Relationship and transaction lending in a crisis

We study how relationship lending and transaction lending varyover the business cycle. We develop a model in which relationshipbanks gather information on their borrowers, which allows them toprovide loans for profitable firms during a crisis. Due to the servicesthey provide, operating costs of relationship-banks are higher thanthose of transaction-banks. In our model, where relationship-bankscompete with transaction-banks, a key result is that relationship-banks charge a higher intermediation spread in normal times, butoffer continuation-lending at more favorable terms than transactionbanks to profitable firms in a crisis. Using detailed credit registerinformation for Italian banks before and after the Lehman Brothers'default, we are able to study how relationship and transaction-banksresponded to the crisis and we test existing theories of relationshipbanking. Our empirical analysis confirms the basic prediction of themodel that relationship banks charged a higher spread before the crisis, offered more favorable continuation-lending terms in response tothe crisis, and suffered fewer defaults, thus confirming the informational advantage of relationship banking.

Reprisals remembered: German-Greek conflict and car sales during the Euro crisis

During the Greek debt crisis after 2010, the German government insisted on harshausterity measures. This led to a rapid cooling of relations between the Greekand German governments. We compile a new index of public acrimony betweenGermany and Greece based on newspaper reports and internet search terms. Thisinformation is combined with historical maps on German war crimes during theoccupation between 1941 and 1944. During months of open conflict between Germanand Greek politicians, German car sales fell markedly more than those of cars fromother countries. This was especially true in areas affected by German reprisals duringWorldWar II: areas where German troops committed massacres and destroyed entirevillages curtailed their purchases of German cars to a greater extent during conflictmonths than other parts of Greece. We conclude that cultural aversion was a keydeterminant of purchasing behavior, and that memories of past conflict can affecteconomic choices in a time-varying fashion. These findings are compatible withbehavioral models emphasizing the importance of salience for individual decision-making.

CRISIS DE LA SANIDAD: EL BIENESTAR LABORAL DE LOS PROFESIONALES DE LA MEDICINA DESDE LA PSICOLOGÍA SOCIAL DEL TRABAJO.

Los cambios en el mundo del trabajo fruto de mega tendencias globalizadoras y postfordistas, han producido profundos procesos de modernización en la sanidad latinoamericana y española, que han supuesto transformaciones en la organización del trabajo y en el sentido del servicio público. La irrupción del New Management en la sanidad ha conllevado importantes cambios en las condiciones de trabajo. Estas circunstancias sumadas a la relevancia sociopolítica de crisis del Estado de Bienestar y de sus derivadas en América Latina, indujeron al planteamiento de la pregunta principal de esta investigación: ¿Cómo las nuevas condiciones de trabajo impuestas por el new management sanitario influyen en el bienestar laboral de los profesionales de la medicina?. Participaron (voluntariamente) 281 profesionales de la medicina de España (47,7%) y de América Latina (52,3%), empleados en hospitales, a quienes se accedió mediante un muestreo de conveniencia, intencional y estratificado. Para ello, se articuló un diseño mixto que combinó tanto metodología cualitativa (entrevistas en profundidad y focus group – análisis de contenido temático inspirado en grounded theory) como cuantitativa (cuestionarios de lápiz y papel – estadística inferencial. Los resultados pusieron de manifiesto la tendencia general a una valoración moderadamente positiva de las condiciones de trabajo y del bienestar laboral general, contrapesada por sentimientos y percepciones ambivalentes hacia el contexto y la propia experiencia laboral. Destacó una valoración de los aspectos materiales y tecnológicos del entorno de trabajo, así como el clima social en los grupos de trabajo y el apoyo social horizontal de parte de colegas. En la negativa sobresalió un complejo entramado de sobrecarga laboral y de intensificación y aceleración del tiempo de trabajo, crecientes niveles percibidos de estrés laboral y algunos síntomas menores relacionados con la salud física y mental, todo ello asociado al aumento percibido de la presión asistencial y de los nuevos requerimientos técnicos y administrativos de la información que los profesionales deben producir y gestionar.

Une équipe mobile en psychiatrie de l'âge avancé [A crisis team in the field of old age psychiatry]

In the context of demographic evolution, psychiatric care needs increase steadily in most western countries. Given the financial limitations, it is mandatory to establish appropriate care priorities in order to avoid psychiatric hospitalisations by assisting care providers, general practionners and nurses, at home or in the nursing homes. A crisis team has been established 18 months ago within the Division of old age psychiatry in Lausanne. The care program included immediate assistance in the community, assessement, crisis counseling, medication consultation and referral for psychiatric services providing an alternative to hospitalization. The first results indicate that this intervention is well accepted by the users and correspond to a real need.

Epidemic: Responding to America's Prescription Drug Abuse Crisis, 2011

Prescription drug abuse is the Nation’s fastest-growing drug problem. While there has been a marked decrease in the use of some illegal drugs like cocaine, data from the National Survey on Drug Use and Health (NSDUH) show that nearly one-third of people aged 12 and over who used drugs for the first time in 2009 began by using a prescription drug non-medically.1 The same survey found that over 70 percent of people who abused prescription pain relievers got them from friends or relatives, while approximately 5 percent got them from a drug dealer or from the Internet.2 Additionally, the latest Monitoring the Future study—the Nation’s largest survey of drug use among young people—showed that prescription drugs are the second most-abused category of drugs after marijuana.3 In our military, illicit drug use increased from 5 percent to 12 percent among active duty service members over a three-year period from 2005 to 2008, primarily attributed to prescription drug abuse.

Managing the crises : How do Swiss municipalities react to the crisis and what explains the differences ?

Swiss municipalities are to an import ant extent responsible for their own resources. Since these resources primarily depend on income and property tax from individuals and enterprises, their budgets are likely to be directly affected by the actual crisis of the financial sector and the economy. This paper investigates how the municipalities perceive this threat and how they reacted to it or plan to do so. In a nationwide survey conducted at the end of 2009 in all 2596 Swiss municipalities, we asked the local secretaries which measures they launch in order to cope with expected losses in tax income and a possible increase of welfare spending. Do the municipalities rather rely on Keynesian measures increasing public spending and accepting greater deficits, or do they try to avoid further deficits by austerity measures and a withdrawal of planned investments? The paper shows that only a few municipalities - mainly the bigger ones - expect to be strongly hit by the crisis. Their reactions, however, do not reveal the clear patterns theory lets to expect. Preferences for austerity measures and deficit spending become visible but many municipalities take measures from both theories. The strongest explaining factor whether municipalities react is the affectedness by the crisis followed by the fact that the municipality belongs to the French speaking part of the country. Size also has an effect whereas the strength of the Social Democrats is negligible. More difficult is it, to explain what kind of measures municipalities are likely to take.

Financial crisis: theory and practice

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences and effects in the rest of the world.This new economic and financial crisis has increased the interest and motivation for the academic community, professors and researchers, to understand the causes and effects of the crisis, to learn from it. This is the one of the main reasons for the compilation of this book, which begins with a meeting of a group of IAFI researchers from the University of Barcelona, where researchers form Mexico and Spain, explain causes and consequences of the crisis of 2007.For that reason, we believed this set of chapters related to methodologies, applications and theories, would conveniently explained the characteristics and events of the past and future financial crisisThis book consists in 3 main sections, the first one called "State of the Art and current situation", the second named "Econometric applications to estimate crisis time periods" , and the third one "Solutions to diminish the effects of the crisis". The first section explains the current point of view of many research papers related to financial crisis, it has 2 chapters. In the first one, it describe and analyzes the models that historically have been used to explain financial crisis, furthermore, it proposes to used alternative methodologies such as Fuzzy Cognitive Maps. On the other hand , Chapter 2 , explains the characteristics and details of the 2007 crisis from the US perspective and its comparison to 1929 crisis, presenting some effects in Mexico and Latin America.The second section presents two econometric applications to estimate possible crisis periods. For this matter, Chapter 3, studies 3 Latin-American countries: Argentina, Brazil and Peru in the 1994 crisis and estimates the multifractal characteristics to identify financial and economic distress.Chapter 4 explains the crisis situations in Argentina (2001), Mexico (1994) and the recent one in the United States (2007) and its effects in other countries through a financial series methodology related to the stock market.The last section shows an alternative to prevent the effects of the crisis. The first chapter explains the financial stability effects through the financial system regulation and some globalization standards. Chapter 6, study the benefits of the Investor activism and a way to protect personal and national wealth to face the financial crisis risks.

El republicanismo y la crisis del rawlsismo metodológico

Cinco generaciones de utilitaristas, apoyados en la ciencia social posterior a la revolución marginalista neoclásica, destruyeron la conexión clásica entre la reflexión filosófica normativa y el mundo de los derechos y de las instituciones sociales. El estilo de hacer filosofía política inaugurado por Rawls no sólo prometía romper a su vez con todo eso, sino que, aparentemente, apuntaba a una consciente reanudación de la manera clásica -preutilitarista, preneoclásica- de hacer filosofía política: derechos, virtudes, contratos, clases sociales y entramados institucionales -no sólo utilidades maximizadas por individuos atomísticamente y a -institucionalmente concebidos- volvían al núcleo de una filosofía política que se presentaba como «neocontractualista». En este artículo se argumenta que algunas de las opciones metodológicas asociadas al legado de Rawls (el «rawlsismo metodológico») explican el que la promesa fuera sólo muy parcialmente cumplida. A partir de la crisis del «rawlsismo metodológico» que se ha hecho patente en los últimos años, los autores, republicanos avant la mode, tratan de explicar(se) el espectacular auge experimentado recientemente -a favor y en contra- por la vieja tradición republicana.

La crisis del diseño directivo subnacional de la educación chilena

El texto analiza el hacer de los directivos superiores subnacionales de educación en Chile, contrastando las normas que les rigen con las funciones cumplidas. Se trata de un estudio exploratorio, cualitativo, sustentado en entrevistas semiestructuradas aplicadas a quienes ejercieron el cargo de Secretario Regional Ministerial de Educación. Los antecedentes permiten comprender las brechas entre lo definido y lo realizado, y por tanto, identificar nudos críticos que requieren ser resueltos en diversos planos. A partir de estos antecedentes se formulan propuestas en el marco de una nueva organización de la educación en el plano subnacional que orienten e impulsen su rediseño, objetivo político clave en las propuestas de modernización de la gestión del Estado.