Graphical User Interface (GUI) for the representation of GM surfaces (using the NRTL model) and curves, including tie-lines and Hessian matrix

A single and very easy to use Graphical User Interface (GUI- MATLAB) based on the topological information contained in the Gibbs energy of mixing function has been developed as a friendly tool to check the coherence of NRTL parameters obtained in a correlation data procedure. Thus, the analysis of the GM/RT surface, the GM/RT for the binaries and the GM/RT in planes containing the tie lines should be necessary to validate the obtained parameters for the different models for correlating phase equlibrium data.

Proposal of a New Parameter for the Weathering Characterization of Carbonate Flysch-Like Rock Masses: The Potential Degradation Index (PDI)

The susceptibility of clay bearing rocks to weathering (erosion and/or differential degradation) is known to influence the stability of heterogeneous slopes. However, not all of these rocks show the same behaviour, as there are considerable differences in the speed and type of weathering observed. As such, it is very important to establish relationships between behaviour quantified in a laboratory environment with that observed in the field. The slake durability test is the laboratory test most commonly used to evaluate the relationship between slaking behaviour and rock durability. However, it has a number of disadvantages; it does not account for changes in shape and size in fragments retained in the 2 mm sieve, nor does its most commonly used index (Id2) accurately reflect weathering behaviour observed in the field. The main aim of this paper is to propose a simple methodology for characterizing the weathering behaviour of carbonate lithologies that outcrop in heterogeneous rock masses (such as Flysch slopes), for use by practitioners. To this end, the Potential Degradation Index (PDI) is proposed. This is calculated using the fragment size distribution curves taken from material retained in the drum after each cycle of the slake durability test. The number of slaking cycles has also been increased to five. Through laboratory testing of 117 samples of carbonate rocks, extracted from strata in selected slopes, 6 different rock types were established based on their slaking behaviour, and corresponding to the different weathering behaviours observed in the field.

An act for granting to His Majesty the sum of fifty-five thousand pounds, and for striking the same in bills of credit, in the manner herein after directed..., 1764

Contains an act for collection of taxes to pay the debt by establishing a set fee of fifteen shillings per head and household.

Can Europe recover without credit? Bruegel Policy Contribution 2013/03, 15 February 2013

• Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries. • However, the implications of these historical episodes for the current European situation are limited, for two main reasons: • First, creditless recoveries are much less common in high-income countries, than in low-income countries which are financially undeveloped. European economies heavily depend on bank loans and research suggests that loan supply played a major role in the recent weak credit performance of Europe. There are reasons to believe that, despite various efforts, normal lending has not yet been restored.Limited loan supply could be disruptive for the European economic recovery andthere has been only a minor substitution of bank loans with debt securities. • Second, creditless recoveries were associated with significant real exchange rate depreciation, which has hardly occurred so far in most of Europe. This stylised fact suggests that it might be difficult to re-establish economic growth in the absence of sizeable real exchange rate depreciation, if credit growth does not return.

Bank versus non-bank credit in the United States, Europe and China. Bruegel Policy Contribution, 2012/07, 5 June 2013

In the wake of recent crisis developments in the US and Europe, non-bank credit channels have often been portrayed as 'shadow banking' and have been considered primarily through the lens of the risks they may pose to financial stability. However, the debate about financial system structures remains immature, in large part due to lack of reliable and comparable data. The available evidence actually points towards a correlation between the development of non-bank credit and higher resilience against systemic risk, at least in developed economies. Policy should aim at better statistical information, and at strengthening the infrastructure for the gradual development of sustainable nonbank credit provision.

Towards Better Use of Credit Reporting in Europe. CEPS-ECRI Task Force Report, September 2013

This report discusses how the current EU credit reporting systems meet the demands of the different stakeholders in the credit granting and management process, and what is needed to improve these systems. As credit reporting is a tool for responsible lending and for ensuring financial inclusion of consumers, it argues that the needs of EU credit markets and consumers should be the basis for assessing the current regulation and its functionality. How a creditor assesses the risk and the creditworthiness of a customer is at the core of successful and safe crediting. Facilitating this assessment process, within the boundaries of data protection laws, is a key building block for making well-informed credit decisions.

The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.