Modelling Interbank Relations during the International Financial Crisis

This paper examines the effects of the current financial crisis on the correlations of four international banking stocks. We find that in the beginning of the crisis banks generally show a transition to a higher correlation followed by a dramatic decline towards the end of 2008. These findings are consistent with both traditional contagion theory and the more recent network theory of contagion. JEL classifications: C51; G15 Keywords: Financial Crises; Contagion; Interbank Markets.

Are small firms more sensitive to financial variables?

This paper analyses the impact of different sources of finance on the growth of firms. sing panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine wo dimensions of these financial sources: a) the performance of the firms' capital structure n accordance with firm size; b) the combined effect of equity, external debt and cash low n firm growth. We find that low-growth firms are sensitive to cash low and short-term ank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, ur results show that low-growth firms are more sensitive to short-term financial variables, hile fast growth firms are more sensitive to long-term financial variables. EL codes: L25, R12. eywords: Finance, Firm growth, Quantile regressions, Small firms

Monetary policy rules and financial stress: does financial instability matter for monetary

We examine whether and how main central banks responded to episodes of financial stress over the last three decades. We employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K., Australia, Canada and Sweden together with a new financial stress dataset developed by the International Monetary Fund allows not only testing whether the central banks responded to financial stress but also detects the periods and type of stress that were the most worrying for monetary authorities and to quantify the intensity of policy response. Our findings suggest that central banks often change policy

Misallocation of capital in a model of endogenous financial intermediation and insurance

In this paper we analyze productivity and welfare losses from capital misallocation in a general equilibrium model of occupational choice and endogenous financial intermediation. We study the effects of borrowing and lending, insurance, and risk sharing on the optimal allocation of resources. We find that financial markets together with general equilibrium effects have large impact on entrepreneurs' entry and firm-size decisions. Efficiency gains are increasing in the quality of financial markets, particularly in their ability to alleviate a financing constraint by providing insurance against idiosyncratic risk.

Pédiatrie: nouveautés en médecine 2007 [Pediatrics]

Cette année, nous avons résumé les avances dans deux pathologies très fréquentes et deux plus rares : 1) la cryptorchidie est opérée plus précocement sans utiliser des hormones. Ce traitement vise à assurer la fertilité et à éviter le développement de tumeurs testiculaires. 2) Dans le traitement de la pharyngite streptococcique, les céphalosporines orales durant quatre à cinq jours, peuvent remplacer la pénicilline. 3) Le carvédilol (bêtabloquant), le lévosimendan (sensibilisateur du calcium) et le nésiritide (analogue du peptide natriurétique) permettent une approche neurohormonale à l'insuffisance cardiaque. 4) Les glucocorticoïdes administrés tôt et une prise en charge multidisciplinaire ralentissent le cours de la dystrophie musculaire de Duchenne. This article summarizes the medical progress achieved in 2 frequent and 2 rare pathologies: 1. Cryptorchidism should be operated around 12 months of age and hormonal treatment abandoned in order to maintain fertility and avoid development of testicular tumors. 2. For the treatment of streptococcal pharyngitis oral cephalosporins for 4 to 5 days are equivalent to a Penicillin treatment of 10 days. 3. Thanks to carvedilol (a beta-blocker agent), levosimendan (a calcium sensibiliser) and nesiritide (an analog to the natriuretic peptide) a new hormonal approach to cardiac failure is possible. 4. Corticosteroids allow to improve quality of live and life expectancy in Duchenne muscular dystrophy, provided treatment starts early and a multidisciplinary approach is assured

Indicadores de desempeño educativo regional: metodología y resultados para los cursos 2005-06 a 2007-08

En esta nota se recopilan y/o construyen algunos indicadores de desempeño para los sistemas educativos de las regiones españolas durante los cursos 2005-06 a 2007-08 a partir de la información suministrada por diversas publicaciones del Ministerio de Educación. Aunque el trabajo se concentra en los niveles educativos no universitarios, se ofrecen también algunos resultados preliminares a nivel universitario.

Participació de Catalunya en convocatòries del 7è Programa marc d'R+D de la UE. Període 2007-2009

Resum de l'informe "Participació de Catalunya en convocatòries del 7è Programa marc d'R+D de la UE. Període 2007-2009" elaborat per investigadors del Grup de Recerca AQR - Institut de Recerca en Economia Aplicada (IREA) de la Universitat de Barcelona, que pretén donar a conèixer la realitat de la participació catalana en el 7è Programa Marc de la Unió Europea, el principal instrument europeu de finançament de la recerca, durant el període 2007-2009.

Does the EU financing system contribute to shadow economic activity?

Financial contributions to the EU budget depend basically on official GDP. This means that countries with higher shadow economic activity contribute less than they should contribute in a system based on actual GDP and therefore could reduce their incentive to fight against such activities. In this paper we investigate if the EU financing system really has an influence on the intensity with which governments in EU member states fight against shadow economic activity. We find that the EU net contributors significantly fight more intensively against shadow economic activity while EU net receivers significantly fight less. As a result, shadow economic activity is higher in net receiver and lower in net contributor countries than it were in comparison with a scenario of nationally balanced EU funding. Quantitatively and averaged over the time period 2001-2007, the diagnosed effect amounts to a stimulation of hidden economic activity by almost 10% for particular economies. JEL classification: C31, D63, F33, H21, H26. Keywords: EU financing system, shadow economy, tax auditing.

Fouilles suisses à Derecik, Büyükorhan, province de Bursa (Turquie). Rapport préliminaire 2007-2008

La découverte en 2001 d'une église et de son pavement sur le site de Derecik près de la ville de Büyükorhan en Turquie a suscité de premières fouilles par les archéologues du Musée archéologique de Bursa, capitale de province, la même année. La présentation des mosaïques en 2006 aux participants d'un colloque organisé par l'Université Uludag de Bursa a permis l'intervention d'une équipe suisse sur les lieux dès 2007. Deux années de fouille et d'observations ont conduit à distinguer plusieurs phases de construction de l'église elle-même et de l'emplacement sur lequel elle est implantée. Un temple de construction légère l'a précédée, vraisemblablement dédié à Zeus, et au moins trois phases de construction la caractérisent, complétées par des aménagements postérieurs. L'occupation des lieux est attestée depuis le IIe siècle ap. J.-C., sinon avant, jusqu'aux invasions arabes du VIIIe siècle ap. J.-C.

Estimated Financial Impact of Trypanosoma vivax on the Brazilian Pantanal and Bolivian Lowlands

The financial impact of the first outbreak of Trypanosoma vivax in the Brazilian Pantanal wetland is estimated. Results are extended to include outbreaks in the Bolivian lowlands providing a notion of the potential influence of the disease and an analytical basis. More than 11 million head of cattle, valued at more than US$3 billion are found in the Brazilian Pantanal and Bolivian lowlands. The total estimated cost of the 1995 outbreak of T. vivax is the sum of the present values of mortality, abortion, and productivity losses and treatment costs, or about 4% of total brood cow value on affected ranches. Had the outbreak gone untreated, the estimated losses would have exceeded 17% of total brood cow value.

Avaluació i impacte de les respostes penals al fenomen de la violència de gènere a Catalunya (2007-2008)

La recerca vol fer una aproximació empírica a les respostes que des del sistema penal a Catalunya s’ofereix al fenomen de la violència de gènere. S’han explorat de forma transversal les diverses fonts estadístiques quantitatives dels diferents serveis, des del Consejo del Poder Judicial, el Departament d’Interior i el Departament de Justícia, fins a l’ Institut Català de les Dones en el període 2007-2008. Tanmateix s’ha elaborat una base de dades jurisprudencial amb totes les sentències dictades per les Audiències Provincials a Catalunya durant aquest període. L’avaluació qualitativa es realitza a partir de l’anàlisi dels programes d’intervenció existents, un focus group amb els operadors jurídics de la xarxa i l’anàlisi i buidat jurisprudencial.

West Tyrone Area Plan 2019 Health Impact Assessment (2008)

IPH was commissioned by Western Investing for Health to conduct a HIA of the West Tyrone Area Plan 2019. Stage 1 of the HIA was submitted to the Department of the Environment, Planning Office in 2008 and part of this work involved developing a community profile. HIA seeks to inform the decision making process in favour of health by gathering evidence to identify the potential positive and negative health impacts of a proposal. A series of recommendations are then produced to maximize the positive health impacts and mitigate the potential negative health impacts of an identified proposal. West Tyrone Community A community profile provides an overview of the population structures and particular services in an identified area. This community profile provides an overview of West Tyrone and has been developed as part of a Health Impact Assessment which is currently being conducted on the West Tyrone Area Plan. This resource provides access to up-to-date information which community and voluntary groups in the West Tyrone area will find useful to support their work. Contact: Seamus Mullen, Public Health Agency Tel: +44 (0) 2871860086 Email: seamus.mullen@hscni.org