Relationship banking and the credit market in India: An empirical analysis

Relationship banking based on Okun's "customer credit markets" has important implications for monetary policy via the credit transmission channel. Studies of LDC credit markets from this point of view seem to be scanty and this paper attempts to address this lacuna. Relationship banking implies short-term disequilibrium in credit markets, suggesting the VECM (vector error-correction model) as an appropriate framework for analysis. We develop VECM models in the Indian context (for the period April 1991- December 2004 using monthly data) to analyse salient features of the credit market. An analysis of the ECMs (error-correction mechanisms) reveals that disequilibrium in the Indian credit market is adjusted via demand responses rather than supply responses, which is in accordance with the customer view of credit markets. Further light on the working of the model is obtained through the "generalized" impulse responses and "generalized" error decompositions (both of which are independent of the variable ordering). Our conclusions point towards firms using short-term credit as a liquidity buffer. This fact, together with the gradual adjustment exhibited by the "persistence profiles" provides substantive evidence in favour of "customer credit markets".customer credit markets, monetary policy, co-integration, impulse response, persistence profiles

"RELATIONSHIP BANKING" AND THE CREDIT MARKET IN INDIA : AN EMPIRICAL ANALYSIS

Relationship banking based on Okun's "customer credit markets" has important implications for monetary policy via the credit transmission channel. Studies of LDC credit markets from this point of view seem to be scanty and this paper attempts to address this lacuna. Relationship banking implies short-term disequilibrium in credit markets, suggesting the VECM (vector error-correction model) as an appropriate framework for analysis. We develop VECM models in the Indian context (for the period April 1991- December 2004 using monthly data) to analyse salient features of the credit market. An analysis of the ECMs (error-correction mechanisms) reveals that disequilibrium in the Indian credit market is adjusted via demand responses rather than supply responses, which is in accordance with the customer view of credit markets. Further light on the working of the model is obtained through the "generalized" impulse responses and "generalized" error decompositions (both of which are independent of the variable ordering). Our conclusions point towards firms using short-term credit as a liquidity buffer. This fact, together with the gradual adjustment exhibited by the "persistence profiles" provides substantive evidence in favour of "customer credit markets".

Effect of Axial Agitator Configuration (Up-Pumping, Down-Pumping, Reverse Rotation) on Flow Patterns Generated in Stirred Vessels

Single phase turbulent flow in a tank stirred with two different axial impellers - a pitched blade turbine (PBT) and a Mixel TT (MTT)- has been studied using Laser Doppler Velocimetry. The effect of the agitator configuration, i.e. up-pumping, down-pumping and reverse rotation, on the turbulent flow field, as well as power, circulation and pumping numbers has been investigated. An agitation index for each configuration was also determined. In the down-pumping mode, the impellers induced one circulation loop and the upper part of the tank was poorly mixed. When up-pumping, two circulation loops are formed, the second in the upper vessel. The PBT pumping upwards was observed to have a lower flow number and to consume more power than when down-pumping, however the agitation index and circulation efficiencies were notably higher. The MTT has been shown to circulate liquid more efficiently in the up-pumping configuration than in the other two modes. Only small effects of the MTT configuration on the power number, flow number and pumping effectiveness have been observed

Patterns in abundance and diversity of faecally dispersed parasites of tiger in Tadoba National Park, central India

BACKGROUND: Importance of parasites in ecological and evolutionary interactions is being increasingly recognized. However, ecological data on parasites of important host species is still scanty. We analyze the patterns seen in the faecal parasites of tigers in the Tadoba National Park, India, and speculate on the factors and processes shaping the parasite community and the possible implications for tiger ecology. RESULTS: The prevalence and intensities were high and the parasite community was dominated by indirect life cycle parasites. Across all genera of parasites variance scaled with the square of the mean and there was a significant positive correlation between prevalence and abundance. There was no significant association between different types of parasites. CONCLUSIONS: The 70 samples analyzed formed 14 distinct clusters. If we assume each of the clusters to represent individual tigers that were sampled repeatedly and that resident tigers are more likely to be sampled repeatedly, the presumed transient tigers had significantly greater parasite loads than the presumed resident ones

Spectral properties of entanglement witnesses

Entanglement witnesses are observables which when measured, detect entanglement in a measured composed system. It is shown what kind of relations between eigenvectors of an observable should be fulfilled, to allow an observable to be an entanglement witness. Some restrictions on the signature of entaglement witnesses, based on an algebraic-geometrical theorem will be given. The set of entanglement witnesses is linearly isomorphic to the set of maps between matrix algebras which are positive, but not completely positive. A translation of the results to the language of positive maps is also given. The properties of entanglement witnesses and positive maps express as special cases of general theorems for $k$-Schmidt witnesses and $k$-positive maps. The results are therefore presented in a general framework.Comment: published version, some proofs are more detailed, mistakes remove

Reconstructing complex regions of genomes using long-read sequencing technology

Cataloged from PDF version of article.Obtaining high-quality sequence continuity of complex regions of recent segmental duplication remains one of the major challenges of finishing genome assemblies. In the human and mouse genomes, this was achieved by targeting large-insert clones using costly and laborious capillary-based sequencing approaches. Sanger shotgun sequencing of clone inserts, however, has now been largely abandoned, leaving most of these regions unresolved in newer genome assemblies generated primarily by next-generation sequencing hybrid approaches. Here we show that it is possible to resolve regions that are complex in a genome-wide context but simple in isolation for a fraction of the time and cost of traditional methods using long-read single molecule, real-time (SMRT) sequencing and assembly technology from Pacific Biosciences (PacBio). We sequenced and assembled BAC clones corresponding to a 1.3-Mbp complex region of chromosome 17q21.31, demonstrating 99.994% identity to Sanger assemblies of the same clones. We targeted 44 differences using Illumina sequencing and find that PacBio and Sanger assemblies share a comparable number of validated variants, albeit with different sequence context biases. Finally, we targeted a poorly assembled 766-kbp duplicated region of the chimpanzee genome and resolved the structure and organization for a fraction of the cost and time of traditional finishing approaches. Our data suggest a straightforward path for upgrading genomes to a higher quality finished state

Exploring entity-centric methods in the UK Government Web Archive

Being able to explore large digital collections effectively is of interest to both academics and practitioners alike. The need to go beyond the provision of keyword-driven functionality to features that support exploration and discovery is widely recognised. In addition, providers are seeking to support more diverse groups of users with varying information needs and tasks. Increasing amounts of cultural heritage are being stored in web archives that present unique challenges as a form of digital cultural heritage. This paper describes a collaboration between the University of Sheffield and the UK National Archives to investigate entity-based methods for exploring the UK Government Web Archive