junctions is vital for the realization of future TMDC-based (opto-)electronic devices. Despite the bonding in TMDCs being largely constrained within the layers, strong Fermi-level pinning (FLP) was observed in TMDC-based devices, reducing the tunability of the Schottky barrier height. We present evidence that metal-induced gap states (MIGS) are the origin for the large FLP similar to conventional semiconductors. A variety of TMDCs (MoSe2, WSe2, WS2, and MoTe2) were investigated using high-spatial-resolution surface characterization techniques, permitting us to distinguish between defected and pristine regions. The Schottky barrier heights on the pristine regions can be explained by MIGS, inducing partial FLP. The FLP strength is further enhanced by disorder-induced gap states induced by transition-metal vacancies or substitutionals at the defected regions. Our findings emphasize the importance of defects on the electron transport properties in TMDC-based devices and confirm the origin of FLP in TMDC-based metal/semiconductor junctions