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.

Dreams: A tool for the design of dynamically reconfigurable embedded and modular systems

Dynamically Reconfigurable Systems are attracting a growing interest, mainly due to the emergence of novel applications based on this technology. However, commercial tools do not provide enough flexibility to design solutions, while keeping an acceptable design productivity. In this paper, a novel design flow is proposed, targeting dynamically reconfigurable systems. It is fully supported by a tool called Dreams, which is able to implement flexible systems, starting from a set of netlists corresponding to the modules, as well as a system description provided by the user. The tool automatically post-processes the nets, implementing a solution for the communications between reconfigurable regions, as well as the handling of routing conflicts, by means of a custom router. Since the design process of every module and the static system are independent, the proposed flow is compatible with system upgrade at run-time. In this paper, a use case corresponding to the design of a highly regular and parallel mesh-type architecture is described, in order to show the architectural flexibility offered by the tool.

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.