Cyclical effects of bank capital requirements with imperfect credit markets

This paper analyzes the cyclical effects of bank capital requirements in a simple model with credit market imperfections. Lending rates are set as a premium over the cost of borrowing from the central bank, with the premium itself depending on firms’ effective collateral. Basel I- and Basel II-type regulatory regimes are defined and a capital channel is introduced through a signaling effect of capital buffers on the cost of bank deposits. The macroeconomic effects of various shocks (a drop in output, an increase in the refinance rate, and a rise in the capital adequacy ratio) are analyzed, under both binding and nonbinding capital requirements. Factors affecting the procyclicality of each regime (defined in terms of the behavior of the risk premium) are also identified and policy implications are discussed.Banks&Banking Reform,Access to Finance,Economic Theory&Research,Currencies and Exchange Rates,Debt Markets

Cyclical Effects of Bank Capital Buffers with Imperfect Credit Markets: international evidence

This paper analyzes the cyclical effects of bank capital buffers using an international sample of 2,361 banks from 92 countries over the 1990-2007 period. We find that capital buffers reduce the bank credit supply but – through what could be “monitoring or signaling effects” – have also an expansionary effect on economic activity by reducing lending and deposit rate spreads. This influence on lending and deposit rate spreads is more pronunced in developing countries and during downturns. The results suggest that capital buffers have a counter-cyclical effect in these countries. Our data do not suggest differences in the cyclical effects of capital buffers between Basel I and Basel II.

Capital Regulation, Monetary Policy and Financial Stability

This paper examines the roles of bank capital regulation and monetary policy in mitigating procyclicality and promoting macroeconomic and financial stability. The analysis is based on a dynamic stochastic model with imperfect credit markets. Macroeconomic (financial) stability is defined in terms of the volatility of nominal income (real house prices). Numerical experiments show that even if monetary policy can react strongly to inflation deviations from target, combining a credit-augmented interest rate rule and a Basel III-type countercyclical capital regulatory rule may be optimal for promoting overall economic stability. The greater the degree of interest rate smoothing, and the stronger the policymaker’s concern with macroeconomic stability, the larger is the sensitivity of the regulatory rule to credit growth gaps.

Some remarks on the attractor behaviour in ELKO cosmology

Recent results on the dynamical stability of a system involving the interaction of the ELKO spinor field with standard matter in the universe have been reanalysed, and the conclusion is that such system does not exhibit isolated stable points that could alleviate the cosmic coincidence problem. When a constant parameter $\delta$ related to the potential of the ELKO field is introduced in the system however, stable fixed points are found for some specific types of interaction between the ELKO field and matter. Although the parameter $\delta$ is related to an unknown potential, in order to satisfy the stability conditions and also that the fixed points are real, the range of the constant parameter $\delta$ can be constrained for the present time and the coincidence problem can be alleviated for some specific interactions. Such restriction on the ELKO potential opens possibility to apply the ELKO field as a candidate to dark energy in the universe, and so explain the present phase of acceleration of the universe through the decay of the ELKO field into matter.Comment: 17 pages, section III with minor changes and section IV rewritten with a new analysi

Expected Response To Early-generation Selection For Yield And Tuber Appearance Traits In Potatoes

The aim of this study was to evaluate the performance of potato clonal families, and to estimate genetic variance, heritability and the expected response to selection of tuber yield and appearance traits in early generations. Twelve potato families were obtained from crosses between two groups of randomly-selected genotypes, including Eliza, C1730-7-94, and C1742-8-95 in group 1; and Shepody, Asterix, Caesar, and White Lady in group 2. The crosses were made in factorial design (3 genotypes x 4 genotypes), and each family consisted of 75 genotypes. Experiments were conducted in the fall of 2010, with a seedling generation under greenhouse conditions, and in the fall of 2011, with a clonal generation under field condition. High heritability estimates suggest that mild to moderate selection can be applied in the seedling generation to eye depth, eyebrow prominence, tuber curvature, flattening and shape uniformity. The C1742-8-95/White Lady stood out as a superior cross, as did all other crosses with White Lady, regarding tuber appearance and yield traits.3752849285

Relative returns to policy reform - evidence from controlled cross-country regressions

The authors aim at contributing to understand the dispersion of returns from policy reforms using cross-country regressions. The authors compare the"before reform"with"after reform"GDP growth outcome of countries that undertook import-liberalization and fiscal policy reforms. They survey a large sample (about 54) of developing countries over the period 1980-99. The benefits of openness to trade and fiscal prudence have been extensively identified in the growth literature, but the evidence from simple cross-section analysis can sometimes be inconclusive and remains vulnerable to criticism on estimation techniques, such as identification, endogeneity, multi-colinearity, and the quality of the data. The authors use a different analytical framework that establishes additional controls. First, they construct a counterfactual control group. These are countries that-under specific thresholds-did not introduce policy reforms under scrutiny. Second, the authors also try to use the most appropriate variable of policy reform, for example, exogenous changes in import-tariffs instead of the endogenous sum of all trade flows. Third, the authors try to base the before-after reform comparison on the most accurate date for the beginning of a policy reform period (instead of comparing averages over fixed intervals of time). Once these controls are set, they explain the difference between average GDP growth rates during the country-specific post and the pre-reform periods, relative to the average GDP growth of the relevant control group. The explanatory variables in the regressions include the standard growth-regression controls. The results are the following: 1) With a better measurement and timing of the policy reforms, the growth effect (the"returns on reform") is generally smaller than in previous papers. 2) There is evidence of contingent relationships between policy and growth, corresponding to the country's size, its export profile, and its governance. 2) Within the group of policy reformers, some countries have exhibited a relatively weaker growth response. Overall, the findings suggest that more accurate measurement and definition of the timing of reforms does not strengthen the significance of the effects of reforms on GDP growth. In fact, the effects are weaker than indicated in most cross-section studies. This suggests that the policy implications to be derived from these relationships should be treated with even more caution than previously thought.Environmental Economics&Policies,Trade Policy,Public Health Promotion,Economic Theory&Research,Health Monitoring&Evaluation,TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT,Economic Theory&Research,Achieving Shared Growth,Environmental Economics&Policies,Trade and Regional Integration

Capacidade geral de combinação multivariada em batata.

O objetivo deste trabalho foi estimar as capacidades gerais de combinação multivariadas em batata. Foram avaliadas 20 famílias clonais de batata de nove genótipos em esquema dialético por duas gerações sucessivas.bitstream/item/73777/1/bpd-84.pd

Importância de caractes na dissimilaridade de progênies de batata na primeira geração clonal.

O objetivo do presente trabalho foi verificar a utilização da análise de importância relativa na eliminação de caracteres para o cálculo da distância genética de progênies de batata em primeira geração.Resumo 012

Correlação entre gerações de seleção em batata.

O objetivo deste trabalho foi verificar a existência de correlação da expressão de caracteres de tubérculo, nas três primeiras gerações, visando a seleção precoce de plantulas de batata.bitstream/item/73767/1/bpd-83.pd

Capacidade de combinação multivariada para caracters de tubérculo em batata.

O objetivo deste trabalho foi estimar a capacidade geral de combinação multivariada de genitores de batata.Resumo 011