Democratization and Financial Reform in Taiwan: The Political Economy of Bad-Loan Creation

This study shows that many bad loans now burdening Taiwan's financial institutions are interrelated with the society's democratization which started in the late 1980s. Democratization made the local factions and business groups more independent from the Kuomintang government. They acquired more political influence than under the authoritarian regime. These changes induced them to manage their owned financial institutions more arbitrarily and to intervene more frequently in the state-affiliated financial institutions. Moreover they interfered in financial reform and compelled the government to allow many more new banks than it had originally planned. As a result the financial system became more competitive and the qualities of loans deteriorated. Some local factions and business groups exacerbated the situation by establishing banks in order to funnel funds to themselves, sometimes illegally. Thus many bad loans were created as the side effect of democratization.

Good and bad practices in pv plants

The PVCROPS project (PhotoVolta ic Cost r€duction, Reliability, Operational performance, Prediction and Simulation), cofinanced by European Commission in the frame of Seventh Framework Programme, has compiled in the “Good and bad practices: Manual to improve the quality and reduce the cost of PV systems” a collection of good and bad practices in actual PV plants . All the situations it collects represent the state-of-the-art of existing PV installations all around Europe. They show how the different parts of an installation can be implem ented properly or not. The aim of this manual is to represent a reference text which can help any PV actor (installers, electricians, maintenance operators, owners, etc.) not only to check and improve an already existing installation but will also, and mainly, avoid the previously known bad practices for the construction of a new PV installation. Thus, solving a priori the known errors, new PV installations will be more reliable, efficient and cost-effective and can recover the initial investment in a shorter time. The manual is going to be free available in the PVCROPS website in several languages.

A Valuation of SAREB, the Spanish “Bad Bank”, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (“Asset Management Company for Assets Arising from Bank Restructuring”), the Spanish “Bad Bank”. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.

Dissociation of cytokine-induced phosphorylation of Bad and activation of PKB/akt: Involvement of MEK upstream of Bad phosphorylation

The phosphatidylinositol 3-kinase (PI3K)-signaling pathway has emerged as an important component of cytokine-mediated survival of hemopoietic cells. Recently, the protein kinase PKB/akt (referred to here as PKB) has been identified as a downstream target of PI3K necessary for survival. PKB has also been implicated in the phosphorylation of Bad, potentially linking the survival effects of cytokines with the Bcl-2 family. We have shown that granulocyte/macrophage colony-stimulating factor (GM-CSF) maintains survival in the absence of PI3K activity, and we now show that when PKB activation is also completely blocked, GM-CSF is still able to stimulate phosphorylation of Bad. Interleukin 3 (IL-3), on the other hand, requires PI3K for survival, and blocking PI3K partially inhibited Bad phosphorylation. IL-4, unique among the cytokines in that it lacks the ability to activate the p21ras–mitogen-activated protein kinase (MAPK) cascade, was found to activate PKB and promote cell survival, but it did not stimulate Bad phosphorylation. Finally, although our data suggest that the MAPK pathway is not required for inhibition of apoptosis, we provide evidence that phosphorylation of Bad may be occurring via a MAPK/ERK kinase (MEK)-dependent pathway. Together, these results demonstrate that although PI3K may contribute to phosphorylation of Bad in some instances, there is at least one other PI3K-independent pathway involved, possibly via activation of MEK. Our data also suggest that although phosphorylation of Bad may be one means by which cytokines can inhibit apoptosis, it may be neither sufficient nor necessary for the survival effect.

Bad bugs and beleaguered bladders: Interplay between uropathogenic Escherichia coli and innate host defenses

Strains of uropathogenic Escherichia coli (UPEC) are the causative agents in the vast majority of all urinary tract infections. Upon entering the urinary tract, UPEC strains face a formidable array of host defenses, including the flow of urine and a panoply of antimicrobial factors. To gain an initial foothold within the bladder, most UPEC strains encode filamentous surface adhesive organelles called type 1 pili that can mediate bacterial attachment to, and invasion of, bladder epithelial cells. Invasion provides UPEC with a protective environment in which bacteria can either replicate or persist in a quiescent state. Infection with type 1-piliated E. coli can trigger a number of host responses, including cytokine production, inflammation, and the exfoliation of infected bladder epithelial cells. Despite numerous host defenses and even antibiotic treatments that can effectively sterilize the urine, recent studies demonstrate that uropathogens can persist within the bladder tissue. These bacteria may serve as a reservoir for recurrent infections, a common problem affecting millions each year.

El color como recurso expresivo: análisis de las series de televisión Mad Men y Breaking Bad

La presente investigación tiene como objetivo reconocer y aprender a utilizar el color en el medio audiovisual, es decir, conocer sus cualidades, técnicas y estrategias para, de esta forma, dar justa dimensión a su gran capacidad expresiva. El mirar y, posteriormente, observar permite saber el tipo de atmósferas que son necesarias para sugerir determinados estados. Estas atmósferas se generan gracias a los elementos que las componen, cada uno de ellos con sus formas, colores, ubicación en el espacio, más la interrelación global entre ellos. La composición visual se da a partir del conjunto de elementos distribuidos en el espacio. Que se ven “envueltos” con la luz planteada. Toda esta suma, es la que consigue expresar una emoción por parte del creador y, si se sabe “leer”, una correcta interpretación por parte del espectador. Esta “alfabetización visual” establece nexos entre el creador y el receptor, lo que lleva a unos y otros a un mayor conocimiento en la utilización de las reglas. Ello permite reforzar el texto narrativo, que “se articula en dos niveles: la historia —lo narrado, el qué— y el discurso —el modo de narrarlo, el cómo—, es decir, el plano del contenido y el plano de la expresión” (García, F., 2011, p.12). El creador de la obra audiovisual guía al espectador por los caminos de la historia que está desarrollando, mientras que el espectador, al saber “leer”, puede conocer el camino por donde tiene que transitar para disfrutarlo y entenderlo en su totalidad. Comprender la información que proporciona el color parecería innato al ser humano del siglo XXI, dominado por un entorno netamente visual. Pero no es así. Por lo tanto, si se aprende a conocer los parámetros sobre los que se desarrolla la información que se presenta visualmente, se conseguirá hacer más eficaz la comunicación, a la vez que se fomentará la creatividad, por un lado, y el disfrute visual, por otro...

Kitāb Fuṣūl al-badāʼiʻ fī uṣūl al-sharāʼiʻ

muʻallifuhu Shams al-Dīn Muḥammad ibn Ḥamzah ibn Muḥammad al-Fanārī.

Hādhā Majmūʻ muzdawijāt badīʻah mustaghribāt wa-qaṣāʼid ghazalīyāt ẓarīfah mustaḥsanāt turawwiḥu qulūb al-ʻushshāq wa-yaḥinnu ilayhā ṭaraban kull mushtāq

jamʻ Maḥmūd Afandī al-Jazāʼirī.

Why the Open Method of Coordination (OMC) is bad for you: a letter to the EU. Research Papers in Law, 5/2006

From the Introduction. The aim of the present “letter” is to provoke, rather than to prove. It is intended to further stimulate the – already well engaged – scientific dialogue on the open method of coordination (OMC).1 This explains why some of the arguments put forward are not entirely new, while others are overstretched. This contribution, belated as it is entering into the debate, has the benefit of some hindsight. This hindsight is based on three factors (in chronological order): a) the fact that the author has participated himself as a member of a national delegation in one of the OMC-induced benchmarking exercises (only to see the final evaluation report getting lost in the Labyrinth of the national bureaucracy, despite the fact that it contained an overall favorable assessment), as well as in a OECD led exercise of coordination, concerning regulatory reform; b) the extremely rich and knowledgeable academic input, offering a very promising theoretical background for the OMC; and c) some recent empirical research as to the efficiency of the OMC, the accounts of which are, to say the least, ambiguous. This recent empirical research grounds the basic assumption of the present paper: that the OMC has only restricted, if not negligible, direct effects in the short term, while it may have some indirect effects in the medium-long term (2). On the basis of this assumption a series of arguments against the current “spread” of the OMC will be put forward (3). Some proposals on how to neutralize some of the shortfalls of the OMC will follow (4).

The eurozone in bad need of a psychiatrist. EuropEos Commentary No. 6, 9 December 2010

Stefano Micossi, Director General of Assonime and member of the CEPS Board of Directors, observes in a new EuropEos Commentary that there is something surreal to the unfolding financial crisis of the eurozone, as the leaders grudgingly do what is needed to prevent disaster just minutes before it’s too late, and then in the next minute revert to the same behaviour that had brought them against the wall in the first place. He cites rising sovereign spreads within the area as the visible result of this strategy: they signal investors’ expectation that the future can only bring more of the same, a series of ever-larger sovereign debt crises, under Damocles’ sword that at some stage Germany, the paymaster of last resort, will close its purse and let Armageddon start.