Contrôle biologique de la pourriture cendrée (Macrophomina phaseolina) du niébé par l’enrobage des semences avec Clonostachys rosea: Impact des conditions de conservation des semences traitées sur la performance du bioagent.

Dans les sols infestés avec Macrophomina phaseolina les semences de niébé ne germent pas ou bien la plantule est détruite plus ou moins rapidement après la germination. Clonostachys rosea est un champignon commun du sol reconnu comme un saprophyte avec une haute capacité de compétition sur les racines et dans le sol. Notre étude a pour objectif d’évaluer l’effet de C. rosea en traitement de semences du niébé conservées à 40°C sur le développement de la pourriture charbonneuse. L’effet de la durée de conservation sur la viabilité des spores et le pouvoir antagonique du bioagent a également été étudié dans les conditions semi contrôlé et au champ. Les isolats de C. rosea proviennent de la collection du laboratoire de phytopathologie de AGRHYMET. La production des spores a été effectuée sur le milieu PDA pendant 4 semaines. Les semences du niébé ont été traitées avec une suspension de spores à la concentration de 108 spores / ml à raison de 5 ml de suspension par kg de semences. Les semences traitées ont été séchées sous la hotte à flux laminaire pendant 2 h avant d’être semées ou conservées à 40°C. Des tests de viabilité des spores de C. rosea sur le milieu de culture PDA ont été effectués au laboratoire tous les 15 jours de conservation. Le taux de germination des semences sur papier buvard, évalué au cinquième jour après semis au laboratoire a été de 99 %. La forte moyenne de spores viables au jour de l’enrobage (J0) (>4,5 105), a chuté à 1700 spores par graines après 75 jours de conservation. En serre, le niveau de colonisation des tissus des plants de niébé se développant sur le sol infesté a été significativement plus faible chez les plants issus de graines enrobées (1009 microsclérotes/g tissus) que chez ceux issus de graines non enrobées (2356 microsclérotes/g tissus). Par rapport a la sévérité de la maladie, exprimée sur une échelle de 1-5, ont été notées une forte infection des plants du témoin Macrophomina (graines non traitées semées dans un sol infesté) et des attaques moins sévères sur les traitements G3M et G4M (graines traitées semées dans un sol infesté). Au champ dans l’essai semé avec des graines enrobées mais non conservées, l’association des isolats G3 et G4 a été nettement supérieure aux autres traitements par rapport aux rendements en fane et en graines. Par contre, par rapport au rendement, aucun effet des traitements n’a été observé dans l’essai semé avec les graines conservées pendant 30 jours.

Trade credit: Suppliers as debt collectors and insurance providers

There are two fundamental puzzles about trade credit: why does it appearto be so expensive,and why do input suppliers engage in the business oflending money? This paper addresses and answers both questions analysingthe interaction between the financial and the industrial aspects of thesupplier-customer relationship. It examines how, in a context of limitedenforceability of contracts, suppliers may have a comparative advantageover banks in lending to their customers because they hold the extrathreat of stopping the supply of intermediate goods. Suppliers may alsoact as lenders of last resort, providing insurance against liquidityshocks that may endanger the survival of their customers. The relativelyhigh implicit interest rates of trade credit result from the existenceof default and insurance premia. The implications of the model areexamined empirically using parametric and nonparametric techniques on apanel of UK firms.

Assessing an intuitive condition for stability under a range of traffic conditions via a generalised Lu-Kumar network

We argue the importance both of developing simple sufficientconditions for the stability of general multiclass queueing networks and also of assessing such conditions under a range of assumptions on the weight of the traffic flowing between service stations. To achieve the former, we review a peak-rate stability condition and extend its range of application and for the latter, we introduce a generalisation of the Lu-Kumar network on which the stability condition may be tested for a range of traffic configurations. The peak-rate condition is close to exact when the between-station traffic is light, but degrades as this traffic increases.

The credit ratings game

The collapse of so many AAA-rated structured finance products in 2007-2008has brought renewed attention to the causes of ratings failures and the conflicts of interestin the Credit Ratings Industry. We provide a model of competition among Credit RatingsAgencies (CRAs) in which there are three possible sources of conflicts: 1) the CRA conflictof interest of understating credit risk to attract more business; 2) the ability of issuersto purchase only the most favorable ratings; and 3) the trusting nature of some investorclienteles who may take ratings at face value. We show that when combined, these give riseto three fundamental equilibrium distortions. First, competition among CRAs can reducemarket efficiency, as competition facilitates ratings shopping by issuers. Second, CRAs aremore prone to inflate ratings in boom times, when there are more trusting investors, andwhen the risks of failure which could damage CRA reputation are lower. Third, the industrypractice of tranching of structured products distorts market efficiency as its role is to deceivetrusting investors. We argue that regulatory intervention requiring: i) upfront paymentsfor rating services (before CRAs propose a rating to the issuer), ii) mandatory disclosure ofany rating produced by CRAs, and iii) oversight of ratings methodology can substantiallymitigate ratings inflation and promote efficiency.

Systemic crises and growth

In this paper, we document the fact that countries that have experienced occasional financial crises have on average grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between variance and growth typically found in the literature. To explain the link between crises and growth we present a model where weak institutions lead to severe financial constraints and low growth. Financial liberalization policies that facilitaterisk-taking increase leverage and investment. This leads to higher growth, but also toa greater incidence of crises. Conditions are established under which the costs of crises are outweighed by the benefits of higher growth.

The influence of environmental conditions on immune responses, morphology and recapture probability of nestling house martins (Delichon urbica)

Nestling birds produced later in the season are hypothesized to be of poor quality with a low probability of survival and recruitment. In a Spanish population of house martins (Delichon urbica), we first compared reproductive success, immune responses and morphological traits between the first and the second broods. Second, we investigated the effects of an ectoparasite treatment and breeding date on the recapture rate the following year. Due probably to a reverse situation in weather conditions during the experiment, with more rain during rearing of the first brood, nestlings reared during the second brood were in better condition and had stronger immune responses compared with nestlings from the first brood. Contrary to other findings on house martins, we found a similar recapture rate for chicks reared during the first and the second brood. Furthermore, ectoparasitic house martin bugs had no significant effect on the recapture rate. Recaptured birds had similar morphology but higher immunoglobulin levels when nestlings compared with non-recaptured birds. This result implies that a measure of immune function is a better predictor of survival than body condition per se.

Credit constraints, firms' precautionary investment and the business cycle

This paper studies the macroeconomic implications of firms' investment composition choices in the presence of credit constraints. Following a negative andpersistent aggregate productivity shock, firms shift into short-term investments because they produce more pledgeable output and because they help alleviate futureborrowing constraints. This produces a short-run dampening of the effects of theshock, at the expense of lower long-term investment and future output, relativeto an economy with no credit market imperfections. The effects are exacerbatedby a steepening of the term structure of interest rates that further encourages ashift towards short-term investments in the short-run. Small temporary shocks tothe severity of financing frictions generate large and long-lasting effects on outputthrough their impact on the composition of investment. A positive financial shockproduces much stronger effects than an identical negative shock, while the responsesto positive and negative shocks to aggregate productivity are roughly symmetric.Finally, the paper introduces a novel explanation for the countercyclicality of financing constraints of firms.

Department of Commerce - Credit Union Division Performance Plan, FY 2009

Agency Performance Plan, Department of Commerce - Credit Union Division

Iowa Credit Union Division, Strategic Plan, 2008

This report outlines the strategic plan for Credit Union Division including, goals and mission.

Credit derivatives in emerging markets

Credit Derivatives are securities that offer protection against credit or default risk ofbonds or loans. The credit derivatives emerging market has grown rapidly and creditderivatives are widely used. This paper describes the emerging credit derivativesmarket structure. The current market activity is analyzed through elementary pricingdynamics and the study of the term structure of default risk. Focusing on theperformance of credit derivatives in stress situation, including legal and market risks,we discuss the potential consequences of a debt restructuring in a large emergingmarket borrower. The contribution of credit derivatives to the risk sharing in emergingmarkets is also examined.

Development of the immature stages of Culex (Culex) saltanensis Dyar (Diptera, Culicidae) under laboratory conditions

Development of the immature stages of Culex (Culex) saltanensis Dyar (Diptera, Culicidae) under laboratory conditions. Culex (Culex) saltanensis Dyar, 1928 is becoming frequent and abundant in natural and artificial breeding sites in urban and rural areas of Brazil. This study contributes to the knowledge of the biology of a Brazilian strain of C. saltanensis. The development of specimens reared individually or grouped was observed. The study was conducted at a constant temperature of 27 ± 2°C, 14L:10D photoperiod and 80 ± 5% relative humidity. The immature stages were observed every 6 hours until adult emergence, which occurred in 12.29 days among individually reared specimens and in 13.12 days among group-reared specimens. Egg rafts for the experiment were obtained from the laboratory and field. Eggs hatched at a rate of 97.48 ± 2.32%. More eggs per egg raft were obtained from the field than from the laboratory. Males from individually reared specimens emerged in 12.29 ± 1.11 days and females in 13.12 ± 1.58 days. The male-female ratio was 1:1. Larval survival rate was higher than 85% for larvae reared isolated and higher than 95% for group-reared larvae. The Culex saltanensis life cycle was completed within 12 to 14 days, where larval instars I and IV took the most time to develop and the pupae, the shortest.

Interpretation of paleoceanographic conditions on the Peru shelf using paleoecology and geochemistry

Analisa una serie de sedimentos geoquimicos de nueve muestras colectadas a lo largo del recorrido de Panamá.

International capital flows and credit market imperfections: A tale of two frictions

The financial crisis of 2007-08 has underscored the importance of adverse selection in financialmarkets. This friction has been mostly neglected by macroeconomic models of financialimperfections, however, which have focused almost exclusively on the effects of limited pledgeability.In this paper, we fill this gap by developing a standard growth model with adverseselection. Our main results are that, by fostering unproductive investment, adverse selection:(i) leads to an increase in the economy s equilibrium interest rate, and; (ii) it generates a negativewedge between the marginal return to investment and the equilibrium interest rate. Underfinancial integration, we show how this translates into excessive capital inflows and endogenouscycles. We also extend our model to the more general case in which adverse selection and limitedpledgeability coexist. We conclude that both frictions complement one another and show thatlimited pledgeability exacerbates the effects of adverse selection.

Phenology of Spalangia endius Walker (Hymenoptera, Pteromalidae) in pupae of Musca domestica Linnaeus (Diptera, Muscidae) under laboratory conditions

This work describes the phenology of Spalangia endius Walker in pupae of Musca domestica Linnaeus under laboratory conditions. In order to understand the developmental cycle of Spalangia endius under laboratory conditions, 360 Musca domestica pupae aged from 24 to 48 hours were exposed to 15 S. endius pairs for a period of 24 hours at 26 ± 2ºC. These pupae were kept in a BOD incubator at the same temperature, with a relative humidity of <70%, and 12 hours photophase. Fifteen hymenopteran specimens were dissected daily to evaluate their stage and development time. The phenology concluded that S. endius had a development cycle of 19 days with an incubation period of 24 hours. The development of the larvae of S. endius occurred in the subsequent eight days, during which a series of morphological alterations were observed. The pre-pupal stage occurred on the tenth day, where the movement ceased and elimination of the meconium started. The pupal stage occurred from the 11th to the 19th day, with emergence of males first, followed by female emergence approximately 24 hours later. These results allowed the evaluation of aspects of the detailed bionomics of the development of S. endius in order to record and program production of this parasitoid, thus optimizing its utilization as a biological control agent.