Bank liquidity, interbank markets and monetary policy

A major lesson of the recent financial crisis is that the interbank lending marketis crucial for banks facing large uncertainty regarding their liquidity needs. Thispaper studies the efficiency of the interbank lending market in allocating funds. Weconsider two different types of liquidity shocks leading to different implications foroptimal policy by the central bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the liquidity held amongbanks, the central bank should lower the interbank rate. This view implies that thetraditional tenet prescribing the separation between prudential regulation and monetary policy should be abandoned. In addition, we show that, during an aggregateliquidity crisis, central banks should manage the aggregate volume of liquidity. Twodifferent instruments, interest rates and liquidity injection, are therefore required tocope with the two different types of liquidity shocks. Finally, we show that failureto cut interest rates during a crisis erodes financial stability by increasing the riskof bank runs.

Eyes wide shut - unusual two stage repair of pectus excavatum and annuloaortic ectasia in a 37 year old marfan patient: Case report

We report about a 37 year old male patient with a pectus excavatum. The patient was in NYHA functional class III. After performed computed tomography the symptoms were thought to be related to the severity of chest deformation. A Ravitch-procedure had been accomplished in a district hospital in 2009. The crack of a metal bar led to a reevaluation 2010, in which surprisingly the presence of an annuloaortic ectasia (root 73 × 74 mm) in direct neighborhood of the formerly implanted metal-bars was diagnosed. Echocardiography revealed a severe aortic valve regurgitation, the left ventricle was massively dilated presenting a reduced ejection fraction of 45%. A marfan syndrome was suspected and the patient underwent a valve sparing aortic root replacement (David procedure) in our institution with an uneventful postoperative course. A review of the literature in combination with discussion of our case suggests the application of stronger recommendations towards preoperative cardiovascular assessment in patients with pectus excavatum.

Surveillance of adenoviruses and noroviruses in European recreational waters

Exposure to human pathogenic viruses in recreational waters has been shown to cause disease outbreaks. In the context of Article 14 of the revised European Bathing Waters Directive 2006/7/EC (rBWD, CEU, 2006) a Europe-wide surveillance study was carried out to determine the frequency of occurrence of two human enteric viruses in recreational waters. Adenoviruses were selected based on their near-universal shedding and environmental survival, and noroviruses (NoV) selected as being the most prevalent gastroenteritis agent worldwide. Concentration of marine and freshwater samples was done by adsorption/elution followed by molecular detection by (RT)-PCR. Out of 1410 samples, 553 (39.2%) were positive for one or more of the target viruses. Adenoviruses, detected in 36.4% of samples, were more prevalent than noroviruses (9.4%), with 3.5% GI and 6.2% GII, some samples being positive for both GI and GII. Of 513 human adenovirus-positive samples, 63 (12.3%) were also norovirus-positive, whereas 69 (7.7%) norovirus-positive samples were adenovirus-negative. More freshwater samples than marine water samples were virus-positive. Out of a small selection of samples tested for adenovirus infectivity, approximately one-quarter were positive. Sixty percent of 132 nested-PCR adenovirus-positive samples analysed by quantitative PCR gave a mean value of over 3000 genome copies per L of water. The simultaneous detection of infectious adenovirus and of adenovirus and NoV by (RT)PCR suggests that the presence of infectious viruses in recreational waters may constitute a public health risk upon exposure. These studies support the case for considering adenoviruses as an indicator of bathing water quality.

Rosalía de Castro, sombra que se fai teoría

A figura auroral de Rosalía de Castro autorizou a aparición de novas poetas a finais do século XX mais, paradoxalmente, a partir da publicación dos seus libros fundacionais non xurdiu unha lexión de autoras que desde Cantares gallegos (1863) e Follas novas (1880) escribisen incesantemente a nación, ou simplemente, escribisen incesantemente en galego e tivesen por iso un recoñecemento canónico. Sen dúbida a intervención do patriarcadogaleguista provocou esa interrupción, que se entende mellor cando se teñenen conta os condicionantes socioliterarios que coutaban as mulleres escritoras (González Fernández, 2005: 15-19). Porque a finais do século XIX, e malia excepcións rechamantes, o pensamento hexemónicoconsideraba que as literatas eran unhas sabias ridículas, tal como sesancionara desde o coñecido capítulo V do Émile, ou l’Education (1762) deJean Jacques Rousseau en diante, aínda que houbese, por suposto, vocesdisidentes entre os seus contemporáneos, como Benito Jerónimo Feijoo noseu moi lido discurso XVI, Defensa de las mujeres, do seu Teatro crítico universal(1726). Nese sentido depreciativo do termo debe lerse o coñecido artigo deRosalía de Castro, Las literatas. Carta a Eduarda (1865). Por outra banda, noemerxente discurso nacionalista que vai do XIX ao primeiro terzo do XXopérase unha corrección misóxina que afecta á concepción sexuada danación. Se Murguía seguira a Renan na súa defensa do carácter esencialmente feminino dos pobos celtas, unha idea moi espallada naquela...

Rosalía de Castro, sombra que se fai teoría

A figura auroral de Rosalía de Castro autorizou a aparición de novas poetas a finais do século XX mais, paradoxalmente, a partir da publicación dos seus libros fundacionais non xurdiu unha lexión de autoras que desde Cantares gallegos (1863) e Follas novas (1880) escribisen incesantemente a nación, ou simplemente, escribisen incesantemente en galego e tivesen por iso un recoñecemento canónico. Sen dúbida a intervención do patriarcadogaleguista provocou esa interrupción, que se entende mellor cando se teñenen conta os condicionantes socioliterarios que coutaban as mulleres escritoras (González Fernández, 2005: 15-19). Porque a finais do século XIX, e malia excepcións rechamantes, o pensamento hexemónicoconsideraba que as literatas eran unhas sabias ridículas, tal como sesancionara desde o coñecido capítulo V do Émile, ou l’Education (1762) deJean Jacques Rousseau en diante, aínda que houbese, por suposto, vocesdisidentes entre os seus contemporáneos, como Benito Jerónimo Feijoo noseu moi lido discurso XVI, Defensa de las mujeres, do seu Teatro crítico universal(1726). Nese sentido depreciativo do termo debe lerse o coñecido artigo deRosalía de Castro, Las literatas. Carta a Eduarda (1865). Por outra banda, noemerxente discurso nacionalista que vai do XIX ao primeiro terzo do XXopérase unha corrección misóxina que afecta á concepción sexuada danación. Se Murguía seguira a Renan na súa defensa do carácter esencialmente feminino dos pobos celtas, unha idea moi espallada naquela...