On the Possibility of Credit Rationing in the Stiglitz-Weiss Model

Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two stages. Demand possibly exceeds supply in stage one, but not in stage two. With several observationally distinguishable borrower classes, the firms in a borrower class are redlined only under circumstances which imply that they would not get credit in a perfect capital market either. Die Rendite-Funktion kann im Stiglitz-Weiss- (1981) Modell nicht - so wie das in der Literatur durchgängig angenommen wird - hügelförmig sein. Das hat wichtige Implikationen für die Möglichkeit von Kreditrationierung einerseits und für die Möglichkeit des Ausschlusses ganzer Kreditnehmergruppen vom Kapitalmarkt andererseits. Mit nur einer Klasse von Kreditnehmern erfolgt die Kreditvergabe in zwei Stufen. Während auf der ersten Stufe eine Übernachfrage vorliegen kann, herrscht auf der zweiten Stufe Markträumung. Bei mehreren unterscheidbaren Kreditnehmerklassen wird eine Klasse nur unter den Bedingungen vom Kreditmarkt ausgeschlossen, bei deren Vorliegen sie auch in einem vollkommenen Kreditmarkt keinen Kredit erhalten würde

Forest Residues As An Alternate Energy Source

Forest residues, in combination with more intensified timber production systems have potential as a substantial source of fuel wood. The extent and availability of this resource is discussed, with particular reference to the energetics and economics of existing and proposed harvesting systems. Utilization of residue wood fuels is considered and recent developments in small scale automatic wood chip burning heating systems for residential and commercial use are described

TB194: Hemisgrapsus sanguineus (Asian Shore Crab) as Predator of Juvenile Homarus americanus (American Lobster)

Hemigrapsus sanguineus, commonly known as the Asian shore crab, was first discovered on the east coast of the United States in New Jersey in 1988. The spread of this invasive crab has been rapid, and it is now abundant along a large portion of the mid-Atlantic and southern New England coast. Further, an invasion of H. sanguineus into New Hampshire and southern Maine is in its preliminary stages. The introduction of this crab to North America could potentially affect a variety of native species. Numerous studies have examined the predation of H. sanguineus on blue mussels, snails, and other bivalves. In this study, we consider the predation of H. sanguineus on juvenile Homarus americanus(American lobster). We conducted laboratory experiments to investigate whether H. sanguineus can and will consume juvenile H. americanus. These trials affirmed that invasive crabs do prey on lobsters even when the crabs were provided other food alternatives and the lobsters were given shelter. Further research is necessary to evaluate if there exists a real or potential threat to the juvenile H. americanus population in the wild.https://digitalcommons.library.umaine.edu/aes_techbulletin/1014/thumbnail.jp

A Low-Flow Self-Cleaning Drainage System for Fish Rearing Tanks

A float-stopper mechanism was designed to drain fish holding tanks directly from the bottom. Unlike traditional, top-drawn standpipe systems, it allows continuous flushing of settled solid waste. It also prevents the accumulation of these wastes between the two standpipes that are used in bottom-drawn, double-walled standpipe systems. When suspended solids are forced upward between the outer and inner standpipes of such systems, a minimum velocity must be maintained to prevent sediment accumulation. This minimum velocity determines the minimum flow rate through the tank. The system described in this report flushes well over a wide range of flow rates