Fine-tuning the use of bail-in to promote a stronger EU financial system. CEPS Special Report No. 136/April 2016

This paper discusses the application of the new European rules for burden-sharing and bail-in in the banking sector, in view of their ability to accommodate broader policy goals of aggregate financial stability. It finds that the Treaty principles and the new discipline of state aid and the restructuring of banks provide a solid framework for combating moral hazard and removing incentives that encourage excessive risk-taking by bankers. However, the application of the new rules may have become excessively attentive to the case-by-case evaluation of individual institutions, while perhaps losing sight of the aggregate policy needs of the banking system. Indeed, in this first phase of the banking union, while large segments of the EU banking sector still require a substantial restructuring and recapitalisation, the market may not be able to provide all the needed resources in the current environment of depressed profitability and low growth. Thus, a systemic market failure may be making the problem impossible to fix without resorting to temporary public support. But the risk of large write-offs of capital instruments due to burden-sharing and bail-in may represent an insurmountable obstacle to such public support as it may set in motion an investors’ flight. The paper concludes by showing that existing rules do contain the flexibility required to accommodate aggregate policy requirements in the general interest, and outlines a public support scheme for the precautionary recapitalisation of solvent banks that would be compliant with EU law.

Projeto de Investimento

Angola encontra-se em processo de restruturação e de desenvolvimento a nível económico e financeiro. A opção pelo investimento em Angola surgiu com as oportunidades de negócio que o país apresenta e também pela necessidade de descentralização do setor da restauração. Após efetuar uma pequena análise do mercado angolano, foi elaborado o projeto “Sweet Art” que está associado ao mercado da indústria alimentar e o mesmo orienta as respetivas propostas de valor para o conjunto de indivíduos e famílias que compram bens e serviços para o consumo próprio. O objetivo principal desse trabalho consiste na elaboração de um plano de negócios viável para a abertura de uma pastelaria em Angola, na província de Luanda - bairro do Talatona, com oferta de doces, salgados, gelados de frutos naturais e secos e também sumos e batidos naturais. Por sua vez, os seus objetivos específicos compreendem a: descrição da ideia; a composição de um plano estratégico, para um melhor estudo do meio envolvente; constituição de um plano operacional de marketing (marketing mix); o plano de operações; plano de pessoal; e um plano financeiro para analisar a sua viabilidade económica e financeira. Na primeira etapa do trabalho foi abordada a componente conceptual e, em seguida, foi apresentado o plano de negócios em si, que terá uma duração estimada de cinco anos, sendo que no terceiro ano se verifica o retorno do investimento. Após elaborado o plano de negócios foi possível concluir que o empreendimento Sweet Art é viável económica e financeiramente.

Plasticité du cortex visuel: «homéodynamie» des connexions neuronales et modèle d’effets d’antidépresseurs

Les informations sensorielles sont traitées dans le cortex par des réseaux de neurones co-activés qui forment des assemblées neuronales fonctionnelles. Le traitement visuel dans le cortex est régit par différents aspects des caractéristiques neuronales tels que l’aspect anatomique, électrophysiologique et moléculaire. Au sein du cortex visuel primaire, les neurones sont sélectifs à divers attributs des stimuli tels que l’orientation, la direction, le mouvement et la fréquence spatiale. Chacun de ces attributs conduit à une activité de décharge maximale pour une population neuronale spécifique. Les neurones du cortex visuel ont cependant la capacité de changer leur sélectivité en réponse à une exposition prolongée d’un stimulus approprié appelée apprentissage visuel ou adaptation visuelle à un stimulus non préférentiel. De ce fait, l’objectif principal de cette thèse est d’investiguer les mécanismes neuronaux qui régissent le traitement visuel durant une plasticité induite par adaptation chez des animaux adultes. Ces mécanismes sont traités sous différents aspects : la connectivité neuronale, la sélectivité neuronale, les propriétés électrophysiologiques des neurones et les effets des drogues (sérotonine et fluoxétine). Le modèle testé se base sur les colonnes d’orientation du cortex visuel primaire. La présente thèse est subdivisée en quatre principaux chapitres. Le premier chapitre (A) traite de la réorganisation du cortex visuel primaire suite à une plasticité induite par adaptation visuelle. Le second chapitre (B) examine la connectivité neuronale fonctionnelle en se basant sur des corrélations croisées entre paires neuronales ainsi que sur des corrélations d’activités de populations neuronales. Le troisième chapitre (C) met en liaison les aspects cités précédemment (les effets de l’adaptation visuelle et la connectivité fonctionnelle) aux propriétés électrophysiologiques des neurones (deux classes de neurones sont traitées : les neurones à décharge régulière et les neurones à décharge rapide ou burst). Enfin, le dernier chapitre (D) a pour objectif l’étude de l’effet du couplage de l’adaptation visuelle à l’administration de certaines drogues, notamment la sérotonine et la fluoxétine (inhibiteur sélectif de recapture de la sérotonine). Méthodes En utilisant des enregistrements extracellulaires d’activités neuronales dans le cortex visuel primaire (V1) combinés à un processus d’imagerie cérébrale optique intrinsèque, nous enregistrons l’activité de décharge de populations neuronales et nous examinons l’activité de neurones individuels extraite des signaux multi-unitaires. L’analyse de l’activité cérébrale se base sur différents algorithmes : la distinction des propriétés électrophysiologiques des neurones se fait par calcul de l’intervalle de temps entre la vallée et le pic maximal du potentiel d’action (largeur du potentiel d’action), la sélectivité des neurones est basée sur leur taux de décharge à différents stimuli, et la connectivité fonctionnelle utilise des calculs de corrélations croisées. L’utilisation des drogues se fait par administration locale sur la surface du cortex (après une craniotomie et une durotomie). Résultats et conclusions Dans le premier chapitre, nous démontrons la capacité des neurones à modifier leur sélectivité après une période d’adaptation visuelle à un stimulus particulier, ces changements aboutissent à une réorganisation des cartes corticales suivant un patron spécifique. Nous attribuons ce résultat à la flexibilité de groupes fonctionnels de neurones qui étaient longtemps considérés comme des unités anatomiques rigides. En effet, nous observons une restructuration extensive des domaines d’orientation dans le but de remodeler les colonnes d’orientation où chaque stimulus est représenté de façon égale. Ceci est d’autant plus confirmé dans le second chapitre où dans ce cas, les cartes de connectivité fonctionnelle sont investiguées. En accord avec les résultats énumérés précédemment, les cartes de connectivité montrent également une restructuration massive mais de façon intéressante, les neurones utilisent une stratégie de sommation afin de stabiliser leurs poids de connectivité totaux. Ces dynamiques de connectivité sont examinées dans le troisième chapitre en relation avec les propriétés électrophysiologiques des neurones. En effet, deux modes de décharge neuronale permettent la distinction entre deux classes neuronales. Leurs dynamiques de corrélations distinctes suggèrent que ces deux classes jouent des rôles clés différents dans l’encodage et l’intégration des stimuli visuels au sein d’une population neuronale. Enfin, dans le dernier chapitre, l’adaptation visuelle est combinée avec l’administration de certaines substances, notamment la sérotonine (neurotransmetteur) et la fluoxétine (inhibiteur sélectif de recapture de la sérotonine). Ces deux substances produisent un effet similaire en facilitant l’acquisition des stimuli imposés par adaptation. Lorsqu’un stimulus non optimal est présenté en présence de l’une des deux substances, nous observons une augmentation du taux de décharge des neurones en présentant ce stimulus. Nous présentons un modèle neuronal basé sur cette recherche afin d’expliquer les fluctuations du taux de décharge neuronale en présence ou en absence des drogues. Cette thèse présente de nouvelles perspectives quant à la compréhension de l’adaptation des neurones du cortex visuel primaire adulte dans le but de changer leur sélectivité dans un environnement d’apprentissage. Nous montrons qu’il y a un parfait équilibre entre leurs habiletés plastiques et leur dynamique d’homéostasie.

Peronismo, dictadura y universidades privadas en la Argentina de los años 70

A partir del análisis de normativas universitarias, bibliografía especializada y fundamentalmente fuentes documentales y testimoniales, este artículo aborda la trama del sector universitario privado durante el complejo interregno que significaron los años setentas para la historia reciente Argentina. Observaremos que tras el reingreso del peronismo al poder del Estado en 1973, la alta sustentabilidad adquirida por el sector en años anteriores fue puesta en jaque: conflictos estudiantiles, intervenciones políticas y un crecimiento institucional refrenado, fueron algunos de sus rasgos distintivos. En cuanto a la última dictadura militar (1976-1983), abrió una contradictoria etapa de desarrollo para las universidades privadas. Pese a la alternancia de católicos conservadores en el área educativa y al sesgo privatista identificado como un hito del modelo económico implementado, el sector privado resultó contraído en el marco del avasallamiento más brutal del sistema universitario en su conjunto. Sin embargo, algunas universidades católicas resultaron beneficiadas con importantes estímulos económicos.

Rail merger study /

Cover title.

Plan to restructure the state of Illinois service delivery system for older adults /

Such restructuring shall encompass the provision of housing, health, financial and supportive older adult services. It is envisioned that this restructuring will promote the development, availability, and accessibility of a comprehensive, affordable, and sustainable service delivery system that places a high priority on home-based and community-based services. Such restructuring will encompass all aspects of the delivery system regardless of the setting in which the service is provided." (PA 093-1081 Section 5).

Extending the human life span : social policy and social ethics /

"NSF/RA 770123."

Premature deindustrialization in Latin America

Defining deindustrialization as a situation of falling share of manufacturing employment and value added in total employment and GDP, respectively, and a rising specialization in primary goods, this paper provides an empirical analysis of the recent (and in some cases historical) path of four Latin American countries (Argentina, Brazil, Chile and Mexico), contributing to the debate on the matter of premature deindustrialization. We argue that Argentina, Brazil and Chile face premature deindustrialization, increasing their specialization in commodities, resource-based manufactures and low productivity services, while Mexico urges a deeper analyze of its structure.

Interrogation of Gender Identity: Aesthetic Consumption of Korean Television Dramas by Young Women in China

Given the popularity of Korean television dramas among various age groups in other countries, one would expect to see a similar pattern of consumption across different ages in China. Instead, we see high levels of consumption of Korean dramas by a very specific demographic. Why do young Chinese females consume Korean dramas at such high levels? I argue that young Chinese women’s heavy consumption of Korean dramas that portray a particular aesthetic of self and familial resolution may be explained by a need to redress contemporary psychological issues related to gendered self-identity. I posit that the identity formation processes of this particular demographic has been shaped by changes in family dynamics that stem from social and political restructuring in the 1980s, particularly the one-child policy. Thus, this thesis explores how the consumption of Korean dramas by young females in China may be understood as an implicit interrogation of gendered identity.

Written on Running Water: Ovidian Poetics in the Roman Waterscape

Thesis (Ph.D.)--University of Washington, 2016-06

A stress and coping approach to organisational change: Evidence from three field studies

In this paper, a stress and coping perspective is used to outline the processes that determine employee adaptation to organisational change. A theoretical framework that simultaneously considers the effects of event characteristics, situational appraisals, coping strategies, and coping resources is reviewed, Three empirical investigations of organisational change that have tested various components of the model are then presented. In the first study, there was evidence linking event characteristics, situational appraisals, coping strategies and coping resources to levels of employee adjustment in a sample of pilots employed in a newly merged airline company. In a more focused test of the model with a sample of employees experiencing a restructuring process in their Organisation it was found that the provision of change-related information enhanced levels of efficacy to deal with the change process which, in turn, predicted psychological wellbeing, client engagement, and job satisfaction. In a study of managers affected by a new remuneration scheme, there was evidence to suggest that managers who received change-specific information and opportunities to participate in the change process reported higher levels of change readiness. Managers who reported higher levels of readiness for change also reported higher levels of psychological wellbeing and job satisfaction. These studies highlight ways in which managers and change agents can help employees to cope during times of organisational change.

A decade of downsizing: Understanding the contours of change in Australia, 1990-99

his paper seeks to map a decade of organizational downsizing in Australia utilizing a comprehensive longitudinal data set of 4153 firms. Aggregate downsizing measures conceal extensive change within organizations. We seek to assess these processes by comparing a conventional downsizing measure with more specific occupational downsizing measures. The results show the contours of change in Australia over the 1990s; indicate that there are distinctive and contrasting trends; and raise significant issues for future theoretical and empirical research.

Uncertainty during organizational change: Is it all about control?

Uncertainty is a major source of psychological strain during organizational change. This study tested a model of change-related communication, uncertainty, and control and their relationship with psychological strain, job satisfaction, and turnover intentions. Self-report data were obtained from staff at a psychiatric hospital undergoing restructuring. Results indicated that uncertainty had a direct and an indirect (via feelings of lack of control) relationship with psychological strain. Partialling out common method variance led to a complete mediation of this relationship by control. Other predictions about the relationship of these variables with psychological strain, job satisfaction, and turnover intentions were supported. Implications for future research and practice of change communication are discussed.

Effect of high power ultrasound waves on properties of meat: A review

The effect of high power ultrasound waves on physical, biochemical, and microbial properties of meat have been the subject of a great deal of interest in recent years. The present review details the basic principles underlying the effects of ultrasound on the properties of food systems, followed by discussion of specific effects of high power ultrasound on meat products, including muscle, cellular, and subcellular components. In addition, the specific effects of high power ultrasound on the following parameters are discussed: enzyme activities and efficiencies, muscle proteolysis, quality criteria such as tenderness; extraction of protein, gelation, and restructuring of meat products and germicidal properties against meat micro-organisms.

Alcoholic neurobiology: Changes in dependence and recovery

This article presents the proceedings of a symposium held at the meeting of the International Society for Biomedical Research on Alcoholism (ISBRA) in Mannheim, Germany, in October, 2004. Chronic alcoholism follows a fluctuating course, which provides a naturalistic experiment in vulnerability, resilience, and recovery of human neural systems in response to presence, absence, and history of the neurotoxic effects of alcoholism. Alcohol dependence is a progressive chronic disease that is associated with changes in neuroanatomy, neurophysiology, neural gene expression, psychology, and behavior. Specifically, alcohol dependence is characterized by a neuropsychological profile of mild to moderate impairment in executive functions, visuospatial abilities, and postural stability, together with relative sparing of declarative memory, language skills, and primary motor and perceptual abilities. Recovery from alcoholism is associated with a partial reversal of CNS deficits that occur in alcoholism. The reversal of deficits during recovery from alcoholism indicates that brain structure is capable of repair and restructuring in response to insult in adulthood. Indirect support of this repair model derives from studies of selective neuropsychological processes, structural and functional neuroimaging studies, and preclinical studies on degeneration and regeneration during the development of alcohol dependence and recovery from dependence. Genetics and brain regional specificity contribute to unique changes in neuropsychology and neuroanatomy in alcoholism and recovery. This symposium includes state-of-the-art presentations on changes that occur during active alcoholism as well as those that may occur during recovery-abstinence from alcohol dependence. Included are human neuroimaging and neuropsychological assessments, changes in human brain gene expression, allelic combinations of genes associated with alcohol dependence and preclinical studies investigating mechanisms of alcohol induced neurotoxicity, and neuroprogenetor cell expansion during recovery from alcohol dependence.