Wholesale funding and the increase in construction bank-owned real estate in the US financial crisis

The housing crisis left some metropolitan areas littered with partially constructed subdivisions and developments. Most of these failed developments were built by small construction firms reliant on small banks for finance. Failed construction projects became bank-owned real estate (REO), prolonging the crisis and contributing to an uneven recovery. But there is little research on the spatial distribution or financial processes driving construction REO. I use a finance-as-spatial fix theorization to describe increasing interrelation between construction lending and global capital markets through wholesale funding, and the subsequent buildup of construction REO. Wholesale funding allows small banks to access money markets. Controlling for economic growth, the home price bubble, and financial institutions, I use a national panel regression to identify key factors associated with high levels of construction REO in urban areas. Consistent with a finance-as-spatial-fix analysis, the strongest determinant of construction REO was the type of capital flows into small banks.     

Assessment of Petrophysical Rock Properties in North Madagascar: Implications for Geothermal Resource Exploration

Natural Resources Research - Geothermal exploration concepts can be improved at an early stage of exploration by assessing the petrophysical rock properties of samples from surface outcrops. The...     

Revelation of nuclear tracks and dislocations: A Monte Carlo simulation of mineral etching

A simple atomistic Monte Carlo simulation suggests that there are up to four stages in the evolution of an etch pit in the (0 0 1)-surface of an idealised regular lattice. During the first stage, the etch pit is an inverted pyramid; its horizontal and vertical dimensions increase at a constant rate; the apparent horizontal (v_h) and vertical (v_d) growth rates are faster than during all subsequent stages but nevertheless less than the step retreat rate (v_s) on account of surface etching (v_v). The pyramid apex is truncated in the second stage; it is thereafter bounded by an expanding bottom plane and shrinking lateral walls; this is accompanied by a gradual decrease of v_h; v_d drops to a negative value indicating a slow decrease of the etch-pit depth; the bottom plane acquires a concave-up curvature; the outward curvature of the walls, initiated during the first stage, increases. During the third stage the etch pit consists of a single concave-up bottom plane; v_h and v_d decrease at declining rates; consecutive etch-pit profiles are scalable in the horizontal direction. The hypothetical fourth stage is inferred but not documented by the simulations; it sets in when v_h is reduced to zero; unless this corresponds to an as yet unidentified steady-state condition, the etch pit from here on forth shrinks until it eventually disappears altogether. The sole cause for this succession is the process of stochastic rounding of confined steps and faces.The triangular footprint of recoil-track, fission-track, ion-track and dislocation etch pits in trioctahedral mica and its compliance with the monoclinic symmetries implies that the relevant periodic bond chains are O-Mg/Fe-O chains in the octahedral layer. The size distribution of etched recoil tracks is due to (1) depth variations resulting from the size distribution of the latent tracks, (2) the random truncation of the surface tracks, (3) the variable rate of etch-pit enlargement and (4) the fact that new tracks are exposed at the surface due to surface etching. The greater size of dislocation, fission-track and ion-track etch pits is due to their greater extent below the surface. The increase of the number of etched tracks with etching time due to bulk etching is non-linear because the bulk etch rate v_v is not constant. The evolution of etch-pit shape with continued etching can also cause loss of tracks due to observation effects related to loss of contrast.     

Late Pleistocene glaciers in Darhad Basin, northern Mongolia

Late Pleistocene glaciers around Darhad Basin advanced to near their maximum positions at least three times, twice during the Zyrianka glaciation (at ∼ 17-19 ka and ∼ 35-53 ka), and at least once earlier. The Zyrianka glaciers were smaller than their predecessors, but the equilibrium-line altitude (ELA) difference was < 75 m. End moraines of the Zyrianka glaciers were ∼ 1600 m asl; ELAs were 2100-2400 m asl. ¹⁴C and luminescence dating of lake sediments confirm the existence of paleolake highstands in Darhad Basin before ∼ 35 ka. Geologic evidence and ¹⁰Be cosmic-ray exposure dating of drift suggests that at ∼ 17-19 ka the basin was filled at least briefly by a glacier-dammed lake ∼ 140 m deep. However, lake sediments from that time have not yet been recognized in the region. A shallower paleolake briefly occupied the basin at ∼ 11 ka, but between ∼ 11 and 17 ka and after ∼ 10 ka the basin was probably largely dry. The timing of maximum glacier advances in Darhad appears to be approximately synchronous across northern Mongolia, but different from Siberia and western Central Asia, supporting the inference that paleoclimate in Central Asia differed among regions.     

Targeting deforestation rates in climate change policy: a "Preservation Pathway" approach

We present a new methodological approach to incorporating deforestation within the international climate change negotiating regime. The approach, called "Preservation Pathway" combines the desire for forest preservation with the need to reduce emissions associated with forest loss by focusing on the relative rate of change of forest cover as the criteria by which countries gain access to trading preserved forest carbon stocks. This approach avoids the technically challenging task of quantifying historical or future deforestation emission baselines. Rather, it places emphasis on improving quantification of contemporary stocks and the relative decline in deforestation rates necessary to preserve those stocks. This approach places emphasis on the complete emissions trajectory necessary to attain an agreed-upon preserved forest and as such, meets both forest conservation and climate goals simultaneously.     

Spatial and seasonal distribution of adult Oithona similis in the Southern Ocean: Predictions using boosted regression trees

We applied a multivariate statistical modelling technique called boosted regression trees to derive relationships between environmental conditions and the distribution of the adult stage of the cyclopoid copepod Oithona similis in the Southern Ocean. Nearly 20 000 samples from the Southern Ocean Continuous Plankton Recorder survey (87% from East Antarctica) were used to model the probability of detection (presence) and relative abundance of adults of this zooplankton species in surface waters. We demonstrate that it is possible to obtain reasonable models for both the presence (area under the Receiver Operating Characteristic curve of 0.77) and relative abundance (28–35% variance explained) of adult O. similis between November and March in much of the Southern Ocean. No investigation was possible where the environmental characteristics were not well represented by the SO-CPR dataset, namely, the Argentine shelf, Weddell Sea, and the frontal region north of the Amundsen Sea, or under sea-ice. Our analyses support the hypothesis that adult O. similis abundance is related to environmental conditions in a broadly similar way throughout the Southern Ocean. Compared to a compilation of net-haul data from the literature, the abundance model explained 34% of the variance in surface concentrations of adult stages of this species, and 23–59% of the variance in depth-integrated abundance of copepodite and adult stages combined. The models show higher occurrence and elevated abundances in a broad circumpolar band between the Antarctic Polar Front and the southern boundary of the Antarctic Circumpolar Current (approximately 54–64°S). Evidence of diel vertical migration by adults of this species north of 65°S was found, with surface abundances 20% higher at night than during the day. There was no evidence of diel migration south of 65°S. Five potential “hotspots” of adult O. similis were identified: in the southern Scotia Sea, two areas off east Antarctica, in the frontal zone north of the Amundsen Sea, and a small area in the outer Bellingshausen Sea. We recommend that a database of all available net-haul data on Oithona similis in the Southern Ocean be created to facilitate further investigations on the circumpolar distribution of this species.     

1.60 Ga felsic volcanic blocks in the moraines of the Terre Adélie Craton,Antarctica: Comparisons with the Gawler Range Volcanics,South Australia

Rhyodacite and rhyolite blocks found in numerous moraines on the Terre Adélie Craton in Antarctica are samples of a high‐temperature high‐K calc‐alkaline to alkali‐calcic igneous suite emplaced at ca 1.60 Ga. They comprise lavas and pyroclastic rocks, including ignimbritic varieties, chemically representative of anorogenic and post‐orogenic igneous suites. The eruptive centres are probably close to the coast according to radar satellite images that show the trace of the ice streams. The volcanic suite is similar in age, petrography and chemical composition (major and trace elements as well as Nd isotopes) to the Gawler Range Volcanics from the Gawler Craton of South Australia. These similarities strengthen correlations previously established between the Gawler Craton and the Terre Adélie Craton (Mawson Continent). Moreover, the present petrological, geochemical and geochronological data give a new insight into the last major thermal event affecting the Mawson Continent. The results also highlight the useful contribution of moraines to our knowledge of Antarctic geology.