Options for a Euro-area fiscal capacity. Bruegel Policy Brief 2013/01, January 2013

Europe has responded to the crisis with strengthened budgetary and macroeconomic surveillance, the creation of the European Stability Mechanism, liquidity provisioning by resilient economies and the European Central Bank and a process towards a banking union. However, a monetary union requires some form of budget for fiscal stabilisation in case of shocks, and as a backstop to the banking union. This paper compares four quantitatively different schemes of fiscal stabilisation and proposes a new scheme based on GDP-indexed bonds. The options considered are: (i) A federal budget with unemployment and corporate taxes shifted to euro-area level; (ii) a support scheme based on deviations from potential output;(iii) an insurance scheme via which governments would issue bonds indexed to GDP, and (iv) a scheme in which access to jointly guaranteed borrowing is combined with gradual withdrawal of fiscal sovereignty. Our comparison is based on strong assumptions. We carry out a preliminary, limited simulation of how the debt-to-GDP ratio would have developed between 2008-14 under the four schemes for Greece, Ireland, Portugal, Spain and an ‘average’ country.The schemes have varying implications in each case for debt sustainability

The greening of Arabia: multiple opportunities for human occupation of the Arabian peninsula during the Late Pleistocene inferred from an ensemble of climate model simulations

Climate models are potentially useful tools for addressing human dispersals and demographic change. The Arabian Peninsula is becoming increasingly significant in the story of human dispersals out of Africa during the Late Pleistocene. Although characterised largely by arid environments today, emerging climate records indicate that the peninsula was wetter many times in the past, suggesting that the region may have been inhabited considerably more than hitherto thought. Explaining the origins and spatial distribution of increased rainfall is challenging because palaeoenvironmental research in the region is in an early developmental stage. We address environmental oscillations by assembling and analysing an ensemble of five global climate models (CCSM3, COSMOS, HadCM3, KCM, and NorESM). We focus on precipitation, as the variable is key for the development of lakes, rivers and savannas. The climate models generated here were compared with published palaeoenvironmental data such as palaeolakes, speleothems and alluvial fan records as a means of validation. All five models showed, to varying degrees, that the Arabia Peninsula was significantly wetter than today during the Last Interglacial (130 ka and 126/125 ka timeslices), and that the main source of increased rainfall was from the North African summer monsoon rather than the Indian Ocean monsoon or from Mediterranean climate patterns. Where available, 104 ka (MIS 5c), 56 ka (early MIS 3) and 21 ka (LGM) timeslices showed rainfall was present but not as extensive as during the Last Interglacial. The results favour the hypothesis that humans potentially moved out of Africa and into Arabia on multiple occasions during pluvial phases of the Late Pleistocene.

Prevalence and risk factors of radiographic vertebral fracture in Brazilian community-dwelling elderly

The prevalence and risk factors of radiographic vertebral fracture were determined among Brazilian community-dwelling elderly. Vertebral fractures were a common condition in this elderly population, and lower hip bone mineral density was a significant risk factor for vertebral fractures in both genders. The aim of the study was to estimate the prevalence of radiographic vertebral fracture and investigate factors associated with this condition in Brazilian community-dwelling elderly. This cross-sectional study included 943 elderly subjects (561 women and 382 men) living in So Paulo, Brazil. Thoracic and lumbar spine radiographs were obtained, and vertebral fractures were evaluated using Genant`s semiquantitative method. Bone mineral density (BMD) was measured by dual X-ray absorptiometry, and bone biochemical markers were also evaluated. Female and male subjects were analyzed independently, and each gender was divided into two groups based on whether vertebral fractures were present. The prevalence of vertebral fracture was 27.5% (95% CI 23.8-31.1) in women and 31.8% in men (95% CI 27.1-36.5) (P = 0.116). Cox regression analyses using variables that were significant in the univariate analysis showed that age (prevalence ratio = 1.03, 95% CI 1.01-1.06; p = 0.019) and total femur BMD (PR = 0.27, 95% CI 0.08-0.98; p = 0.048) were independent factors in predicting vertebral fracture for the female group. In the male group, Cox regression analyses demonstrated that femoral neck BMD (PR = 0.26, 95% CI 0.07-0.98; p = 0.046) was an independent parameter in predicting vertebral fractures. Our results suggest that radiographic vertebral fractures are common in Brazilian community-dwelling elderly and that a low hip BMD was an important risk factor for this condition in both genders. Age was also significantly correlated with the presence of vertebral fractures in women.

Bunodosine 391: An Analgesic Acylamino Acid from the Venom of the Sea Anemone Bunodosoma cangicum

A new acylamino acid, bunodosine 391 (BDS 391), was isolated from the venom of the sea anemone Bunodosoma cangicum. The structure was elucidated by spectroscopic analyses (2D NMR, ESIMS/MS) and verified by its synthesis. Intraplantar injection of BDS 391 into the hind paw of a rat induced a potent analgesic effect. This effect was not altered by naloxone (an opioid receptor antagonist), but was completely reversed by methysergide (a serotonin receptor antagonist), indicating that the effect is mediated by activation of serotonin receptors:

Leishmanicidal Activity and Immobilization of dermaseptin 01 antimicrobial peptides in ultrathin films for nanomedicine applications

Antimicrobial peptides (AMPs) are essential for the innate immune system of eukaryotes, imparting protection against pathogens and their proliferation in host organisms. The recent interest in AMPs as active materials in bionanostructures is due to the properties shown by these biological molecules, such as the presence of an alpha-helix structure and distribution of positive charges along the chain. In this study the antimicrobial peptide dermaseptin 01 (DS 01), from the skin secretion of Phyllomedusa hypochondrialis frogs was immobilized in nanostructured layered films in conjunction with nickel tetrasulfonated phthalocyanines. The leishmanicidal activity of DS 01 was confirmed using kinetic essays, in which DS 01 promoted death of all metacyclic promastigote cells in 45 minutes. Surprisingly, the immobilized DS 01 molecules displayed electroactivity, as revealed by electrochemical experiments, in which an oxidation peak at about 0.61 V was observed for a DS 01 monolayer deposited on top of a conductive electrode. Such electroactivity was used to investigate the sensing abilities of the nanostructured films toward Leishmania. We observed an increase in the oxidation current as a function of number of Leishmania cells in the electrolytic solution at concentrations down to 10(3) cells/mL. The latter is indicative that the use of AMPs immobilized in electroactive nanostructured films may be of interest for applications in the pharmaceutical industry and diagnosis.

Perspective: LaGuardia Community College Newsletter (01 June 1972)

Perspective is a periodic publication of the College produced by the Office of Communications.

Estudo experimental e teórico das propriedades magnéticas e supercondutoras dos compostos borocarbetos da série Y(Ni 1-x Mn x) 2 B2 C com x = 0,0, 0,01, 0,025, 0,05, 0,10 e 0,15

Apresentamos neste trabalho os resultados de um estudo experimental e teórico dos compostos borocarbetos supercondutores da série Y(Ni1-xMnx)2B2C com x = 0; 0,01; 0,025; 0,05; 0,10; 0,15. A principal motivação para este trabalho foi investigar a estrutura eletrônica e a possível formação do momento magnético sobre os átomos de impureza de Mn nos compostos Y(Ni1- xMnx)2B2C. O aparecimento do momento magnético localizado no sítio da impureza possibilitou estudar a influência do Mn sobre o mecanismo de quebra de pares supercondutores e sobre as propriedades magnéticas do composto. Os borocarbetos são compostos de estrutura cristalina tetragonal de corpo centrado e altamente anisotrópicos (c/a~3). São intermetálicos de alta temperatura crítica supercondutora Tc, com forte acoplamento elétron-fonon. Em alguns casos podem apresentar ordem magnética, supercondutividade e também coexistência ou competição energética entre ambos. As medidas de transporte eletrônico, em função da temperatura, foram feitas utilizando-se um detector síncroton baseado na técnica de quatro pontos operando na faixa de 4,2K até 300K. Essas medidas possibilitaram o estudo das propriedades relacionadas ao transporte eletrônico na fase supercondutora. Na fase normal, extraiu-se a dependência em energia da função espectral de fonons α² F (ω) para alguns compostos da série estudada. As medidas magnéticas em função da temperatura e do campo magnético foram feitas utilizando-se um SQUID (Superconducting Quantun Interference Device – Quantun Design Model MPMS XL). Tais medidas permitiram a caracterização das propriedades magnéticas de nossas amostras. Em particular determinou-se o valor, em regime de saturação, do momento magnético associado ao sítio cristalino do Mn. Foram determinadas também as correntes críticas supercondutoras usando o Modelo de estado crítico de Bean e a variação da temperatura crítica supercondutora (Tc) com a mudança do campo externo aplicado. As medidas magnéticas permitiram a obtenção do diagrama que relaciona o campo crítico inferior (HC1) e a temperatura, variando-se a concentração do átomo dopante de manganês. Foi feito um esforço teórico no sentido de interpretar os resultados experimentais. Para isso foram usados três modelos: O modelo de estado crítico de Bean já citado acima e um modelo baseado na fórmula de Ziman usando uma aproximação para a função espectral de fonons para descrever a resistividade no regime de alta temperatura. Além disto, usou-se o modelo de duas sub-redes para a descrição do momento magnético das impurezas de Mn, em função da concentração, na série Y(Ni ) ( 2 ω α F 1-xMnx)2B2C.

Informação contida no diferencial de preços de classes de ações: antes e após 10.303/01

Vários trabalhos sugerem que os benefícios privados podem explicar o diferencial de preços entre espécies de ações com direitos diferenciados de voto. Entretanto, no Brasil o diferencial de preço entre a ação ordinária e a ação preferencial é negativo para várias empresas no período de julho de 1994 a setembro de 2002. Este trabalho investiga os determinantes que implicam este desconto da ação ordinária em relação à ação preferencial. Em particular, o trabalho analisa os impactos da liquidez, dos dividendos diferenciados, e das recentes mudanças na legislação sobre o prêmio pelo voto. Este artigo documenta que liquidez é extremamente relevante na determinação dos preços relativos. Constatações empíricas confirmam o impacto negativo da Lei n° 9.457 revogando os direitos dos ordinaristas minoritários de venda conjunta com controlador e o impacto positivo da introdução da Lei n° 10.303, restabelecendo estes direitos aos ordinaristas. Finalmente, a estrutura de propriedade se mostrou ter uma relação positiva com o prêmio pelo voto, mas a participação do maior acionista em ações ordinárias não apresentou uma relação significativa.

Grupo de trabalho do ISOP entre os anos de 01/01/1958 a 05/03/1964

Zélia Moreira Rebello de Mendonça (3ª pessoa da esquerda para direita)