Stock market integration between new EU member states and the Euro-zone

This paper measures the degree in stock market integration between five Eastern European countries and the Euro-zone. A potentially gradual transition in correlations is accommodated by smooth transition conditional correlation models. We find that the correlation between stock markets has increased from 2001 to 2007. In particular, the Czech and Polish markets show a higher correlation to the Euro-zone. However, this is not a broad-based phenomenon across Eastern Europe. We also find that the increase in correlations is not a reflection of a world-wide phenomenon of financial integration but appears to be specific to the European market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; New EU Members.

Biographie du diencéphale. Revisiter l'histoire de la psychiatrie à travers le parcours d'une zone cérébrale.

Si les versions cérébralisantes de la pathologie mentale ont eu plus ou moins de succès et de partisans selon les périodes et les courants dominants de la psychiatrie, elles n'ont cessé d'intéresser les aliénistes puis les psychiatres à travers les décennies. La question n'a pas fondamentalement varié au cours de ces deux derniers siècles. Elle peut être résumée ainsi : quels sont les dysfonctionnements cérébraux dont l'influence sur le comportement humain est telle qu'ils puissent provoquer parfois des pathologies qu'aucune thérapie biologique et/ou psychothérapeutique n'est capable de totalement maîtriser? Ce travail aborde ces questionnements à travers l'étude d'une hypothèse représentative des nombreuses tentatives de la psychiatrie de désigner les dysfonctionnements cérébraux potentiellement responsables des pathologies qu'elle tente de traiter: l'hypothèse diencéphalique des pathologies mentales, élaborée durant la première moitié du vingtième siècle, illustre en effet la quête de légitimité scientifique d'une psychiatrie constamment réduite à un tâtonnement thérapeutique. Se pencher sur la biographie d'une zone cérébrale permet premièrement de proposer un autre récit que celui généralement mis en avant par les historien·ne·s de la psychiatrie : il s'agit ici de montrer l'influence de la physiologie, de l'endocrinologie, de la neurologie et de la neurochirurgie sur la manière dont les psychiatres ont envisagé la relation esprit-cerveau, tant dans leur pratique clinique que dans leurs recherches expérimentales. En outre, l'étude de cette hypothèse révèle la continuité théorique entre la période qui précède et celle qui suit la « révolution neuroleptique », continuité qui contraste avec l'idée de rupture transmise par les récits plus classiques. Enfin, cette démarche permet de mettre en relief les enjeux actuels qu'entoure l'avancée des neurosciences psychiatriques, et de les réinscrire dans une histoire fondée sur des questionnements bien antérieurs au récent essor des neurosciences. Ainsi, revisiter la période durant laquelle a émergé l'hypothèse diencéphalique des pathologies mentales ne vise pas uniquement à s'intéresser au passer de la psychiatrie, mais plutôt à mobiliser ce passé pour mieux réfléchir à la façon dont cette discipline écrit sa propre histoire au présent.

A Soft Edge Target Zone Model: Theory And Application To Hong Kong

Hong Kong’s currency is pegged to the US dollar in a currency board arrangement. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities revamped the one-sided currency board mechanism into a symmetric two-sided system with a narrow exchange rate band. This paper reviews the characteristics of the new currency board arrangement and embeds a theoretical soft edge target zone model typifying many intermediate regimes, to explain the notable achievement of speculative peace and credibility since May 2005.

Permian-polysulphide-siderite-barite-haematite deposit Rude in Samoborska Gora Mts., Zagorje-Mid-Transdanubian zone of the Inner Dinarides

Samoborska Gora Mts. is situated within the westernmost part of the Zagorje-Mid-Transdanubian zone of the Internal Dinarides. The Samoborska Gora Mts. predominantly consists of Permian unmetamorphosed siliciclastic sediments and evaporites, overlain by Lower Triassic sediments. Rude mineralisation is hosted by Permian siliciclastic sediments, below gypsum and anhydrite strata. The central part of the deposit consists of a 1.5 km long stratabound mineralisation, grading laterally into ferruginous sandstone and protruding vertically into a gypsum-anhydrite layer. Siderite-polysulphide-barite-quartz veins are located below the stratabound mineralisation. The stratiform part of the deposit is situated above the stratabound and consists of haematite layer with barite concretions and veinlets. Late stage galena-barite veins overprint earlier types of mineralisation. The Rude ore deposit was generated by predominantly NaCl +/- CaCl(2)-H(2)O solutions. Detrital quartz from stratiform mineralisation contains fluid inclusions with salinities between 7 and 11 wt. % NaCl equ., homogenizing between 150 degrees C to 230 degrees C. Stratabound/siderite-polysulphide-barite-quartz vein type mineralisation was derived from solutions with salinities between 5 and 19 wt. % NaCl equ., homogenizing between 60 degrees C and 160 degrees C, while late stage galenabarite veins were precipitated from solutions with salinities between 11 and 16 wt. % NaCl equ., homogenizing between 100 degrees C to 140 degrees C. Fluid inclusion bulk leachate chemistry recorded Na(+)> Mg(2+)>K(+)>Ca(2+)>Li(+) and Cl-> SO(4)(2-) ions. Sulphur isotope composition of barites and overlying gypsum stems from Permian seawater sulphate, supported by increased Br(-) content, which follows successively the seawater evaporation line. The sulphur isotopic composition of sulphides varies between -0.2 and + 12.5 parts per thousand , as a result of thermal reduction of Permian marine sulphate. Ore-forming fluids were produced by hydrothermal convective cells (reflux brine model), and were derived primarily from Permian seawater, modified by evaporation and interaction with Permian sedimentary rocks. Rude deposits in Samoborska Gora Mts. may be declared as a prototype of the Permian siderite-polysulphide-barite deposits (products of rifting along the passive Gondwana margin), in the Inner Dinarides, and their equivalents extending northeastward into the Zagorje-Mid-Transdanubian Zone and the Gemerides, and southeastward to the Hellenide-Albanides.

Comparison of time-lapse GPR data collected under natural and forced infiltration conditions to estimate vadose zone hydraulic parameters

Time-lapse crosshole ground-penetrating radar (GPR) data, collected while infiltration occurs, can provide valuable information regarding the hydraulic properties of the unsaturated zone. In particular, the stochastic inversion of such data provides estimates of parameter uncertainties, which are necessary for hydrological prediction and decision making. Here, we investigate the effect of different infiltration conditions on the stochastic inversion of time-lapse, zero-offset-profile, GPR data. Inversions are performed using a Bayesian Markov-chain-Monte-Carlo methodology. Our results clearly indicate that considering data collected during a forced infiltration test helps to better refine soil hydraulic properties compared to data collected under natural infiltration conditions

A vertebrate reproductive system involving three ploidy levels : hybrid origin of triploids in a contact zone of diploid and tetraploid green toads (Bufo viridis subgroup)

The rise and consequences of polyploidy in vertebrates, whose origin was associated with genome duplications, may be best studied in natural diploid and polyploid populations. In a diploid/tetraploid (2n/4n) geographic contact zone of Palearctic green toads in northern Kyrgyzstan, we examine 4ns and triploids (3n) of unknown genetic composition and origins. Using mitochondrial and nuclear sequence, and nuclear microsatellite markers in 84 individuals, we show that 4n (Bufo pewzowi) are allopolyploids, with a geographically proximate 2n species (B. turanensis) being their maternal ancestor and their paternal ancestor as yet unidentified. Local 3n forms arise through hybridization. Adult 3n mature males (B. turanensis mtDNA) have 2n mothers and 4n fathers, but seem distinguishable by nuclear profiles from partly aneuploid 3n tadpoles (with B. pewzowi mtDNA). These observations suggest multiple pathways to the formation of triploids in the contact zone, involving both reciprocal origins. To explain the phenomena in the system, we favor a hypothesis where 3n males (with B. turanensis mtDNA) backcross with 4n and 2n females. Together with previous studies of a separately evolved, sexually reproducing 3n lineage, these observations reveal complex reproductive interactions among toads of different ploidy levels and multiple pathways to the evolution of polyploid lineages.

Radiocarbon dating of modern groundwater: the role of the unsaturated zone

Biological and physical processes occurring in soils may lead to significant isotopic changes between the isotopic compositions of atmospheric CO2 and of soil CO2. Also, during water and gas transport from the soil surface to the water table, isotopic changes likely occur due to numerous physical processes such as gas production and diffusion, water advection, and gas-water-rock interactions. In most cases, these changes are not included in the correction models developed for groundwater dating, whereas they can significantly impact the calculation of the 14C age. We explore the role of these processes using: i) experimental data from two aquifer sites (Fontainebleau sands and Astian sands, France), ii) a distributed model to simulate the 14C activities of soil CO2, and iii) numerical simulations in order to highlight the role of the physical processes.¦The 13C content in soil CO2 showed seasonal variations and highlighted the competition between CO2 production and CO2 diffusion. Their respective contributions played a significant role in defining the isotopic composition of CO2 at the water table. On both study sites, variations of the 14C activity in soil CO2 reflect the competition between the fluxes of root derived-CO2 and organic matter derived-CO2. Since the nuclear weapon tests in the fifties and sixties, soil CO2 became significantly depleted in 14C compared to modern atmospheric CO2. Models that take into account this 14C depletion in soil CO2 for dating modern groundwater would lead to apparent younger 14C ages than models that only consider the 14C activity in atmospheric CO2. Moreover, since 2000-2005, the inverse effect is observed as soil CO2 is enriched in 14C compared to atmospheric CO2.¦Therefore, we conclude that the isotopic composition of CO2 at the water table have to be taken into account for the dating of modern groundwater. This requires a systematic sampling of soil CO2 and the measurement of its 13C and 14C contents. We used this information in a numerical simulation to calculate the evolution of isotopic composition of CO2 from the soil surface to the water table. This simulation integrated physical processes in the unsaturated zone (e.g. CO2 production and diffusion, water advection, etc.) and gas-water-rock interactions.

Maturation of marginal zone and follicular B cells requires B cell activating factor of the tumor necrosis factor family and is independent of B cell maturation antigen.

B cells undergo a complex series of maturation and selection steps in the bone marrow and spleen during differentiation into mature immune effector cells. The tumor necrosis factor (TNF) family member B cell activating factor of the TNF family (BAFF) (BLyS/TALL-1) plays an important role in B cell homeostasis. BAFF and its close homologue a proliferation-inducing ligand (APRIL) have both been shown to interact with at least two receptors, B cell maturation antigen (BCMA) and transmembrane activator and cyclophilin ligand interactor (TACI), however their relative contribution in transducing BAFF signals in vivo remains unclear. To functionally inactivate both BAFF and APRIL, mice transgenic for a soluble form of TACI were generated. They display a developmental block of B cell maturation in the periphery, leading to a severe depletion of marginal zone and follicular B2 B cells, but not of peritoneal B1 B cells. In contrast, mice transgenic for a soluble form of BCMA, which binds APRIL, have no detectable B cell phenotype. This demonstrates a crucial role for BAFF in B cell maturation and strongly suggests that it signals via a BCMA-independent pathway and in an APRIL-dispensable way.

Schistosomiasis control based on repeated chemotherapy in a rural village of the sugar-cane zone in Northeast Brazil

A schedule of repeated chemotherapy with oxamniquine, consisting of biannual treatment of school-aged (7-13 years) children and annual treatment of all other age groups, was used in a representative rural village from a highly endemic area of schistosomiasis in Pernambuco. Significant reductions in infection were obtained only after two cycles of treatment, as the overall prevalence decreased from 72.6% to 41.7% and the geometric mean egg counts per gram of faeces among positives fell from 188.4 to 76. In a school-aged cohort (n=29) three treatments at six-month intervals were necessary to significantly reduce the proportion of positives (from 75.9% to 51.7%). In a cohort of children under 7 years of age (n=20) the proportion of positives actually increased (from 30% to 45%) despite two annual treatments. Water contact was intense and host snail density was relatively high. As there is no short-term perspective of improved sanitation, auxiliary measures such as focal mollusciciding are needed for an adequate control of schistosomiasis in this and alike areas.

Study of gene flow through a hybrid zone in the common shrew (Sorex araneus) using microsatellites

The common shrew (Sorer araneus) is subdivided into several chromosomal races. As hybrid zones between them have been characterized, this organism is of particular interest in studying the role of chromosomes in speciation. Six microsatellite loci were used to evaluate the level of gene how in the S. araneus hybrid zone between the Cordon and Valais races. Most of these loci were very polymorphic, the total number of alleles detected per locus ranging from 3 to 20. Using Mantel tests, we showed that the effect of rivers as barriers to gene flow is less important at this sampling scale. The effect of the chromosomal race is of particular importantance in diminishing gene flow.

Redescription of Rhamnocercus stichospinus Seamster and Monaco, 1956 (Monogenea: Diplectanidae), parasitic on Menticirrhus americanus (Osteichthyes: Sciaenidae) from the Coastal Zone of the state of Rio de Janeiro, Brazil

Rhamnocercus stichospinus Seamster and Monaco, 1956 (Diplectanidae) parasitic on the sciaenid fish Menticirrhus americanus from the coastal zone of the State of Rio de Janeiro, is redescribed and recorded for the first time in the South American Atlantic Ocean. The generic diagnosis of Rhamnocercus is emended to accommodate the presence of confluent intestinal ceca in R. stichospinus.

Community ecology of the metazoan parasites of white croaker, Micropogonias furnieri (Osteichthyes: Sciaenidae), from the coastal zone of the State of Rio de Janeiro, Brazil

One hundred specimens of white croakers, Micropogonias furnieri (Desmarest 1823) (Osteichthyes: Sciaenidae) collected from Pedra de Guaratiba (23°01'S, 43°38'W), State of Rio de Janeiro, Brazil, from September 1997 to August 1999, were necropsied to study their parasites. The majority of the fish (95%) were parasitized by metazoan. Twenty-eight species of parasites were collected. The nematodes were the 40.5% of the total number of parasites specimens collected. Dichelyne elongatus was the most dominant species. Lobatostoma ringens, Pterinotrematoides mexicanum, Corynosoma australe, D. elongatus, and Caligus haemulonis showed a positive correlation between the host's total length and parasite prevalence and abundance. The monogenean P. mexicanum had differences in the prevalence and abundance in relation to sex of the host. The mean diversity in the infracommunities of M. furnieri was H=0.499±0.411, with correlation with the host's total length and without differences in relation to sex of the host. One pair of ectoparasites showed positive covariation, and two pairs of endoparasites showed positive association and covariation between their prevalences and abundances, respectively. Negative association or covariations were not found. The dominance of endoparasites in the croakers parasite infracommunities reinforced the differences found in sciaenids from the South American Pacific Ocean, in which the ectoparasites are dominant.

Analyse de la dotation en lits par groupes diagnostiques : exemple du service d'obstétrique dans les hôpitaux de zone

Ce document présente le modèe utilisé par le Service de la santé publique du canton de Vaud pour l'estimation du nombre de lits de court séjour et propose un enrichissement de ce modèle par l'utilisation de la statistique médicale VESKA. L'exemple présenté est celui de l'obstétrique, mais vaut pour d'autres secteurs de l'activité médico-hospitalières.