La estructura a plazos del riesgo interbancario

Este documento propone un modelo para la estructura a plazos del riesgo interbancario a partir del spread entre los Interest Rate Swap (IRS) y los Overnight Indexed Swaps (OIS) en dólares durante la crisis financiera 2007-08 y la crisis del euro en 2010. Adicionalmente hace la descomposición del riesgo interbancario entre riesgo de default y no-default (liquidez). Los resultados sugieren que la crisis financiera tuvo importantes repercusiones en la estructura a plazos del riesgo interbancario y sus componentes: en los años previos a la crisis, el riesgo de no-default explicaba la mayor parte del riesgo interbancario; durante la crisis y posterior a ella, el riesgo de default conducía el comportamiento del riesgo interbancario. Adicionalmente, se encuentra que, a partir de la estructura a plazos de cada componente del riesgo interbancario, la crisis financiera se caracterizó por ser un problema más de corto que de largo plazo, en contraste con la crisis del euro de 2010. Estos resultados siguen lo propuesto por Filipovic & Trolle (2012) y dejan importantes implicaciones sobre el riesgo interbancario durante los periodos de stress financiero.

La estructura a plazos del riesgo interbancario

Este documento propone un modelo para la estructura a plazos del riesgo interbancario a partir del spread entre los Interest Rate Swap (IRS) y los Overnight Indexed Swaps (OIS) en dólares durante la crisis financiera 2007-08 y la crisis del euro en 2010. Adicionalmente hace la descomposición del riesgo interbancario entre riesgo de default y no-default (liquidez). Los resultados sugieren que la crisis financiera tuvo importantes repercusiones en la estructura a plazos del riesgo interbancario y sus componentes: en los años previos a la crisis, el riesgo de no-default explicaba la mayor parte del riesgo interbancario; durante la crisis y posterior a ella, el riesgo de default conducía el comportamiento del riesgo interbancario. Adicionalmente, se encuentra que, a partir de la estructura a plazos de cada componente del riesgo interbancario, la crisis financiera se caracterizó por ser un problema más de corto que de largo plazo, en contraste con la crisis del euro de 2010. Estos resultados siguen lo propuesto por Filipovic & Trolle (2012) y dejan importantes implicaciones sobre el riesgo interbancario durante los periodos de stress financiero.

Subchronic 3, 4-methylenedioximethamphetamine (mdma) reverts anxiety induced by chronic mild stress

Here we report the effects of subchronic 3, 4-Methylenedioximethamphetamine (MDMA) on the elevated plus-maze, a widely used animal model of anxiety. Rats exposed to a mild chronic stress (MCS) protocol received intracerebroventricular microinjections of the selective serotonin reuptake inhibitor (SSRI) – fluoxetine (2.0ug/ul) or 3, 4-Methylenedioximethamphetamine (MDMA, 2.0ug/ul) for seven days. On the eighth day rats were tested in the elevated plus-maze. Our results showed that sub-chronic MDMA interacted with MCS leading to a decrease in anxiety-related behaviors including: percentage of open arms entries (F[2,26]=4.00; P=0.031), time spent in the open arms (F[2,26]=3.656; P=0.040) and time spent in the open arms extremities (F[2,26]=5.842; P=0.008). These results suggest a potential effect of MDMA in the reversion of the emotional significance of aversive stimuli.

Academic stress in master’s students and its modulatory variables: a between-groups design

The present investigation tries to establish the descriptive profile of the academic stress of the students of the masters in education and to identify which sociodemographic and situational variables play a modulator role. This investigation is based on the Person-Surroundings Research Program and the systemical cognitive model of academic stress. The study can be characterized as transectional, correlational and non experimental. The collection of the information was made through the SISCO inventory of Academic Stress which was applied to 152 students. The main results suggest that 95% of the master students report having felt academic stress a few times but with medium-high intensity. Variables gender, civil state, attending masters and institutional support of the attending masters act as modulators in academic stress.

Stress and depression in informal caregivers of patients with bipolar affective disorder

This study aims to establish the stress and depression´s prevalence in informal primary caregivers of patients with bipolar affective disorder of the Clínica de Nuestra Señora de la Paz (Bogotá, Colombia). The sample consisted of 40 informal primary caregivers who were tested by several tools: a survey filter, a sociodemographic record, the Beck Depression Inventory (BDI) and the Daily Stress Questionnaire. Results indicate that there is much more presence of depression than of daily stress in the sample. 

Autobiographical Memory for Stressful Events, Traumatic Memory and Posttraumatic Stress Disorder: A Systematic Review

Stressors and traumatic events may contribute to the development of many psychopathologies, PTSD among them. People with this disorder can present significant cognitive impairments and losses in memory, particularly autobiographical memory (AM).This paper aims to present a systematic review of literature considering changes on autobiographical memory in people exposed to potentially traumatic stressors. Therefore, we performed a computerized search in databases PsycINFO, PubMed, Web of Science and Pilots in March 2012.A total of 29 articles were selected and grouped into three categories: studies comparing Trauma X PTSD, studies comparing PTSD X Trauma X Control and comparison studies according to post-traumatic symptoms. Results demonstrate that people with PTSD presents alterations in a larger number of AM components compared to the cases in which PTSD did not developed. In the same way, subjects never exposed to trauma did not demonstrate significant alterations on  AM when compared to the other groups. The results of this study allowed concluding that changes of some components of the AM are primarily associated with PTSD, but it was not possible to clarify whether such changes are related to the timely development of the disorder, or if they are also observed in traumatic memories even in the absence of disorder.

Diagnostic Related Groups (drgs): Resourceful tools for financial crisis times?

This document is intended to be read by the Colombian Ministry of Social Protection (former MoH) and includes some recommendations that could be implemented on the aim to increase allocative efficiency, thus improving macroeconomic performance of the Colombian Health System (CHS). It will be conducted as follows: first it will briefly review the background and actual context of the CHS, after this, will mention some related issues that justify a policy intervention on strategic purchasing to promote long run sustainability and hopefully the future attainment of major goals such as universal coverage and quality improvement. After prioritizing the main financial threats to the system, based on findings from literature review from countries that have successfully implemented similar policies, this paper will make some policy recommendations on regards especially to inpatient health care services in Colombia.

Measuring and testing for the systemically important financial institutions

This paper analyzes the measure of systemic importance ∆CoV aR proposed by Adrian and Brunnermeier (2009, 2010) within the context of a similar class of risk measures used in the risk management literature. In addition, we develop a series of testing procedures, based on ∆CoV aR, to identify and rank the systemically important institutions. We stress the importance of statistical testing in interpreting the measure of systemic importance. An empirical application illustrates the testing procedures, using equity data for three European banks.