Foreign Currency Lending in Emerging Europe: Bank Level Evidence

Based on survey data from 193 banks in 20 countries we provide the first bank-level analysis of the determinants of foreign currency (FX) lending in Emerging Europe. We find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment. We find no evidence of foreign banks ‘pushing’ FX loans indiscriminately because of easier access to wholesale funding in foreign currency. In fact, while foreign banks do lend more in FX to corporate clients, they do not do so to retail clients. We also find that after a take-over by a foreign bank, the acquired bank does not increase its FX lending any faster than a bank which remains in domestic hands.Foreign currency lending;currency mismatch;foreign banks;financial stability

The Limits of Lending:Banks and Technology Adoption Across Russia

We exploit historical and contemporaneous variation in local credit markets across Russia to identify the impact of credit constraints on firm-level innovation. We find that access to bank credit helps firms to adopt existing products and production processes that are new to them. They introduce these technologies either with the help of suppliers and clients or by acquiring external know-how. We find no evidence that bank credit also stimulates firm innovation through in-house R&D. This suggests that banks can facilitate the discussion of technologies within developing countries but that their role in pushing the technological frontier is limited

Foreign Currency Lending in Emerging Europe:Bank Level Evidence

Based on survey data from 193 banks in 20 countries we provide the first bank-level analysis of the determinants of foreign currency (FX) lending in Emerging Europe. We find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment. We find no evidence of foreign banks ‘pushing’ FX loans indiscriminately because of easier access to wholesale funding in foreign currency. In fact, while foreign banks do lend more in FX to corporate clients, they do not do so to retail clients. We also find that after a take-over by a foreign bank, the acquired bank does not increase its FX lending any faster than a bank which remains in domestic hands

The Great Recession and social preferences: Evidence from Ukraine

We use detailed survey data to document stark differences between West and East Ukraine when it comes to household attitudes toward market-based economies and democratic institutions. Along both of these dimensions, Eastern Ukrainians are decidedly less supportive of liberal systems. We also find that economic attitudes changed in response to the global financial crisis. West Ukrainian households who were affected more extensively by the crisis were more disappointed with the market and private ownership, while in Eastern Ukraine economic attitudes became less pro-market across the board. Our evidence suggests that attitudes and values are determined by both deep-rooted factors and more transient macroeconomic shocks

Applied design of an energy-efficient multi-layered membrane sheltering system

Within the research group of Product Development a low cost semi-permanent building system is developed with passive climate control for dairy cattle. The system proved to be successful and two new applications were found for the system; 1) an emergency community shelter and 2) a pig breading stable. Both new applications require a stable and comfortable indoor climate. To achieve such a indoor climate, a thermally active roofing system is developed to active acclimatize the inside conditions

Microcredit Contracts, Risk Diversification and Loan Take-Up

We study theoretically and empirically the demand for microcredit under different liability arrangements and risk environments. A theoretical model shows that the demand for joint-liability loans can exceed that for individual-liability loans when risk-averse borrowers value their long-term relationship with the lender. Joint liability then offers a way to diversify risk and reduce the chance of losing access to future loans. We also show that the demand for loans depends negatively on the riskiness of projects. Using data from a randomised controlled trial in Mongolia we find that these model predictions hold true empirically. In particular, we use innovative data on subjective risk perceptions to show that expected project risk negatively affects the demand for loans. In line with an insurance role of joint-liability contracts, this effect is muted in villages where joint-liability loans are available

Regional Inflation, Financial Integration and Dollarization (This is a revision of CentER DP 2013-073)

We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of household deposits and a decrease in the dollarization of loans to households and to firms in non-tradable sectors. The impact of inflation on credit dollarization is weaker in regions with less integrated banking markets. This suggests that the currency-portfolio choices of households and firms may be constrained by the asset-liability management of banks

Isolation of a Novel Phage with Activity against Streptococcus mutans Biofilms

peer-reviewedStreptococcus mutans is one of the principal agents of caries formation mainly, because of its ability to form biofilms at the tooth surface. Bacteriophages (phages) are promising antimicrobial agents that could be used to prevent or treat caries formation by S. mutans. The aim of this study was to isolate new S. mutans phages and to characterize their antimicrobial properties. A new phage, ɸAPCM01, was isolated from a human saliva sample. Its genome was closely related to the only two other available S. mutans phage genomes, M102 and M102AD. ɸAPCM01 inhibited the growth of S. mutans strain DPC6143 within hours in broth and in artificial saliva at multiplicity of infections as low as 2.5x10-5. In the presence of phage ɸAPCM01 the metabolic activity of a S. mutans biofilm was reduced after 24 h of contact and did not increased again after 48 h, and the live cells in the biofilm decreased by at least 5 log cfu/ml. Despite its narrow host range, this newly isolated S. mutans phage exhibits promising antimicrobial properties

Quantifying the anisotropy in the infrared emission of powerful AGN

We use restframe near- and mid-IR data of an isotropically selected sample of quasars and radio galaxies at 1.0 \leq z \leq 1.4, which have been published previously, to study the wavelength-dependent anisotropy of the IR emission. For that we build average SEDs of the quasar subsample (= type 1 AGN) and radio galaxies (= type 2 AGN) from ~1-17 {\mu}m and plot the ratio of both average samples. From 2 to 8 {\mu}m restframe wavelength the ratio gradually decreases from 20 to 2 with values around 3 in the 10{\mu}m silicate feature. Longward of 12{\mu}m the ratio decreases further and shows some high degree of isotropy at 15 {\mu}m (ratio ~1.4). The results are consistent with upper limits derived from the X-ray/mid-IR correlation of local Seyfert galaxies. We find that the anisotropy in our high-luminosity radio-loud sample is smaller than in radio-quiet lower-luminosity AGN which may be interpreted in the framework of a receding torus model with luminosity-dependent obscuration properties. It is also shown that the relatively small degree of anisotropy is consistent with clumpy torus models.Comment: 6 pages, 2 figures; accepted by Ap