Bank time deposit rates and market discipline in Poland: the impact of state ownership and deposit insurance reform

This paper examines the impact of ownership structure and changes in the deposit insurance system on the market for bank time deposits in Poland. In an environment of less restrictive bank supervision and a deposit insurance policy that favored state banks, we find depositors exacted a price for risk taking. After a new law increasing coverage for private banks went into effect, however, bank specific variables became less important in explaining differences in deposit interest rates. We report that the three fully guaranteed state banks pay significantly lower rates that private banks. However, other state-owned banks, with the same de jure guarantee as private banks, pay significantly lower rates than private banks, so it appears that depositors treat these state-owned banks as if they have a larger de facto guarantee.Poland ; Deposit insurance

Banking reform in a transition economy: the case of Poland

Polish banks have been weakened by large loan losses and low capital. Recapitalization and better economic conditions have strengthened the industry, but problems remain, especially among some large state-owned banks. Continued improvement of the banking system will require additional domestic or foreign capital to strengthen reserves and to modernize operations.Banks and banking ; Poland

Characterization of Debris from the DebriSat Hypervelocity Test

The DebriSat project is an effort by NASA and the DoD to update the standard break-up model for objects in orbit. The DebriSat object, a 56 kg representative LEO satellite, was subjected to a hypervelocity impact in April 2014. For the hypervelocity test, the representative satellite was suspended within a "soft-catch" arena formed by polyurethane foam panels to minimize the interactions between the debris generated from the hypervelocity impact and the metallic walls of the test chamber. After the impact, the foam panels and debris not caught by the panels were collected and shipped to the University of Florida where the project has now advanced to the debris characterization stage. The characterization effort has been divided into debris collection, measurement, and cataloguing. Debris collection and cataloguing involves the retrieval of debris from the foam panels and cataloguing the debris in a database. Debris collection is a three-step process: removal of loose debris fragments from the surface of the foam panels; X-ray imaging to identify/locate debris fragments embedded within the foam panel; extraction of the embedded debris fragments identified during the X-ray imaging process. As debris fragments are collected, they are catalogued into a database specifically designed for this project. Measurement involves determination of size, mass, shape, material, and other physical properties and well as images of the fragment. Cataloguing involves a assigning a unique identifier for each fragment along with the characterization information

Characterizing DebriSat Fragments: So Many Fragments, So Much Data, and So Little Time

To improve prediction accuracy, the DebriSat project was conceived by NASA and DoD to update existing standard break-up models. Updating standard break-up models require detailed fragment characteristics such as physical size, material properties, bulk density, and ballistic coefficient. For the DebriSat project, a representative modern LEO spacecraft was developed and subjected to a laboratory hypervelocity impact test and all generated fragments with at least one dimension greater than 2 mm are collected, characterized and archived. Since the beginning of the characterization phase of the DebriSat project, over 130,000 fragments have been collected and approximately 250,000 fragments are expected to be collected in total, a three-fold increase over the 85,000 fragments predicted by the current break-up model. The challenge throughout the project has been to ensure the integrity and accuracy of the characteristics of each fragment. To this end, the post hypervelocity-impact test activities, which include fragment collection, extraction, and characterization, have been designed to minimize handling of the fragments. The procedures for fragment collection, extraction, and characterization were painstakingly designed and implemented to maintain the post-impact state of the fragments, thus ensuring the integrity and accuracy of the characterization data. Each process is designed to expedite the accumulation of data, however, the need for speed is restrained by the need to protect the fragments. Methods to expedite the process such as parallel processing have been explored and implemented while continuing to maintain the highest integrity and value of the data. To minimize fragment handling, automated systems have been developed and implemented. Errors due to human inputs are also minimized by the use of these automated systems. This paper discusses the processes and challenges involved in the collection, extraction, and characterization of the fragments as well as the time required to complete the processes. The objective is to provide the orbital debris community an understanding of the scale of the effort required to generate and archive high quality data and metadata for each debris fragment 2 mm or larger generated by the DebriSat project

Sampling and Analysis of Impact Crater Residues Found on the Wide Field Planetary Camera-2 Radiator

After nearly 16 years in low Earth orbit (LEO), the Wide Field Planetary Camera-2 (WFPC2) was recovered from the Hubble Space Telescope (HST) in May 2009, during the 12 day shuttle mission designated STS-125. The WFPC-2 radiator had been struck by approximately 700 impactors producing crater features 300 microns and larger in size. Following optical inspection in 2009, agreement was reached for joint NASA-ESA study of crater residues, in 2011. Over 480 impact features were extracted at NASA Johnson Space Center's (JSC) Space Exposed Hardware clean-room and curation facility during 2012, and were shared between NASA and ESA. We describe analyses conducted using scanning electron microscopy (SEM) - energy dispersive X-ray spectrometry (EDX): by NASA at JSC's Astromaterials Research and Exploration Science (ARES) Division; and for ESA at the Natural History Museum (NHM), with Ion beam analysis (IBA) using a scanned proton microbeam at the University of Surrey Ion Beam Centre (IBC)

Transition from Fireball to Poynting-flux-dominated Outflow in Three-Episode GRB 160625B

The ejecta composition is an open question in gamma-ray bursts (GRB) physics. Some GRBs possess a quasi-thermal spectral component in the time-resolved spectral analysis, suggesting a hot fireball origin. Others show a featureless non-thermal spectrum known as the "Band" function, consistent with a synchrotron radiation origin and suggesting that the jet is Poynting-flux-dominated at the central engine and likely in the emission region as well. There are also bursts showing a sub-dominant thermal component and a dominant synchrotron component suggesting a likely hybrid jet composition. Here we report an extraordinarily bright GRB 160625B, simultaneously observed in gamma-rays and optical wavelengths, whose prompt emission consists of three isolated episodes separated by long quiescent intervals, with the durations of each "sub-burst" being $\sim$ 0.8 s, 35 s, and 212 s, respectively. Its high brightness (with isotropic peak luminosity L$_{\rm p, iso}\sim 4\times 10^{53}$ erg/s) allows us to conduct detailed time-resolved spectral analysis in each episode, from precursor to main burst and to extended emission. The spectral properties of the first two sub-bursts are distinctly different, allowing us to observe the transition from thermal to non-thermal radiation between well-separated emission episodes within a single GRB. Such a transition is a clear indication of the change of jet composition from a fireball to a Poynting-flux-dominated jet.Comment: Revised version reflecting the referees' comments. 27 pages, 11 figures, 5 tables. The final edited version will appear in Nature Astronom