The Procyclical Effects of Bank Capital Regulation

We assess the procyclical effects of bank capital regulation in a dynamic equilibrium model of relationship lending in which banks are unable to access the equity markets every period. Banks anticipate that shocks to their earnings as well as the cyclical position of the economy can impair their capacity to lend in the future and, as a precaution, hold capital buffers. We find that under cyclically-varying risk-based capital requirements (e.g. Basel II) banks hold larger buffers in expansions than in recessions. Yet, these buffers are insufficient to prevent a significant contraction in the supply of credit at the arrival of a recession. We show that cyclical adjustments in the confidence level underlying Basel II can reduce its procyclical effects on the supply of credit without compromising banks’ long-run solvency targets.Banking regulation;Basel II;Business cycles;Capital requirements;Credit crunch;Loan defaults;Relationship banking

The role of rotation on Petersen Diagrams. The Pi1/0(Omega) Pi_{1/0}(Omega) period ratios

The present work explores the theoretical effects of rotation in calculating the period ratios of double-mode radial pulsating stars with special emphasis on high-amplitude delta Scuti stars (HADS). Diagrams showing these period ratios vs. periods of the fundamental radial mode have been employed as a good tracer of non-solar metallicities and are known as Petersen diagrams (PD).In this paper we consider the effect of moderate rotation on both evolutionary models and oscillation frequencies and we show that such effects cannot be completely neglected as it has been done until now. In particular it is found that even for low-to-moderate rotational velocities (15-50 km/s), differences in period ratios of some hundredths can be found. The main consequence is therefore the confusion scenario generated when trying to fit the metallicity of a given star using this diagram without a previous knowledge of its rotational velocity.Comment: A&A in pres

Implementation of the barotropic vorticity equation on the MPP

A finite difference version of the equations governing two-dimensional, non-divergent flow on a sphere is implemented and integrated on the Massively Parallel Processor (MPP). The MPP's performance is then compared with the Cyber's. The feasibility of using a massively parallel architecture to solve the hydrodynamic equations as they are used in numerical weather prediction (NWP) are described

Dynamical mechanism for ultra-light scalar Dark Matter

Assuming a double-well bare potential for a self-interacting scalar field, with the Higgs vacuum expectation value, it is shown that non-perturbative quantum corrections naturally lead to ultra-light particles of mass $\simeq10^{-23}$eV, if these non-perturbative effects occur at a time consistent with the Electroweak phase transition. This mechanism could be relevant in the context of Bose Einstein Condensate studies for the description of cold Dark Matter. Given the numerical consistency with the Electroweak transition, an interaction potential for Higgs and Dark Matter fields is proposed, where spontaneous symmetry breaking for the Higgs field leads to the generation of ultra-light particles, in addition to the usual Higgs mechanism. This model also naturally leads to extremely weak interactions between the Higgs and Dark Matter particles.Comment: 12 pages, includes the derivation of the effective potential suppressed by the volum