Disentangling demand and supply in credit developments: a survey-based analysis for Italy

This paper combines qualitative information from the Eurosystem Bank Lending Survey with micro-data on loan prices and quantities for the participating Italian banks to assess the role of supply and demand factors in credit developments, with a focus on the sharp slowdown of 2008-09. Both demand and supply have played a relevant role, especially for lending to enterprises, in the whole sample period and during the financial crisis. A counterfactual exercise shows that the effect of supply factors on the growth of lending to firms was strongest after the Lehman collapse. On average, over the crisis period (2007q3-2009q4) the negative effect on the annualized quarter-on-quarter growth rate of the panel banksÂ’ lending to enterprises can be estimated in a range of 2.2 to 3.1 percentage points, depending on the specification. About one fourth of the total supply effect can be attributed to costs related to the banksÂ’ balance sheet position, the rest to their perception of credit risk.credit growth, supply tightening, financial crisis

The interbank market after August 2007: what has changed, and why?

The outbreak of the financial crisis coincided with a sharp increase of worldwide interbank interest rates. We analyze the micro and macroeconomic determinants of this phenomenon, finding that before August 2007 interbank rates were insensitive to borrower characteristics, whereas afterwards they became reactive to borrowers’ creditworthiness. At the same time, conditions for large borrowers became relatively more favorable, both before and after the failure of Lehman Brothers. This suggests that banks have become more discerning in their lending, a welcome change, but that moral hazard considerations related to the â€too big to fail†argument should remain a main concern for central banks.Interbank markets, Spreads, Financial crisis

Experimental investigation on free surface vortices driven by tangential inlets

Particle Image Velocimetry (PIV) measurements have been carried out in order to analyze the structure of free surface vortices in a promoting geometry with two tangential inlets. Velocity fields associated to the free surface vortex have been obtained at different horizontal planes and Reynolds numbers. Average velocity fields have been calculated and tangential velocity profiles have been compared at different vortex stages and measurement planes. The results show that tangential flow is uniform along the vortex axis and it scales well with the average exit velocity. The tangential velocity profiles, in comparison to the potential behavior, show discrepancies especially at large distances from the vortex axis. Vorticity fields and circulation profiles have been also derived from the measured velocity fields and discussed. The circulation profiles increase along the vortex radius even at large distances from the vortex axis, so that the potential solution is not applicable at all. The comparison of tangential velocity and circulation profiles between promoted and free vortices, the last presented in a previous paper, shows that the tangential motion in a driven vortex is more intense and predominant over the sink effect (radial motion), except very close to the tank bottom, as in a forced configuration (i.e. rotating cylindrical tank)

Probing magnetars magnetosphere through X-ray polarization measurements

The study of magnetars is of particular relevance since these objects are the only laboratories where the physics in ultra-strong magnetic fields can be directly tested. Until now, spectroscopic and timing measurements at X-ray energies in soft gamma-repeaters (SGRs) and anomalous X-ray pulsar (AXPs) have been the main source of information about the physical properties of a magnetar and of its magnetosphere. Spectral fitting in the ~ 0.5-10 keV range allowed to validate the "twisted magnetosphere" model, probing the structure of the external field and estimating the density and velocity of the magnetospheric currents. Spectroscopy alone, however, may fail in disambiguating the two key parameters governing magnetospheric scattering (the charge velocity and the twist angle) and is quite insensitive to the source geometry. X-ray polarimetry, on the other hand, can provide a quantum leap in the field by adding two extra observables, the linear polarization degree and the polarization angle. Using the bright AXP 1RXS J170849.0-400910 as a template, we show that phase-resolved polarimetric measurements can unambiguously determine the model parameters, even with a small X-ray polarimetry mission carrying modern photoelectric detectors and existing X-ray optics. We also show that polarimetric measurements can pinpoint vacuum polarization effects and thus provide an indirect evidence for ultra-strong magnetic fields.Comment: 12 pages, 8 figures, accepted for publication in MNRA

Power Reduction in FM Networks by Mixed-Integer Programming. A Case Study

The climate change emergency calls for a reduction in energy consumption in all human activities and production processes. The radio broadcasting industry is no exception. However, reducing energy requirements by uniformly cutting the radiated power at every transmitter can potentially impair the quality of service. A careful evaluation and optimization study are in order. In this paper, by analyzing the Italian frequency modulation analog broadcasting service, we show that it is indeed possible to significantly reduce the energy consumption of the broadcasters without sacrificing the quality of the service, rather, even getting improvements

Marco Gentile et Pierre Savy (éd.), Noblesse et États princiers en Italie et en France au xve siècle

Parmi les études portant sur la complexité de la société politique à la fin du Moyen Âge, les recherches sur la Lombardie des Visconti et des Sforza prêtent, depuis quelques années, une attention renouvelée à l’élément aristocratique – à côté d’autres sujets considérés comme « mineurs » : bourgs, communautés rurales, factions. En particulier, la lecture du rôle joué par les lignages nobiliaires dans la gestion et le maintien de l’État, dans la médiation entre centre et périphéries ou dans le ..

Investigation on bathtub vortex flow field by Particle Image Velocimetry

An experimental investigation on bathtub vortices has been performed by using Particle Image Velocimetry (PIV). Velocity fields associated to the free surface vortex were obtained at three horizontal planes and four Reynolds numbers, i.e. between 2400 and 11000 (calculated with reference to the exit hole diameter and the mean exit velocity). Due to the unsteady behavior of the low field, the vortex center positions have been identified and the vortex paths were reconstructed for all experiments. Average velocity fields have been calculated by aligning the vortex centers at each frame, in order to derive radial and tangential velocity profiles, to be compared at different Reynolds numbers and measurement planes. The results show that the radial motion assumes a potential behavior when it is near the exit hole, scaling quite well with the average exit velocity (thus with the corresponding Reynolds number). On the other hand, the tangential component is well approximated by the Rankine’s flow potential solution only near the free surface, the tangential velocity peak increment not being linearly proportional to the outlet velocity. Vorticity fields and circulation profiles have been derived from the measured velocity fields and discussed. Turbulence fluctuations statistical analysis gives also evidence of a clear dependence on Reynolds number and distance from the exit hole