Equity and bond flows to Asia and Latin America : the role of global and country factors

The authors investigate what has motivated the large portfolio flows to several developing countries in recent years. Using monthly data on U.S. capital flows to nine Latin American and nine Asian countries (instead of monthly reserves data), they analyze the behavior of bond and equity flows to those countries. Using panel data, they find that global factors - such as a drop in U.S. interest rates and the slowdown in U.S. industrial production - are important in explaining capital inflows. But country developments are at least as important in determining those flows, especially for Asia. They also find that equity flows are more sensitive than bond flows to global factors, but that bond flows are generally more sensitive to a country's credit rating and to the secondary market price of debt.Economic Theory&Research,Banks&Banking Reform,Financial Intermediation,Environmental Economics&Policies,Macroeconomic Management

What Drives Different Types of Capital Flows and their Volatilities in Developing Asia?

Understanding the determinants of capital inflows is essential to designing an effective policy framework to manage volatile capital flows and their disruptive potential. This paper aims to identify factors that explain the size and volatility of various types of capital flows to developing Asia, vis-à-vis other emerging market economies. The estimates for a panel dataset show that per capita income growth, trade openness, and change in stock market capitalization are important determinants of capital inflows to developing Asia. Trade openness increases the volatility of all types of capital inflows; while change in stock market capitalization, global liquidity growth and institutional quality lowers the volatility. A regional factor plays an important role in determining the size and volatility of capital inflows in emerging Europe and emerging Latin America, suggesting that regional economic cooperation and policy coordination may be an important element in designing a policy framework to manage capital inflows

Construction of Lasso Peptide Fusion Proteins

Lasso peptides are a family of ribosomally synthesized and post-translationally modified peptides (RiPPs) typified by an isopeptide-bonded macrocycle between the peptide N-terminus and an aspartate or glutamate side chain. The C-terminal portion of the peptide threads through the N-terminal macrocycle to give the characteristic lasso fold. Because of the inherent stability, both proteolytic and often thermal, of lasso peptides, we became interested in whether proteins could be fused to the free C-terminus of lasso peptides. Here, we demonstrate fusion of two model proteins, the artificial leucine zipper A1 and the superfolder variant of GFP, to the C-terminus of the lasso peptide astexin-1. Successful lasso cyclization of the N-terminus of these fusion proteins requires a flexible linker in between the C-terminus of the lasso peptide and the N-terminus of the protein of interest. The ability to fuse lasso peptides to a protein of interest is an important step toward phage and bacterial display systems for the high-throughput screening of lasso peptide libraries for new functions

Diagenetic paths in the margin of a Triassic Basin: NW zone of the Iberian Chain, Spain

Buntsandstein deposits generated in a slowly subsiding basin on the western margin of the Iberian Chain are represented by a stratigraphic succession of fluvial deposits less than 100 m thick (conglomerates, sandstones, and shales). Diagenetic processes in sandstones can be grouped as eodiagenetic, mesodiagenetic, and telodiagenetic. Eodiagenesis can be associated with Muschelkalk, Keuper, and probably early Jurassic times. Mesodiagenesis is probably related to Jurassic times. Diagenetic chemical reactions suggest a maximum burial less than 1.5 km and low temperatures (<120ºC). Patterns of porosity reduction by compaction and cementation suggest four diagenetic stages: (1) Loss of primary porosity by early mechanical compaction; (2) early cementation (Kfeldspar and dolomite); (3) dissolution of cements; and (4) framework collapse by re-compaction. These stages are manifested by the presence of two types of sandstone. Type I sandstones present high intergranular volume (mean, 30%). Type II sandstones are characterized by high compactional porosity loss and exhibit low values of intergranular volume (mean, 16.9%). Type II sandstones are associated with the dissolution of cement and later re-compaction of type I sandstones. An intermediate telodiagenetic phase is deduced and related to the sharp unconformity between Lower Cretaceous sediments and the underlying sediments. This suggests that a mechanically unstable framework collapsed during the Cretaceous, generating type II sandstones. The analyzed diagenetic paths have a wide applicability on similar marginal areas of rift basins