Chewing

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Mercados interbancarios no colateralizados e información asimétrica: un mecanismo para lograr la participación plena de los bancos deficitarios cuando existen altos niveles y dispersión del riesgo de contraparte

En este trabajo se proponen dos tipos de contratos para los préstamos interbancarios con el fin de que los bancos suavicen sus choques de liquidez a través del mercado interbancario. En particular, se estudia la situación en la que los bancos con faltantes de liquidez que tienen bajo riesgo de crédito abandonan el mercado debido a que la tasa de interés es alta en relación a su fuente alterna de financiamiento. La asimetría en la información acerca del riesgo de crédito impide que los bancos con excedentes de liquidez ajusten la tasa de interés considerando el riesgo de su contraparte. Dado lo anterior, se diseñan dos contratos para los créditos interbancarios que se diferencian en las tasas de interés cobradas. Así, siempre que un banco constituya un depósito podrá obtener liquidez a bajas tasas de interés; en la situación contraria la tasa será más elevada.

Lupus nephritis: an overview of recent findings

Lupus nephritis (LN) is one of the most serious complications of systemic lupus erythematosus (SLE) since it is the major predictor of poor prognosis. In susceptible individuals suffering of SLE, in situ formation and deposit of immune complexes (ICs) from apoptotic bodies occur in the kidneys as a result of an amplified epitope immunological response. IC glomerular deposits generate release of proinflammatory cytokines and cell adhesion molecules causing inflammation. This leads to monocytes and polymorphonuclear cells chemotaxis. Subsequent release of proteases generates endothelial injury and mesangial proliferation. Presence of ICs promotes adaptive immune response and causes dendritic cells to release type I interferon. This induces maturation and activation of infiltrating T cells, and amplification of Th2, Th1 and Th17 lymphocytes. Each of them, amplify B cells and activates macrophages to release more proinflammatory molecules, generating effector cells that cannot be modulated promoting kidney epithelial proliferation and fibrosis. Herein immunopathological findings of LN are reviewed.

Anti-c1q y anti-nucleosoma en lupus eritematoso sistémico – relación con actividad

ntroducción : La mortalidad de los pacientes con Lupus eritematoso sistémico (LES) es 3 a 5 veces comparada con la población general. Detect ar oportunam ente la actividad del LES reduc e morbi - mortalidad. Las pruebas disponibles actualmente no son eficientes. Se requieren nuevos biomarcadores

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

Sentencia de la Corte Constitucional del Ecuador sobre la constitucionalidad de la obligación del afianzamiento tributario (Jurisprudencia)

Los sujetos pasivos que impugnen ante la vía judicial un acto administrativo mediante el cual se pretenda determinar o recaudar tributos, deben rendir una caución equivalente al 10% de la cuantía de su demanda, de no presentársela en el término de quince días, el acto impugnado queda ejecutoriado y los jueces deben ordenar el archivo del proceso. Nuestra Corte Constitucional para el Período de Transición considera que no se vulnera derecho alguno en ese caso, siempre y cuando se exija rendir la caución después de calificada la demanda. Estudiaremos los fundamentos que tuvo la Corte Constitucional para llegar a esa conclusión. Pretenderemos analizarlos y cuestionarlos objetivamente, para así demostrar por qué su falta de coherencia y de sustento permite concluir que su análisis pecó por falto de imparcialidad, y por qué es razonable suponer que sus móviles no fueron jurídicos en lo absoluto, sin perjuicio de que, a la par, demos nuestro parecer al respecto. Independientemente de la trascendencia jurídica que puedan o no tener en nuestro ordenamiento, esperamos se entienda por qué creemos que estos precedentes deben ser considerados como un capítulo funesto en la historia de la jurisprudencia constitucional ecuatoriana.

What kind of European Banking Union? Bruegel Policy Contribution [2012/12?]June 25, 2012

This paper discusses the creation of a European Banking Union. First, we discuss questions of design. We highlight seven fundamental choices that decision makers will need to make: Which EU countries should participate in the banking union? To which categories of banks should it apply? Which institution should be tasked with supervision? Which one should deal with resolution? How centralised should the deposit insurance system be? What kind of fiscal backing would be required? What governance framework and political institutions would be needed? In terms of geographical scope, we see the coverage of the banking union of the euro area as necessary and of additional countries as desirable, even though this would entail important additional economic difficulties. The system should ideally cover all banks within the countries included, in order to prevent major competitive and distributional distortions. Supervisory authority should be granted either to both the ECB and a new agency, or to a new agency alone. National supervisors, acting under the authority of the European supervisor, would be tasked with the supervision of smaller banks in accordance with the subsidiarity principle. A European resolution authority should be established, with the possibility of drawing on ESM resources. A fully centralized deposit insurance system would eventually be desirable, but a system of partial reinsurance may also be envisaged at least in a first phase. A banking union would require at least implicit European fiscal backing, with significant political authority and legitimacy. Thus, banking union cannot be considered entirely separately from fiscal union and political union. The most difficult challenge of creating a European banking union lies with the short-term steps towards its eventual implementation. Many banks in the euro area, and especially in the crisis countries, are currently under stress and the move towards banking union almost certainly has significant distributional implications. Yet it is precisely because banks are under such stress that early and concrete action is needed. An overarching principle for such action is to minimize the cost to the tax payers. The first step should be to create a European supervisor that will anchor the development of the future banking union. In parallel, a capability to quickly assess the true capital position of the system’s most important banks should be created, for which we suggest establishing a temporary European Banking Sector Task Force working together with the European supervisor and other authorities. Ideally, problems identified by this process should be resolved by national authorities; in case fiscal capacities would prove insufficient, the European level would take over in the country concerned with some national financial participation, or in an even less likely adverse scenario, in all participating countries at once. This approach would require the passing of emergency legislation in the concerned countries that would give the Task Force the required access to information and, if necessary, further intervention rights. Thus, the principle of fiscal responsibility of respective member states for legacy costs would be preserved to the maximum extent possible, and at the same time, market participants and the public would be reassured that adequate tools are in place to address any eventuality.

Banking Union in three steps. CEPS Commentary, 12 June 2012

As the banking crisis in the eurozone becomes even more acute, CEPS Chief Executive Karel Lannoo exhorts the EU to not lose further precious time in creating a fully functional bank union, which would entail three main steps: creating a single supervisory authority, a common deposit protection and a harmonised bank resolution and liquidation system.

The challenges of Europe's fourfold union. Bruegel Policy Contribution 2012/13, 16 August 2012

Five years after the first tremors in Europe’s banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe’s democratic deficit. The author argues that the only way to resolve the crisis successfully is a sustained effort to achieve a 'fourfold union' agenda: banking union, fiscal union, competitiveness union and political union. Progress must be made in parallel on each of the four components. In particular, successful progress towards banking union requires a combination of short term action, including the establishment of a temporary resolution authority to identify undercapitalised banks and to restructure them, and longer-term measures, including the creation of permanent authorities for supervision, resolution and deposit insurance.

Banking Union: A Federal Model for the European Union with Prompt Corrective Action. CEPS Policy Brief No. 282, 18 September 2012

The European Commission has published its proposals for the transfer of supervisory responsibilities to the European Central Bank (ECB),1 under Article 127(6) of the TFEU, providing a comprehensive and courageous ‘first step’ towards a European banking Union, the other steps being European deposit insurance and resolution procedures. However, on a number of issues the Commission’s chosen path raises questions that should be brought out in the open and fully recognized before final deliberation by the Council.

Abrasion control on dune colour: Muleshoe Dunes, SW USA

The Muleshoe Dunes, an east-west trending dunefield on the border separating Texas and New Mexico, consist of two distinct components: a white (carbonate rich) component and an overlying pink (quartz rich) component. The pink component exhibits significant spatial variation in redness. The reddest sands, in the western part of the dunefield, decrease in redness towards the east. This gradient is thought to result from abrasion of all iron-rich, red clay coating as the sediments were transported eastward by Late Quaternary aeolian processes. The effects of aeolian abrasion on the spectral signature and surface texture of the sediments were examined using laboratory abrasion experiments. Changes in spectral reflectance of abrasion samples from the laboratory were compared to field samples that were abraded naturally because of sediment transport. The changes resulting from increased time of abrasion are similar to those observed with increased distance downwind in the dunefield. These results suggest that downwind abrasion can explain the pattern of dune colour in the Muleshoe Dunes, although this does not preclude other possible causes. (C) 2008 Elsevier B.V. All rights reserved.

Spectral properties, iron oxide content and provenance of Namib dune sands

This paper applies multispectral remote sensing techniques to map the Fe-oxide content over the entire Namib sand sea. Spectrometric analysis is applied to field samples to identify the reflectance properties of the dune sands which enable remotely sensed Fe-oxide mapping. The results indicate that the pattern of dune colour in the Namib sand sea arises from the mixing of at least two distinct sources of sand; a red component of high Fe-oxide content (present as a coating on the sand grains) which derives from the inland regions, particularly from major embayments into the Southern African escarpment; and a yellow coastal component of low Fe-oxide content which is brought into the area by northward-moving aeolian transport processes. These major provenances are separated by a mixing zone between 20 kin and 90 kin from the coast throughout the entire length of the sand sea. Previous workers have also recognised a third, fluvial, provenance, but the methodology applied here is not able to map this source as a distinct spectral component. (c) 2006 Elsevier B.V. All rights reserved.

Sources of sulphur in gypsiferous sediments and crusts and pathways of gypsum redistribution in southern Tunisia

Southern Tunisia contains one of the most extensive gypsum accumulations in Africa comprising Triassic, Cretaceous, Eocene and Mio-Pliocene marine evaporites, spring deposits, playa sediments, aeolian sands and gypsum crusts. Sulphur isotope analysis (delta(34)S) of bedrock samples, groundwater, playa brines, playa sediments, and gypsiferous crusts provides insight into the sources of gypsum in the region and sheds light on the processes that lead to gypsum crust formation. Results Suggest that recycling of marine gypsum is the most likely source of the sulphate in the groundwater, playa sediments and crusts. The low PS values found in Eocene and Mio-Pliocene samples suggest that this recycling has been going on for millions of years. Though bedrock appears to be the ultimate source of the gypsum in the crusts, transport of this sulphate to playas, concentration therein, and subsequent dispersal across the landscape by aeolian processes provides the most likely pathway for surticial gypsum crust formation. Comparison of these results with those from Australia, Chile and Namibia suggests that, although the source of the sulphur varies from region to region, the processes of surficial crust formation appear to be similar. Copyright (C) 2004 John Wiley Sons, Ltd.

Holocene vegetation dynamics in the northeastern Rub' al-Khali desert, Arabian Peninsula: a phytolith, pollen and carbon isotope study

The Holocene vegetation history of the Arabian Peninsula is poorly understood, with few palaeobotanical studies to date. At Awafi, Ras al-Khaimah, UAE, a 3.3 m lake sediment sequence records the vegetation development for the period 8500 cal. yr BP to similar to3000 cal. yr BP. delta(13)C isotope, pollen and phytolith analyses indicate that C3 Pooid grassland with a strong woody element existed during the early Holocene (between 8500 and 6000 cal. yr BP) and became replaced by mixed C3 and C4 grasses with a strong C4 Panicoid tall grass element between 5900 and 5400 cal. yr BP. An intense, arid event Occurred at 4100 cal. yr BP when the lake desiccated and was infilled by Aeolian sand. From 4100 cal. yr BP the vegetation was dominated by C4 Chloridoid types and Cyperaceae, suggesting an incomplete vegetation cover and Aeolian dune reactivation owing to increased regional aridity. These data outline the ecosystem dynamics and carbon cycling in response to palaeomon-soon and north-westerly variability during the Holocene. Copyright (C) 2004 John Wiley Sons, Ltd.

A record of Holocene climate change from lake geochemical analyses in southeastern Arabia

Lacustrine sediments from southeastern Arabia reveal variations in lake level corresponding to changes in the strength and duration of Indian Ocean Monsoon (IOM) summer rainfall and winter cyclonic rainfall. The late glacial/Holocene transition of the region was characterised by the development of mega-linear dunes. These dunes became stabilised and vegetated during the early Holocene and interdunal lakes formed in response to the incursion of the IOM at approximately 8500 cal yr BP with the development of C3 dominated savanna grasslands. The IOM weakened ca. 6000 cal yr BP with the onset of regional aridity, aeolian sedimentation and dune reactivation and accretion. Despite this reduction in precipitation, the take was maintained by winter dominated rainfall. There was a shift to drier adapted C4 grasslands across the dune field. Lake sediment geochemical analyses record precipitation minima at 8200, 5000 and 4200 cal yr BP that coincide with Bond events in the North Atlantic. A number of these events correspond with changes in cultural periods, suggesting that climate was a key mechanism affecting human occupation and exploitation of this region. (c) 2006 University of Washington. All rights reserved.