From Cash to Electronic Payments: Microeconomic, Macroeconomic, and Policy Aspects of Retail Payment Systems

This dissertation explores three aspects of the economics and policy issues surrounding retail payments (low-value frequent payments): the microeconomic aspect, by measuring costs associated with retail payment instruments; the macroeconomic aspect, by quantifying the impact of the use of electronic rather than paper-based payment instruments on consumption and GDP; and the policy aspect, by identifying barriers that keep countries stuck with outdated payment systems, and recommending policy interventions to move forward with payments modernization. Payment system modernization has become a prominent part of the financial sector reform agenda in many advanced and developing countries. Greater use of electronic payments rather than cash and other paper-based instruments would have important economic and social benefits, including lower costs and thereby increased economic efficiency and higher incomes, while broadening access to the financial system, notably for people with moderate and low incomes. The dissertation starts with a general introduction on retail payments. Chapter 1 develops a theoretical model for measuring payments costs, and applies the model to Guyana—an emerging market in the midst of the transition from paper to electronic payments. Using primary survey data from Guyanese consumers, the results of the analysis indicate that annual costs related to the use of cash by consumers reach 2.5 percent of the country’s GDP. Switching to electronic payment instruments would provide savings amounting to 1 percent of GDP per year. Chapter 2 broadens the analysis to calculate the macroeconomic impacts of a move to electronic payments. Using a unique panel dataset of 76 countries across the 17-year span from 1998 to 2014 and a pooled OLS country fixed effects model, Chapter 2 finds that on average, use of debit and credit cards contribute USD 16.2 billion to annual global consumption, and USD 160 billion to overall annual global GDP. Chapter 3 provides an in-depth assessment of the Albanian payment cards and remittances market and recommends a set of incentives and regulations (both carrots and sticks) that would allow the country to modernize its payment system. Finally, the conclusion summarizes the lessons of the dissertation’s research and brings forward issues to be explored by future research in the retail payments area.

New Foods, New Consumers: Innovation in Food Product Development

BACKGROUND: Today, new lifestyles, higher incomes and consumer awareness are creating consumer demand for a year-round supply of high-quality, diverse and innovative food products. However, when it comes to innovation, the food sector is less changeable when compared to other sectors, such as high technology. Still, in the past decades much and important developments have been achieved in several areas related to foods and the food industry. METHODS: A systematic review of scientific literature was conducted on Science Direct. The topics investigated were: aspects related to innovation in food development (such as the transfer of innovation, open innovation, collaborative innovation and consumer perception and its role in the developing process); the innovation in the food industry (particularly regarding the processing technologies and packaging, which are two prominent areas of innovation in this sector nowadays); the innovation in the cooking sector (particularly in regards to the molecular gastronomy and science based cooking). RESULTS: A total of 146 articles were included in the review and the aspects focused allowed confirming that innovation has been recognized as a key driver of economic growth. Within the framework of ‘open innovation’, a number of key issues related to the acquisition of external knowledge in food technology must be taken into consideration. Food product development is highly dependent on the consumer perception and acceptance, and hence it is of utmost importance to include the consumer in the development process to minimize failure probabilities. The sectors of the food industry where important developments and innovation are registered include the processing technologies and the packaging systems, where the latest progresses have produced very significant outcomes. CONCLUSION: The present work allowed verifying the latest improvements and trend towards food product development from two perspectives, the product itself and the industrial processing. This sector is undoubtedly a major key for the success and competitiveness nowadays in the food industry.

BIBLIOTECA EN BORUCA.... UNA REFLEXIÓN

Boruca es una comunidad que está situada al sur del país, en la provincia de Puntarenas. Su extensión en territorio es de 12.470 hectáreas y según el censo poblacional del 2000 tiene una población de 1.386 indígenas, entre la cual hay una importante cantidad de niños, niñas y adolescentes en edad escolar, así como también egresados/as de secundaria.Según el informe sobre desarrollo humano en Centroamérica y Panamá del 2004:"tener acceso al conocimiento es un factor que determina en gran medida el bienestar actual y futuro de las personas. El conocimiento implica por una parte, acceso a la educación o capacitación y por otra, acceso a información pertinente, veraz y oportuna. Se ha establecido que un más alto nivel de formación de las personas contribuye a que gocen de un mejor estado de salud, alcancen empleos superiores y obtengan mayores ingresos. El nivel y calidad de la formación es un factor importante en la promoción personal, en el ascenso social y en el progreso colectivo del país"Partiendo de lo anterior, reflexiono que en las comunidades indígenas de nuestro país no existen unidades de información que sirvan de apoyo en sus procesos de enseñanza y aprendizaje, tampoco cuentan con un espacio físico de encuentro donde los y las jóvenes y las demás personas puedan expresar sus destrezas, sus gustos por la lectura, buscar información y usar la tecnología. Y qué pasa además con sus necesidades básicas, ¿estarán cubiertas?, ¿sus problemas diarios tendrán solución?, ¿vivirán en condiciones de extrema pobreza?, ¿cuentan con suficientes alimentos?, ¿sus relaciones familiares son armoniosas? Por lo tanto, ¿esimportante una biblioteca en la comunidad?, ¿para qué serviría y apoyaría a estas poblaciones?

The Expenditure Impacts of Individual Higher Education Institutions (HEIs) and their Students on the Scottish Economy under Devolution: Homogeneity or Heterogeneity?

Comparing each of the twenty Higher Education Institutions (HEIs) in Scotland as separate sectors in an Input-Output table suggests their expenditure patterns are homogenous and that the apparent heterogeneity of their impacts is primarily driven by scale. However, a disaggregation of their income by source reveals a disparity in their dependence upon funding from the devolved Scottish Government and their ability to draw in income/funding from external sources. Acknowledging the binding budget constraint of the Scottish Government and deriving balanced expenditure multipliers reveals large differences in the net-expenditure impact of HEIs upon the Scottish economy, with the source of variation being the origin of income. Applying a novel treatment of student expenditure impacts, identifying the amount of exogenous spending per student, modifies the heterogeneity of the overall expenditure impacts. On balance this suggests that the impacts of impending budget cut-backs will be quite different by institution depending on their sensitivity to public funding. However, predicting the outcome of budget cutbacks at the margin is problematic as we do not know whether public and external incomes are complements or substitutions (and indeed this may vary between individual HEIs).

Electrocatalytic oxidation of methanol by the [Ru3O(OAc)6(py)2(CH3OH)]3+cluster: improving the metal-ligand electron transfer by accessing the higher oxidation states of a multicentered system

The [Ru3O(Ac)6(py)2(CH3OH)]+ cluster provides an effective electrocatalytic species for the oxidation of methanol under mild conditions. This complex exhibits characteristic electrochemical waves at -1.02, 0.15 and 1.18 V, associated with the Ru3III,II,II/Ru3III,III,II/Ru 3III,III,III /Ru3IV,III,III successive redox couples, respectively. Above 1.7 V, formation of two RuIV centers enhances the 2-electron oxidation of the methanol ligand yielding formaldehyde, in agreement with the theoretical evolution of the HOMO levels as a function of the oxidation states. This work illustrates an important strategy to improve the efficiency of the oxidation catalysis, by using a multicentered redox catalyst and accessing its multiple higher oxidation states.

The C242T polymorphism of the p22-phox gene (CYBA) is associated with higher left ventricular mass in Brazilian hypertensive patients

Background: Reactive oxygen species have been implicated in the physiopathogenesis of hypertensive end-organ damage. This study investigated the impact of the C242T polymorphism of the p22-phox gene (CYBA) on left ventricular structure in Brazilian hypertensive subjects. Methods: We cross-sectionally evaluated 561 patients from 2 independent centers [Campinas (n = 441) and Vitoria (n = 120)] by clinical history, physical examination, anthropometry, analysis of metabolic and echocardiography parameters as well as p22-phox C242T polymorphism genotyping. In addition, NADPH-oxidase activity was quantified in peripheral mononuclear cells from a subgroup of Campinas sample. Results: Genotype frequencies in both samples were consistent with the Hardy-Weinberg equilibrium. Subjects with the T allele presented higher left ventricular mass/height(2.7) than those carrying the CC genotype in Campinas (76.8 +/- 1.6 vs 70.9 +/- 1.4 g/m(2.7); p = 0.009), and in Vitoria (45.6 +/- 1.9 vs 39.9 +/- 1.4 g/m(2.7); p = 0.023) samples. These results were confirmed by stepwise regression analyses adjusted for age, gender, blood pressure, metabolic variables and use of anti-hypertensive medications. In addition, increased NADPH-oxidase activity was detected in peripheral mononuclear cells from T allele carriers compared with CC genotype carriers (p = 0.03). Conclusions: The T allele of the p22-phox C242T polymorphism is associated with higher left ventricular mass/height(2.7) and increased NADPH-oxidase activity in Brazilian hypertensive patients. These data suggest that genetic variation within NADPH-oxidase components may modulate left ventricular remodeling in subjects with systemic hypertension.

Sedentary subjects have higher PAI-1 and lipoproteins levels than highly trained athletes

Physical exercise protects against the development of cardiovascular disease, partly by lowering plasmatic total cholesterol, LDL-cholesterol and increased HDL-cholesterol levels. In addition, it is now established that reduction plasmatic adiponectin and increased C-reactive protein (CRP) and plasminogen activator inhibitor-1 (PAI-1) levels play a role in the maintenance of an inflammatory state and in the development of cardiovascular disease. This study aimed to examine plasma lipid profile and inflammatory markers levels in individual with sedentary lifestyle and/or highly trained athletes at rest. Methods: Fourteen male subjects (sedentary lifestyle n = 7 and highly trained athletes n = 7) were recruited. Blood samples were collected after an overnight fast (similar to 12 h). The plasmatic lipid profile (Triglycerides, HDL-cholesterol, LDL-cholesterol, total cholesterol, LDL-oxidized and total cholesterol/HDL-c ratio), glucose, adiponectin, C - reactive protein and PAI-1 levels were determined. Results: Total cholesterol, LDL-cholesterol, TG and PAI-1 levels were lower in highly trained athletes group in relation to sedentary subjects (p < 0.01). In addition, we observed a positive correlation between PAI-1 and total cholesterol (r = 0.78; p < 0.0009), PAI-1 and LDL-c (r = 0.69; p < 0.006) and PAI-1 and TG levels (r = 0.56; p < 0.03). The plasma concentration of adiponectin, CRP, glucose, HDL-cholesterol and total cholesterol/HDL-c ratio levels were not different. These results indicate that lifestyle associated with high intensity and high volume exercise induces changes favourable in the lipid profile and PAI-1 levels and may reduce risk cardiovascular diseases.

Higher-derivative supersymmetric gauge theory

We study the one-loop low-energy effective action for the higher-derivative superfield gauge theory coupled to chiral matter.

Higher Moments of Net Proton Multiplicity Distributions at RHIC

200 GeV corresponding to baryon chemical potentials (mu(B)) between 200 and 20 MeV. Our measurements of the products kappa sigma(2) and S sigma, which can be related to theoretical calculations sensitive to baryon number susceptibilities and long-range correlations, are constant as functions of collision centrality. We compare these products with results from lattice QCD and various models without a critical point and study the root s(NN) dependence of kappa sigma(2). From the measurements at the three beam energies, we find no evidence for a critical point in the QCD phase diagram for mu(B) below 200 MeV.

Higher charges and regularized quantum trace identities in su(1,1) Landau-Lifshitz model

We solve the operator ordering problem for the quantum continuous integrable su(1,1) Landau-Lifshitz model, and give a prescription to obtain the quantum trace identities, and the spectrum for the higher-order local charges. We also show that this method, based on operator regularization and renormalization, which guarantees quantum integrability, as well as the construction of self-adjoint extensions, can be used as an alternative to the discretization procedure, and unlike the latter, is based only on integrable representations. (C) 2010 American Institute of Physics. [doi:10.1063/1.3509374]

Instability of Higher-Dimensional Charged Black Holes in the de Sitter World

We have shown that higher-dimensional Reissner-Nordstrom-de Sitter black holes are gravitationally unstable for large values of the electric charge and cosmological constant in D >= 7 space-time dimensions. We have found the shape of the slightly perturbed black hole at the threshold point of instability.

Gravitational instability of simply rotating AdS black holes in higher dimensions

We study the stability of AdS black holes rotating in a single two-plane for tensor-type gravitational perturbations in D > 6 space-time dimensions. First, by an analytic method, we show that there exists no unstable mode when the magnitude a of the angular momentum is smaller than r(h)(2)/R, where r(h) is the horizon radius and R is the AdS curvature radius. Then, by numerical calculations of quasinormal modes, using the separability of the relevant perturbation equations, we show that an instability occurs for rapidly rotating black holes with a > r(h)(2)/R, although the growth rate is tiny (of order 10(-12) of the inverse horizon radius). We give numerical evidence indicating that this instability is caused by superradiance.

Stability of higher dimensional Reissner-Nordstrom-anti-de Sitter black holes

We investigate stability of the D-dimensional Reissner-Nordstrom-anti-de Sitter metrics as solutions of the Einstein-Maxwell equations. We have shown that asymptotically anti-de Sitter (AdS) black holes are dynamically stable for all values of charge and anti-de Sitter radius in D=5,6...11 dimensional space-times. This does not contradict dynamical instability of RNAdS black holes found by Gubser in N=8 gauged supergravity, because the latter instability comes from the tachyon mode of the scalar field, coupled to the system. Asymptotically AdS black holes are known to be thermodynamically unstable for some region of parameters, yet, as we have shown here, they are stable against gravitational perturbations.

Contuse lesion of the rat spinal cord of moderate intensity leads to a higher time-dependent secondary neurodegeneration than severe one - An open-window for experimental neuroprotective interventions

Secondary neurodegeneration takes place in the surrounding tissue of spinal cord trauma and modifies substantially the prognosis, considering the small diameter of its transversal axis. We analyzed neuronal and glial responses in rat spinal cord after different degree of contusion promoted by the NYU Impactor. Rats were submitted to vertebrae laminectomy and received moderate or severe contusions. Control animals were sham operated. After 7 and 30 days post surgery, stereological analysis of Nissl staining cellular profiles showed a time progression of the lesion volume after moderate injury, but not after severe injury. The number of neurons was not altered cranial to injury. However, same degree of diminution was seen in the caudal cord 30 days after both severe and moderate injuries. Microdensitometric image analysis demonstrated a microglial reaction in the white matter 30 days after a moderate contusion and showed a widespread astroglial reaction in the white and gray matters 7 days after both severities. Astroglial activation lasted close to lesion and in areas related to Wallerian degeneration. Data showed a more protracted secondary degeneration in rat spinal cord after mild contusion, which offered an opportunity for neuroprotective approaches. Temporal and regional glial responses corroborated to diverse glial cell function in lesioned spinal cord. (C) 2007 Elsevier Ltd. All rights reserved.

Improved Bioprocess with CHO-hTSH Cells on Higher Microcarrier Concentration Provides Higher Overall Biomass and Productivity for rhTSH

Since the recombinant thyroid-stimulating hormone (rhTSH) is secreted by stably transfected Chinese hamster ovary (CHO-hTSH) cells, a bioprocess consisting of immobilizing the cells on a substrate allowing their multiplication is very suitable for rhTSH recovering from supernatants at relative high degree of purity. In addition, such a system has also the advantage of easily allowing delicate manipulations of culture medium replacement. In the present study, we show the development of a laboratory scale bioprocess protocol of CHO-hTSH cell cultures on cytodex microcarriers (MCs) in a 1 L bioreactor, for the preparation of rhTSH batches in view of structure/function studies. CHO-hTSH cells were cultivated on a fetal bovine serum supplemented medium during cell growth phase. For rhTSH synthesis phase, 75% of supernatant was replaced by animal protein-free medium every 24 h. Cell cultures were monitored for agitation (rpm), temperature (A degrees C), dissolved oxygen (% DO), pH, cell concentration, MCs coverage, glucose consumption, lactate production, and rhTSH expression. The results indicate that the amount of MCs in the culture and the cell concentration at the beginning of rhTSH synthesis phase were crucial parameters for improving the final rhTSH production. By cultivating the CHO-hTSH cells with an initial cell seeding of four cells/MC on 4 g/L of MCs with a repeated fed batch mode of operation at 40 rpm, 37 A degrees C, 20% DO, and pH 7.2 and starting the rhTSH synthesis phase with 3 x 10(6) cells/mL, we were able to supply the cultures with enough glucose, to maintain low levels of lactate, and to provide high percent (similar to 80%) of fully covered MCs for a long period (5 days) and attain a high cell concentration (similar to 9 x 10(5) cells/mL). The novelty of the present study is represented by the establishment of cell culture conditions allowing us to produce similar to 1.6 mg/L of rhTSH in an already suitable degree of purity. Batches of produced rhTSH were purified and showed biological activity.