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.

The effect of Ponzi schemes on crime: Evidence from the colombian case

This paper estimates the impact of a massive negative income shock led by the simultaneous crash down of several Ponzi schemes (also known as financial ``pyramids"") in Colombia on crime rates at the municipal level. Using novel data on the spatial incidence of the latest wave of Colombian pyramids and their crash down date, I estimate difference-in-differences models with both monthly and yearly frequency. I find that the negative income shock of the pyramids" crash down differentially exacerbates crime in affected municipalities compared to those with no presence of Ponzi schemes. This is true for minor offenses like commercial theft or residential burglary, but not for major crimes as murder or terrorism.

Mixed oligopoly in education

This paper studies oligopolistic competition in education markets when schools can be private and public and when the quality of education depends on ìpeer groupî e§ects. In the Örst stage of our game schools set their quality and in the second stage they Öx their tuition fees. We examine how the (subgame perfect Nash) equilibrium allocation (qualities, tuition fees and welfare) is a§ected by the presence of public schools and by their relative position in the quality range. When there are no peer group e§ects, e¢ ciency is achieved when (at least) all but one school are public. In particular in the two school case, the impact of a public school is spectacular as we go from a setting of extreme di§erentiation to an e¢ cient allocation. However, in the three school case, a single public school will lower welfare compared to the private equilibrium. We then introduce a peer group e§ect which, for any given school is determined by its student with the highest ability. These PGE do have a signiÖcant impact on the results. The mixed equilibrium is now never e¢ cient. However, welfare continues to be improved if all but one school are public. Overall, the presence of PGE reduces the e§ectiveness of public schools as regulatory tool in an otherwise private education sector.

Efectividad del tratamiento inmunomodulador con leucocitos alogénicos, en aborto involuntario recurrente. Revisión sistemática y metaanálisis

Dentro del marco del aborto involuntario recurrente (AIR), se han propuesto causas autoinmunes y alogénicas, e implementación de terapias como la inmunización activa con leucocitos alogénicos de la pareja o de donantes. La evidencia disponible en cuanto a la efectividad de estos tratamientos es contradictoria, por lo que se desea realizar una revisión sistemática para evaluar la efectividad de la inmunización activa con leucocitos alogénicos de la pareja o de donantes para esta condición. Se realizó un estudio tipo revisión sistemática de la literatura, usando las siguientes bases de datos: Medline, Embase, Cochrane Library y Scielo. Se realizó una búsqueda a través del registro de ensayos clínicos del Instituto Nacional de Salud de los Estados Unidos (www.clinicaltrials.gov) y, una búsqueda manual a través de las referencias de los estudios seleccionados siguiendo la estrategia de bola de nieve. Se seleccionaron ensayos clínicos y estudios de cohorte analítica, en idioma inglés y español. Se realizó un análisis cuantitativo de la información por medio de un metaanálisis. El tratamiento inmunomodulador con linfocitos puede considerarse como una terapia efectiva para mantener la gestación y lograr recién nacido vivo según resultados estadísticos; sin embargo la calidad de los estudios incluidos es baja, por lo que no se aconseja para la práctica rutinaria. Se sugiere la realización de estudios con metodologías robustas y que apoyen los resultados presentados en esta investigación.