Credit Supply versus Demand: Bank and Firm Balance-Sheet Channels in Good and Crisis Times

Abstract: Banking crises involve periods of persistently low credit and economic growth. Banks’ balance sheets are then weak but so are those of non-financial corporate borrowers. Hence, a crucial question is whether credit growth is low due to supply or to demand factors. However convincing identification has been elusive due to a lack of detailed loan application-, bank-, and firm-level data. Access to a dataset of loan applications in Spain that is matched with complete bank and firm balance-sheet data covering the period from 2002 to 2010 allows us to identify bank and firm balancesheet channels. We find robust evidence showing that bank balance-sheet strength determines the success of loan applications and the granting of loans in crisis times. The heterogeneity in firm balance-sheet strength determines loan granting in both good and crisis times, although the potency of this firm balance-sheet channel is the largest in the latter period. Our findings therefore hold important implications for both theory and policy.bank lending channel;credit supply;business cycle;credit crunch;capital;liquidity

Rabi lattice models with discrete gauge symmetry: Phase diagram and implementation in trapped-ion quantum simulators

We study a spin-boson chain that exhibits a local Z2 symmetry. We investigate the quantum phase diagram of the model by means of perturbation theory, mean-field theory, and the density matrix renormalization group method. Our calculations show the existence of a first-order phase transition in the region where the boson quantum dynamics is slow compared to the spin-spin interactions. Our model can be implemented with trapped-ion quantum simulators, leading to a realization of minimal models showing local gauge invariance and first-order phase transitions

Convolutional Goppa Codes

We define Convolutional Goppa Codes over algebraic curves and construct their corresponding dual codes. Examples over the projective line and over elliptic curves are described, obtaining in particular some Maximum-Distance Separable (MDS) convolutional codes.Comment: 8 pages, submitted to IEEE Trans. Inform. Theor

Seeking Common Ground in Dryland Systems: Steps Towards Adaptive Water Governance

Drylands are exposed to climate stressors, such as water scarcity, as well as societal stressors, including conflicts, which can make water governance unsuitable for the system’s context. The emergence of adaptive water governance often takes places in these challenging contexts, but the process of achieving this style of governance requires a better consideration of system complexities. Using the Rio del Carmen watershed in Mexico as a case study, with primary data obtained through a questionnaire survey carried out with 217 farmers, this paper aims to identify the main complexities and needs to enable the emergence of adaptive water governance. We found that different groups of farmers converge in identifying system stressors and the main needs regarding water governance; yet, the ways these stressors are perceived differ between groups. The results indicate that contrasting perceptions are shaped by the different cultural roots and environmental conditions in the upper and lower parts of the watershed. This variation increases the difficulty in achieving collaboration and compromise when conflicts ensue. Reducing inequalities in the awareness of system stressors has the potential to enable adaptive water governance. This could be achieved through a peacebuilding technique with an appropriate cultural approach for the watershed’s context in the early stages of a stakeholder engagement process

5-HT2A and 5-HT2C/2B Receptor Subtypes Modulate Dopamine Release Induced in Vivo by Amphetamine and Morphine in Both the Rat Nucleus Accumbens and Striatum

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Conical emission, pulse splitting and X-wave parametric amplification in nonlinear dynamics of ultrashort light pulses

The precise observation of the angle-frequency spectrum of light filaments in water reveals a scenario incompatible with current models of conical emission (CE). Its description in terms of linear X-wave modes leads us to understand filamentation dynamics requiring a phase- and group-matched, Kerr-driven four-wave-mixing process that involves two highly localized pumps and two X-waves. CE and temporal splitting arise naturally as two manifestations of this process