Banks, government bonds, and default: what do the data say?

We use data from Bankscope to analyze the holdings of public bonds by over 18,000 banks located in 185 countries and the role of these bonds in 18 sovereign debt crises over the period 1998-2012. We find that: (i) banks hold a sizeable share of their assets in government bonds (about 9% on average), particularly in less financially developed countries; (ii) during sovereign crises, banks on average increase their bondholdings by 1% of their assets, but this increase is concentrated among larger and more profitable banks, and; (iii) the correlation between a bank's holdings of public bonds and its future loans is positive in normal times, but turns negative during defaults. A 10% increase in bank bond-holdings during default is associated with a 3.2% reduction in future loans, and bonds bought in normal times account for 75% of this effect. Our results are consistent with the view that there is a liquidity benefit for banks to hold public bonds in normal times, which is critical for understanding bank fragility during sovereign crises.

To say or not to say: a qualitative study on the disclosure of their condition by human immunodeficiency virus-positive adolescents.

PURPOSE: Human immunodeficiency virus (HIV)-positive adolescents face a number of challenges in dealing with their disease, treatment, and developmental tasks. This qualitative study describes some of the reasons why, and the extent to which, adolescents may or may not disclose their condition to others. METHODS: A semistructured interview lasting 40-110 minutes was conducted with each of 29 adolescents 12-20 years old, 22 female and seven male) living in Switzerland. Interviews were tape recorded and transcribed verbatim. The analysis of the content of interviews allowed us to identify salient topics (e.g., disclosure), which were then explored in detail. RESULTS: Of 29 participants, eight had not disclosed their condition to anyone outside the family, 19 had disclosed it to good friends, and 16 had disclosed it to some teachers. Four participants had engaged in public disclosure, and six of 10 sexually active teenagers disclosed their status to their partners. The attitudes toward disclosure among younger adolescents were mostly related to those of the parents, particularly the mother. Older adolescents, engaged in their search for autonomy, tended to decide independently what to say and to whom. Although foster/adoptive parents would often encourage disclosure, biological parents, especially HIV-positive mothers, insisted on not disclosing the adolescent's status for fear of stigma. CONCLUSION: The health care team should systematically address the issue of disclosure with the adolescent and his family (or foster parents), the aim being to balance the right of the adolescent and that adolescent's family to maintain privacy against the concerns of sexual partners, as well as the adolescent's interest in divulging HIV status to relatives, school staff, and friends.

Informed consent: Biobank donors should have a say.

Comment on: Saha K, Hurlbut JB. Research ethics: treat donors as partners in biobank research. Nature. 2011;478(7369):312-3. doi: 10.1038/478312a. PMID: 22012372.

White under Black. Works from the imperceptible / 1. Blanca Casas Brullet: Make Say

White under Black. Works from the imperceptible / 1. Blanca Casas Brullet: Make Say The large photographs of Espacespages (2009) work to transform the creative space of the blank page toward the enabled space of openness to the world. The image gives prominence to the emptiness of the room, almost a cell, in which an action takes place, dimly illuminated by a pair of windows that makes me think of two eyes that attentively contemplate the interior of a process of creation.

Obtención de líneas de trigo resistentes a Mayetiola destructor Say en la Campiña Sur de Extremadura

La línea H-93-33, homocigota para el gen H27, que confiere resistencia a Mayetiola destructor Say, ha sido cruzada con variedades comerciales de trigo seleccionadas por su calidad harinera y sus características agronómicas. Esos cruzamientos han producido numerosas líneas avanzadas. La línea Ma8, que contiene el gen H27, ha demostrado su resistencia al parásito en condiciones controladas de cámara y campo, y muestra mejores características agronómicas que las variedades comerciales con las que se ha cruzado.

Metcalfa pruinosa (Say) (Homoptera: Flatidae), ¿una plaga potencial de plantas ornamentales en espacios verdes urbanos de Cataluña?

Se ha determinado la presencia y abundancia de Metcalfa pruinosa (Say) en espacios verdes urbanos de Cataluña. M. pruinosa es una especie ampliamente establecida en Cataluña, especialmente en la zona costera. Se ha registrado el insecto sobre más de 100 plantas distintas. La abundancia del insecto ha sido grande en parques y jardines de localidades como Figueres, Girona, Barcelona, Vilanova i la Geltrú, Tarragona o Salou, ocasionando daños estéticos de consideración. Por tanto, M. pruinosa puede considerarse ya una plaga real de los espacios verdes urbanos de Cataluña, aunque su abundancia y capacidad de daño pueden aumentar en el futuro.

What does your neighbourhood say about you? : a study of life expectancy in 1.3 million Swiss neighbourhoods

BACKGROUND: Switzerland had the highest life expectancy at 82.8 years among the Organisation for Economic Co-operation and Development (OECD) countries in 2011. Geographical variation of life expectancy and its relation to the socioeconomic position of neighbourhoods are, however, not well understood. METHODS: We analysed the Swiss National Cohort, which linked the 2000 census with mortality records 2000-2008 to estimate life expectancy across neighbourhoods. A neighbourhood index of socioeconomic position (SEP) based on the median rent, education and occupation of household heads and crowding was calculated for 1.3 million overlapping neighbourhoods of 50 households. We used skew-normal regression models, including the index and additionally marital status, education, nationality, religion and occupation to calculate crude and adjusted estimates of life expectancy at age 30 years. RESULTS: Based on over 4.5 million individuals and over 400,000 deaths, estimates of life expectancy at age 30 in neighbourhoods ranged from 46.9 to 54.2 years in men and from 53.5 to 57.2 years in women. The correlation between life expectancy and neighbourhood SEP was strong (r=0.95 in men and r=0.94 women, both p values <0.0001). In a comparison of the lowest with the highest percentile of neighbourhood SEP, the crude difference in life expectancy from skew-normal regression was 4.5 years in men and 2.5 years in women. The corresponding adjusted differences were 2.8 and 1.9 years, respectively (all p values <0.0001). CONCLUSIONS: Although life expectancy is high in Switzerland, there is substantial geographical variation and life expectancy is strongly associated with the social standing of neighbourhoods.

Annales de l'École libre des sciences politiques : recueil trimestriel / publié avec la collaboration des professeurs et des anciens élèves de l'école ; comité de rédaction M. Emile Boutmy,... M. Léon Say,... M. Alfred de Foville,...

1896 (A11).

Annales de l'École libre des sciences politiques : recueil trimestriel / publié avec la collaboration des professeurs et des anciens élèves de l'école ; comité de rédaction M. Emile Boutmy,... M. Léon Say,... M. Alfred de Foville,...

1889 (A4).

Annales de l'École libre des sciences politiques : recueil trimestriel / publié avec la collaboration des professeurs et des anciens élèves de l'école ; comité de rédaction M. Emile Boutmy,... M. Léon Say,... M. Alfred de Foville,...

1886 (A1).

Annales de l'École libre des sciences politiques : recueil trimestriel / publié avec la collaboration des professeurs et des anciens élèves de l'école ; comité de rédaction M. Emile Boutmy,... M. Léon Say,... M. Alfred de Foville,...

1893 (A8).

Annales de l'École libre des sciences politiques : recueil trimestriel / publié avec la collaboration des professeurs et des anciens élèves de l'école ; comité de rédaction M. Emile Boutmy,... M. Léon Say,... M. Alfred de Foville,...

Périodicité : Trimestriel (1886-1894) ; bimestriel (1895-1898)