Why did Czech Banks Switch From Loans in 1995?

The Czech banking system is seen by many observers to be the most successful of all former socialist economies’. But have Czech banks successfully provided worthy enterprises with sufficient credit from the funds made available to them? Using data from the Czech National Bank and data on individual Czech banks, I find evidence that in 1995 banks are provided with more deposits, but do not transform them into enterprise loans. I investigate the possible causes of this great portfolio switch and find that the central bank instituted a monetary tightening during a regime of fixed exchange rates and mobile capital. The central bank sterilized the continuing capital inflows. The resulting higher interbank interest rates and competition from foreign funds made the loan interest margin too narrow for Czech banks to profitably lend. The tight money strategy likely contributed to the bank failures in the following year and may have lead to greater concentration in the Czech banking system.Banking, Capital Flows, Capital Mobility, Central Banking, Economy in Transition, Fixed Exchange Rates, Monetary Policy

Modering Financial Fragility In Transition Economies

Capital inflows have an enormous importance in the financing of investment in emerging and transition economies. However short-term inflows, intermediated by the banking sector of the emerging economy, may be subject to early withdrawals. We model a situation where such withdrawals are motivated by a change in either the domestic or the foreign fundamentals. We show that, for a given change in fundamentals, a reversal in the capital flows (and hence a currency crisis) is more likely the more risk averse are the foreign investors into the emerging economy. We also show that a policy to tax early withdrawals may discourage capital inflows which are more likely to give rise to fundamental runs, by helping to select relatively less risk averse investors. However, such a policy would have to be fine tuned in order not to discourage all capital inflows.Short-term capital inflows, Currency crisis, Financial Fragility, Chilean tax.

The Myth of Egalitarianism in Wartime and Austerity Britain

This thesis examines the construction of a myth of egalitarianism in Britain during the Second World War and subsequent challenges to it under austerity in the immediate postwar years. It engineers the 1951 Festival of Britain as a lens through which to track a history of hope for and disillusionment with socialist reconstruction legislation, addressing the following key questions: How did expectations for postwar social harmony clash with the \u27New Britain\u27 delivered by the Labour government after 1945? In what ways did this tension motivate the organization of a festival for the nation, about the nation? Featuring the prophecies of H.G. Wells and George Orwell, baby starvation techniques, modern toilet seat aesthetics, and a particularly striking piece of steak, this thesis endeavors to question the agenda of the Festival of Britain beyond its recognized role as a tonic to the nation

Trade Credit and the Bank Lending Channel

The bank lending channel theory posits that during monetary contractions banks restrict some firms’ loans, thus reducing their desired investment independently of interest rates. Previous research finds small firms reduce, while large firms accelerate, loan growth. We find that small firms increase trade credit, a substitute credit, indicating a strong loan demand. It supports the bank lending channel: they do not voluntarily cut bank loans since they increase a less-desirable alternative. Using trade credit is propitious since unlike commercial paper (investigated by previous researchers), it is widely used by the small firms suffering the loan decline. Surprisingly, we also find large firms increase trade credit, a puzzle since they are typically assumed to have wide access to other credit. Using individual firm data, we find the reasons large firms use trade credit are financial in nature: those without a bond rating increase trade credit (i.e. without access to open market credit). As relatively few firms have this mark of quality, it implies that more firms are affected by credit constraints than previously believed.Bank Lending Channel, Credit Channel, Manufacturing Firms, Monetary Policy, Trade Credit

Exploring the Influence of Consumer Behavior, Psychology, and Personality on Purchase Intention: A Study on the Impact of Color, Font Type, and Material in Coffee Packaging

Norway boasts a substantial coffee market and ranks as the second-highest consumer of coffee globally. Within a highly competitive market, it becomes crucial for businesses to differentiate themselves from competitors. While previous studies have primarily focused on examining the impact of various coffee packaging components on overall purchase intention, this research seeks to delve deeper and identify the specific factors that contribute to heightened purchase intentions for particular packaging components. By shedding light on these factors, this study aims to provide valuable insights for businesses aiming to gain a competitive advantage in the industry. Our research comprised two distinct studies. Study 1 encompassed an exploratory investigation with the objective of examining the alignment between personalities and color preferences, as well as determining the magnitude of willingness to pay (WTP) and its key influencers. Study 2, our main study, focused on analyzing the factors that influence purchase intentions for various packaging components, specifically material, font type, and color. Within this study, we explored the interplay of consumer behavior, psychology, and personality as critical determinants of purchase intentions. To examine the present study, we employed a comprehensive approach involving an online survey to gather relevant data. This data was subjected to rigorous analysis, including factor analysis and regression models, to facilitate a thorough exploration of the research variables. The outcomes of our analysis revealed compelling evidence supporting the significant influence of underlying factors such as consumer behavior, psychology, and personality on the purchase intentions pertaining to diverse coffee packaging components. These findings underscore the importance of considering these factors when making decisions regarding the packaging of coffee products, as they can significantly impact consumer preferences and behaviors

Velocity of vortices in inhomogeneous Bose-Einstein condensates

We derive, from the Gross-Pitaevskii equation, an exact expression for the velocity of any vortex in a Bose-Einstein condensate, in equilibrium or not, in terms of the condensate wave function at the center of the vortex. In general, the vortex velocity is a sum of the local superfluid velocity, plus a correction related to the density gradient near the vortex. A consequence is that in rapidly rotating harmonically trapped Bose-Einstein condensates, unlike in the usual situation in slowly rotating condensates and in hydrodynamics, vortices do not move with the local fluid velocity. We indicate how Kelvin's conservation of circulation theorem is compatible with the velocity of the vortex center being different from the local fluid velocity. Finally we derive an exact wave function for a single vortex near the rotation axis in a weakly interacting system, from which we derive the vortex precession rate.Comment: 5 pages, one .eps figure. Published versio

Construction of a giant vortex state in a trapped Fermi system

A superfluid atomic Fermi system may support a giant vortex if the trapping potential is anharmonic. In such a potential, the single-particle spectrum has a positive curvature as a function of angular momentum. A tractable model is put up in which the lowest and next lowest Landau levels are occupied. Different parameter regimes are identified and characterized. Due to the dependence of the interaction on angular momentum quantum number, the Cooper pairing is at its strongest not only close to the Fermi level, but also close to the energy minimum. It is shown that the gas is superfluid in the interior of the toroidal density distribution and normal in the outer regions. Furthermore, the pairing may give rise to a localized density depression in configuration space.Comment: 12 pages, 14 figure file

Pair Correlations, Short Range Order and Dispersive Excitations in the Quasi-Kagome Quantum Magnet Volborthite

We present spatial and dynamic information on the s=1/2 distorted kagome antiferromagnet volborthite, Cu3V2O7(OD)2.2D2O, obtained by polarized and inelastic neutron scattering. The instantaneous structure factor, S(Q), is dominated by nearest neighbor pair correlations, with short range order at wave vectors Q1=0.65(3) {\AA}^-1 and Q2=1.15(5) {\AA}^-1 emerging below 5 K. The excitation spectrum, S(Q,{\omega}), reveals two steep branches dispersing from Q1 and Q2, and a flat mode at {\omega}=5.0(2) meV. The results allow us to identify the cross-over at T*=1 K in 51V NMR and specific heat measurements as the build-up of correlations at Q_1. We compare our data to theoretical models proposed for volborthite, and demonstrate that the excitation spectrum can be explained by spin-wave-like excitations with anisotropic exchange parameters, as also suggested by recent local density calculations.Comment: Rewritten article resubmitted to Phys. Rev. Lett. 021