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Copyright © 2007 by Acer Incorporated. All rights reserved. No part of this publication may be reproduced, transmitted, transcribed, stored in a retrieval system, or translated into any language or computer language, in any form or by any means, electronic, mechanical, magnetic, optical, chemical, manual or otherwise, without the prior written permission of Acer Incorporated. The information in this guide is subject to change without notice. Acer Incorporated makes no representations or warranties, either expressed or implied, with respect to the contents hereof and specifically disclaims any warranties of merchantability or fitness for any particular purpose. Any Acer Incorporated software described in this manual is sold or licensed "as is". Should the programs prove defective following their purchase, the buyer (and not Acer Incorporated, its distributor, or its dealer) assumes the entire cost of all necessary servicing, repair, and any incidental or consequential damages resulting from any defect in the software. Acer is a registered trademark of Acer Corporation. Intel is a registered trademark of Intel Corporation. Pentium and Pentium II/III are trademarks of Intel Corporation. Other brand and product names are trademarks and/or registered trademarks of their respective holders.
Note: The vertical axis shows a percentage measure of volatility known as ‘annualised standard deviation’. Prior to 1986, this is calculated as the percentage actual volatility of monthly returns ne of the most striking effects of the recent credit crunch is a huge surge in stock market volatility. The uncertainty over the extent of financial damage, the identity of the next banking casualty and the unpredictability of the policy response of central banks and governments have all led to tremendous instability. A standard measure of uncertainty – the ‘implied volatility’ of the S&P100 of the US stock market, commonly known as the index of ‘financial fear’ – has more than doubled since the subprime crisis first emerged in August 2007. This jump in uncertainty is of similar magnitude to those that followed the Cuban missile crisis, the assassination of President Kennedy, the Gulf War and the terrorist attacks of 9/11 (see Figure 1). But after these earlier ‘shocks’, volatility spiked and then quickly fell back. For example, after 9/11, implied volatility dropped back to baseline levels within two months. In contrast, the current levels of implied volatility have remained stubbornly high for the last seven months, rising rather than abating as the crisis continues. My research shows that even the...
Reduced credit supply in the years 2008 and 2009 should have resulted in lower growth in industries that are more dependent on external ﬁnance. This eﬀect should have been stronger in countries with a more prominent and/or more leveraged ﬁnancial system. We focus on the OECD countries and, controlling for omitted variables, ﬁnd robust empirical support for both hypotheses. We estimate that the credit crunch reduced the industrial growth rate by 5.5 percentage points in 2008 and by 21 percentage points in 2009. Key Words: ﬁnancial crises, industrial growth, lending channels. JEL Classiﬁcation: G01, O43. The primary role of the banking sector is eﬃcient transformation of savings into investments. Successful investments build up the capital in the economy and foster future growth. While banks are not the only institutions for ﬁnancial intermediation, they have come to play a dominant role in the developed world. Consequently, disruptions of the global banking system— like the 2007–2008 ﬁnancial crisis—bear signiﬁcant negative impacts on the economy. The crisis of 2007-2008 started with an increase in foreclosure rates in the US housing market (see, e.g., Brunnermeier, 2009). Higher foreclosure rates raised concerns about banks’ health worldwide, because the underlying mortgages had been packaged and sold to international banks (mainly in developed countries). Following the failure of Lehman Brothers, these concerns developed in to a banking panic in which private ﬁnanciers, e.g. mutual funds, withdrew their funding and the central banks stepped in to substitute for the loss of private liquidity. At the same time the United a CPB Netherlands Bureau for Economic Policy Analysis. TILEC, Tilburg University.
This paper explores the effects of bank credit on firm growth before and after the recent financial crisis outbreak, taking into account different structural characteristics of the banking sector and the domestic economy. The econometric method of panel quantiles is used on a large sample of 2075 firms operating in the euro area (17 countries) for the period 2005-2011. The main results of this paper indicate a strong dependence of firm growth on credit expansion before the crisis. However, post-2008, the credit crunch seems to seriously affect only slow-growth firms and especially those operating in domestic bank-dominated economies. Furthermore, the classification of firms in groups by size yields interesting results: the credit crunch exhibits a strong impact on small firms only. Separate estimates for more and less financially developed economies show that the credit crunch matters mainly in countries with a lower degree of financial development. Moreover, our findings reveal that the degree of banking concentration affects firm growth in a negative way in most estimates. Finally, risk and financial stability matter for firm growth for the total sample and for domestic bank-dominated economies, while in general they do not matter when markets are dominated by foreign banks. Keywords: Credit Crunch; Firm Growth; Foreign Bank Penetration; Banking Concentration; Financial Crisis; Panel Quantile Regressions; Financial Development JEL classification: E51; L25; L10; G21 Acknowledgments: Thanks are due to Heather Gibson and participants at the EARIE 2013 and ASSET 2013 conferences for many useful and insightful comments and suggestions. Correspondence: Helen Louri Bank of Greece, 21 E. Venizelos Ave., 10250 Athens, Greece. Tel.: +30 210 320 2007 Email: email@example.com
The recent credit crunch was driven by a sharp rise in defaults on subprime mortgages. These mortgages were mainly in America but the resulting shortage of funds spread throughout the rest of the world. Steps to Credit Crunch 1. US mortgage lenders sell many inappropriate mortgages to customers with low income and poor credit. It is hoped with a booming housing market, the mortgages will remain affordable. 2. Often there were lax contols in the sale of mortgage products. Mortgage brokers got paid for selling a mortgage, so there was an incentive to sell mortgages even if they were too expensive. 3. To sell more profitable subprime mortgages, mortgage companies bundled the debt into consolidation packages and sold the debt on to other finance companies. In other words, mortgage companies borrowed to be able to lend mortgages. The lending was not financed out of saving accounts, for example. 4. Many of these mortgages had an introductory period of 1-2 years of very low interest rates. At the end of this period, interest rates increased. 5. In 2007, the US had to increase interest rates because of inflation. This made mortgage payments more expensive. Furthermore, many homeowners who had taken out mortgages 2 years earlier now faced ballooning mortgage payments as their introductory period ended. 6. This cause a rise in mortgage defaults, as many new homeowners could not afford mortgage payments. ...
• In the period 1997-2001, the British economy functioned well. Although some mistakes were made, Gordon Brown largely stuck to his self-imposed doctrine of prudence. • The period 2001-2006 was characterised by ultra-loose money, reinforced by a sloppy fiscal stance, as Brown prioritised building up his political power base over the stability of the public finances. • Throughout these boom years, banks such as Northern Rock, Bradford & Bingley and Alliance & Leicester adopted aggressive business models based on selling securitised mortgages and borrowing short-term from the money markets to finance new lending. The easy credit this approach engendered is what drove Britain’s house price bubble. • By 2007, it was clear to the authorities that they had overdone the cheap credit binge. From January to July that year, the Bank of England raised interest rates from 4.75% to 5.75%. However, market rates soon diverged substantially from the base rate, reaching 6.9% in early September, as the money markets ran dangerously short on cash. • Instead of doing anything to reverse this severe and sudden monetary tightening, the government and the Bank of England decided to publicly lecture the banks on moral hazard. Rumours began to circulate that those banks which depended on short-term borrowing from the money markets were in trouble – but the government continued to grandstand. • Northern Rock was in the worst position, and required emergency help from the Bank of England. The Bank should have extended a loan to Northern
Microsoft Windows is the first most name that comes in thoughts of almost every user’s mind while going for an Operating System. On our working PC’s Windows OS is the most beloved one with a huge list of features inbuilt, including remote assistance.
OMRON created the B6T series of touch-sensing ICs, to offer an extremely fast methodology for developing an appliance touch panel and firmware, to implement its operation; this occurs in the briefest period of time. Thus, OMRON is making use of its expertise & know-how, in the form of software, to allow for quick product development. The B6T series offers a circuit design support tool called the Workbench, which has eliminated the need for expertise or know-how in the analog circuitry required for installation in devices and allows simple use, by anybody, with a basic knowledge of digital circuitry. In the appliance industry, the above relates to a quick turn-around, when a new product platform is in-place, with a tight-schedule. Once the touch panel is designed, the development time, regarding the firmware, can be reduced to hours & days, from weeks & months! The B6T series has integrated detecting and processing functions, into a single-chip IC; this makes it possible to adjust sensitivity, using software. The above achieves a highly-reliable package, including noise processing, and operating environment compensation while maintaining excellent flexibility. In the case of the 4-channel device, the chip is a sensing IC to detect micro capacitances and can be used in appliance touch sensing panels. Internally, the chip employs the 16 bit CMOS process and is contained in a 20-pin SSOP plastic package. The IC has 4 independent measurement pins, each of which can measure capacitance independently. On/off output or serial communication output can be selected as the output form. The IC is provided with an EEPROM that can stores the end-customer’s parameter set; this would include momentary vs. toggle, threshold levels, single vs. serial output mode, to name a few. The IC is available in 4 and 8 channel, with the 16 channel available the beginning of 2007. The 8 channel B6TS IC is appropriate for use in laundry controls, refrigeration, range hoods, dish washers, and other designs where the input count is applicable.
Quad Output DC Power Supply 4-in-1 Power Supply Four power supplies built into one — Two fully adjustable supplies combined with two auxiliary outputs Features: • Two 0 to 30V/0 to 5A outputs with selectable Constant Voltage and Constant Current modes • Outputs up to 60V in series mode or 10A in parallel mode • Two auxiliary outputs with fixed current of 3 to 6.5V/3A and 8 to 15V/1A • Overload and short circuit protection • Complete with power cord and 4 pairs of test leads (banana plug to alligator clip) Single power supply with multiple DC outputs Specifications Output Voltage (4) Output Current (4) Load Voltage Regulation Line Voltage Regulation Load Current Regulation Line Current Regulation Ripple and Noise Power Dimensions Weight Range 0 to 30V, 0 to 30V, 3 to 6.5V,8 to 15V 0 to 5A, 0 to 5A, 3A (fixed), 1A (fixed) ≤1x10-4 + 3mV ≤1x10 + 3mV ≤2x10+ 3mA ≤2x10 + 3mA <0.5mVrms 100 to 240VAC,50/60Hz 10.2 x 6.3 x 14.5" (260 x 160 x 370mm) 26.5lbs (12kg) Ordering Information: 382270 ..........Quad Output DC Power Supply www.extech.com Specifications subject to change without notice. 10/21/10 - R1 Copyright © 2007-2010 Extech Instruments Corporation. All rights reserved including the right of reproduction in whole or in part in any form.
GENERAL INFORMATION Trouble Shooting - Basic Procedures GENERAL INFORMATION Trouble Shooting - Basic Procedures * PLEASE READ THIS FIRST * NOTE: This is GENERAL information. This article is not intended to be specific to any unique situation or individual vehicle configuration. The purpose of this Trouble Shooting information is to provide a list of common causes to problem symptoms. For model-specific Trouble Shooting, refer to SUBJECT, DIAGNOSTIC, or TESTING articles available in the section(s) you are accessing. ACCESSORIES & ELECTRICAL CHARGING SYSTEM TROUBLE SHOOTING NOTE: This is GENERAL information. This article is not intended to be specific to any unique situation or individual vehicle configuration. The purpose of this Trouble Shooting information is to provide a list of common causes to problem symptoms. For model-specific Trouble Shooting, refer to SUBJECT, DIAGNOSTIC, or TESTING articles available in the section(s) you are accessing. NOTE: This is GENERAL information. This article is not intended to be specific to any unique situation or individual vehicle configuration. The purpose of this Trouble Shooting information is to provide a list of common causes to problem symptoms. For model-specific Trouble Shooting, refer to SUBJECT, DIAGNOSTIC, or TESTING articles available in the section(s) you are accessing. BASIC CHARGING SYSTEM TROUBLE SHOOTING CHART CONDITION & POSSIBLE CAUSE CORRECTION Vehicle Will Not Start me Saturday, April 18, 2009 3:35:56 AM 3:36:11 Page 1 © 2005 Mitchell Repair Information Company, LLC. 2007 Chrysler Sebring GENERAL INFORMATION Trouble Shooting - Basic Procedures Dead battery Check battery cells, alternator belt tension and alternator output Check all charging system connections Check and replace as necessary Loose or corroded battery connections Ignition circuit or switch malfunction Alternator Light Stays On With Engine Running Loose or worn alternator drive belt Loose alternator wiring connections Short in alternator light wiring Defective alternator stator or diodes Defective regulator Alternator Light Stays Off With Ignition Switch ON Blown fuse Defective alternator Defective indicator light bulb or socket Check alternator drive tension and condition, See Belt Adjustment in TUNE-UP article in the TUNE-UP section Check all charging system connections See Indicator Warning Lights in STANDARD INSTRUMENTS in the ACCESSORIES & EQUIPMENT section See Bench Tests in ALTERNATOR article See Regulator Check in ALTERNATOR article See WIRING DIAGRAMS See Testing in ALTERNATOR article See Indicator Warning Lights in STANDARD INSTRUMENTS in the ACCESSORIES & EQUIPMENT section me Saturday, April 18, 2009 3:35:57 AM