Why Aren’t Banks Loaning? An Analysis of Over $1 Trillion in Excess Reserves in the United States Banking System After the Financial Crisis of 2008-09

This thesis examines the subject of the maintenance of historically unprecedented levels of excess reserves during the financial crisis of 2008-09 and beyond. The thesis first provides an overview of how the buildup of excess reserves happened within the context of the credit crunch. A review of United States\u27 legislative intervention follows. Basic implications of the maintenance of very high excess reserve levels are then discussed, with an emphasis on how this condition has hindered economic recovery. The Federal Reserve Board’s role is explored. This is followed by a comparison of the current financial crisis to a similar crisis that was experienced in the 1930’s; similarities and differences are reviewed. The thesis focuses on factors that may have influenced the problem with the excess reserve levels. It begins with a review of demand side influences followed by a review of supply side influences. Demand side influences include: fewer small businesses looking for credit, fewer firms purchasing capital equipment and expanding workforce, firms deleveraging balance sheets and lower sales presented businesses from growing. Supply side influences include: banks deleveraging their balancing sheets and attempting to restore crucial financial ratios, regulators tightening standards, banks fearing collapse, and banks experiencing difficulty accurately valuing their assets. The last section consists of a conclusion, based upon findings from this investigation. Implications for additional research follow

Spin-dependent transport in p+-CdBxF2-x - n-CdF2 planar structures

The CV measurements and tunneling spectroscopy are used to study the ballistic transport of the spin-polarized holes by varying the value of the Rashba spin-orbit interaction (SOI) in the p-type quantum well prepared on the surface of the n-CdF2 bulk crystal. The findings of the hole conductance oscillations in the plane of the p-type quantum well that are due to the variations of the Rashba SOI are shown to be evidence of the spin transistor effect, with the amplitude of the oscillations close to e2/h.Comment: 5 pages, 6 figure

Exchange Rate Risk and Convergence to the Euro

This paper proposes a new monetary policy framework for effectively navigating the path to adopting the euro. The proposed policy is based on relative inflation forecast targeting and incorporates an ancillary target of declining exchange rate risk, which is suggested as a key criterion for evaluating the currency stability. A model linking exchange rate volatility to differentials over the euro zone in both inflation (target variable) and interest rate (instrument variable) is proposed. The model is empirically tested for the Czech Republic, Poland and Hungary, the selected new Member States of the EU that use direct inflation targeting to guide their monetary policies. The empirical methodology is based on the TARCH(p,q,r)-M model

How to determine a quantum state by measurements: The Pauli problem for a particle with arbitrary potential

The problem of reconstructing a pure quantum state ¿¿> from measurable quantities is considered for a particle moving in a one-dimensional potential V(x). Suppose that the position probability distribution ¿¿(x,t)¿2 has been measured at time t, and let it have M nodes. It is shown that after measuring the time evolved distribution at a short-time interval ¿t later, ¿¿(x,t+¿t)¿2, the set of wave functions compatible with these distributions is given by a smooth manifold M in Hilbert space. The manifold M is isomorphic to an M-dimensional torus, TM. Finally, M additional expectation values of appropriately chosen nonlocal operators fix the quantum state uniquely. The method used here is the analog of an approach that has been applied successfully to the corresponding problem for a spin system

Linking in vitro lipolysis and microsomal metabolism for the quantitative prediction of oral bioavailability of BCS II drugs administered in lipidic formulations

Lipidic formulations (LFs) are increasingly utilized for the delivery of drugs that belong to class II of the Biopharmaceutics Classification System (BCS). The current work proposes, for the first time, the combination of in vitro lipolysis and microsomal metabolism studies for the quantitative prediction of human oral bioavailability of BCS II drugs administered in LFs. Marinol® and Neoral® were selected as model LFs and their observed oral bioavailabilities (Fobserved) obtained from published clinical studies in humans. Two separate lipolysis buffers, differing in the level of surfactant concentrations, were used for digestion of the LFs. The predicted fraction absorbed (Fabs) was calculated by measuring the drug concentration in the micellar phase after completion of the lipolysis process. To determine first-pass metabolism (Fg∙Fh), drug depletion studies with human microsomes were performed. Clearance values were determined by applying the “in vitro half-life approach”. The estimated Fabs and Fg∙Fh values were combined for the calculation of the predicted oral bioavailability (Fpredicted). Results showed that there was a strong correlation between Fobserved and Fpredicted values only when Fabs was calculated using a buffer with surfactant concentrations closer to physiological conditions. The general accuracy of the predicted values suggests that the novel in vitro lipolysis/metabolism approach could quantitatively predict the oral bioavailability of lipophilic drugs administered in LFs

let-7 microRNAs regulate microglial function and suppress glioma growth through Toll-like receptor 7

Microglia express Toll-like receptors (TLRs) that sense pathogen- and host-derived factors, including single-stranded RNA. In the brain, let-7 microRNA (miRNA) family members are abundantly expressed, and some have recently been shown to serve as TLR7 ligands. We investigated whether let-7 miRNA family members differentially control microglia biology in health and disease. We found that a subset of let-7 miRNA family members function as signaling molecules to induce microglial release of inflammatory cytokines, modulate antigen presentation, and attenuate cell migration in a TLR7-dependent manner. The capability of the let-7 miRNAs to control microglial function is sequence specific, mapping to a let-7 UUGU motif. In human and murine glioblastoma/glioma, let-7 miRNAs are differentially expressed and reduce murine GL261 glioma growth in the same sequence-specific fashion through microglial TLR7. Taken together, these data establish let-7 miRNAs as key TLR7 signaling activators that serve to regulate the diverse functions of microglia in health and glioma

Financing SME growth in the UK: meeting the challenges after the global financial crisis

In the aftermath of the Global Financial Crisis new forms of SME finance are emerging in the place of traditional banking and equity finance sources. This Special Issue has its origins in a conference organised in June 2014 by the Centre for Enterprise and Economic Development Research (CEEDR) at Middlesex University Business School, where all but the final two papers were presented. The Conference was designed to provide a timely forum for leading academics, practitioners and policy makers to disseminate current research and practitioner knowledge exploring finance gaps and how best to address the financing needs of small high growth potential businesses

Amphibious Seismic Survey Images Plate Interface at 1960 Chile Earthquake

The southern central Chilean margin at the site of the largest historically recorded earthquake in the Valdivia region, in 1960 (Mw = 9.5), is part of the 5000-km-long active subduction system whose geodynamic evolution is controversially debated and poorly understood. Covering the area between 36° and 40°S, the oceanic crust is segmented by prominent fracture zones. The offshore forearc and its onshore continuation show a complex image with segments of varying geophysical character, and several fault systems active during the past 24 m.y. In autumn 2001, the project SPOC was organized to study the Subduction Processes Off Chile, with a focus on the seismogenic coupling zone and the forearc. The acquired seismic data crossing the Chilean subduction system were gathered in a combined offshore-onshore survey and provide new insights into the lithospheric structure and evolution of active margins with insignificant frontal accretion