On the flow of a magnetized solar wind around the moon

Effects of interplanetary magnetic fields on flow of plasma around moo

Diffusion and convection of energetic electrons behind the earth's bow shock

Diffusion effects on energy spectrum of electron group analyzed during downwind convection in bow shock transition region of eart

Cosmic-ray transport theory and out-of-the-ecliptic exploration

The reasons for studying cosmic-ray transport theory are summarized and the fundamentally three-dimensional nature of the process is pointed out. It is shown that observations in the solar ecliptic plane cannot unambiguously test transport theories since the solutions to the transport equations depend critically on boundary conditions and variation of parameters such as diffusion tensor out of the ecliptic. Sample calculations (Fokker-Planck coefficient) are shown which illustrate the problem. It is concluded that out-of-the-ecliptic observations are essential to further test transport theory

On the transport of charged particles in turbulent fields: comparison of an exact solution with the quasilinear approximation

The problem of charged-particle transport in a magnetic field which is solely a function of time is solved. The solution is obtained exactly, to all orders in the field, in the limit of large wavelengths normal to the magnetic field. It is shown that the usual quasilinear, Fokker-Planck approximation is equal to the exact solution in the limit of times large compared with the correlation time of the fluctuating field. This is just the regime where the approximation has been used in the past, and this special case thus gives some support to the standard approximation techniques

CEE Banking Sector Co-Movement: Contagion or Interdependence?

This paper examines banking and financial sector return co-movements between the three largest Central and Eastern European countries to have recently joined the European Union, namely the Czech Republic, Hungary and Poland. In order to build up an understanding of the soundness and stability of the banking systems of these new member states, we try to determine whether it is contagion, or interdependence that is driving the co-movements between these markets. Employing various different tests of propagation and controlling for own-country news and other fundamentals, we find evidence of cross-border banking sector contagion and determine that it is regional rather than international shocks that are driving the market movements.Contagion, Macroeconomic news, Banking sector, Stock returns

The Cyclical Behaviour of European Bank Capital Buffers

Using an unbalanced panel of accounting data from 1997 to 2004 and controlling for individual bank costs and risk, we find capital buffers of the banks in the EU15 have a significant negative co-movement with the cycle. For banks in the accession countries there is significant positive co-movement. Capital buffers of commercial and savings banks, and of large banks, exhibit negative co-movement. Those of co-operative and smaller banks exhibit positive co-movement. Speeds of adjustment are fairly slow. We interpret these results and discuss policy implications, noting that negative co-movement of capital buffers will exacerbate the procyclical impact of Basel II.Bank capital; bank regulation; business cycle fluctuations

Bank Capital Buffer and Risk Adjustment Decisions

Building an unbalanced panel of United States (US) bank holding company (BHC) and commercial bank balance sheet data from 1986 to 2006, we examine the relationship between short-term capital buffer and portfolio risk adjustments. Our estimations indicate that the relationship over the sample period is a positive two-way relationship. Moreover, we show that the management of such adjustments is dependent on the degree of bank capitalization. Further investigation through time-varying analysis reveals a cyclical pattern in the uncovered relationship: negative after the 1991/1992 crisis, and positive before 1991 and after 1997.Bank capital, Portfolio Risk, Regulation

The Impact of Banking Sector Stability on the Real Economy

This article studies the relationship between the degree of banking sector stability and the subsequent evolution of real output growth and inflation. Adopting a panel VAR methodology for a sample of 18 OECD countries, we find a positive link between banking sector stability and real output growth. This finding is predominantly driven by periods of instability rather than by very stable periods. In addition, we show that an unstable banking sector increases uncertainty about future output growth. No clear link between banking sector stability and inflation seems to exist. We then argue that the link between banking stability and real output growth can be used to improve output growth forecasts. Using Fed forecast errors, we show that banking sector stability (instability) results in a significant underestimation (overestimation) of GDP growth in the subsequent quarters.Banking sector stability, real output growth, output growth forecasts

The cyclical behaviour of European bank capital buffers

Using an unbalanced panel of commercial, savings and co-operative banks for the years 1997 to 2004 we examine the cyclical behaviour of European bank capital buffers. After controlling for other potential de-terminants of bank capital, we find that capital buffers of the banks in the accession countries (RAM) have a significant positive relationship with the cycle, while for those in the EU15 and the EA and the combined EU25 the relationship is significantly negative. We additionally find fairly slow speeds of ad-justment, with around two-thirds of the correction towards desired capital buffers taking place each year. We further distinguish by type and size of bank, and find that capital buffers of commercial and savings banks, and also of a sub-sample of large banks, exhibit negative co-movement. Co-operative banks and smaller banks on the other hand, tend to exhibit positive cyclical co-movement.bank capital; bank regulation; business cycle fluctuations

Contagion and interdependence: measuring CEE banking sector co-movements

Making use of ten years of daily data, this paper examines whether banking sector co-movements be-tween the three largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. Our tests based on simple unadjusted correlation analysis uncover evidence of conta-gion between all pairs of countries. Adjusting for market volatility during turmoil, however, produces dif-ferent results. We then find contagion from the Czech Republic to Hungary during this time, but all other cross-market co-movements are rather attributable rather to strong cross-market linkages. In addition, we construct a set of dummy variables to try to capture the impact of macroeconomic news on these markets. Controlling for own-country fundamentals, we discover that the correlations diminish between the Czech Republic and Poland, but that coefficients for all pairs remain substantial and significant. Finally, we ad-dress the problem of simultaneous equations, omitted variables and heteroskedasticity, and adjust our data accordingly. We confirm our previous findings. Our tests provide evidence in favour of parameter insta-bility, again signifying the existence of contagion arising from problems in the Czech Republic affecting Hungary during much of 1996.contagion; interdependence; macroeconomic news; banking sector; stock returns