Who is credit constrained among denied or discouraged borrowers?".

Since the seminal work of Jappelli (1990), it has become standard to identify as liquidity-constrained, borrowers who were either turned down for credit or did not apply because they might be turned down. In this paper, we show that the so-called “denied or discouraged†proxy does not capture accurately consumers’ credit access when consumers seek credit to finance expenditure on durable goods. Our sample is drawn from the Panel Study of Income Dynamics. We document systematic misclassification of unconstrained households as constrained. We argue that: for durables, this proxy captures best the intensity put forth by the borrower when shopping for a loan.Borrowing constraints; Mortgage loans; Consumer search

The Sustainability of South African Current Account Deficits

Deficits in the South African current account since 2003 have been met with growing concern by economists. As these deficits reached unprecedented levels, questions about the sustainability of the country's external position have begun to arise. This paper tests the sustainability of South Africa's current account deficits via a test of the country's intertemporal budget constraint. Following a similar methodology to Husted (1992) in testing for the sustainability of U.S. current account deficits and Wu, Fountas and Chen (1996) for U.S. and Canadian deficits, this paper employs the Engle and Granger (1987) ADF test for cointegration. An initial finding of an unsustainable current account position is reversed once structural breaks at 1994:1 and 2003:2 are controlled for in the cointegration equation. This investigation therefore concludes that South African current account deficit is sustainable.deficit sustainability, cointegration, structural breaks, capital flows

A method of rapid and automatic search for radio signals within the HF band

Imperial Users onl

Effect of Hot Water Treatments on Shelf Life of Tomato (Lycopersicon esculentum Mill)

The experiment was conducted in 2015 academic year at Wolaita Sodo University College of Agriculture Department of Horticulture laboratory room to study the effects of different postharvest treatments to extend shelf life and to reduce postharvest loss and maintain quality of tomato. The study was consist of four levels of temperature treatments as T1= 500C, T2= 400C,   T3=300C, and T4= control using tomato (Lycopersicon esculentum Mill), cv. Roma VF. The experiment was laid out using completely randomized design, (CRD) with three replications. The post-harvest losses in horticultural products are the major problems in most developing countries that have tomatoes been reported from 20 to 50%. In this work, the effect of tap water, 30ºc, 40ºc and 50ºc hot water dipping for 20 minutes on quality and reducing decay of cheap tomatoes were studied. Fruits were harvested at mature green stage and after treatments were done, they were stored at ambient lower temperature and pH for 11 days. Quality parameters including weight loss, color development and shelf life were analyzed after 3 days of storage. The recorded data were analyzed using analysis of variance and the means of different parameters were compared by LSD. Significant variations were observed in relation to most of the parameters studied. The result showed that there is significant difference between treatments (P< 0.05), the hot water treatment using 500C is more suitable than other treatment temperatures, for 11 days storage life of tomato fruits i.e, 50ºc hot water dipping for 20 minutes delayed the ripening rate by reducing the fruit softening, weight loss, and chlorophyll degradation, in contrast fruit ripening was accelerated in untreated (control) one. The post-harvest decay that was the main quality factor in this experiment, significantly reduced in treated fruits with hot water treatment. Keywords: Tomato, temperature, hot water, shelf life, weight loss and color change

Adaptation Trial and Growth Performance of Multipurpose Trees/Shrubs Species at Meti Site of Kellem Wollega Zone, Oromia, Ethiopia

This study was conducted at Meti Site of Haro Sabu Agricultural research center, Oromia. The objective of this study was to evaluate the adaptability and growth performance of different multipurpose trees/shrubs species and select or screen those best performed and adapted to the area. For this seedling of: Acacia senegal, Pinus patula, Callistemon citrinus, Olea africana and Spathodea nilotica were out planted on a plot of 14m*14m. The space between block of each species was 3m and Spacing between rows and within row was based on the recommendations of each species. In order to fit the given objectives growth parameter data of trees/shrubs (height, root collar diameter (only for trees< 1.3m in height), diameter at breast height (for trees ≥1.3m height) and survival rate) were collected by an interval of 6 months and Analyses of variance and LSD tests were employed to assess the results at p=0.05 using Minitab 17. As a result, the higher mean height growth was observed on Callistemon citrinus (2.59 m), Spathoda nilotica (2.48 m) and Pinus patula (2.34 m). Again Gains in root collar diameter (RCD) was significantly highest on Pinus patula (37.75cm, 2.81cm) and Spathodea nilotica (32.08cm, 3.52cm).The Mean survivals of all trees grown at site were good ranging from 85.36% ( Pinus patula) to 100% (Spathodea nilotica (100%). Generally this finding may help forest managers (stakeholder) to allocate species into the site that grow and adapt well.  To select the most adaptable ones for such areas , use them at wider scale and increase their importance in the overall agricultural productivity (soil conservation, timber production, shading purpose, etc) and in general multifunction purposes in the area,  further testing of provenances of the best performing species is recommended. Keywords: Growth performance, Meti, Relative growth rate in height (RGRH), Root collar diameter (RCD), Survival percentage. DOI: 10.7176/JEES/11-11-03 Publication date: November 30th 202

Do Monetary, Fiscal and Financial Institutions Really Matter for Inflation Targeting in Emerging Market Economies?

Most emerging market economies (EMEs) which have implemented inflation targeting (IT) have continued to experience large, frequent and sometimes persistent inflation target misses. At the same time these countries had reformed their institutional structures when implementing IT. In this paper we empirically study the importance of central bank independence, fiscal discipline and financial sector development for the achievement of inflation targets in EMEs using the panel ordered logit model. We find that when we control for variables such as output gap, exchange rate gap and openness, the improvement in central bank independence, fiscal discipline and financial systems reduces the probability of inflation target misses. Importantly, some control variables lead to the missing of inflation target bands. These are, in order of importance; exchange rate gap, output gap, inflation target horizon and level of openness. The combined impact of institutional structures is quite large, indicating their signifi…cant contribution to the infl‡ation performance and credibility of IT.In‡flation targeting, Institutions, Credibility