Bank liquidity, interbank markets and monetary policy

A major lesson of the recent financial crisis is that the interbank lending marketis crucial for banks facing large uncertainty regarding their liquidity needs. Thispaper studies the efficiency of the interbank lending market in allocating funds. Weconsider two different types of liquidity shocks leading to different implications foroptimal policy by the central bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the liquidity held amongbanks, the central bank should lower the interbank rate. This view implies that thetraditional tenet prescribing the separation between prudential regulation and monetary policy should be abandoned. In addition, we show that, during an aggregateliquidity crisis, central banks should manage the aggregate volume of liquidity. Twodifferent instruments, interest rates and liquidity injection, are therefore required tocope with the two different types of liquidity shocks. Finally, we show that failureto cut interest rates during a crisis erodes financial stability by increasing the riskof bank runs.

Sedimentos marinos superficiales en la bahía del Callao, Perú. 1997

Durante El Niño 1997, se estudiaron los sedimentos marinos superficiales de la bahía del Callao (11°50’S a 12°06’S), en 68 estaciones de muestreo situadas al interior de la bahía, incluyendo Ventanilla. Se situaron 35 estaciones complementarias entre las desembocaduras de los ríos Rímac y Chillón donde se concentran las descargas de desechos industriales, urbanos y de actividad portuaria. Se realizaron tres transectos, frente a: playa Ventanilla, al colector Comas y a Chucuito-La Punta. Frente a la playa Márquez se encuentra textura areno arcillosa y hacia el norte predomina el fango; frente a Oquendo las texturas son fango y arena arcillosa. Sedimentos de grano fino, con textura limo arcillosa y arcillo limosa existen en el fondo marino de zonas más profundas y alejadas de la costa; pero también están cerca de la costa, al sur y suroeste de la zona de operaciones portuarias, frente a Chucuito y La Punta. Texturas de arena se registraron al norte del río Chillón (La Pampilla y Ventanilla), en los alrededores del banco Camotal y frente a La Punta. En las áreas más profundas y abrigadas de la bahía, los sedimentos con granulometría muy fina presentan valores negativos de asimetría, característicos de ambientes de sedimentación. En sectores donde existen sedimentos de grano más grueso ocurren procesos de transporte (tipo y forma de ondulaciones) y erosión, apreciables en imágenes del fondo, y en el análisis de parámetros estadísticos. Los altos contenidos de materia orgánica se encuentran asociados a sedimentos de grano fino en ambientes de sedimentación principalmente, está condicionado por la tasa de aporte y origen (antrópico, marino o continental) y por las condiciones de escaso oxígeno que favorecen su preservación. Los más bajos contenidos orgánicos frente a la zona costera de Ventanilla, están asociadas a sedimentos con predominancia de fracciones de arena y origen terrígeno y mayor oxigenación.

Is bank debt special for the transmission of monetary policy? Evidence from the stock market

We combine existing balance sheet and stock market data with two new datasets to studywhether, how much, and why bank lending to firms matters for the transmission of monetarypolicy. The first new dataset enables us to quantify the bank dependence of firms precisely,as the ratio of bank debt to total assets. We show that a two standard deviation increase inthe bank dependence of a firm makes its stock price about 25% more responsive to monetarypolicy shocks. We explore the channels through which this effect occurs, and find that thestock prices of bank-dependent firms that borrow from financially weaker banks display astronger sensitivity to monetary policy shocks. This finding is consistent with the banklending channel, a theory according to which the strength of bank balance sheets mattersfor monetary policy transmission. We construct a new database of hedging activities andshow that the stock prices of bank-dependent firms that hedge against interest rate riskdisplay a lower sensitivity to monetary policy shocks. This finding is consistent with aninterest rate pass-through channel that operates via the direct transmission of policy ratesto lending rates associated with the widespread use of floating-rates in bank loans and creditline agreements.

Sedimentos superficiales y morfología de la plataforma y talud continental superior entre 3°30’S y 15°30’S, Perú

Basados en la compilación de resultados de análisis sedimentológicos (granulometría, contenido orgánico) de 1191 estaciones realizadas por IMARPE, de 1975 a 2001, la compilación de información sobre el tema entre los 3°30’S y los 15°30’S y con el conocimiento de la morfología del fondo marino de esta región, se definen tres grandes áreas: al norte de los 6°15’S, de 6°15’S a 9°30’S y entre 9°30’ y 15°30’S. Entre los 3°30’ y los 6°15’S los contenidos de materia orgánica son mayores a 5% y menores a 10%, el carbono orgánico predomina con valores <1% a 2%. Los sedimentos corresponden a facies de fango y arenas, de origen terrígeno. El ancho de la plataforma es variable aproximadamente de 3 a 30 mn (14 mn promedio), la pendiente del talud superior es bastante pronunciada, presenta caídas bruscas. El relieve es disparejo, con fuertes desmembramientos en el borde exterior de la plataforma y el talud superior debido a que se encuentra surcado por cañones submarinos. En el extremo noroccidental de esta zona, se halla el Banco de Máncora cuyo fondo es rocoso e irregular. Entre los 6°30’S y los 9°30’S los contenidos de materia orgánica se incrementan de 5% a 15%, los contenidos de carbono orgánico son >2% y llegan a 5%, en algunos casos localmente superan este valor casi en tres puntos más. En los sedimentos del sector norte de esta zona predominan facies texturales de arenas y fango de origen terrígeno y también biógenos (foraminíferos), hacia el sur de esta zona predominan sedimentos de origen biogénico y autigénico (principalmente fosforita). El ancho de la plataforma se incrementa hasta alcanzar su máxima magnitud, esta es variable, aproximadamente de 22 a 70 mn. El talud superior tiene un declive moderado. El relieve del fondo marino en el borde exterior de la plataforma y talud superior se hallan surcados por cañones submarinos (7° - 9°S). Frente a Punta Chao aproximadamente a 65 mn se encuentra el Banco de Chimbote cuyo fondo es rocoso e irregular. La granulometría de los sedimentos y sus estadígrafos muestran un cambio definido desde los 10°30’S. Desde los 9°30’ a los 15°45’S los valores de materia orgánica por lo general sobrepasan el 15% y pueden alcanzar hasta 32,12%, los contenidos de carbono orgánico varían de 5% a 11,14%. En esta zona se encuentra presente, principalmente fango limoso y fango arcilloso terrígeno y biógeno (diatoméico). El ancho de la plataforma varía de modo general entre 10 y 50 mn (24 mn promedio aproximadamente). La pendiente del talud superior es suave en casi toda su extensión, el relieve del fondo marino es bastante uniforme, surcado por algunos pequeños cañones submarinos que no afectan la regularidad del relieve. De la interpretación de la data, análisis de parámetros estadísticos generados y condiciones de los sedimentos, se encontró coincidencia en la zona de la plataforma y talud superior de más de uno de los factores medio ambiente deposicional que permiten la preservación del contenido de materia orgánica tales como: Tipo y condiciones geoquímicas del sedimento y fondo marino, morfología del fondo marino, hidrodinámica, fuente de suministro, tasa de sedimentación, bioturbación.

ValTer2 and ForesTer : From a relational term bank to hypertext on the Web

Abstract

A Miocene mud volcano and its plumbing system: A chaotic complex revisited (Monferrato, NW Italy)

Chaotic deposits are frequently reported in the geological literature and are commonly interpreted as olistostromes or tectonic melanges. A chaotic complex in the Cenozoic succession of Monferrato (NW Italy) consists of interbedded mud breccia and burrowed silty clays that are pierced by sheared mud breccias and embed carbonate-cemented blocks. These may be represented by microcrystalline limestones or strongly cemented matrix-supported breccias locally containing remains of chemosymbiotic organisms (lucinid bivalves). Moreover, cylindrical concretions, up to 15 cm in diameter and 1 m long, occur in the chaotic complex and crosscut bedding planes at high angles. The cement of all these lithified portions is mainly dolomite characterized by low delta(13)C values (from -10.3 to -23parts per thousand PDB) and delta(18)O values up to + 7parts per thousand PDB. The delta(13)C values testify to precipitation of carbonates induced by microbial oxidation of methane, whereas the markedly positive delta(18)C signature, ubiquitous in the cylindrical concretions, is the evidence for the presence and destabilization of gas hydrates. The studied section provides a well-exposed example of the geological record of the birth, life, and death of a mud volcano. Unsheared, soft mud breccias represent mud flows along the flanks of the volcano, whereas sheared mud breccias are the result of the injection of unconsolidated overpressured fine-grained sediments, both taking place during ``eruptive'' phases. They were followed by more quiet stages of hemipelagic sedimentation, burrowing, and CH4 seeping. The cylindrical concretions represent the first described ancient example of the chimneys observed in present-day mud-volcano settings. They are the remnants of a cold-seep plumbing network that crosscut the mud volcano edifice. The chimneys were the pathway for the expulsion toward the sea floor of gas- and sediment-charged fluids likely originated from destabilization of methane gas hydrates. The association of mud breccias and methane-derived carbonates may not be due to mass gravity flows but can be primary and, therefore, is a diagnostic criterion for recognizing chaotic deposits due to mud volcano activity in the geological record.

The Nordic Gene Bank's Prunus clone archive in Finland 1

Selostus: Pohjoismaisen geenipankin Prunus-kokoelma Suomessa : 1. Hapankirsikkakannat

The Nordic Gene Bank's Prunus clone archive in Finland 2

Selostus: Pohjoismaisen geenipankin Prunus-kokoelma Suomessa : 1. Luumukannat

Yellow Mud Turtles Kinosternon flavescens, 2011

Data sheet produced by the Iowa Department of Natural Resources is about different times of animals, insects, snakes, birds, fish, butterflies, etc. that can be found in Iowa.

Submerged Vanes for Flow Control and Bank Protection in Streams, HR-255, 1984

This study was conducted for the purpose of evaluating a new concept for a bank-protection structure: The Iowa Vane . The underlying idea involves countering the torque exerted on the primary flow by its curvature and vertical velocity gradient, thereby eliminating or significantly reducing the secondary flow and thus reducing the undermining of the outer banks and the high-velocity attack on it. The new structure consists of an array of short, vertical, submerged vanes installed with a certain orientation on the channel bed. A relatively small number of vanes can produce bend flows which are practically uniform across the channel. The height of the vanes is less than half the water depth, and their angle with the flow direction is of the order of l0 degrees. In this study, design relations have been established. The relations, and the vanes' overall performance, have been tested in a laboratory model under different flow and sediment conditions. The results are used for the design of an Iowa-Vane bank protection structure for a section of East Nishnabotna River along U.S. Highway 34 at Red Oak, Iowa.

The Conservativeness of the Central Bank when Institutional Quality is Poor

We propose an extension of Alesina and Tabellini 's model (1987) to include corruption, which is understood as the presence of weak institutions collecting revenue through formal tax channels. This paper analyses how conservative should an independent central bank be when the institutional quality is poor. When there are no political distortions, we show that the central bank has to be more conservative than the government, except with complete corruption. In this particular case, the central bank should be as conservative as the government. Further, we obtain that the relationship between the optimal relative degree of conservativeness of the central bank and the degree of corruption is affected by supply shocks. Concretely, when these shocks are not important, the central bank should be less conservative if the degree of corruption increases. However, this result may not hold when the shocks are relevant. JEL classi fication: D6, D73, E52, E58, E62, E63. Keywords: Central Bank Conservativeness; Corruption; Fiscal Policy; Monetary Policy; Seigniorage.

Paleohydrological Reconstruction from Late Holocene Records in Interdune Lakes (N'Guigmi, Northern Bank of the Lake Chad, Niger)

An old erg covers the northern part of the Lake Chad basin. This dune landform allowed the formation of many inter- dune ponds of various sizes. Still present in certain zones where the groundwater level is high (e.g. Kanem, southern Manga), these ponds formed in the past a vast network of lacustrine microsystems, as shown by the nature and the dis- tribution of their deposits. In the Manga, these interdune deposits represent the main sedimentary records of the Holo- cene environmental succession. Their paleobiological (pollens, diatoms, ostracods) and geochemical (δ18O, δ13C, Sr/ Ca) contents are often the basis for paleoenvironmental reconstruction. On the other hand, their sedimentological char- acters are rarely exploited. This study of palustro-lacustrine deposits of the Holocene N'Guigmi lake (northern bank of the Lake Chad; Niger) is based on the relationships between the sedimentological features and the climato-hydrological fluctuations. The mineralogical parameters (e.g. calcium carbonate content, clay mineralogy) and the nature of autoch- thonous mineralization (i.e. amorphous silica, clays, calcium carbonates) can be interpreted using a straightforward hy- dro-sedimentary model. Established to explain the geochemical dynamics of Lake Chad, this model is based on a bio- geochemical cycle of the main elements (i.e. silicium, calcium) directly controlled by the local hydrological balance (i.e. rainfall/evaporation ratio). All these results show that a detailed study of sedimentological features can provide impor- tant paleohydrological informations about the regional aridification since ca 6500 14C BP.

Report on a special investigation of certain bank accounts held by the City of Davenport Fire Department for the period January 1, 2009 through October 22, 2014

Report on a special investigation of certain bank accounts held by the City of Davenport Fire Department for the period January 1, 2009 through October 22, 2014

Seed biometric parameters in oil palm accessions from a Brazilian germplasm bank

The objective of this work was to evaluate the morphological diversity of oil palm seeds and to cluster the accessions according to their morphological characteristics. Forty-one accessions from the oil palm germplasm bank of Embrapa Amazônia Ocidental were evaluated - 18 of Elaeis oleifera and 23 of E. guineensis. The groups were formed based on morphological characteristics, by principal component analysis. In E. oleifera, four groups were formed, tied to their region of origin, but with significant morphological differences between accessions from the same population. For tenera-type E. guineensis seeds, three widely divergent groups were formed, especially as to external parameters, which differentiated them from the other ones. The parameter endocarp thickness stood out in intra- and inter-population differentiation. For dura-type E. guineensis, three groups were formed, with larger seeds and thicker endocarps, which differed from all the other ones. The variability observed for seed characteristics in the analyzed accessions allows the establishment of different groups, to define strategies for genetic improvement.