of their money creation function – a point that was well noted by Joseph A. Schumpeter already in the early decades of the last century as he spoke of banks as the “ephors” of economic development (see the following footnote). Banks do add value to the economy by creating and allocating the public good – money – that is needed to finance new activities. And much as issuing fiat money (instead of commodity money) affords greater elasticity to an economy that needs to grow, adopting a decentralized (versus centralized) money supply system based on commercial banking affords even greater elasticity to an economy that needs to allocate money to new initiatives. In both cases, the greater elasticity translates into a more flexible accommodation of the money supply to its dispersed demand, and at more favorable terms, than when money supply is determined by exogenous factors and managed by a central institution. Yet, that bank liabilities in the form of demand deposits are accepted as money by the public owes much to the contribution that each bank gives to public trust (based on its reputation as a solvent money lender and a reliable provider of payment services) as to external factor such as the role played by the institutions and policies that regulate banks and ensure their financial stability, the infrastructures supporting their activities, and the economies of scale (discussed below) involved in the payment system in which they operate – all factors that make the acceptance of bank liabilities as money the outcome of a collective process. Also, for the given benefits of an elastic supply of money, one may conceive of decentralized money supply regimes where the provision of money is separated from lending (Bossone and Sarr, 2002, 2003) and where seigniorage is thereby socialized (redistributed to the society).
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Notes: Full sample. “D” stands for deposits, e.g., DemandD means demand deposits. AllD is the sum of TotalID and Post OfficdD. P-values to evaluate the hypothesis for the Johansen test are based on MacKinnon, Haug and Michelis (1999), and those values are used to construct Fisher type statistics which follow the Chi- square distribution. The constant and time trend are included in the cointegrating vector for the Johansen test. Asterisks ** and * indicate statistics significant at the one and five percent significance levels respectively. The maximum lag length is two. The deposit equation for Post OfficeD with Demog does not include the call rate since no evidence of cointegration is reported.
The dataset consists of four assets for the Euro area at a monthly frequency, measured as end-of-period stocks: M1, consisting of currency, demand deposits, and interest-bearing checkable deposits in M1 (denoted as 1); the non-term assets in M2, consisting of savings deposits, money market accounts and money market mutual funds (denoted as 2); the outstanding amounts of central government’s short and long-term debt securities (denoted as 3 and 4 respectively). The sample spans from January 1995 to June 2007.
Where M and M’ are currency notes and demand deposits respectively, V and V’ are Velocities (or average turnover) of money respectively of currency notes and demand deposits, P is composite price index of existing and newly produced goods and T is volume of transactions. In this approach, the estimated PT is divided by the observed income to GNP ratio to get the size of black economy where observed income is the product of price index of newly produced goods and real income of the economy. He formulized that the derived nominal GNP and official GNP are the same in the absence of black economy. Tanzi (1980, 1983) formulated his methodology based on Cagen’s (1958) work. Cagen explained that the long run behavior of currency-money supply-ratio depends upon expected real per capita income, volume of retail trade, volume of travel per capita, degree of urbanization and tax rate on transactions. According to him, the higher the tax rates, the more the transactions made by currency payments to avoid reporting to tax collector. Tanzi (1980) re-hypothesized the same link between tax rate and currency-money supply ratio to obtain the alternative estimates of US black economy. He assumed that currency is used to carry out transactions in the black economy and high taxes are the forces behind the size of black economy. Tanzi (1980, 1983) postulated the currency in circulation to money supply ratio ( C M 2 ) as a function of top bracket statutory tax rate, weighted average rate on interest income, ratio of personal income tax to personal income net of transfers ( ) Ti' s , share of wages and salaries in national income ( ws ni ) , interest rate ( ) r and per capita income ( ) Y p . The expected signs for both Y p and
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The impact of Gregorian months is presented in Table 1. The overall average monthly growth as well as monthly growth in the specific months is reported by taking monthly time series from 1978 to 2010. 2 Relative to overall average monthly growth, the currency holding witnesses higher growth during January, May, October, November, and December, and observes lower growth in March, April, June, August and September. Time and demand deposits grow at higher rate in May, June, November, and December, and witness sluggish growth in the January, July and October compared to overall average monthly growth. CPI does not witness many fluctuations due to changes of months but remains higher than average during April, July, and August whereas remain subdued during February, May and December. Industrial production index is highly volatile and witnesses higher fluctuations over months, therefore, the 12 month moving average of the industrial
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Deposits are the part of income placed in banks and are the main source of bank’s liquidity. MISHRA 1 distinguishes three types of deposits : demand deposits which can be withdrawn at any time and on which no interest is paid ; time deposits which can be withdrawn after a fixed period of time and on which a higher rate of interest is paid ; and saving deposits which can be withdrawn to the limited extent in a given period and on which some interest is paid. According to the permanent income hypothesis (FRIENDMAN 2 , 1975), deposits (or savings) depend on the permanent income while life-cycle hypothesis (ANDO and MODIGLIANI 3 , 1963 ) suppose that individual’s age is the main determinant of deposits in banks.
Deposits constitute the major source of funds for Central Co-operative Bank Ltd. The growth of deposits depends on savings. The savings are mobilized and channelized for capital formation which increases the speed for economic growth. The basic objective of any bank is facilitating the intermediation process. The first and foremost asset creating source is mobilizing deposits from public. The term capital deposits resource has been defined as per RBI (Amendment) Act 1977 to include any receipt of money by way of demands/Current deposits, term/fixed deposits etc. Deposits may be categorized into three forms i.e. demand deposits, time deposits and fixed deposits. Demand deposit is a deposit which can be withdrawn without notice and they can be repaid on demand current accounts and saving accounts are classified as demand deposits. Time deposits are repayable after a fixed date or after a period of notice. Fixed deposits include recurring deposits and miscellaneous deposits etc. Thus, a deposit of the bank shows the strength of the bank.
Pinnacle but never published a full description of those cores, which have yet to be re-located. Partridge (2000) recovered Precambrian basement rocks at a depth of >50 m from the top of the Hrdli ka Pinnacle and inferred a broad ‘L’ shaped escarpment buried underneath the Thabaseek Tufa. In contrast, our cores, which were drilled adjacent to the core hole markers left by Partridge (2000) yielded different results. The underlying Precambrian shale was reached at a depth of 10.6 m below the base of the Dart Pinnacle and 48.5 m below the top of the Hrdli ka Pinnacle. As the Hrdli ka Pinnacle core is at an elevation of 7.5 m above the Dart Pinnacle core, the tufa is 30.4 m deeper where the Hrdli ka Pinnacle is located, compared to where the Dart Pinnacle is located, despite only 62.3 m horizontal separation between the cores (Fig. 2). This indicates that there was a very steep and possibly a stepped escarpment (or valley) through or over which the Thabaseek river flowed, producing a >50 m thick succes- sion of riverine, lacustrine, palustrine and pedogenic sedi- ments. Our cores also suggest the depth of the tufa in the Hrdli ka Pinnacle is at least 8.5 m deeper than estimated by Partridge (2000). The base of the cores consist of breccia that transition into shale. The edge of the Ghaap Plateau consists of a stepped escarpment where insoluable shale layers occur within the dolomite and the tufa seems to have formed over a similar steeply stepping escarpment as occurs at the BNL near Berger Cave and is similarly visi- ble at Groot Kloof Locality D further down the escarp- ment, as well as at numerous places along the escarpment today (Butzer 1974; Curnoe et al. 2006). Between the Dart and Hrdli ka Pinnacles, adjacent to the location of the ‘Peabody Pyramid’, the tufa can be seen to go from hori- zontal deposition, as seen all around the base of the Dart Pinnacle, to steeply dipping deposition (Hopley et al. 2013). This depositional change may mark this cliff edge. This is perhaps the best evidence to date that the tufa and PCS deposits in the Hrdli ka Pinnacle may be younger than those in the Dart Pinnacle, as envisaged by McKee (1993a). Throughout the Hrdli ka core numerous small cave conduits filled with more lightly consolidated yellowish-red sandy sediments occur consistent with the YRSS deposits (Fig. 4). Moreover, at a depth of approxi- mately 40m the core hit an open void of 2.46 m, suggesting that a possible cavity exists near the base of the tufa. More detailed analysis of the core is ongoing to help understand the stratigraphy and palaeo-environment of the Thabaseek Tufa, as well as to date the entire sequence with palaeomagnetism and U-Pb.
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Evans attacks the idea that deposit and loan contracts entail different purposes, claiming that our argument suffers from the “absence of subjectivism” inherent in choice (p. 6). He makes the further claim that contracts do not have purposes; only individuals do. Consider the following claim: The purpose of a contract of sale is the exchange of goods from seller to buyer for an agreed sum of money or other good. Is this statement untrue because of a lack of subjectivism? When the individual “subjectively” wants to maintain complete availability of the good, the essential element of the contract is safekeeping and custody, and the contract is called a deposit. On the contrary, when an individual enters into a loan contract, he does it with the essential element or motivation of transferring the availability of the goods in exchange for a payment, e.g., interest. Legal scholars agree on the fundamentally different purposes of loans and deposits and we are not sure what is gained by taking the tack, as Evans does, of claiming the purposes of any contract can be different for each side of the
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ABSTRACT: - The present study is a modest attempt to analyze the socio-economic impact of bank deposits. Deposit mobilization is an integral part of banking activity. Mobilization of savings through intensive deposit collection has been regarded as the major task of banking in India today. Acceptance of deposits is the primary function of Commercial Banks. As such deposit mobilization is one of the basic innovations in current Indian Banking activity. In this paper, an attempt is made to analyze the socio-economic impact of deposit mobilization. Three different types of deposits namely, term deposits, current deposit and savings deposit is considered for the study. The data required for the study has been collected from Union Bank of India Annual Reports. The data, thus collected have been properly classified and analyzed with the help of simple statistical parameters like Average, Indices etc and also the accounting technique i.e. Ratio Analysis. The results shows that, there has been a remarkable growth in mobilization of all kinds of deposits in Union Bank of India.
Deposit is the sum of money in national and foreign currency that should be returned with or without interest payments and either at the time of demand or according to the period in the contract between two sides or their legal representatives. Conducting the operations on bank deposits, its rules and criteria are reflected in the deposit policy issued by commercial bank.
Down the bottom offshore shale is sand incised into the shale or extreme part of channel cutting into the shale. This is possibly part of a Low stand wedge (see Figure 11). The bottom tracts started with the top of the shale that represent maximum flooding surface, where there is maximum incursion into the land. The shale is incised with Low Stand wedge of clean sandstone. The high System Track, HST is represented by the offshore transition and shoreface deposits. This is the period of highest sea level rise. This is followed by the Sequence Boundary (SB) represented by the unconformity (angular) showing a period of non deposition and probably erosion of the surface and tectonics. Falling Stage System Tract, FSST is represented by the fore shore deposits. FSST is represented by parallel laminated sand and symmetrical ripple laminated heterolithics
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Ground Penetrating Radar (GPR) and shallow trench excavation: To check that the lower slope has not been modified by mass-wasting or formation of channels before later re-surfacing we collected a ground- penetrating radar dataset and dug a shallow trench (1.95 m deep, measured in the plane of the fault; Fig. 34). The GPR achieved penetration of at least 5 metres through the hangingwall sediment. The data reveal reflectors that parallel the present-day ground surface. In the trench excavation we found ~10 cm of organic rich soil (probably Holocene) before entering light-coloured, indurated scree deposits that are free of organic material (probably LGM sediments). Layering in this LGM colluvium parallels the present-day ground surface, confirming the findings from GPR, and that the LGM lower slope(s) had similar dips to the upper slope cut into bedrock limestones. We interpret the layers to be former ground surfaces that became progressively offset by faulting during the LGM. This confirms we have correctly identified the hangingwall cut-off at the top of the LGM sediments, and that the site has not been disturbed by mass-wasting or formation of channels before later re-surfacing. We determine the density of the colluvial wedge as this also influences 36 Cl accumulation in
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After death, the consent of the next of kin was obtained for brain removal, following local Ethical Committee procedure and the 1995 Declaration of Helsinki (as modified Edinburgh, 2000). Tissue blocks were taken from the frontal cortex at the level of the genu of the corpus callosum to study the superior frontal gyrus (SFG) and motor cortex (MC), parietal cortex (PC) to study the superior parietal gyrus (SPG) at the level of the splenium of the corpus callosum, occipital cortex to study areas B17 and B18, and tem- poral cortex at the level of the lateral geniculate body. Within the temporal lobe, the superior temporal gyrus (STG) (B22), parahippocampal gyrus (PHG) (B28), hip- pocampus (HC), and dentate gyrus (DG) were investi- gated. Sequential tissue sections were stained by the following procedures: (1) haematoxylin and eosin (H/E), (2) ubiquitin, (3) phosphorylation-independent rabbit polyclonal antibody TP007 against tau , and (4) rabbit polyclonal antibody raised against the 12-28 amino acid sequence of the A β protein . The three most common morphological subtypes of A β depo sit were identified in the A β -immunolabelled sections using previously defined criteria [6,24]: (1) dif- fuse deposits were 10-200 µm in diameter, irregular in shape with diffuse boundaries, and lightly stained, (2) primitive deposits were 20-60 µm, well demarcated, more symmetrical in shape, and strongly stained, (3) classic deposits were 20-100 µm, had a distinct cen- tral ‘core’ surrounded by a ‘corona’ of dystrophic neu- rites, and (4) compact deposits comprised a conden - sed core of A β without the presence of a corona.
in the low-temperature hydrothermal environments at SWIR. Obvious twisted ﬁ laments are indicative of Mariprofundus ferrooxydans, while tubular sheath-like ﬁ laments bear a strong resemblance to an unculutured sheath-forming Zetaproteobacteria [e.g., Fleming et al., 2013]. Simultaneously, our parallel molecular biological study [Li et al., 2013] based on the same samples has revealed that neutrophilic FeOB, including Mariprofundus ferrooxydans and some other species of Zetaproteobacteria, indeed account for a major proportion of the bacterial communities of these hydrothermal Fe-Si oxyhydroxide deposits. It is well known that Fe-oxidation attributed to cellular activity and autocatalysis (occurring on iron oxide surfaces and bacterial surfaces) is an important process and probably accounts for a signi ﬁ cant proportion of the total iron oxidation that occurs in the natural systems. With respect to the cellular activity, it involves a process that the FeOB, such as Mariprofundus ferrooxydans, use Fe 2+ as an energy source by oxidizing it to Fe 3+ in the bacterial cells, most likely in the cell envelope, including the plasma membrane [Suzuki et al., 2011]. In this biologic process, they prefer to localize the mineralization outside the cells in order to avoid encrustation. Thus, the initial extracellular stalk- or sheath-like structures composed primarily of Fe oxyhydroxides were produced during its growth [Emerson et al., 2007].
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Intracranial xanthogranulomas arise most commonly in the choroid plexus, almost uniformly in the trigone of the lateral ventricle, whereas xanthogranulomas of the sellar region are quite rare . In some cases, a significant degree of overlap in these features occurs, and many xanthogranulomas of the sellar region may have been incorrectly identified as craniopharyngiomas. One study found that 37 craniopharyngiomas (33.6%) consisted pre- dominantly of a xanthogranulomatous component . Xanthogranulomas, also known as cholesterol granulomas, are granulomatous lesions characterized by cholesterol clefts, hemosiderin deposits, multi-nucleated foreign body
Manganese makes up about 1000 ppm (0.1%) of the Earth's crust, making it the 12th most abundant elementEmsley,John(2001) 1 .Geochemically, Mn behaves like Mg, Fe, Ni, and Co and tends to partition into minerals that form in the early stages of magmatic crystallization. Significant quantities of Mn persist, however, in melts and can be plentiful in late-stage deposits such as pegmatites. Mn is readily depleted from igneous and metamorphic rocks by interactions with surface water and groundwater and is highly mobile, as Mn (II), in acidic aqueous systems. Near the Earth’s surface, Mn is easily oxidized, giving rise to more than 30 known Mn oxide/hydroxide minerals. These oxides are the major players in the story of the mineralogy and geochemistry of Mn in the upper crust and the major sources of industrial Mn.
In my model, banks borrow in the form of deposits and bonds. Each bank is a monopolist in the deposit market of its county, and pays an interest on deposits that is below the policy rate. Households can allocate the savings among three assets: cash, deposits and and an asset – bonds – paying the policy rate. Cash (paying 0 interest) and deposits are ”money-like” assets, as they reduce a transaction cost of consumption, as in Schmitt-Groh´e and Uribe (2004), and, as in DSS, are imperfect substitutes. I show that this setup results in deposit spreads increasing in the policy rate. Intuitively, since cash, which is the main competitor of deposits as a money-like asset, always pays 0 interest, interest on deposits does not meed to increase one-for-one with the policy rate.
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characteristic for the task at hand is the contract´s maturity. Loans must have some, at least implicit, maximum maturity before which it must be repaid (Huerta de Soto 2009: 1-6). A “loan” without a maturity, one which is never to be repaid (i.e., a maturity of infinity), is a gift. A “loan” that is due (or potentially due) the instant that it is made cannot be considered a loan by any use of the word. It is equivalent to a demand deposit and should be considered as such. A loan allows the borrower the use of the loaned object over its duration – a loan that is continually on demand can never be used as the lender could at any point in time ask for its return – the borrower would have to keep the object on hand to satisfy this redemption demand. Loans that may be called “on demand” are what we know and identify today as deposits. 13
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financially excluded. Using six demand side factors of financial inclusion, Thakkar (2014) concluded that the level of financial inclusion in India is low. Adopting the axiomatic approach to financial inclusion matrix development, Charkravarty and Pal (2010) identified eight indicators of financial inclusion. Investigating the effectiveness of selected financial inclusion strategies in Zimbabwe, Gambe and Sandada (2018) concluded that national microfinance policy, post office savings, bank loans, mobile financial services are statistically significant determinants of financial inclusion in developing countries (Zimbabwe in particular) as these increases accessibility to financial services by the urban and rural poor. Gambe and Sandada (2018) argued that a developed financial system excluding none, minimizes transaction and information costs, influences investment decisions savings rate, long-run growth rates and technological innovations. A panel data analysis of variables influencing financial inclusion on Latin America by Mejia and Gil (2018) showed that income positively affects financial inclusion and debt financial increases financial exclusions.
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