Multinational banks and development finance

Financial market recommendations for less industrialized economies, particularly in the wake of the recent financial crises, have included a push for more international financial competition. The entry of multinational banks (MNBs) into developing economies is supposed to create more market discipline for domestic banks, thus making them more efficient, and enhancing financial stability. Using data from the BIS and the IMF, we look at the determinants of MNB presence, at MNB activities, and their impact on credit supply and on financial stability. With respect to the determinants of MNB presence, we find that lower asset prices, a ready market and competition with other MNBs matter more than economic fundamentals of the host economy. In line with these results, MNBs focus their activities predominantly on serving MNCs, and on providing services that domestic banks cannot offer to domestic corporations, and high net worth individuals. Thus, we also find that domestic banks lower their total credit exposure by reducing their commercial loans in response to increased competition, particularly in serving MNCs, domestic corporations, or high net worth individuals, which may lead to real implications for less industrialized economies, particularly lower business investment. --

Low-speed aerodynamic characteristics of a 0.08-scale YF-17 airplane model at high angles of attack and sideslip

Data were obtained with and without the nose boom and with several strake configurations; also, data were obtained for various control surface deflections. Analysis of the results revealed that selected strake configurations adequately provided low Reynolds number simulation of the high Reynolds number characteristics. The addition of the boom in general tended to reduce the Reynolds number effects

Low speed aerodynamic characteristics of an 0.075-scale F-15 airplane model at high angles of attack and sideslip

An 0.075 scale model representative of the F-15 airplane was tested in the Ames 12 foot pressure wind tunnel at a Mach number of 0.16 to determine static longitudinal and lateral directional characteristics at spin attitudes for Reynolds numbers from 1.48 to 16.4 million per meter (0.45 to 5.0 million per foot). Angles of attack ranged from 0 to +90 deg and from -40 deg to -80 deg while angles of sideslip were varied from -20 deg to +30 deg. Data were obtained for nacelle inlet ramp angles of 0 to 11 deg with the left and right stabilators deflected 0, -25 deg, and differentially 5 deg and -5 deg. The normal pointed nose and two alternate nose shapes were also tested along with several configurations of external stores. Analysis of the results indicate that at higher Reynolds numbers there is a slightly greater tendency to spin inverted than at lower Reynolds numbers. Use of a hemispherical nose in place of the normal pointed nose provided an over correction in simulating yawing moment effects at high Reynolds numbers

Oligocene Deep Water Export from the North Atlantic and the Development of the Antarctic Circumpolar Current Examined with Neodymium Isotopes

Neodymium (Nd) isotopes were measured on 181 samples of fossil fish teeth recovered from Oligocene toMiocene sections at Ocean Drilling Program Site 1090 (3700 m water depth) on Agulhas Ridge in the Atlanticsector of the Southern Ocean. A long-term decreasing trend toward less radiogenic Nd isotope compositionsdominates the record. This trend is interrupted by shifts toward more radiogenic compositions near the early/lateOligocene boundary and the Oligocene/Miocene boundary. Overall, eNd values at Agulhas Ridge are moreradiogenic than at other Atlantic locations, and are similar to those at Indian Ocean locations. The pattern ofvariability is remarkably similar to Nd isotope results from Walvis Ridge (South Atlantic) and Ninetyeast Ridge(Indian Ocean). In contrast, Agulhas Ridge and Maud Rise Nd isotope records do not show similar patterns overthis interval. Results from this study indicate that deep water in the Atlantic flowed predominantly from north tosouth during the Oligocene and Miocene, and that export of Northern Component Water (NCW) to the SouthernOcean increased in the late Oligocene. There is also evidence for efficient exchange of deep waters between theAtlantic sector of the Southern Ocean and the Indian Ocean, although the direction of deep water flow is notentirely clear from these data. The shifts to more radiogenic Nd isotopic compositions most likely representincreases in the flux of Pacific waters through Drake Passage, and the timing of these events reflect developmentof a mature Antarctic Circumpolar Current (ACC). The relative timing of increased NCW export and ACCmaturation support hypotheses that link deep water formation in the North Atlantic to the opening of DrakePassage

Wind-Tunnel Investigation of the Opening Characteristics, Drag, and Stability of Several Hemispherical Parachutes

An investigation has been conducted to determine the opening characteristics of several hemispherical parachutes and to study the influence of the parachute design variables on these opening characteristics. The effects of design variables on the drag and stability characteristics of the parachutes were also evaluated. The tests were made in the Langley 20-foot free-spinning tunnel and in the Langley 300 MPH 7 by 10-foot tunnel

Distribution of Time-Averaged Observables for Weak Ergodicity Breaking

We find a general formula for the distribution of time-averaged observables for systems modeled according to the sub-diffusive continuous time random walk. For Gaussian random walks coupled to a thermal bath we recover ergodicity and Boltzmann's statistics, while for the anomalous subdiffusive case a weakly non-ergodic statistical mechanical framework is constructed, which is based on L\'evy's generalized central limit theorem. As an example we calculate the distribution of $\bar{X}$: the time average of the position of the particle, for unbiased and uniformly biased particles, and show that $\bar{X}$ exhibits large fluctuations compared with the ensemble average $$.Comment: 5 pages, 2 figure

Long-Tailed Trapping Times and Levy Flights in a Self-Organized Critical Granular System

We present a continuous time random walk model for the scale-invariant transport found in a self-organized critical rice pile [Christensen et al., Phys. Rev. Lett. 77, 107 (1996)]. From our analytical results it is shown that the dynamics of the experiment can be explained in terms of L\'evy flights for the grains and a long-tailed distribution of trapping times. Scaling relations for the exponents of these distributions are obtained. The predicted microscopic behavior is confirmed by means of a cellular automaton model.Comment: 4 pages, RevTex, includes 3 PostScript figures, submitted to Phys. Rev. Let

Linear and non linear response in the aging regime of the 1D trap model

We investigate the behaviour of the response function in the one dimensional trap model using scaling arguments that we confirm by numerical simulations. We study the average position of the random walk at time tw+t given that a small bias h is applied at time tw. Several scaling regimes are found, depending on the relative values of t, tw and h. Comparison with the diffusive motion in the absence of bias allows us to show that the fluctuation dissipation relation is, in this case, valid even in the aging regime.Comment: 5 pages, 3 figures, 3 references adde