Development of a reverse genetics system enabling the rescue of recombinant avian influenza virus A/Turkey/England/50-92/91 (H5N1)

We previously described the use of an established reverse genetics system for the generation of recombinant human influenza A viruses from cloned cDNAs. Here, we have assembled a set of plasmids to allow recovery of the avian H5N1 influenza virus A/Turkey/England/50-92/91 entirely from cDNA. This system enables us to introduce mutations or truncations into the cDNAs to create mutant viruses altered specifically in a chosen gene. These mutant viruses can then be used in future pathogenesis studies in chickens and in studies to understand the host range restrictions of avian influenza viruses in humans.

Contributory negligence involving overseas European banks in property valuation negligence cases in the UK

This paper examines the phenomenon of cross-border property lending and examines a number of issues regarding lending procedures and decision making processes in the context of the relationship between lender and professional advisor. It commences by placing these procedures and processes in the context of the development of cross border European property investment and finance. The UK has been a popular destination for overseas investors and lenders over the last decade and is therefore used as a case study to examine the additional institutional risk that overseas lenders may face when operating outside of their own country and obtaining advice from home professionals. The UK market was the subject of a boom period during the late 1980s, followed by a recession in the early 1990s. The losses triggered a number of professional negligence actions by lenders against valuers. These include a number of overseas lenders mainly from Europe and these cases have been examined for any particular features which, coupled with other data gained from overseas lenders as part of an interview survey, could be used to isolate any significant problems for European lenders in overseas markets. The research identified a lack of clarity in roles and relationships between lender and advisor, difficulties in communications both internally and between overseas branches and headquarters and failures in provision and interpretation of advice. The paper concludes by identifying the issues which may need to be addressed generally by lenders and their advisors, when the lenders are operating in overseas markets.

Impact of externalities on sustainable development: evidence from public-private partnerships in Kazakhstan and Russia

Purpose – This paper aims to investigate the influence of public-private partnerships (PPPs) on social and economic conditions in Kazakhstan and Russia from a public economics perspective, namely, through the lens of a market failure and PPPs’ negative externalities. Design/methodology/approach – Drawing on the concept of a market failure and using the externalities perspective, the paper investigates whether partnerships are instrumental in solving market problems, which is illustrated by the evidence from ongoing PPP projects in Kazakhstan and Russia. Findings – Results show that citizens face expansion of monopolistic trends in the service provision and decreased availability of public services. Additionally, the government support to partnerships recreates a negative externality in the form of a higher risk premium on loan interest rates that banks use to finance PPPs. The partnerships’ impact on sustainable development often appears detrimental, as they significantly intensify the struggle between sub-national governments for increased transfers from the national budget. Practical implications – The government agencies must incorporate the appraisal of the PPP externalities and their effects on the society in the decision-making regarding the PPP formation. Originality/value – The authors suggest that, although government is interested in PPPs’ positive externalities, in reality many negative externalities may offset the positive spillover effects. As a result, the partnerships’ contributions to economic and social sustainability remain controversial. Extending the value-for-money concept to incorporate the assessment of PPP externalities might significantly enhance the partnership conceptualisation by more comprehensive and accurate assessment of PPPs’ economic and social value.

Review of the literature on credit risk modeling : development of the past 10 years

This paper traces the developments of credit risk modeling in the past 10 years. Our work can be divided into two parts: selecting articles and summarizing results. On the one hand, by constructing an ordered logit model on historical Journal of Economic Literature (JEL) codes of articles about credit risk modeling, we sort out articles which are the most related to our topic. The result indicates that the JEL codes have become the standard to classify researches in credit risk modeling. On the other hand, comparing with the classical review Altman and Saunders(1998), we observe some important changes of research methods of credit risk. The main finding is that current focuses on credit risk modeling have moved from static individual-level models to dynamic portfolio models.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

The development of the private equity industry since the 2008 financial crisis

The private equity industry was experiencing a phenomenal boom at the turn of the century but collapsed abruptly in 2008 with the onset of the financial crisis. Considered one of the worst crises since the Great Depression of the 1930s, it had sent ripples around the world threatening the collapse of financial institutions and provoking a liquidity crunch followed by a huge downturn in economic activity and recession. Furthermore, the physiognomy of the financial landscape had considerably altered with banks retracting from the lending space, accompanied by a hardening of financial regulation that sought to better contain systemic risk. Given the new set of changes and challenges that had arisen from this period of financial turmoil, private equity found itself having to question current practices and methods of operation in order to adjust to the harsh realities of a new post-apocalyptic world. Consequently, this paper goes on to explore how the private equity business, management and operation model has evolved since the credit crunch with a specific focus on mature markets such as the United States and Europe. More specifically, this paper will aim to gather insights on the development of the industry since the crisis in Western Europe through a case study approach using as a base interviews with professionals working in the industry and those external to the sector but who have/have had considerable interaction with PE players from 2007 to the present.

Why join a carbon club?: a study of the banks participating in the Brazilian “Business for Climate Platform”

Why do firms that present low levels of (direct) carbon emissions participate in “carbon clubs”, which have the goal of managing and reducing greenhouse gas (GHG) emissions? In order to answer this question, we collected data from both primary and secondary sources from firms operating in the Brazilian banking sector, which are members of the Businesses for Climate Platform (Plataforma Empresas pelo Clima e EPC). We first looked for answers in the institutional theory and resource based view of the firm (RBV). By confronting the arguments presented by these streams of scientific enquiry with empirical data, we worked on theory testing. In particular, we analyzed the institutional pressures and resources and capabilities of the focus companies, in order to understand the rationales for proactive sustainability management. We found evidences of the arguments presented by both the institutional theory and the RBV. By studying an industry that is not a frequent subject to research on socio-environmental issues e for not being considered of high impact e in an emerging market economy, the research contributes to both the further development of the institutional theory and the advancement of sustainability management in corporations.

Biological aspects of the immature stages of Ceraeochrysa everes (Banks) (Neuroptera: Chrysopidae)

Para o estabelecimento de um programa de controle biológico, o conhecimento de alguns aspectos biológicos e de comportamento dos inimigos naturais é de extrema importância. Os aspectos biológicos do desenvolvimento larval e pupal do predador Ceraeochrysa everes (Banks) foram estudados. Larvas oriundas de adultos da geração F1 foram mantidas em laboratório a 25 ± 21°C, 70 ± 10 % UR e fotofase 14 horas, sendo alimentadas com ovos de Sitotroga cerealella (Olivier). A duração e viabilidade do período embrionário, estágios imaturos de desenvolvimento e o período de ovo a adulto foram avaliados. O período embrionário foi em média de 5,0 dias, enquanto que as durações médias para o primeiro, segundo e terceiro instares foram de 5,1 ± 0,03; 4,3 ± 0,05 e 4,5 ± 0,05 dias, respectivamente, com viabilidade superior a 90 %. Os estágios larval, pré-pupal e pupal apresentaram duração média de 13,9 ± 0,07; 5,7 ± 0,07 e 9,6 ± 0,12 dias, respectivamente. A duração do ciclo biológico foi de 34 ± 0,11 dias em média. Ovos de S. cerelella não foram adequados para a manutenção de C. everes em laboratório, por interferir no desenvolvimento do predador.

Biologia de Polyphagotarsonemus latus (Banks) (Acari: Tarsonemidae) em limão siciliano (Citrus limon Burm)

No estudo da biologia de Polyphagotarsonemus latus em limão Siciliano, foram utilizados potes plásticos circulares com capacidade de 250 ml, contendo areia esterilizada como suporte para dois frutos novos com aproximadamente 2,0 cm de diâmetro. O ensaio foi conduzido a 27,1 ± 0,5°C, umidade relativa de 67,6 ± 1,3% e fotofase contínua. O período de ovo a adulto durou 3,7 ± 0,1 dias para fêmeas e 3,6 ± 0,1 dias para machos, com sobrevivência de 100%. Após um período de pré-oviposição de 1,0 ± 0,2 dias, as fêmeas depositaram 5,6 ± 0,5 ovos por dia durante 10,5 ± 0,9 dias, totalizando 58,9 ± 6,7 ovos por fêmea. A longevidade foi de 13,4 ± 1,0 dias para fêmeas e 12,0 ± 2,4 dias para machos. A razão intrínseca de aumento (rm) foi de 0,359, a razão finita de aumento (l) de 1,43 indivíduos por fêmea por dia, o tempo médio de uma geração (T) de 10,34 dias e a taxa líquida de reprodução (Ro) de 41,0.

Biologia de Polyphagotarsonemus latus (Banks, 1904) (Acari: Tarsonemidae) em algodoeiro

Leaf discs obtained from the first or second non-cotyledonal leaf of cotton (Gossypium hirsutum L.) seedlings were used for the study of the biology of Polyphagotarsonemus latus on cotton IAC-20 cultivar. Seedlings were grown in pots and placed on a layer of cotton moistened with distilled water. The assays were carried out at 28.5 ± 0.3°C, relative humidity of 71.0 ± 2.6% and a 14 h photophase. The duration of immature phases was 4.1 ± 0.1 days for females and 4.1 ± 0.3 days for males, with a survival of 91.2%. After a pre-oviposition period of 1.1 ± 0.2 days, the females deposited 4.5 ± 0.9 eggs per day during 6.8 ± 1.3 days, i.e., 29.6 ± 7.3 eggs per female. The longevity was 10.0 ± 1.5 days for females and 8.8 ± 1.1 days for males. The intrinsic rate of increase (rm) was 0.323; finite rate of increase (λ) 1.38 individual per female per day; mean generation time (T) 9.54 days and net reproductive rate (Ro) 21.73.

Finance for development: Latin America in comparative perspective

Includes bibliography

Multilateral banking and development financing in a context of financial volatility

Includes bibliography

Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Includes bibliography

Microfinance institutions in the development of financial markets

Includes bibliography

Do Foreign Currency Deposits Promote or Deter Financial Development in Low-Income Countries? An Empirical Analysis of Cross-Country Data

Foreign currency deposits (FCD) are prevalent in many low-income developing countries, but their impact on bank lending has rarely been examined. An examination of cross-country data indicates that a higher proportion of FCD in total deposits is associated with growth in private credit only in inflationary circumstances (over 24 percent of the annual inflation rate). FCD can lead to a decline in private credit below this threshold level of inflation. Given that FCD exhibit persistence, deregulating them in low-income countries may do more harm than good on financial development in the long term, notably after successful containment of inflation.