Financial liberalization, market discipline and bank risk

In the literature on systemic banking crises, two common themes are: (1) Risky lending often follows bank liberalization. (2) Lack of market discipline encourages risky lending. That not all liberalizations are followed by financial crisis and that financial systems without market discipline sometimes operate without incident invites examination of these themes. In a test of six countries, we find that our measure of bank risk increases significantly in the wake of financial liberalizations, but only where depositors fail to discipline banks. Our measures of market discipline and bank risk, however, are persistently inversely related

When does financial liberalization make banks risky? : an empirical examination of Argentina, Canada and Mexico

In the literature on systemic banking crises, two common themes are: (1) lack of market discipline encourages risky lending and (2) financial liberalization or privatization lead to risky lending. However, there is evidence to suggest that neither financial liberalization nor weak market discipline always precedes risky lending. We test for depositor discipline and, separately for post-liberalization or post-privatization risky lending in Argentina, Canada, and Mexico. In the countries without market discipline, lending risk increases significantly in the wake of liberalization. Where depositors discipline banks, banks neither behave riskily nor does their risk increase in the wake of privatization. ; Economic Research Working Paper 9905Banks and banking - Argentina ; Banks and banking - Canada ; Banks and banking - Mexico ; Financial crises

A Search for X-Ray Bright Distant Clusters of Galaxies

We present the results of a search for X--ray luminous distant clusters of galaxies. We found extended X--ray emission characteristic of a cluster towards two of our candidate clusters of galaxies. They both have a luminosity in the ROSAT bandpass of $\simeq10^{44}{\rm \,erg\,s^{-1}}$ and a redshift of $>0.5$; thus making them two of the most distant X--ray clusters ever observed. Furthermore, we show that both clusters are optically rich and have a known radio source associated with them. We compare our result with other recent searches for distant X--ray luminous clusters and present a lower limit of $1.2\times10^{-7}\,{\rm Mpc^{-3}}$ for the number density of such high redshift clusters. This limit is consistent with the expected abundance of such clusters in a standard (b=2) Cold Dark Matter Universe. Finally, our clusters provide important high redshift targets for further study into the origin and evolution of massive clusters of galaxies. Accepted for publication in the 10th September 1994 issue of ApJ.Comment: 20 pages Latex file + 1 postscript figure file appende

High-magnetic field phase diagram and failure of magnetic Gr\"uneisen scaling in LiFePO4_4

We report the magnetic phase diagram of single-crystalline LiFePO$_4$ in magnetic fields up to 58~T and present a detailed study of magneto-elastic coupling by means of high-resolution capacitance dilatometry. Large anomalies at \tn\ in the thermal expansion coefficient $\alpha$ imply pronounced magneto-elastic coupling. Quantitative analysis yields the magnetic Gr\"uneisen parameter $\gamma_{\rm mag}=6.7(5)\cdot 10^{-7}$~mol/J. The positive hydrostatic pressure dependence $dT_{\rm N}/dp = 1.46(11)$~K/GPa is dominated by uniaxial effects along the $a$-axis. Failure of Gr\"uneisen scaling below $\approx 40$~K, i.e., below the peak temperature in the magneto-electric coupling coefficient [\onlinecite{toft2015anomalous}], implies several competing degrees of freedom and indicates relevance of recently observed hybrid excitations~[\onlinecite{yiu2017hybrid}]. A broad and strongly magnetic-field-dependent anomaly in $\alpha$ in this temperature regime highlight the relevance of structure changes. Upon application of magnetic fields $B||b$-axis, a pronounced jump in the magnetisation implies spin-reorientation at $B_{\rm SF} = 32$~T as well as a precursing phase at 29~T and $T=1.5$~K. In a two-sublattice mean-field model, the saturation field $B_{\rm sat,b} = 64(2)$~T enables the determination of the effective antiferromagnetic exchange interaction $J_{\rm af} = 2.68(5)$~meV as well as the anisotropies $D_{\rm b} = -0.53(4)$~meV and $D_{\rm c} = 0.44(8)$~meV

Exact Zeros of the Partition Function for a Continuum System with Double Gaussian Peaks

We calculate the exact zeros of the partition function for a continuum system where the probability distribution for the order parameter is given by two asymmetric Gaussian peaks. When the positions of the two peaks coincide, the two separate loci of zeros which used to give first-order transition touch each other, with density of zeros vanishing at the contact point on the positive real axis. Instead of the second-order transition of Ehrenfast classification as one might naively expect, one finds a critical behavior in this limit.Comment: 13 pages, 6 figures, revtex, minor changes in fig.2, to be published in Physical Review

Genetic Suppression of Basement Membrane Defects in Caenorhabditis elegans by Gain of Function in Extracellular Matrix and Cell-Matrix Attachment Genes.

Basement membranes are extracellular matrices essential for embryonic development in animals. Peroxidasins are extracellular peroxidases implicated in the unique sulfilimine cross-links between type IV basement membrane collagens. Loss of function in the Caenorhabditis elegans peroxidasin PXN-2 results in fully penetrant embryonic or larval lethality. Using genetic suppressor screening, we find that the requirement for PXN-2 in development can be bypassed by gain of function in multiple genes encoding other basement membrane components, or proteins implicated in cell-matrix attachment. We identify multiple alleles of let-805, encoding the transmembrane protein myotactin, which suppress phenotypes of pxn-2 null mutants and of other basement membrane mutants such as F-spondin/spon-1 These let-805 suppressor alleles cause missense alterations in two pairs of FNIII repeats in the extracellular domain; they act dominantly and have no detectable phenotypes alone, suggesting they cause gain of function. We also identify suppressor missense mutations affecting basement membrane components type IV collagen (emb-9, let-2) and perlecan (unc-52), as well as a mutation affecting spectraplakin (vab-10), a component of the epidermal cytoskeleton. These suppressor alleles do not bypass the developmental requirement for core structural proteins of the basement membrane such as laminin or type IV collagen. In conclusion, putative gain-of-function alterations in matrix proteins or in cell-matrix receptors can overcome the requirement for certain basement membrane proteins in embryonic development, revealing previously unknown plasticity in the genetic requirements for the extracellular matrix