We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.
We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.
In the late 1790s, when the first settlers arrived in Lanesville, they had a dream for a better life in which they could raise families and be part of a new and expanding country. Lanesville became a town on December 11, 1817--exactly one year after Indiana became a state. The town grew as people built businesses with the abundant resources that were available. Meanwhile, Franklin Township was developing into one of the best farming communities in the southern part of the state. Farmers took great pride in their homesteads, and many families still farm the land that gave life to so many generations before them. They worshiped in their churches, they built the schools that educated their children, and they prospered.
Coal and Coalbed Gas: Future Directions and Opportunities, Second Edition introduces the latest in coal geology research and the engineering of gas extraction. Importantly, the second edition examines how, over the last 10 years, research has both changed focus and where it is conducted. This shift essentially depicts "a tale of two worlds"—one half (Western Europe, North America) moving away from coal and coalbed gas research and production towards cleaner energy resources, and the other half (Asia–Pacific region, Eastern Europe, South America) increasing both research and usage of coal. These changes are marked by a precipitous fall in coalbed gas production in North America; however, at the same time there has been a significant rise in coal and coalbed gas production in Australia, China, and India. The driver for higher production and its associated research is a quest for affordable energy and economic security that a large resource base brings to any country like Australia’s first large-scale coalbed gas to liquid natural gas projects supplying the demand for cleaner burning LNG to the Asian-Pacific region. Since the last edition of this book, global climate change policies have more forcibly emphasized the impact of methane from coal mines and placed these emissions equal to, or even more harmful than, CO2 emissions from fossil fuels in general. Governmental policies have prioritized capture, use, and storage of CO2, burning coal in new highly efficient low emission power plants, and gas pre-drainage of coal mines. The Organization for Economic Cooperation and Development (OECD) countries and China are also introducing new research into alternative, non-fuel uses for coal, such as carbon fibers, nanocarbons, graphene, soil amendments, and as an unconventional ore for critical elements. New to this edition: Each chapter is substantially changed from the 1st edition including expanded and new literature citations and reviews, important new data and information, new features and materials, as well as re-organized and re-designed themes. Importantly, three new chapters cover global coal endowment and gas potential, groundwater systems related to coalbed gas production and biogenic gas generation as well as the changing landscape of coal and coalbed gas influenced by global climate change and net-zero carbon greenhouse gas emissions. FOREWORD When I reviewed the first edition of this book, my initial thought was, "Do we need another book on coal geology?" and then I read it and realised, "Yes, we need this book" and my students downloaded copies as soon as it was available. So now we come to 2023, and a lot has happened in the past decade. For a different reason we might ask if we still need this book, or even coal geoscientists and engineers, as the world aims for rapid decarbonisation of the energy sector and a reduction of coal as a feedstock for industrial resources, like steel manufacture.
This work presents a series of experiments with ultracold one-dimensional Bose gases, which establish said gases as an ideal model system for exploring a wide range of non-equilibrium phenomena. With the help of newly developed tools, like full distributions functions and phase correlation functions, the book reveals the emergence of thermal-like transient states, the light-cone-like emergence of thermal correlations and the observation of generalized thermodynamic ensembles. This points to a natural emergence of classical statistical properties from the microscopic unitary quantum evolution, and lays the groundwork for a universal framework of non-equilibrium physics. The thesis investigates a central question that is highly contested in quantum physics: how and to which extent does an isolated quantum many-body system relax? This question arises in many diverse areas of physics, and many of the open problems appear at vastly different energy, time and length scales, ranging from high-energy physics and cosmology to condensed matter and quantum information. A key challenge in attempting to answer this question is the scarcity of quantum many-body systems that are both well isolated from the environment and accessible for experimental study.
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