ALBERT

Description: We investigate spatiotemporal variations of the crustal stress field orientation along the rupture zones of the 1999 August Izmit M w 7.4 and November Düzce M w 7.1 earthquakes at the North Anatolian Fault zone (NAFZ) in NW Turkey. Our primary focus is to elaborate on the relation between the state of the crustal stress field and distinct seismotectonic features as well as variations of coseismic slip within the seismogenic layer of the crust. To achieve this, we compile an extensive data base of hypocentres and first-motion polarities including a newly derived local hypocentre catalogue extending from 2 yr prior (1997) to 2 yr after (2001) the Izmit and Düzce main shocks. This combined data set allows studying spatial and temporal variations of stress field orientation along distinct fault segments for the pre- and post-seimic phase of the two large earthquakes in detail. Furthermore, the occurrence of two M  〉 7 earthquakes in rapid succession gives the unique opportunity to analyse the 87-d-long ‘inter-seismic phase’ between them. We use the MOTSI (first MOTion polarity Stress Inversion) procedure directly inverting first-motion polarities to study the stress field evolution of nine distinct segments. In particular, this allows to determine the stress tensor also for the pre- and post-seismic phases when no stable single-event focal mechanisms can be determined. We observe significantly different stress field orientations along the combined 200-km-long rupture in accordance with lateral variations of coseismic slip and seismotectonic setting. Distinct vertical linear segments of the NAFZ show either pure-strike slip behaviour or transtensional and normal faulting if located near pull-apart basins. Pull-apart structures such as the Akyazi and Düzce basins show a predominant normal faulting behaviour along the NAFZ and reflect clearly different characteristic from neighbouring strike-slip segments. Substantial lateral stress field heterogeneity following the two main shocks is observed that declines with time towards the post-seismic period that rather reflects the regional right-lateral strike-slip stress field.

Description: Using multi-year, firm-level surveys for 53 countries, this paper explores the impact of bank competition on firms’ access to finance. We find that low competition, as measured by high values on the Lerner index or Boone indicator, diminishes firms’ access to finance. In addition, the impact of competition on access to finance depends on the quality and scope of credit information sharing mechanisms, and better credit information mitigates the damaging impact of low competition. Overall, our paper offers consistent international evidence that supports the market power hypothesis, which argues that market power reduces access, and rejects the information hypothesis, which suggests that low competition improves access because it allows banks to internalize the investment in building firm-specific relationships.