![]() If anyone wants the novel you can find it in english at Exiled Rebels Scanlations blog. The best out of having these two is that it’s like watching two different dramas with the same characters and slightly similar storylines only one is reading. You’ll be amazed at how the writer managed to keep the live action script slightly similar to the novel and how the characters personalities are the same. Many scenes from the novel are in the drama but portayed in a different way. Is the novel different from the drama? Yes it is. Many of us are new to this fan base and some of us have not read the novel yet. Don’t get me wrong i love the bromace in the drama. The thing is, Bl fans want a bit more chemistry in the characters on film that is one of the reasons i’m reading the novel. The drama is bromance but the characters tell a bit more due to their actions and eye contacts. The book has been since translated into more than 20 other languages including French, Spanish, German and Chinese. Martins Press, an extension of Macmillan Publishers. I started reading the novel and the Anime and still watching the drama. Chosen is the third novel of the House of Night fantasy series, written by American authors P.C. I discovered a novel, Anime, fanfics……now i’m like a juggler. Not the live action since it’s new but i learn of the MDZS (Mo Dao Zu Shi) fan base. Opening the first episode led me to a complete world of fans who have been following this series for years. I saw the previews on youtube last week and instantly searched for the complete subbed episodes. Lately is the Chinese drama The Unatamed or as the novel The Grandmaster of Demonic Cultivation. So time skip, one of them likely steps up to take over and LWJ is off to go find WWX.I happen to have a keen eye that catches anything BL or related to BL anywhere online. This gives either LXC or NHS (or someone else capable) time to take over the position. LWJ probably took over as his Excellency to stabilize the clans and protect WWX. LXC is actually the most ideal, but he's still suffering from the revelation of JGY's betrayal. ![]() Though, I think if he did take the position, there might be a war against all demonic cultivators, which JC would also be likely to do. LQR might be suitable but he's getting older and might just want to keep raising his cabbages. Keep in mind, he's already accomplished his goal of revenge/justice for his brother. NHS would still have to completely shake off his "Head Shaker" persona but that's if he was interested. JC doesn't really have the temperment for it. Most of the other clan leader's we've seen in Untamed are a little too sheepy for my taste. At the time of JGY's death, he's the only one I'd trust with the position. I actually don't mind that LWJ took over as leader of the alliance. Tldr WWX needed some time to sort out his feelings for LWJ that what he feels is love instead of gratefulness. I’m guessing LWJ told him the name of the song once he turned around, hence the big grin on his face. The moment LWJ calls him “Wei Ying”, you can tell how WWX’s face is full of affection and bliss after he turned around. That is the moment that we can see he has come true with his feelings and came back to find LWJ because he can’t let go of LWJ and wants to be with him aka LOVEEEEE. Fast forward to the last scene you can actually see WWX is playing the song with his /dizi/ on top of the waterfall at the back of the mountains of the Cloud Recesses with a change of clothing as well. He spent some time lingering in Gusu Lan Sect but in his mind he has no right to keep being there when he was an outsider so he parted ways with LWJ and LWJ became the Chief Cultivator (aka JGY’s previous title before his death) and took up his promise with WWX (from the lantern scene in the beginning) to help fight evil and help the weak because he thought that was what WWX wants.Īs so, WWX left with Little Apple and told him “the next time we meet, you gotta tell me the name of the song okay” which LWJ already named it WangXian but hasn’t let him know yet. ![]() It was after Wen Ning and Si Zhui left them in the forest and WWX thought that life would continue with LWJ by his side - us against the world - but when he saw LWJ didn’t continue walking with him and Little Apple, you could see he turned around and finally realise that what he thought was gratefulness was actually something else: LOVEEEEE. It explains that the ending was what it was in the live action because the confession part that should’ve happened in the temple did not occur so LWJ still doesn’t know WWX’s true feelings and neither does WWX because LXC and JGY didn’t explain some crucial facts of LWJ’s love for WWX and he just stuck to the “thanks for saving me but you didn’t have to because you don’t owe me anything” line. Hello~ Input from a Chinese video I’ve watched recently and sadly I forgot the link to it.
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Most have no symptoms at all, or milder symptoms. Most people who do get infected despite having been vaccinated are very unlikely to develop serious illness, the evidence suggests. These workers were at much higher risk for infection because they worked in a hospital, but they also wore masks, which limited their exposure. It's hard to compare that very low rate of infection directly with the risk to the general public. This rate of infection was significantly higher for workers who choose to not be vaccinated. Another 19 tested positive for the virus even though they had no symptoms. Of those, just eight developed any COVID-19 symptoms, such as fevers or headaches. Cool! Now About Those 'Breakthrough' Infections.Īnother recent study conducted at a major medical center in Israel followed about 5,500 fully vaccinated workers for two months. Goats and Soda Coronavirus FAQ: You're Vaccinated. One CDC study published Friday found that across 33 sites, vaccinated health care personnel were much less likely to get sick with COVID-19 than those who were unvaccinated. Walensky has also cited several recent studies of health care workers as evidence that vaccines provide excellent protection against disease. ![]() ![]() That suggests that because of vaccination - and because some people are immune because of previous infection with the coronavirus - the pandemic is gradually coming under control. Walensky notes that the number of cases, hospitalizations and deaths in the United States have declined significantly in recent weeks. ![]() "That science, in conjunction with all of the epidemiologic data that we have, really says now is the moment," CDC Director Rochelle Walensky told NPR on Thursday. The latest changes have left a lot of people with a lot of questions, which NPR's science, health and education reporters are here to answer.ĬDC says that yes, this decision was based on the current state of the pandemic in the U.S., along with evidence that vaccines are extremely effective in the real world. The shift in guidance was a dramatic reversal from the country's top public health agency, which has been criticized for being too conservative (and convoluted) in its earlier guidelines for those who are vaccinated. (There are some important exceptions we'll get into below.) "Fully vaccinated people can resume activities without wearing a mask or physically distancing, except where required by federal, state, local, tribal or territorial laws, rules and regulations, including local business and workplace guidance," the CDC now says. ![]() Centers for Disease Control and Prevention announced Thursday, you can mostly go ahead and stop wearing your mask and stop social distancing - inside and out. If you're fully vaccinated against COVID-19 (as in, you've gotten all your shots and waited two weeks), the U.S. While some people rejoiced, others say they feel the change has come too soon.īen Hasty/MediaNews Group via Getty Images Here’s how coronavirus experts are approaching this fall’s expected rise in infections.Ĭovid deaths: Covid-19 was the fourth leading cause of death in the United States last year, and covid deaths dropped 47 percent between 20.After the CDC shifted this week to less restrictive mask guidance for people who have been fully vaccinated against COVID-19, some leaders in the public health world felt blindsided. It is exposing the challenges of avoiding the virus when free testing is no longer widely accessible. Rising covid-19 hospitalizations: The United States is experiencing a bump in coronavirus transmission for the first time since the public health emergency ended in May. 5, a new coronavirus subvariant, unofficially nicknamed “Eris,” is becoming a dominant strain in countries including the United States and Britain. 2.86 coronavirus variant, a highly mutated form of the coronavirus that threatens to be the most adept yet at slipping past the body’s immune defenses. Here’s what you need to know about the new coronavirus vaccines, including when you should get it.Ĭoronavirus variants: Scientists are concerned about the new BA. New coronavirus booster: The CDC recommends that anyone 6 months or older get an updated coronavirus shot this fall, but the vaccine rollout has seen some hiccups, especially for children. That means that after every 9, enter a comma. ![]() If you happen to be in my same situation (or if you just want to use an outside dial tone that sounds better than that stupid single 440 Hz outside dial tone that the SPA504G defaults to), go to Admin, Advanced, Regional, Call Progress Tones, Outside Dial Tone, and use this: that to actually get the phone to play an outside dial tone, you must configure your dial plan to support it. The low tone is 90 Hz higher than the 350 Hz low tone of the dial tone, and the high tone is 90 Hz higher than the low tone. With that, I was able to narrow down the possibilities, and came up with 440 + 530 Hz for Cisco’s outside dial tone. A dial tone is 350 + 440 Hz (90 Hz difference), a ringing tone is 440 + 480 Hz (40 Hz difference), and a busy signal is 480 + 620 Hz (90 + 50 Hz difference). This apparently makes it easier to determine what two tones are being sent in a DTMF sequence. Through some reading, I eventually figured out that “special tone frequencies” are always in multiples of 40, 50 and 90 Hz. Random fiddling came close, but it still sounded off. I could have probably figured it out if I had an oscilloscope, but I didn’t have access to one. I didn’t find anything online, and while many of the tones on the 7900s are sent to the phone by the call manager, the outside dial tone is hard-coded in the phone’s firmware. It’s customizable, so I started looking for what DTMF combination the 7900’s outside dial tone is. The SPA504G can be programmed to generate an outside dial tone, but it defaulted to a single 440 Hz tone, which just did not sound right. I always found the order to be backwards I figured the “inside” dial tone should be non-standard, and once you hit 9, you’d be presented with a standard North American dial tone. Here is a sample audio file of that process. When you press 9, however, that changes to a different dial tone, to signal that you are “outside” and can dial as if you were at a regular POTS phone. When you pick up the phone, you hear a standard North American dial tone (350 + 440 Hz). One of the features of the 7900 phones is a separate tone when reaching an outside line. In the last few weeks/months, I’ve been preparing to make this process as smooth as possible from a user perspective, since this is the most visible aspect to the employees. So now we’re replacing them with Cisco SPA504G phones, which use the industry standard SIP protocol. Everything mostly worked, but we lost the ability to do 3-way conferencing via the phones. Unfortunately, the SCCP driver is graciously described as “beta” (remember, it’s a proprietary protocol). We had been preparing for this possibility, and had an Asterisk system ready that was able to talk SCCP to the 7900 phones. Earlier this year, the call managers died. The 7900s used SCCP, a proprietary but decently understood protocol to talk with the call managers. In the Reno and Salt Lake City offices, we had a Cisco Unified Communications VoIP system going back to 2001, with Cisco 7900 series phones. The following code produces a sinusoidal sound, it is adapted from: Ĭonst double ChromaticRatio = 1.059463094359295264562 Ĭonst double Tao = 6.I’m currently in the process of upgrading our phone systems at work. SDL_Delay(1000) // wait while sound is playing If(want.format != have.format) SDL_LogError(SDL_LOG_CATEGORY_AUDIO, "Failed to get the desired AudioSpec") If(SDL_OpenAudio(&want, &have) != 0) SDL_LogError(SDL_LOG_CATEGORY_AUDIO, "Failed to open audio: %s", SDL_GetError()) erdata = &sample_nr // counter, keeping track of current sample number Want.callback = audio_callback // function SDL calls periodically to refill the buffer Want.format = AUDIO_S16SYS // sample type (here: signed short i.e. eq = SAMPLE_RATE // number of samples per second If(SDL_Init(SDL_INIT_AUDIO) != 0) SDL_Log("Failed to initialize SDL: %s", SDL_GetError()) ![]() Int length = bytes / 2 // 2 bytes per sample for AUDIO_S16SYSįor(int i = 0 i < length i++, sample_nr++)ĭouble time = (double)sample_nr / (double)SAMPLE_RATE īuffer = (Sint16)(AMPLITUDE * sin(2.0f * M_PI * 441.0f * time)) // render 441 HZ sine wave Void audio_callback(void *user_data, Uint8 *raw_buffer, int bytes) Void audio_callback(void *_beeper, Uint8 *_stream, int _length)Ī boiled-down variant of the beeper-example, reduced to the bare minimum (with error-handling). Void Beeper::generateSamples(Sint16 *stream, int length) SDL_OpenAudio(&desiredSpec, &obtainedSpec) you might want to look for errors here ![]() Void generateSamples(Sint16 *stream, int length) I modified a bit the code found here: #include The Introduction to SDL ( 2011 cached version: 2) has got a neat example of using SDL Sound library that should get you started: ĮDIT: Here is a working program that does what you asked for. ![]() ActiveDocument.Tables (1).ConvertToText Separator:wdSeparateByTabs. The following example converts the first table in the active document to text. The index number represents the position of the table in the selection, range, or document. See how to create a List of Tables (Table of Figures) for more details. Note: You can press Enter and create a new paragraph instead of a new line. Editors give some allowance for an initial submission, so you should be ok.įor help with working within the word limit, you may refer to this piece: 10 Tips to reduce the length of your research paperĪnd for further help, you may of course use a language editing service. Use Tables (Index), where Index is the index number, to return a single Table object. Position cursor after a caption number and add a new line (by pressing Shift+Enter) in which type of title you need. But in case you’ve tried your best and it doesn’t come down any further, you may go ahead and submit it, but inform the editor in your cover letter. For instance, this would be in the caption for the table or figure. To sequentially number items in your text, follow these steps: Position the insertion point where you want the sequential number to appear. In case your manuscript exceeds the count, of course, you should try and reduce the count. If you later reorder these items, Word automatically updates the numbers so they are in order. ![]() So, you should check the guidelines.Ī couple of points more. However, the journal usually specifies this in their author guidelines. The title has its own word limit (say about 10-15 max), so too the abstract (about 200-250 words). The main text and also tables, figures, and captions for them are included in the count. Word for Microsoft 365 Word for Microsoft 365 for Mac Word 2021 Word 2021 for Mac Word 2019 Word 2019 for Mac Word 2016 Word 2016 for Mac Word 2013 Word 2010 Word 2007 Word for Mac 2011. Save documents, spreadsheets, and presentations online, in OneDrive. Front matter such as title, author, and abstract and end matter such as references and acknowledgments are typically not included in the manuscript word count. Collaborate for free with online versions of Microsoft Word, PowerPoint, Excel, and OneNote. ![]() We didn’t dismiss any trimmer for not having these things, but we were definitely impressed with how thoroughly some trimmers complete the “haircutting kit. Grooming accessories: The main trimmer is priority number one, but guide combs, additional trimmer heads, shaver heads (which turn the beard trimmer into a smaller version of an electric shaver), and nose hair trimmers can make a middling device look more attractive.We looked for cords that were both long (at least 5 feet) and flexible for easy maneuvering and storage. A pliable, long wire (for a corded tool): Corded trimmers are much more powerful and reliable than cordless models, although they’re less convenient and less popular for beard trimming, specifically. ![]() We wanted a tool that could at least approximate a shave, cutting the hair as close as possible without nicking or agitating the skin. None can replace an electric shaver or a razor blade for closeness, but some people like the stubble that beard trimmers deliver, and many trimmers do an adequate job of eliminating the stubble at the bottom of a beard, around the neck.
![]() ![]() If you're curious about how HDR works, check out the aptly named How HDR works. Check out our reviews for which is the best TV right now. In some cases they are significantly brighter and with a much wider range of colors, which is quite a sight to see. ![]() That said, a good-performing HDR TV, showing HDR content, will look better than the TVs from just a few years ago. What we've seen, now that we've had a few generations of HDR TVs to sort out the bugs, is a general improvement in overall image quality, though perhaps not quite to the extent many of us (myself included) initially expected. Most experts I've spoken to frequently say something along the lines of "More pixels are cool, but better pixels would be amazing." Which is to say 4K and 8K resolutions are fine, but HDR and WCG are far more interesting. It's something to keep in mind for your next purchase, but it doesn't make your current gear obsolete and will largely be backward compatible (other than the new features). The next generation of HDMI connection is called 2.1, and it adds a number of new features, including some improvements to how HDR is handled. With "HDR" after it and see what comes up. If you're not sure, put the model number into If you've bought your gear in the last few years, it's probably HDR-compatible. If you use a receiver, that too must be HDR-compatible, to be able to pass the signals from the source to the TV. Your source device (a 4K Blu-Ray player or media streamer, say) and the TV must be both be HDR-compatible, regardless of what cables you use. Even if you do need new cables, they're very inexpensive. From the exuberant, eye-popping colors of a movie musical, to the muted somberness of a moody drama, there's a lot that can be conveyed just with color. Post-production tweaking can imbue a scene with a certain aesthetic and feeling, just with color. When a movie or TV show is created, the director and cinematographer work with a colorist to give the program the right "look." It's entirely possible that if you were on set for these two scenes, they would have looked the same, color-wise. You'll need a new 4K BD player to play these discs, but your current Blu-ray and DVDs will play on the new players. Ultra HD Blu-ray is the latest physical disc format. As do many others.Īnother source of HDR is physical discs. The major 4K streaming services like Netflix andīoth have HDR content. Fortunately, the amount of HDR content is growing fast. To truly look good, an HDR TV needs HDR content. It has nothing to do with how well it can show those images. The only thing the HDR label really means is that the TV will be able to display HDR movies and TV shows. A TV that lacks those features can look better than a non-HDR TV, but the difference won't be as noticeable. In our experience the TVs that perform best with HDR are LCD-based models that have local dimming as well as OLED TVs. Of course, making TVs brighter and more colorful costs money, and some HDR TVs will deliver better picture quality than others. It's best left to the director to decide how they want the colors of their movie or TV show to look, not a TV whose color-expanding process might have been designed in a few days 6,000 miles from Hollywood. The problem is, you don't really want the TV just creating those colors willy-nilly. For years, TVs have been capable of a greater range of colors than what's possible in Blu-ray or downloads/streaming. Tied in with HDR is wide color gamut, or WCG. This is basically just like local dimming, but to an even greater extent. To be HDR-compatible, the TV should be able to produce more light than a normal TV in certain areas of the image. ![]() The first part, the TV, is actually the easier part. There are two parts of the HDR system: the TV and the source. ![]() Adobe's corporate logo features a stylized "A" and was designed by graphic designer Marva Warnock, John Warnock's wife. That creek is so named because of the type of clay found there (Adobe being a Spanish word for Mudbrick), which alludes to the creative nature of the company's software. The name of the company, Adobe, comes from Adobe Creek in Los Altos, California, a stream which ran behind Warnock's house. The company was started in John Warnock's garage. It also has major development operations in Noida and Bangalore in India. ![]() Adobe also has major development operations in the United States in Newton, New York City, Arden Hills, Lehi, Seattle, Austin and San Francisco. Adobe later developed animation and multimedia through its acquisition of Macromedia, from which it acquired Macromedia Flash video editing and compositing software with Adobe Premiere, later known as Adobe Premiere Pro low-code web development with Adobe Muse and a suite of software for digital marketing management.Īs of 2022, Adobe has more than 26,000 employees worldwide. In 1985, Apple Computer licensed PostScript for use in its LaserWriter printers, which helped spark the desktop publishing revolution. Īdobe was founded in December 1982 by John Warnock and Charles Geschke, who established the company after leaving Xerox PARC to develop and sell the PostScript page description language. The company also expanded into digital marketing software and in 2021 was considered one of the top global leaders in Customer Experience Management (CXM). Adobe offered a bundled solution of its products named Adobe Creative Suite, which evolved into a subscription software as a service (SaaS) offering named Adobe Creative Cloud. Its flagship products include Adobe Photoshop image editing software Adobe Illustrator vector-based illustration software Adobe Acrobat Reader and the Portable Document Format (PDF) and a host of tools primarily for audio-visual content creation, editing and publishing. It has historically specialized in software for the creation and publication of a wide range of content, including graphics, photography, illustration, animation, multimedia/video, motion pictures, and print. ( / ə ˈ d oʊ b i/ ə-DOH-bee), originally called Adobe Systems Incorporated, is an American multinational computer software company incorporated in Delaware Īnd headquartered in San Jose, California. ![]() Write your own scripts to effectively control learning outcomes.Adobe Inc. Choose from 75,000+ free eLearning assets, characters, themes, quizzes and more, to deliver learning content that works on every device.Īdvanced eLearning: power when you need itĬreate everything from best-in-class simulations to complex branching scenarios and configurable conditional logic. PowerPoint to mobile learning: from drab to fabĮasily convert your PowerPoint slides to interactive eLearning without any programming. Also, convert legacy desktop courses to mobile learning with a few clicks. Use the newly enhanced Fluid Boxes to automatically author fully responsive eLearning content that works across all devices and browsers. Responsive eLearning: learning that moves for learners who move Save time, money and effort while you create or curate video learning modules for increased learner retention. Record your webcam and computer screen or bring in YouTube videos, add questions and interactive elements and publish to HTML5. ![]() Use VR to deliver experiences such as virtual tours, safety drills, product walk-throughs, first responder situations and more. Introducing 360° media support in the 2019 release of Adobe Captivate to help you deliver immersive learning experiences in VR that allow learners to navigate near real-life situations in a risk-free environment. Amplify video-based learning by easily adding interactivity to your videos. Effortlessly design immersive learning experiences with VR and 360° media assets. Conquer new learning landscapes with a smart authoring tool that lets you create all kinds of fully-responsive eLearning content. Unlock the future of smart eLearning design. ![]() The service is available on most devices, including Windows, macOS, and Linux computers, iOS and Android smartphones and tablets, smart home devices such as the Amazon Echo and Google Nest lines of products, and digital media players like Roku. It has no presence in mainland China where the market is dominated by QQ Music. Its users and subscribers are based largely in the US and Europe, jointly accounting for around 53% of users and 67% of revenue. Spotify is available in most of Europe, as well as Africa, the Americas, Asia, and Oceania, with a total availability in 184 markets. Users can search for music based on artist, album, or genre, and can create, edit, and share playlists. As a freemium service, basic features are free with advertisements and limited control, while additional features, such as offline listening and commercial-free listening, are offered via paid subscriptions. Spotify offers digital copyright restricted recorded audio content, including more than 100 million songs and five million podcasts, from record labels and media companies. ![]() ) on the New York Stock Exchange in the form of American depositary receipts. ![]() Spotify is listed (through a Luxembourg City-domiciled holding company, Spotify Technology S.A. It is one of the largest music streaming service providers, with over 551 million monthly active users, including 220 million paying subscribers, as of June 2023. Spotify ( / ˈ s p ɒ t ɪ f aɪ/ Swedish: ) is a Swedish audio streaming and media services provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. Than asymptotic theory or computer simulations. All results are exact, based on iterative numerical calculations, rather It is also possible to perform mixed continuous/group sequential analysis, where, for example, there is at first a bigīatch of data that arrives in one group, followed by continuous sequential analysis. For group sequential analyses, there are functions for pre-specified group sizes and for the situation when In order to specify non-flat signaling thresholds. Alternatively, it is also possible to apply a user defined alpha spending function Of the log-likelihood ratio, and on a predetermined maximum sample size. For Poisson data, the critical value is based on a Wald-type upper boundary, which is flat on the scale Off-set term to account for variable matching ratios. For binomial data, it is possible to incorporate an It is possible to analyze either Poisson type data or binomial 0/1 type data. This is different from standard statistical analysis, where a single analysis is performed On accumulating data that gradually increases the sample size. Sequential is designed for continuous and group sequential analysis, where statistical hypothesis testing is conducted repeatedly Sequential-package: Analysis Support, Critical Values, Power, Time to Signal and.Īnalysis Support, Critical Values, Power, Time to Signal and Sample Size for Sequential Analysis with Poisson and Binomial Data.SampleSize.Poisson: Sample size calculation for continuous sequential analysis.SampleSize.CondPoisson: Sample size calculation for the continuous sequential.SampleSize.Binomial: Sample size calculation for continuous sequential analysis.: Performance and alpha spending for user-defined signaling.: Statistical Performance and Alpha Spending For User-defined.Performance.Poisson: Calculates statistical power, expected time to signal and.Performance.CondPoisson: Statistical power, expected time to signal and expected. ![]() Performance.Binomial: Statistical power, expected time to signal and expected.: Calculates performance and signaling thresholds for.: Calculates performance and signaling threshold for.Optimal.Binomial: Optimal alpha spending for minimizing expected time to signal.CV.Poisson: Critical values for group and continuous sequential analysis.CV.CondPoisson: Critical values for continuous sequential CMaxSPRT for.CV.Binomial: Calculates exact critical values for group and continuous.ConfidenceInterval.Binomial: Confidence Interval for the Relative Risk Following a.Analyze.wBinomial: Function for group sequential analyses of multiple weighted. ![]()
This borrower is not taking significant risk. The "hedge borrower" can make debt payments (covering interest and principal) from current cash flows from investments. Įconomist Hyman Minsky described the types of borrowing and lending that contribute to a bubble. As this upswing in new debt creation also increases the money supply and stimulates economic activity, this also tends to temporarily raise economic growth and employment. This can then cause a speculative price " bubble" to develop. ĭuring the upward phase in the credit cycle, asset prices may experience bouts of frenzied competitive, leveraged bidding, inducing inflation in a particular asset market. These increased asset values then become the collateral for further borrowing. Easy credit drives up prices within a class of assets, usually In a credit bubble, lending standards become less stringent. Between 20 housing prices nearly doubled, rising from 100 to nearly 200 on the index. house price trend (1987–2008) as measured by the Case-Shiller index. Easy credit conditions mean that funds are readily available to borrowers, which results in asset prices rising if the loaned funds are used to buy assets in a particular market, such as real estate or stocks.īubble formation U.S. A credit crunch is the opposite, in which interest rates rise and lending practices tighten. Easy credit conditions Įasy credit conditions (sometimes referred to as "easy money" or "loose credit") are characterized by low interest rates for borrowers and relaxed lending practices by bankers, making it easy to get inexpensive loans. Other causes can include an anticipated decline in the value of the collateral used by the banks to secure the loans an exogenous change in monetary conditions (for example, where the central bank suddenly and unexpectedly raises reserve requirements or imposes new regulatory constraints on lending) the central government imposing direct credit controls on the banking system or even an increased perception of risk regarding the solvency of other banks within the banking system. For example, inadequate information about the financial condition of borrowers can lead to a boom in lending when financial institutions overestimate creditworthiness, while the sudden revelation of information suggesting that borrowers are or were less creditworthy can lead to a sudden contraction of credit. There are a number of reasons why banks might suddenly stop or slow lending activity. household debt relative to disposable income and GDP.Ī credit crunch is often caused by a sustained period of careless and inappropriate lending which results in losses for lending institutions and investors in debt when the loans turn sour and the full extent of bad debts becomes known. ![]() Many times, a credit crunch is accompanied by a flight to quality by lenders and investors, as they seek less risky investments (often at the expense of small to medium size enterprises).Ĭauses U.S. Credit becomes less available at any given official interest rate, or there ceases to be a clear relationship between interest rates and credit availability (i.e. In such situations, the relationship between credit availability and interest rates, changes. ![]() ![]() A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates. Financial situation where credit/loans become less available/obtainableĪ credit crunch (also known as a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. |
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