The interrelationship between monetary policy and the interbank money market during the financial crisis

Die vorliegende Dissertation besteht aus sechs Kapiteln und trägt zur Forschung in den Bereichen der Finanzmarktpolitik und der Geldpolitik bei. Das zweite Kapitel zeigt die Wechselbeziehung zwischen Geldmarktanspannungen und der Stabilität des Finanzsystems auf. Mittels der theoretischen Literatur werden verschiedene Einflussfaktoren einer aggregierten Liquiditätsnachfragefunktion präsentiert. Das dritte Kapitel untersucht den Informationsgehalt der Ergebnisse der Hauptrefinanzierungsgeschäfte für den europäischen Geldmarkt. Unsere Ergebnisse zeigen, dass sich seit der Finanzkrise der Informationsgehalt der Hauptrefinanzierungsgeschäfte in zweierlei Hinsicht verändert hat. Im vierten Kapitel untersuchen wir die Wirksamkeit der Geldpolitik während der Finanzkrise europäische Geldmarktzinssätze zu steuern. Die Ergebnisse deuten auf eine erhebliche Divergenz zwischen den Zinssätzen und den Erwartungen über die zukünftige Geldpolitik hin. Weiterhin finden wir heraus, dass die unkonventionellen Maßnahmen der EZB für einen Rückgang der Euriborsätze von bis zu 60 Basispunkten verantwortlich sind. Das fünfte Kapitel beschäftigt sich mit der Funktionsweise des besonderen geldpolitischen Instrumentariums der Schweizerischen Nationalbank.

Ancient Greek harbours used as geo-archives for palaeotsunami research : case studies from Krane (Cefalonia), Lechaion (Gulf of Corinth) and Kyllini (Peloponnese)

Since historical times, coastal areas throughout the eastern Mediterranean are exposed to tsunami hazard. For many decades the knowledge about palaeotsunamis was solely based on historical accounts. However, results from timeline analyses reveal different characteristics affecting the quality of the dataset (i.e. distribution of data, temporal thinning backward of events, local periodization phenomena) that emphasize the fragmentary character of the historical data. As an increasing number of geo-scientific studies give convincing examples of well dated tsunami signatures not reported in catalogues, the non-existing record is a major problem to palaeotsunami research. While the compilation of historical data allows a first approach in the identification of areas vulnerable to tsunamis, it must not be regarded as reliable for hazard assessment. Considering the increasing economic significance of coastal regions (e.g. for mass tourism) and the constantly growing coastal population, our knowledge on the local, regional and supraregional tsunami hazard along Mediterranean coasts has to be improved. For setting up a reliable tsunami risk assessment and developing risk mitigation strategies, it is of major importance (i) to identify areas under risk and (ii) to estimate the intensity and frequency of potential events. This approach is most promising when based on the analysis of palaeotsunami research seeking to detect areas of high palaeotsunami hazard, to calculate recurrence intervals and to document palaeotsunami destructiveness in terms of wave run-up, inundation and long-term coastal change. Within the past few years, geo-scientific studies on palaeotsunami events provided convincing evidence that throughout the Mediterranean ancient harbours were subject to strong tsunami-related disturbance or destruction. Constructed to protect ships from storm and wave activity, harbours provide especially sheltered and quiescent environments and thus turned out to be valuable geo-archives for tsunamigenic high-energy impacts on coastal areas. Directly exposed to the Hellenic Trench and extensive local fault systems, coastal areas in the Ionian Sea and the Gulf of Corinth hold a considerably high risk for tsunami events, respectively.Geo-scientific and geoarcheaological studies carried out in the environs of the ancient harbours of Krane (Cefalonia Island), Lechaion (Corinth, Gulf of Corinth) and Kyllini (western Peloponnese) comprised on-shore and near-shore vibracoring and subsequent sedimentological, geochemical and microfossil analyses of the recovered sediments. Geophysical methods like electrical resistivity tomography and ground penetrating radar were applied in order to detect subsurface structures and to verify stratigraphical patterns derived from vibracores over long distances. The overall geochronological framework of each study area is based on radiocarbon dating of biogenic material and age determination of diagnostic ceramic fragments. Results presented within this study provide distinct evidence of multiple palaeotsunami landfalls for the investigated areas. Tsunami signatures encountered in the environs of Krane, Lechaion and Kyllini include (i) coarse-grained allochthonous marine sediments intersecting silt-dominated quiescent harbour deposits and/or shallow marine environments, (ii) disturbed microfaunal assemblages and/or (iii) distinct geochemical fingerprints as well as (iv) geo-archaeological destruction layers and (v) extensive units of beachrock-type calcarenitic tsunamites. For Krane, geochronological data yielded termini ad or post quem (maximum ages) for tsunami event generations dated to 4150 ± 60 cal BC, ~ 3200 ± 110 cal BC, ~ 650 ± 110 cal BC, and ~ 930 ± 40 cal AD, respectively. Results for Lechaion suggest that the harbour was hit by strong tsunami impacts in the 8th-6th century BC, the 1st-2nd century AD and in the 6th century AD. At Kyllini, the harbour site was affected by tsunami impact in between the late 7th and early 4th cent. BC and between the 4th and 6th cent. AD. In case of Lechaion and Kyllini, the final destruction of the harbour facilities also seems to be related to the tsunami impact. Comparing the tsunami signals obtained for each study areas with geo-scientific data from palaeotsunami events from other sites indicates that the investigated harbour sites represent excellent geo-archives for supra-regional mega-tsunamis.

Ecological distribution of semi-demersal fishes in space and time on the shelf of Antalya Gulf

In this study we provide a baseline data on semidemersal fish assemblages and biology in a heterogeneous and yet less studied portion of the shelf of Antalya Gulf. The distribution of fish abundance in three transects subjected to different fisheries regulations (fishery vs non fishery areas), and including depths of 10, 25, 75, 125, 200 m, was studied between May 2014 and February 2015 in representative months of winter, spring, summer and autumn seasons. A total of 76 fish species belonging to 40 families was collected and semidemersal species distribution was analyzed in comparison with the whole community. Spatial distribution of fish was driven mainly by depth and two main assemblages were observed: shallow waters (10-25; 75 m) and deep waters (125-200 m). Significant differences among transects were found for the whole community but not for the semidemersal species. Analysis showed that this was due to a strong relation of these species with local environmental characteristics rather than to a different fishing pressure over transects. Firstly all species distribute according to the bathymetrical gradient and secondly to the bottom type structure. Semidemersal species were then found more related to zooplankton and suspended matter availability. The main morphological characteristics, sex and size distribution of the target semidemersal species Spicara smaris (Linnaeus, 1758), Saurida undosquamis (Richardson, 1848), Pagellus acarne (Risso, 1827) were also investigated.

Megistobenthic faunal diversity of the Antalya Gulf: Crustacea

The spatio-temporal distribution of megistobenthic crustacean assemblages from the Antalya Gulf, located in the Levantine Sea is described. In order to provide a comprehensive overview of the spatio-temporal patterns of the crustacean community, 3 transect including depth of 10, 25, 75, 125 and 200 m, were studied between 2014 and 2015 to investigate their association with a set of environmental parameters in representative months of each season (spring, summer, autumn and winter). For its economic importance in Levantine waters, a focus analysis of deep-water rose shrimp Parapenaeus longirostris (Lucas, 1846) was done, to investigate the length frequency composition of the population of the Antalya Gulf. A total of 58 crustacean species were encountered in the study area, of these species identified, 18 species were recognized as alien species in the Mediterranean Sea. Throughout the year the most frequent species of the study were the hermit crab Pagurus prideaux (Leach, 1815) and Parapenaeus longirostris (Lucas, 1846) followed by the Indo-Pacific swimming crab Charybdis longicollis (Leene, 1938) and by the invasive shrimp Marsupenaeus japonicus (Spence Bate, 1888). Few species contributing to a high amount to the total biomass were found throughout the year. These species were Charybdis longicollis and Parapenaeus longirostris. Stations of the study area showed similar values of diversity indices of benthic crustacean community among the three transect. The highest values of faunistic indices were detected in autumn and winter (October and February), and also varied along the depth gradient, with the highest values found between 25 and 75 meters. The multivariate analyses conducted on the abundance data point out major differences between depths and between seasons. Therefore, according to cluster analysis and ordination over abundance and biomass, three main crustacean assemblages were detected: the first corresponding to shallow bottoms (10, 25 meters), the second corresponding to intermediate waters (75 meters) and the last to deeper waters (125, 200 meters). Depth was the main factor governing the distribution of megistobenthic crustacean in the area. Besides the depth, the structure of the sediment is the most important factor in determining the crustacean assemblage. Therefore, all factors governing the crustacean distribution were found to be related to the bottom depth. The population of Parapenaeus longirostris in the Antalya Gulf showed significant differences in depth. It was found that females dominated the population of the study area (65.11%), and were significantly larger than males for each cohort identified. The size-weight relationships revealed a slight negative allometry in growth, a bit more pronounced in females than in males.

Spatio-temporal diversity of Megistozoobenthos in the Antalya Gulf and relationships with environmental features

Antalya Gulf is situated in the Levantine Sea, the second biggest and most eastern basin in the Mediterranean Sea. This area is an ultra-oligotrophic basin, strongly affected by anthropogenic inputs, in particular in the fishing areas. For this characteristic, in the Levantine Sea, there is a strong pressure on the natural resources and benthic assemblages. Furthermore, many alien species enter from Suez Canal and are well established in the area. All these pressures are leading to a degradation of the Levantine Sea. For this reason it is important to have tools to study and monitoring the functioning of the marine ecosystem. Benthic organisms are superior to many other biological groups for their response to environmental stresses. The variability of benthic assemblages on a site can reflect, in an integrative mode, the entire functioning of the marine ecosystem. In this study, that wants to analyze the spatial and temporal distribution of the benthic macrofaunal assemblages of Antalya Gulf, 90 benthic species divided in 8 taxa (Annelida, Cnidaria, Echinodermata, Echiura, Mollusca, Porifera, Sipunculida and Tunicata) were found. All the analyses conducted on the entire benthic class and later on Mollusca and Echinodermata separately highlighted the importance of depth on structuring benthic community.

Dynamics of inorganic carbon and carbonate saturation in the Gulf of Cádiz (SW Spain)

The study of inorganic carbon chemistry of the coastal ocean is conducted in the Gulf of Cádiz (GoC). Here we describe observations obtained during 4 sampling cruises in March, June, September and November 2015. The primary data set consists of state-of-the-art measurements of the keystone parameters of the marine CO2 system: Total Alkalinity (TA), pH, dissolved inorganic carbon (DIC). We have then calculated aragonite and calcite saturation state. The distribution of inorganic carbon system parameters in the north eastern shelf of the Gulf of Cádiz showed temporal and spatial variability. River input, mixing, primary production, respiration and remineralization were factors that controlled such distributions. Data related to carbonate saturation of calcite and aragonite reveal the occurrence of a supersaturated water; in any case, both species increased with distance and decreased with depth. The carbon system parameters present a different behaviour close to the coast to offshore ad at deeper water. In this area six water masses are clearly identified by their different chemical properties: Surface Atlantic Water, North Atlantic Central Water (NACW) and Mediterranean Water (MOW). Moreover, with this work the measurement of calcium in seawater is optimize, allowing a better quantification for future work of the saturation state of CaCO3.

Money is not enough: exploring the impact of social and cultural resources on youth health

Findings on socioeconomic health differentials in youth remain fragmented with the role of cumulative and interaction effects of different forms of health resources not well understood.

From Money Storage to Money Store: Openness and Transparency in Bank Architecture

In the middle of the twentieth century, banks changed from ‘closed’ designs signifying wealth, security, and safety to ‘open’ designs signifying hospitality, honesty, and transparency as the perception of money changed from a passive physical substance to be slowly accumulated to an active notational substance to be kept in motion. If money is saved, customers must trust that the bank is secure and their money will be there when they want it; if money is invested, customers must trust that it is being done openly and honestly and they are being well-advised. Architecture visually communicates that the institution can be trusted in the requisite way.