Mercados interbancarios no colateralizados e información asimétrica: un mecanismo para lograr la participación plena de los bancos deficitarios cuando existen altos niveles y dispersión del riesgo de contraparte

En este trabajo se proponen dos tipos de contratos para los préstamos interbancarios con el fin de que los bancos suavicen sus choques de liquidez a través del mercado interbancario. En particular, se estudia la situación en la que los bancos con faltantes de liquidez que tienen bajo riesgo de crédito abandonan el mercado debido a que la tasa de interés es alta en relación a su fuente alterna de financiamiento. La asimetría en la información acerca del riesgo de crédito impide que los bancos con excedentes de liquidez ajusten la tasa de interés considerando el riesgo de su contraparte. Dado lo anterior, se diseñan dos contratos para los créditos interbancarios que se diferencian en las tasas de interés cobradas. Así, siempre que un banco constituya un depósito podrá obtener liquidez a bajas tasas de interés; en la situación contraria la tasa será más elevada.

Lupus nephritis: an overview of recent findings

Lupus nephritis (LN) is one of the most serious complications of systemic lupus erythematosus (SLE) since it is the major predictor of poor prognosis. In susceptible individuals suffering of SLE, in situ formation and deposit of immune complexes (ICs) from apoptotic bodies occur in the kidneys as a result of an amplified epitope immunological response. IC glomerular deposits generate release of proinflammatory cytokines and cell adhesion molecules causing inflammation. This leads to monocytes and polymorphonuclear cells chemotaxis. Subsequent release of proteases generates endothelial injury and mesangial proliferation. Presence of ICs promotes adaptive immune response and causes dendritic cells to release type I interferon. This induces maturation and activation of infiltrating T cells, and amplification of Th2, Th1 and Th17 lymphocytes. Each of them, amplify B cells and activates macrophages to release more proinflammatory molecules, generating effector cells that cannot be modulated promoting kidney epithelial proliferation and fibrosis. Herein immunopathological findings of LN are reviewed.

Anti-c1q y anti-nucleosoma en lupus eritematoso sistémico – relación con actividad

ntroducción : La mortalidad de los pacientes con Lupus eritematoso sistémico (LES) es 3 a 5 veces comparada con la población general. Detect ar oportunam ente la actividad del LES reduc e morbi - mortalidad. Las pruebas disponibles actualmente no son eficientes. Se requieren nuevos biomarcadores

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.