Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments

We analyze the impact of countercyclical capital buffers held by banks on the supplyof credit to firms and their subsequent performance. Spain introduced dynamicprovisioning unrelated to specific bank loan losses in 2000 and modified its formulaparameters in 2005 and 2008. In each case, individual banks were impacteddifferently. The resultant bank-specific shocks to capital buffers, coupled withcomprehensive bank-, firm-, loan-, and loan application-level data, allow us toidentify its impact on the supply of credit and on real activity. Our estimates showthat countercyclical dynamic provisioning smooths cycles in the supply of credit andin bad times upholds firm financing and performance.

Globalization, technology and inequality

What are the effects of international integration on inequality, both between and within countries? The growing evidence that technology is the main determinant of wage and income differences may seem to imply that the forces of globalization only play a secondary role. Such a conclusion is however premature, in that it neglects the effect of international integration on technology itself. This opuscle summarizes recent and ongoing research studying how two important aspects of globalization, trade in goods and offshoring of production, shape the distribution of income when technological progress is endogenous. It discusses the theoretical foundations and the empirical support for various mechanisms through which international integration may change the incentive to develop and adopt new technologies and how this affects wages and the return to skill around the world.

Consumer Advisory Bulletin, More Sources on Students and Credit Card Debt, October 2007

The Attorney General’s Consumer Protection Division receives hundreds of calls and consumer complaints every year. Follow these tips to avoid unexpected expense and disappointments. This record is about: More Sources on Students and Credit Card Debt Suggested by the Office of Attorney General Tom Miller

Consumer Advisory Bulletin, Advance Fee Loans and Credit Repair Schemes, January 2008

The Attorney General’s Consumer Protection Division receives hundreds of calls and consumer complaints every year. Follow these tips to avoid unexpected expense and disappointments. This record is about: Advance Fee Loans and Credit Repair Schemes

International capital flows and credit market imperfections: A tale of two frictions

The financial crisis of 2007-08 has underscored the importance of adverse selection in financialmarkets. This friction has been mostly neglected by macroeconomic models of financialimperfections, however, which have focused almost exclusively on the effects of limited pledgeability.In this paper, we fill this gap by developing a standard growth model with adverseselection. Our main results are that, by fostering unproductive investment, adverse selection:(i) leads to an increase in the economy s equilibrium interest rate, and; (ii) it generates a negativewedge between the marginal return to investment and the equilibrium interest rate. Underfinancial integration, we show how this translates into excessive capital inflows and endogenouscycles. We also extend our model to the more general case in which adverse selection and limitedpledgeability coexist. We conclude that both frictions complement one another and show thatlimited pledgeability exacerbates the effects of adverse selection.

A Miocene mud volcano and its plumbing system: A chaotic complex revisited (Monferrato, NW Italy)

Chaotic deposits are frequently reported in the geological literature and are commonly interpreted as olistostromes or tectonic melanges. A chaotic complex in the Cenozoic succession of Monferrato (NW Italy) consists of interbedded mud breccia and burrowed silty clays that are pierced by sheared mud breccias and embed carbonate-cemented blocks. These may be represented by microcrystalline limestones or strongly cemented matrix-supported breccias locally containing remains of chemosymbiotic organisms (lucinid bivalves). Moreover, cylindrical concretions, up to 15 cm in diameter and 1 m long, occur in the chaotic complex and crosscut bedding planes at high angles. The cement of all these lithified portions is mainly dolomite characterized by low delta(13)C values (from -10.3 to -23parts per thousand PDB) and delta(18)O values up to + 7parts per thousand PDB. The delta(13)C values testify to precipitation of carbonates induced by microbial oxidation of methane, whereas the markedly positive delta(18)C signature, ubiquitous in the cylindrical concretions, is the evidence for the presence and destabilization of gas hydrates. The studied section provides a well-exposed example of the geological record of the birth, life, and death of a mud volcano. Unsheared, soft mud breccias represent mud flows along the flanks of the volcano, whereas sheared mud breccias are the result of the injection of unconsolidated overpressured fine-grained sediments, both taking place during ``eruptive'' phases. They were followed by more quiet stages of hemipelagic sedimentation, burrowing, and CH4 seeping. The cylindrical concretions represent the first described ancient example of the chimneys observed in present-day mud-volcano settings. They are the remnants of a cold-seep plumbing network that crosscut the mud volcano edifice. The chimneys were the pathway for the expulsion toward the sea floor of gas- and sediment-charged fluids likely originated from destabilization of methane gas hydrates. The association of mud breccias and methane-derived carbonates may not be due to mass gravity flows but can be primary and, therefore, is a diagnostic criterion for recognizing chaotic deposits due to mud volcano activity in the geological record.

Diagnosis and recommendation integrated system (DRIS) of soybean seed oil content

The Diagnosis and Recommendation Integrated System (DRIS) can improve interpretations of leaf analysis to determine the nutrient status. Diagnoses by this method require DRIS norms, which are however not known for oil content of soybean seeds. The aims of this study were to establish and test the DRIS method for oil content of soybean seed (maturity group II cultivars). Soybean leaves (207 samples) in the full flowering stage were analyzed for macro and micro-nutrients, and the DRIS was applied to assess the relationship between nutrient ratios and the seed oil content. Samples from experimental and farm field sites of the southernmost Brazilian state Rio Grande do Sul (28° - 29° southern latitude; 52° -53° western longitude) were assessed in two growing seasons (2007/2008 and 2008/2009). The DRIS norms related to seed oil content differed between the studied years. A unique DRIS norm was established for seed oil content higher than 18.68 % based on data of the 2007/2008 growing season. Higher DRIS indices of B, Ca, Mg and S were associated with a higher oil content, while the opposite was found for K, N and P. The DRIS can be used to evaluate the leaf nutrient status of soybean to improve the seed oil content of the crop.

Spatio-temporal population genetic structure of the parasitic mite Spinturnix bechsteini is shaped by its own demography and the social system of its bat host.

Information about the population genetic structures of parasites is important for an understanding of parasite transmission pathways and ultimately the co-evolution with their hosts. If parasites cannot disperse independently of their hosts, a parasite's population structure will depend upon the host's spatial distribution. Geographical barriers affecting host dispersal can therefore lead to structured parasite populations. However, how the host's social system affects the genetic structure of parasite populations is largely unknown. We used mitochondrial DNA (mtDNA) to describe the spatio-temporal population structure of a contact-transmitted parasitic wing mite (Spinturnix bechsteini) and compared it to that of its social host, the Bechstein's bat (Myotis bechsteinii). We observed no genetic differentiation between mites living on different bats within a colony. This suggests that mites can move freely among bats of the same colony. As expected in case of restricted inter-colony dispersal, we observed a strong genetic differentiation of mites among demographically isolated bat colonies. In contrast, we found a strong genetic turnover between years when we investigated the temporal variation of mite haplotypes within colonies. This can be explained with mite dispersal occuring between colonies and bottlenecks of mite populations within colonies. The observed absence of isolation by distance could be the result from genetic drift and/or from mites dispersing even between remote bat colonies, whose members may meet at mating sites in autumn or in hibernacula in winter. Our data show that the population structure of this parasitic wing mite is influenced by its own demography and the peculiar social system of its bat host.

Technology and research in a global Networked University Digital Library (NUDL)

Digital Libraries (DLs) are extremely complex information systems that support the creation, management, distribution, and preservation of complex information resources, while allowing effective and efficient interaction among the several societies that benefit from DL content and services. In this paper, we focus on our experience facing challenges of building, maintaining, and developing the Networked University Digital Library (www.nudl.org), an extension of the Networked Digital Library of Theses and Dissertations (www.ndltd.org). NUDL is a worldwide initiative that addresses making the intellectual property produced in universities more accessible, stimulating international collaboration across all disciplines. We detail technological aspects of our solutions and research activities carried out to provide powerful and enriched services for the communities served by this initiative.

Increased tender point counts before and after total hip arthroplasty are associated with poorer outcomes but are not individually predictive.

In a prospective study, total hip arthroplasty (THA) patients were assessed preoperatively and postoperatively (n = 95) to determine if tender points (TPs) are associated with poor THA outcomes. Patients with high follow-up TP counts had higher visual analog scale (VAS) for pain and sleep, higher follow-up Western Ontario and McMaster Universities Arthritis Index (pain, stiffness, function), lower Health Assessment Questionnaire, Harris Hip, and Short Form 36 (physical functioning, bodily pain, physical component summary) scores. High follow-up TP were associated with increased pain, pain not relieved by surgery, poor function, and poor sleep. Visual analog scale pain and sleep, Short Form 36 (physical functioning, bodily pain), Western Ontario and McMaster Universities Arthritis Index, Health Assessment Questionnaire, and Harris hip scores improved significantly after THA; TP scores did not. Higher preoperative TP were predictive of higher follow-up TP but were poorly predictive of poor outcome measures after surgery in individual patients, suggesting that preoperative TPs are contraindicative for THA.

Norms establishment of the Diagnosis and Recommendation Integrated System (DRIS) for nutritional diagnosis of sugarcane

The objectives of this study were to establish DRIS norms for sugarcane crop, to compare mean yield, foliar nutrient contents and variance of nutrient ratios of low- and high-yielding groups and to compare mean values of nutrient ratios selected as the DRIS norms of low- and high-yielding groups. Leaf samples (analyzed for N, P, K, Ca, Mg, S, Cu, Mn and Zn contents) and respective yields were collected in 126 commercial sugarcane fields in Rio de Janeiro State, Brazil and used to establish DRIS norms for sugarcane. Nearly all nutrient ratios selected as DRIS norms (77.8%) showed statistical differences between mean values of the low- and high-yielding groups. These different nutritional balances between the low- and high-yielding groups indicate that the DRIS norms developed in this paper are reliable. The DRIS norms for micronutrients with high S²l /S²h ratio and low coefficient of variation found can provide more security to evaluate the micronutrient status of sugarcane.

Neuroendocrine deregulation of food intake, adipose tissue and the gastrointestinal system in obesity and metabolic syndrome.

Obesity is an excess of fat mass. Fat mass is an energy depot but also an endocrine organ. A deregulation of the sympathetic nervous system (SNS) might produce obesity. Stress exaggerates diet-induced obesity. After stress, SNS fibers release neuropeptide Y (NPY) which directly increases visceral fat mass producing a metabolic syndrome (MbS)-like phenotype. Adrenergic receptors are the main regulators of lipolysis. In severe obesity, we demonstrated that the adrenergic receptor subtypes are differentially expressed in different fat depots. Liver and visceral fat share a common sympathetic pathway, which might explain the low-grade inflammation which simultaneously occurs in liver and fat of the obese with MbS. The neuroendocrine melanocortinergic system and gastric ghrelin are also greatly deregulated in obesity. A specific mutation in the type 4 melanocortin receptor induces early obesity onset, hyperphagia and insulin-resistance. Nonetheless, it was recently discovered that a mutation in the prohormone convertase 1/3 simultaneously produces severe gastrointestinal dysfunctions and obesity.