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.

Preparing for a post-Assad Syria: What role for the European Union? CEPS Commentary, 2 August 2012

In this CEPS Commentary, Steven Blockmans notes that a prolonged period of instability lies ahead for Syria, with an on-going risk of spill-over effects affecting the entire region. The author argues that the EU’s plans for a post-Assad Syria should extend beyond the half-hearted responses to the monumental changes that have ripped through other parts of the Arab world. In recognition of the geostrategic shifts in the Middle East and the Gulf, and pursuant to the obligation imposed upon it by the Lisbon Treaty, the EU should plan for the creation of a regional space of shared security. Such a plan would fit well into the current efforts to revamp the European Security Strategy.

Nonbreeding-Season Drivers of Population Dynamics in Seasonal Migrants: Conservation Parallels Across Taxa

For seasonal migrants, logistical constraints have often limited conservation efforts to improving survival and reproduction during the breeding season only. Yet, mounting empirical evidence suggests that events occurring throughout the migratory life cycle can critically alter the demography of many migrant species. Herein, we build upon recent syntheses of avian migration research to review the role of non-breeding seasons in determining the population dynamics and fitness of diverse migratory taxa, including salmonid fishes, marine mammals, ungulates, sea turtles, butterflies, and numerous bird groups. We discuss several similarities across these varied migrants: (i) non-breeding survivorship tends to be a strong driver of population growth; (ii) non-breeding events can affect fitness in subsequent seasons through seasonal interactions at individual- and population-levels; (iii) broad-scale climatic influences often alter non-breeding resources and migration timing, and may amplify population impacts through covariation among seasonal vital rates; and (iv) changes to both stationary and migratory non-breeding habitats can have important consequences for abundance and population trends. Finally, we draw on these patterns to recommend that future conservation research for seasonal migrants will benefit from: (1) more explicit recognition of the important parallels among taxonomically diverse migratory animals; (2) an expanded research perspective focused on quantification of all seasonal vital rates and their interactions; and (3) the development of detailed population projection models that account for complexity and uncertainty in migrant population dynamics.

Small towns as 'sub-poles' in English rural development: Investigating rural-urban linkages using sub-regional social accounting matrices

This paper uses spatial economic data from four small English towns to measure the strength of economic integration between town and hinterland and to estimate the magnitude of town-hinterland spill-over effects. Following estimation of local integration indicators and inter-locale flows, sub-regional social accounting matrices (SAMs) are developed to estimate the strength of local employment and output multipliers for various economic sectors. The potential value of a town as a 'sub-pole' in local economic development is shown to be dependent on structural differences in the local economy, such as the particular mix of firms within towns. Although the multipliers are generally small, indicating a low level of local linkages, some sectors, particularly financial services and banking, show consistently higher multipliers for both output and employment. (c) 2007 Elsevier Ltd. All rights reserved.

Challenges in Radiative Transfer Modeling - W3 IRS5

By modeling the spectral energy distribution (SED) of the W3 IRS5 high-mass star formation region and matching this model to observed data, we can constrain the physical parameters of the basic system geometry and cloud mass distribution. From these parameters, we hope to add to the understanding of high-mass star formation processes. In particular, we hope to determine if the geometries associated with lowmass star formation carry over into the high-mass regime.

República Dominicana: evolución económica durante 2005 y perspectivas para 2006

Incluye Bibliografía

El papel del mercado interno en la dinamización del crecimiento en la subregión norte de América Latina

Incluye Bibliografía

Adaptive Visual Re-Weighting in Children's Postural Control

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Manejo de azevém (Lolium multiflorum Lam.) resistente ao glyphosate com o uso de diferentes herbicidas

Pós-graduação em Agronomia (Proteção de Plantas) - FCA

Distribution and stability of aflatoxin M-1 during processing and storage of Minas Frescal cheese

Aflatoxin M-1 (AFM(1)) is a hepatocarcinogen found in milk of animals that have consumed feeds with aflatoxin B-1. The carry-over of AFM(1) from milk to Minas Frescal cheese produced with or without starter cultures was determined. 40 L of milk were divided into 10 L each and assigned to the following treatments for cheese manufacture: 0.250 rig AFM(1) mL(-1), 0.500 rig AFM(1) mL(-1), 0.250 ng AFM(1) mL(-1) + starter, 0.500 ng AFM(1) mL(-1) + starter. Quantification of AFM(1) was achieved by high performance liquid chromatography. The carry-over of AFM(1) from milk to cheese ranged from 30.64% to 42.26%. There was no effect of storage time on AFM(1). Milk with AFM(1) in levels studied may concentrate the toxin in Minas Frescal cheese, but at concentrations below the Brazilian tolerance limit. The addition of starter cultures did not influence concentration or stability of the AFM(1) in cheese over 30 days storage. (C) 2011 Elsevier Ltd. All rights reserved.

L'autocorrezione in interpretazione simultanea dal tedesco all'italiano: sviluppo diacronico dell'approccio degli studenti

In der vorliegenden Masterarbeit geht es um das Thema Selbstreparaturen beim Simultandolmetschen vom Deutschen ins Italienische und konzentriert man vor allem auf das progressive Verhalten der Studierenden im Laufe des Studiums. Um das oben genannte Phänomen zu analysieren, wurden zehn Studierenden im Masterstudiengang Konferenzdolmetschen an der Fakultät SSLMIT in Forlì (heute DIT) der Universität von Bologna ausgewählt. Ihre Leistungen bei den Prüfungen vom Simultandolmetschen vom ersten Jahr, zweites Jahr und Endprüfung, zusammen mit dementsprechenden Originaltexten, wurden gesammelt, transkribiert und analysiert. Der Zweck der vorliegenden Masterarbeit besteht darin, die Ansätze der Studierenden zum Phänomen der Selbstreparaturen zu beobachten, um dann feststellen zu können, ob eine Verbesserung zu verzeichnen ist oder nicht. Die Verbesserung lässt sich durch die folgende drei Parameter messen: Vollendung von abgeschnittenen Wörtern und Korrektur von falsch ausgesprochenen Wörtern; effektive Reparatur von Error-Repair und verbesserte Formulierung von Appropriatness-Repair; Verminderung von carry-over effect. Die Ergebnisse zeigen, dass es im Laufe des Studiums für keine Studierende eine reine Verbesserung für alle drei Parameter zu verzeichnen ist: manchmal gibt es Verbesserungen, manchmal ist die Tendenz unregelmäßig, manchmal gibt es sogar Verschlechterungen. Der Grund dieser Ungleichartigkeit liegt darin, dass das Ergebnis von zu vielen Bedingungen abhängig ist: mehreren Themen und Präsentationsarten, unterschiedlichen Redegeschwindigkeiten und noch die Vorbereitung der Studierenden in jenem präzisen Moment und die Vollständigkeit des Briefings, das von den Professoren den Studierenden vor der Prüfungen gegeben wird. Auch der Versuch, die Leistungen von verschiedenen Studierenden in Bezug auf den gleichen Text zu vergleichen, war nicht in der Lage, einen eindeutigen Ansatz zu definieren. Das bedeutet, dass jeder Studierende ein eigenes Profil erarbeitet, das im Laufe des Studiums noch nicht so weit entwickelt ist, um ähnliche Leistungen beim Dolmetschen jeder Textart erreichen zu können.

Intestinal Tritrichomonas foetus infection in cats in Switzerland detected by in vitro cultivation and PCR

Tritrichomonas foetus, a parasite well known for its significance as venereally transmitted pathogen in cattle, has recently been identified as a cause of chronic large-bowel diarrhea in domestic cats in the US, UK, and, more recently, also in Norway. In a period of 3 months (October to December 2007), 45 cats of Switzerland suffering from chronic diarrhea were investigated for intestinal infections, including a search for trichomonads. A commercially available in vitro culture system was used to screen for infection, complemented with a PCR and subsequent amplicon sequencing to support speciation. The PCR is based upon amplification of a sequence derived from the internal transcribed spacer region 1 (ITS1) on the ribosomal RNA gene (rRNA) using primers designed to detect a broad range of genera and species belonging to the family of Trichomonadidae. The method was furthermore adapted to the uracil DNA glycosylase (UDG) system in order to prevent carry-over contamination and it included a recombinant internal control to track for inhibitory reactions. Eleven out of the 45 cats were culture-positive, as revealed by microscopic identification of trichomonadid organisms. One of the isolates was subjected to scanning electron microscopy and findings revealed the presence of three flagella, thus placing the isolate into the gender Tritrichomonas sp. PCR and subsequent amplicon sequencing were carried out with ten of the 11 isolates. A total homology with published T. foetus sequences was confirmed in all of the cases. T. foetus therefore appears to range among those organisms that can cause chronic diarrhea in cats in Switzerland.

Split-mouth designs in orthodontics: an overview with applications to orthodontic clinical trials

SUMMARY Split-mouth designs first appeared in dental clinical trials in the late sixties. The main advantage of this study design is its efficiency in terms of sample size as the patients act as their own controls. Cited disadvantages relate to carry-across effects, contamination or spilling of the effects of one intervention to another, period effects if the interventions are delivered at different time periods, difficulty in finding similar comparison sites within patients and the requirement for more complex data analysis. Although some additional thought is required when utilizing a split-mouth design, the efficiency of this design is attractive, particularly in orthodontic clinical studies where carry-across, period effects and dissimilarity between intervention sites does not pose a problem. Selection of the appropriate research design, intervention protocol and statistical method accounting for both the reduced variability and potential clustering effects within patients should be considered for the trial results to be valid.

Rechtliche Grundlagen für die Ernährungssicherheit in der Schweiz

The Right to Food, as enshrined in international law, has found its way into national constitutions and practices. What matters from a national and international legal point of view is how this policy objective is implemented. In Switzerland, a number of policies and their instruments are relevant here, namely agricultural, supply/stockpile, trade and development policies. This paper (in German) asks whether the policy instruments are coherent and how implementation conflicts and negative spill-over effects could be minimised. It finds that the four policy objectives enshrined in the Federal Constitution are not in themselves incoherent. However, certain Swiss agricultural policy instruments, even where they are compatible with relevant rules of the World Trade Organization (WTO), do have an avoidable negative impact on the Right to Food of developing country producers, because Swiss Food Security is overwhelmingly and increasingly defined by agricultural (self-reliance) policies (“Food Sovereignty”). This implies higher domestic food prices, commercial displacement and food dumping. The conclusions suggest a number of optimisations as a contribution to the presently on-going reform process for 1983 National Economic Supply Act 1983 (NESA), such as virtual stockpiles and taxpayer-financed stockpile costs.

The Dialectical Relationship of Preferential and Multilateral Trade Agreements

Preferentialism and multilateralism are not two independent and succinct avenues in the pur-suit of market access and regulatory policies. They historically build upon each other in a dialectical process, closely related and linked through regulatory bridges and references. They influence and direct each other in various ways. The paper mainly focuses on the evolution of international protection of intellectual property rights and of services. The multilateral regulation of the TRIPS and others derive from years of regulatory experience and high numbers of preferential agreements across the globe. The GATS and others, on the other hand, have entered the pluri- or multilateral stage early. Once regulation has reached the mul-tilateral stage, preferentialism focuses on WTO-plus and -extra commitments. Both areas, however, show close interaction. The principle of MFN ensures that multilateralism and preferentialism do not evolve independently from each other. It produces significant spill-over effects of preferential agreements. Such effects and the need to develop uniform and coherent regulatory standards have led in parallel to a number of preferential, plurilateral and multilateral regulatory initiatives. We submit that the process will eventually encourage the return to multilateralism and negotiations in international fora, in particular the WTO while traditional market access may stay with preferential relations among Nations. Such burden-sharing between different regulatory fora should be reflected in future WTO rules providing the overall backbone of the system.