The new international financial crisis: causes, consequences and perspectives

The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation) and real effects (recession and lower employment), and a period of turbulences and end of illusions is in place.

Economic stagnation in the United States: underlying causes and global consequences

This paper analyzes the causes of the slow recovery of the US economy since the financial crisis and Great Recession of 2008-9. Fallen house values and excessive household debts continue to depress consumer spending, while corporations are failing to invest in spite of record profits. The increasingly unequal distribution of income limits demand, while long-term structural transformations continue to erode employment creation. An expansionary monetary policy has been incapable of sparking a more robust recovery and fiscal policy has been shifted to an austerity stance. In this context, Brazil and other emerging market nations cannot count on the United States to continue to be the leading source of global demand as it was in previous decades.

Macroalgal Defenses Against Herbivory: Causes and Consequences of Intraspecific Variation

In marine benthic communities, herbivores consume a considerable proportion of primary producer biomass and, thus, generate selection for the evolution of resistance traits. According to the theory of plant defenses, resistance traits are costly to produce and, consequently, inducible resistance traits are adaptive in conditions of variable herbivory, while in conditions of constant/strong herbivory constitutive resistance traits are selected for. The evolution of resistance plasticity may be constrained by the costs of resistance or lack of genetic variation in resistance. Furthermore, resource allocation to induced resistance may be affected by higher trophic levels preying on herbivores. I studied the resistance to herbivory of a foundation species, the brown alga Fucus vesiculosus. By using factorial field experiments, I explored the effects of herbivores and fish predators on growth and resistance of the alga in two seasons. I explored genetic variation in and allocation costs of resistance traits as well as their chemical basis and their effects on herbivore performance. Using a field experiment I tested if induced resistance spreads via water-borne cues from one individual to another in relevant ecological conditions. I found that in the northern Baltic Sea F. vesiculosus communities, strength of three trophic interactions strongly vary among seasons. The highly synchronized summer reproduction of herbivores promoted their escape from the top-down control of fish predators in autumn. This resulted into large grazing losses in algal stands. In spring, herbivore densities were low and regulated by fish, which, thus,enhanced algal growth. The resistance of algae to herbivory increased with an increase in constitutive phlorotannin content. Furthermore, individuals adopted induced resistance when grazed and when exposed to water-borne cues originating from grazing of conspecific algae both in the laboratory and in field conditions. Induced resistance was adopted to a lesser extent in the presence of fish predators. The results in this thesis indicate that inducible resistance in F. vesiculosus is an adaptation to varying herbivory in the northern Baltic Sea. The costs of resistance and strong seasonality of herbivory have likely contributed to the evolution of this defense strategy. My findings also show that fish predators have positive cascading effects on F. vesiculosus which arise via reduced herbivory but possibly also through reduced resource allocation to resistance. I further found evidence that the spread of resistance via water-borne cues also occurs in ecologically realistic conditions in natural marine sublittoral. Thus, water-borne induction may enable macroalgae to cope with the strong grazing pressure characteristic of marine benthic communities. The results presented here show that seasonality can have pronounced effects on the biotic interactions in marine benthic communities and thereafter influence the evolution of resistance traits in primary producers.

Vulnerability to adverse consequences of drinking and problem drinker status as predicted by risky drinking behaviours, drug use, sex differences and affect : a test of multiple models /

Although alcohol problems and alcohol consumption are related, consumption does not fully account for differences in vulnerability to alcohol problems. Therefore, other factors should account for these differences. Based on previous research, it was hypothesized that risky drinking behaviours, illicit and prescription drug use, affect and sex differences would account for differences in vulnerability to alcohol problems while statistically controlling for overall alcohol consumption. Four models were developed that were intended to test the predictive ability of these factors, three of which tested the predictor sets separately and a fourth which tested them in a combined model. In addition, two distinct criterion variables were regressed on the predictors. One was a measure of the frequency that participants experienced negative consequences that they attributed to their drinking and the other was a measure of the extent to which participants perceived themselves to be problem drinkers. Each of the models was tested on four samples from different populations, including fIrst year university students, university students in their graduating year, a clinical sample of people in treatment for addiction, and a community sample of young adults randomly selected from the general population. Overall, support was found for each of the models and each of the predictors in accounting for differences in vulnerability to alcohol problems. In particular, the frequency with which people become intoxicated, frequency of illicit drug use and high levels of negative affect were strong and consistent predictors of vulnerability to alcohol problems across samples and criterion variables. With the exception of the clinical sample, the combined models predicted vulnerability to negative consequences better than vulnerability to problem drinker status. Among the clinical and community samples the combined model predicted problem drinker status better than in the student samples.

The social consequences of mild head injury and executive dysfunction /

Mild head injury (MHI) is a serious cause of neurological impairment as is evident by the substantial percentage (15%) of individuals who remain symptomatic at least 1-year following "mild" head trauma. However, there is a paucity of research investigating the social consequences following a MHI. The first objective of this study was to examine whether measures of executive functioning were predictive of specific forms of antisocial behaviour, such as reactive aggression, impulsive antisocial behaviour, behavioural disinhibition, and deficits in social awareness after controlling for the variance accounted for by sex differences. The second objective was to investigate whether a history of MHI was predictive of these same social consequences after controlling for both sex differences and executive functioning. Ninety university students participated in neuropsychological testing and filled out self-report questionnaires. Fifty-two percent of the sample self-reported experiencing a MHI. As expected, men were more reactively aggressive and antisocial than women. Furthermore, executive dysfunction predicted reactive aggression and impulsive antisocial behaviour after controlling for sex differences. Finally, as expected, MHI status predicted reactive aggression, impulsive antisocial behaviour, and behavioural disinhibition after controlling for sex and executive fimctioning. MHI status and executive functioning did not predict social awareness or sensitivity to reward or punishment. These results suggest that incurring a MHI has serious social consequences that mirror the neurobehavioural profile following severe cases of brain injury. Therefore, the social sequelae after MHI imply a continuum of behavioural deficits between MHI and more severe forms of brain injury.

Cognitive consequences of expressive suppression : effects of sex and emotional valence

The present research was designed to examine whether sex and/or emotional valence pl aya role in the cognitive consequences (e.g., memory) of expressive suppression. Seventy-two (36 male and 36 female) undergraduates were randomly assigned to either a control or expressive suppression condition, and were asked to watch silent film clips intended to elicit amusement and disgust. While watching each film, participants listened to sixteen nonemotional words. After each film, participants were asked to answer questions about wha t they had seen in the film (visual memory), to recall as many words as they could (auditory recall memory), and to select from a list any words that they had heard during the previous film clip (auditory recognition memory). With regard to the effects of expressive suppression on visual memory, results indicated a 3-way interaction between condition, sex and film emotion: Men performed more poorly than women on the visual memory test after watching both the amusing and disgusting films in the control condition, and when watching the amusing film in the expressive suppression condition. However, men in the expressive suppression condition performed better than women after watching the disgusting film. In terms of the effects of expressive suppression on auditory memory (recognition and recall), a condition x film emotion interaction indicated that there was no difference in auditory memory for the expressive suppression and control conditions when watching the amusing film, but that the expressive suppression group showed poorer auditory memory than the control group for words presented during the disgusting film. Moreover, a ma in effect of sex on auditory memory suggested that men recalled and recognized more words than women across conditions. Taken together, these findings suggest that both sex and the emotional valence of films may influence the effects of expressive suppression on memory. Results will be discussed in the context of previous literature concerning the effects of expressive suppression on cognition.

Determinants and Consequences of Dehumanization: An Interspecies Model of Prejudice

Dehumanizing ideologies that explicitly liken other humans to “inferior” animals can have negative consequences for intergroup attitudes and relations. Surprisingly, very little is known about the causes of dehumanization, and essentially no research has examined strategies for reducing dehumanizing tendencies. The Interspecies Model of Prejudice specifies that animalistic dehumanization may be rooted in basic hierarchical beliefs regarding human superiority over animals. This theoretical reasoning suggests that narrowing the human-animal divide should also reduce dehumanization. The purpose of the present dissertation, therefore, was to gain a more complete understanding of the predictors of and solutions to dehumanization by examining the Interspecies Model of Prejudice, first from a layperson’s perspective and then among young children. In Study 1, laypeople strongly rejected the human-animal divide as a probable cause of, or solution to, dehumanization, despite evidence that their own personal beliefs in the human-animal divide positively predicted their dehumanization (and prejudice) scores. From Study 1, it was concluded that the human-animal divide, despite being a robust empirical predictor of dehumanization, is largely unrecognized as a probable cause of, or solution to, dehumanization by non-experts in the psychology of prejudice. Studies 2 and 3 explored the expression of dehumanization, as well as the Interspecies Model of Prejudice, among children ages six to ten years (Studies 2 and 3) and parents (Study 3). Across both studies, White children showed evidence of racial dehumanization by attributing a Black child target fewer “uniquely human” characteristics than the White child target, representing the first systematic evidence of racial dehumanization among children. In Study 3, path analyses supported the Interspecies Model of Prejudice among children. Specifically, children’s beliefs in the human-animal divide predicted greater racial prejudice, an effect explained by heightened racial dehumanization. Moreover, parents’ Social Dominance Orientation (preference for social hierarchy and inequality) positively predicted children’s human-animal divide beliefs. Critically, these effects remained significant even after controlling for established predictors of child-prejudice (i.e., parent prejudice, authoritarian parenting, and social-cognitive skills) and relevant child demographics (i.e., age and sex). Similar patterns emerged among parent participants, further supporting the Interspecies Model of Prejudice. Encouragingly, children reported narrower human-animal divide perceptions after being exposed to an experimental prime (versus control) that highlighted the similarities among humans and animals. Together the three studies reported in this dissertation offer important and novel contributions to the dehumanization and prejudice literature. Not only did we find the first systematic evidence of racial dehumanization among children, we established the human-animal divide as a meaningful dehumanization precursor. Moreover, empirical support was obtained for the Interspecies Model of Prejudice among diverse samples including university students (Study 1), children (Studies 2 and 3), and adult-aged samples (Study 3). Importantly, each study also highlights the promising social implication of targeting the human-animal divide in interventions to reduce dehumanization and other prejudicial processes.

The Molecular Consequences of CK2-mediated Phosphorylation of the TGA2 Transcription Factor within Systemic Acquired Resistance of Arabidopsis thaliana

During infection, the model plant Arabidopsis thaliana is capable of activating long lasting defence responses both in tissue directly affected by the pathogen and in more distal tissue. Systemic acquired resistance (SAR) is a type of systemic defence response deployed against biotrophic pathogens resulting in altered plant gene expression and production of antimicrobial compounds. One such gene involved in plant defence is called pathogenesis-related 1 (PR1) and is under the control of several protein regulators. TGA II-clade transcription factors (namely TGA2) repress PR1 activity prior to infection by forming large oligomeric complexes effectively blocking gene transcription. After pathogen detection, these complexes are dispersed by a mechanism unknown until now and free TGA molecules interact with the non-expressor of pathogenesis-related gene 1 (NPR1) protein forming an activating complex enabling PR1 transcription. This study elucidates the TGA2 dissociation mechanism by introducing protein kinase CK2 into this process. This enzyme efficiently phosphorylates TGA2 resulting in two crucial events. Firstly, the DNA-binding ability of this transcription factor is completely abolished explaining how the large TGA2 complexes are quickly evicted from the PR1 promoter. Secondly, a portion of TGA2 molecules dissociate from the complexes after phosphorylation which likely makes them available for the formation of the TGA2-NPR1 activating complex. We also show that phosphorylation of a multiserine motif found within TGA2’s N terminus is responsible for the change of affinity to DNA, while modification of a single threonine in the leucine zipper domain seems to be responsible for deoligomerization. Despite the substantial changes caused by phosphorylation, TGA2 is still capable of interacting with NPR1 and these proteins together form a complex on DNA promoting PR1 transcription. Therefore, we propose a change in the current model of how PR1 is regulated by adding CK2 which targets TGA2 displacing it’s complexes from the promoter and providing solitary TGA2 molecules for assembly of the activating complex. Amino acid sequences of regions targeted by CK2 in Arabidopsis TGA2 are similar to those found in TGA2 homologs in rice and tobacco. Therefore, the molecular mechanism that we have identified may be conserved among various plants, including important crop species, adding to the significance of our findings.

Management renewal? Consequences of the new conception of the “best interests of the corporation” in North American and French Corporate Law

Corporate law integrates a stakeholder conception through the comprehensive meaning of the best interests of the corporation. In this paper, I address criticisms about classical definition of the firm’s purpose. Even if American law is more discreet and uncertain, it is possible to defend a broad conception of the best interests of the corporation. The interests of Canadian and French firms include their partners. While the notion of intérêt social is debatable in France, Canada has recently modified its point of view regarding the purpose of the firm. Indeed, the decision of the Supreme Court of Canada Magasins à rayons Peoples Inc. (Syndic de) v. Wise in 2004 changed the concept of corporate law. With respect to fiduciary duties, the Supreme Court set aside the traditional interpretation of the “best interests of the corporation” which gave primacy to shareholders’ interests. The Court held that the expression “best interests of the corporation” refers to the maximization of the corporation’s value. This innovative vision of the best interest of the corporation introduces stakeholder theory and corporate social responsibility (CSR) into corporate law and provides a new field for the firm’s management to frame their responsibilities. This paper concludes with an extended discussion of the implications of stakeholder and CSR influence for the future of corporate law, economy and financial researches.

The evolution and consequences of the EU Emissions Trading System (EU ETS)

"Jon B. Skjaerseth, professeur associé, Fridtjof Nansen Institute (Norvège), a présenté dans le cadre du panel Gestion des risques environnementaux par les institutions financières,  une conférence intitulée ""The evolution and consequences of the EU Emissions Trading System (EU ETS)""."

Unintended Consequences of Strategies Implemented in Canadian Healthcare Organizations to Reduce Wait Times for Elective Hip and Knee Surgeries

Introduction: En réponse aux exigences du gouvernement fédéral en ce qui concerne les temps d'attente pour les chirurgies électives d’hanche et du genou, les Organismes Canadiens de santé ont adopté des stratégies de gestion pour les listes d'attente. Cependant, il n'existe pas actuellement aucune information disponible concernant les effets imprévus, positive ou négative, de ces stratégies. Méthodologie: Un modèle qui a été construit est tombé en panne la gestion de la chirurgie d’hanche et du genou en différentes étapes, afin d'identifier les effets imprévus possibles pour chaque étape; le modèle a été validé auprès d'un panel d'experts. Cette étude a choisi quatre études de cas en fonction de leur durabilité: un cas qui a été durable, un cas qui a été modérément durable, et deux cas peu probable d'être durable. Dans cette étude qualitative, nous avons mené 31 entretiens semi-structurés entre Novembre 2010 et Juin 2011 avec les gestionnaires, les infirmières, les thérapeutes et les chirurgiens impliqués dans la gestion des stratégies du temps d’attente pour les chirurgies électives d’hanche et du genou. Les quatre cas ont été sélectionnés à partir de trois provinces / régions. Nous avons analysé les conséquences non intentionnelles aux niveaux systémique et organisationnelle en utilisant les stratégies dans chaque contexte. Enregistrements des entrevues ont été transcrits mot à mot et soumis à l'analyse du cadre. Résultats: Les effets négatifs sont la précarité des stratégies en raison du non-récurrente financement, l'anxiété chez les patients qui ne sont pas prêts pour la chirurgie, une redistribution du temps de chirurgie vers l’orthopédie au détriment des autres interventions chirurgicales, tensions entre les chirurgiens et entre les orthopédistes et anesthésistes, et la pression sur le personnel dans le bloc opératoire et postopératoire. Conclusion: La stratégie d’implémentation aux niveaux national et local devrait prendre en compte les conséquences potentielles, positives et négatives. Il y a des conséquences inattendues à chaque niveau de l'organisation des soins de santé. Individuellement et collectivement, ces conséquences peuvent positivement et négativement affecter les résultats. Par conséquent, la planification de la santé doit analyser et prendre en compte les conséquences inattendues en termes de bonnes résultats inattendues, compromis et les conséquences négatives afin d'améliorer les résultats.

Consequences of Decreased Brain Serotonin in the Pyridoxine Deficient Young Rat

The concentrations of serotonin in various brain areas were significantly decreased in the pyridoxine-deficient young rat. 2. There was no change in the concentration of dopamine. 3. Both Bmax and Kid of [3H]serotonin binding to membrane preparations from cerebral cortex were increased in deficiency and were restored to normal upon pyridoxine supplementation. 4. There was no change in [3H]spiroperidol binding to corpus striatal membrane preparations in pyridoxine-deficient rats.

Adoption of Technology-Enabled Banking Self-Services: Antecedents and Consequences

School of Management Studies, Cochin University of Science and Technology