Privatization, competition, and supercompetition in the Mexican commercial banking system

Economic Research Working Paper 9904Banks and banking - Mexico

Liberalization, privatization, and crash: Mexico's banking system in the 1990's

Although Mexico's 1994 peso devaluation and subsequent capital outflows shook the nation's banking system, the foundations of the banking crisis were laid much earlier. ; Econometric evidence suggests that in the wake of the 1991-92 bank privatizations, Mexico's banks entered a market share struggle in which they incurred short-term losses at the margin, perhaps in the interests of greater expected gains over the long term. ; Euphoric investor behavior and a rising economy may have aggravated the situation by making risky borrowers more difficult to identify.Mexico ; Devaluation of currency ; Peso, Mexican

Geographic concentration and firm survival

If localization economies are present, firms within denser industry concentrations should exhibit higher levels of performance than more isolated firms. Nevertheless, research in industrial organization that has focused on the influences on firm survival has largely ignored the potential effects from agglomeration. Recent studies in urban and regional economics suggests that agglomeration effects may be very localized. Analyses of industry concentration at the MSA or county-level may fail to detect important elements of intra-industry firm interaction that occur at the sub-MSA level. Using a highly detailed dataset on firm locations and characteristics for Texas, this paper analyses agglomeration effects on firm survival over geographic areas as small as a single mile radius. We find that greater firm density within very close proximity (within 1 mile) of firms in the same industry increases mortality rates while greater concentration over larger distances reduces mortality rates.Firm Survival, Agglomeration, Localization, and Knowledge Externalities

Research universities and regional high-tech firm start-ups and exit

If localized knowledge spillovers are present in the university setting, higher rates of both start-ups and/or survival than in the broader economy would be observed in areas that are geographically proximate to the university. Using a fully-disclosed Quarterly Census of Employment and Wages for Texas for the years 1999:3-2006:2, this paper analyzes start-ups and exit rates for high-tech firms in Texas. We find that there is evidence that the presence of a research institution will affect the likelihood of technology start-ups. However, results suggest that geographic proximity to knowledge centers does not reduce hazard rates.Entry and Survival, R & D, Regional, Urban, and Rural Analyses

A Metagenomic Analysis of Microbial Contamination in Aviation Fuels

Microbial contamination in aviation fuel arises due to the impracticality of keeping fuel tanks sterile and the inevitable presence of water from condensation. Microbial contaminants in aviation fuels are a concern because of their potential to degrade the fuel, accelerate corrosion within the fuel tank, and threaten flight safety. This research aids in mitigating those problems by comprehensively characterizing the microbial communities affecting aviation fuels. Advances in molecular biological techniques have allowed for the identification of microorganisms which were not identified by the traditional culture-based methodologies used in previous studies. This study employed a molecular method known as 16S rDNA gene analysis to describe the microbial communities in aviation fuel. The microbial communities in JP-8, Jet A, and biodiesel were evaluated at the phylum and genus levels of taxonomy. The JP-8 community was found to be much richer than both the Jet A and biodiesel community. The biodiesel community was found to be a subset of the JP-8 community. A small subset of microorganisms was found to exist across all three fuels while the majority of identified microorganisms were endemic to a single fuel type. Rarefaction analysis showed that further sampling is likely to reveal additional diversity

What blows in with the wind?

The shift toward renewable forms of energy for electricity generation in the electricity generation industry has clear implications for the spatial distribution of generating plant. Traditional forms of generation are typically located close to the load or population centers, while wind and solar-powered generation must be located where the energy source is found. In the case of wind, this has meant significant new investment in wind plant in primarily rural areas that have been in secular economic decline. This paper investigates the localized economic impacts of the rapid increase in wind power capacity at the county level in Texas. Unlike Input-Output impact analysis that relies primarily on levels of inputs to estimate gross impacts, we use traditional econometric methods to estimate net localized impacts in terms of employment, personal income, and property tax base. While we find evidence that both direct and indirect employment impacts are modest, significant increases in per capita income accompany wind power development. County and school property tax rolls also realize important benefits from the local siting of utility scale wind power

Non-local modulation of the energy cascade in broad-band forced turbulence

Classically, large-scale forced turbulence is characterized by a transfer of energy from large to small scales via nonlinear interactions. We have investigated the changes in this energy transfer process in broad-band forced turbulence where an additional perturbation of flow at smaller scales is introduced. The modulation of the energy dynamics via the introduction of forcing at smaller scales occurs not only in the forced region but also in a broad range of length-scales outside the forced bands due to non-local triad interactions. Broad-band forcing changes the energy distribution and energy transfer function in a characteristic manner leading to a significant modulation of the turbulence. We studied the changes in this transfer of energy when changing the strength and location of the small-scale forcing support. The energy content in the larger scales was observed to decrease, while the energy transport power for scales in between the large and small scale forcing regions was enhanced. This was investigated further in terms of the detailed transfer function between the triad contributions and observing the long-time statistics of the flow. The energy is transferred toward smaller scales not only by wavenumbers of similar size as in the case of large-scale forced turbulence, but by a much wider extent of scales that can be externally controlled.Comment: submitted to Phys. Rev. E, 15 pages, 18 figures, uses revtex4.cl

Statistics of unstable periodic orbits of a chaotic dynamical system with a large number of degrees of freedom

For a simple model of chaotic dynamical systems with a large number of degrees of freedom, we find that there is an ensemble of unstable periodic orbits (UPOs) with the special property that the expectation values of macroscopic quantities can be calculated using only one UPO sampled from the ensemble. Evidence to support this conclusion is obtained by generating the ensemble by Monte Carlo calculation for a statistical mechanical model described by a space-time Hamiltonian that is expressed in terms of Floquet exponents of UPOs. This result allows us to interpret the recent interesting discovery that statistical properties of turbulence can be obtained from only one UPO [G. Kawahara and S. Kida, J. Fluid Mech. {\bf 449}, 291 (2001); S. Kato and M. Yamada, Phys. Rev. E {\bf 68}, 025302(R)(2003)].Comment: 4 pages, 1 figure. In order to clarify generality of our result and the role of a large number of degrees of freedom, a brief subsection was adde

Gauge symmetry and Slavnov-Taylor identities for randomly stirred fluids

The path integral for randomly forced incompressible fluids is shown to have an underlying Becchi-Rouet-Stora (BRS) symmetry as a consequence of Galilean invariance. This symmetry must be respected to have a consistent generating functional, free from both an overall infinite factor and spurious relations amongst correlation functions. We present a procedure for respecting this BRS symmetry, akin to gauge fixing in quantum field theory. Relations are derived between correlation functions of this gauge fixed, BRS symmetric theory, analogous to the Slavnov-Taylor identities of quantum field theory.Comment: 5 pages, no figures, In Press Physical Review Letters, 200

Cornual Polyps of the Fallopian Tube Are Associated with Endometriosis and Anovulation

Background. The relationship between tubal cornual polyps and endometriosis and ovulatory disorders in infertile women is unclear. Our objective was to determine such an association from our database and review the literature. Methods. Twenty-two infertile women with tubal cornual polyps were assessed for coexistence of oligoovulation/anovulation and endometriosis with stratification for polyp diameter (large: ≥5 mm diameter, small <5 mm diameter). Result(s). Oligoovulation/anovulation was more prevalent in women with large versus small tubal cornual polyps (P = 0.0048). Endometriosis was associated with both large and small polyps. Conclusion(s). This case series confirms the association of tubal cornual polyps with oligoovulation/anovulation and endometriosis in infertile women. This case series is limited by a lack of controls