The Lending Channel in Emerging Economics: Are Foreign Banks Different?

This paper assembles a dataset comprising 1,565 banks in 20 Asian and Latin American countries during 1989-2001 and compares the response of the volume of loans, deposits, and bank-specific interest rates on loans and deposits, to various measures of monetary conditions, across domestic and foreign banks. It also looks for systematic differences in the behavior of domestic and foreign banks during periods of financial distress and tranquil times. Using differences in bank ownership as a proxy for financial constraints on banks, the paper finds weak evidence that foreign banks have a lower sensitivity of credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset liquidity and/or capitalization. At the same time, the lending and deposit rates of foreign banks tend to be smoother during periods of financial distress, albeit the differences with domestic banks do not appear to be strong. These results provide weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging economies may have contributed somewhat to stability in credit markets.

Bank Failures and Bank Fundamentals: A Comparative Analysis of Latin America and East Asia during the Nineties using Bank-Level Data

The author develops the first comparative empirical study of bank failures during the nineties between East Asia and Latin America using bank-level data, in order to address the following two questions: (i) To what extent did individual bank conditions explain bank failures? (ii) Did mainly the weakest banks, in terms of their fundamentals, fail in the crisis countries? The main results for East Asia and Latin America show that bank-level fundamentals not only significantly affect the likelihood of bank failure, but also account for a significant proportion of the likelihood of failure for failed banks. Systemic shocks (macroeconomic and liquidity shocks) that triggered the banking crises mainly destabilized the weakest banks ex ante, particularly in East Asia. This finding raises questions about regional asymmetries in the degree of banking sector resilience to systemic shocks.Financial institutions

La Cuenta Corriente en el Perú: Una perspectiva a partir del enfoque de suavizamiento del consumo, 1960 - 1996

Clasificación JEL:

Cardiopulmonary Exercise Testing in the Clinical and Prognostic Assessment of Diastolic Heart Failure

ObjectivesThis study sought to define the relative prognostic value of cardiopulmonary exercise testing (CPET) variables in heart failure (HF) patients with preserved versus reduced systolic function.BackgroundCardiopulmonary exercise testing has an established role in the assessment of patients with systolic heart failure (SHF). Two variables, peak Vo2and, more recently, the Ve/Vco2slope, have been shown to be extremely valuable in risk stratification. However, data are lacking in terms of the prognostic value of CPET in patients with diastolic heart failure (DHF).MethodsA total of 409 HF patients underwent CPET. Patients were divided into three groups according to the following left ventricular ejection fraction (LVEF) cutoffs: ≥40%, ≥45%, and ≥50%. The CPET response and the ability of peak Vo2and the Ve/Vco2slope to predict total mortality and hospitalization were examined.ResultsAt univariate Cox regression analysis, both the peak Vo2and the Ve/Vco2slope were significant predictors in SHF and DHF. Multivariate analysis documented a similar prognostic power of Ve/Vco2slope and peak Vo2in all SHF groups. Conversely, in DHF patients, Ve/Vco2slope outnumbered peak Vo2, remaining the only predictor regardless of LVEF. In DHF, the area under the receiver operating characteristic curve for the Ve/Vco2slope identified a cutoff of 32.6 (74% sensitivity, 52% specificity), 33.1 (76% sensitivity, 62% specificity), and 33.3 (97% sensitivity, 40% specificity) for an LVEF cutoff of ≥40%, ≥45%, and ≥50%, respectively.ConclusionsThese results extend the clinical and prognostic applicability of CPET to DHF. An impairment in exercise ventilation rather than peak Vo2holds clinical and prognostic impact in this increasing subset of patients

Long-Term Use of Sildenafil in the Therapeutic Management of Heart Failure

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Bank Fundamentals, Bank Failures and Market Discipline: An Empirical Analysis for Emerging Markets During the Nineties

After the East Asian crisis, there has been a renewed interest in both academic and policy circles about the role that bank weaknesses play in contributing to systemic banking crisis. Even though, it has been recognized in the recent theoretical literature on banking crises that both macroeconomic and bank-level fundamentals have to be taken into account in the explanation of systemic banking crisis, to date, there is little cross-country empirical evidence for emerging markets on the role of bank weaknesses in contributing to both sudden deposit withdrawals and bank failures. In this context, my thesis analyzes the episodes of systemic banking crisis in Latin America (Argentina, 1995; Mexico, 1994; and Venezuela, 1994) and East Asia (Indonesia, Korea, Malaysia, Philippines, and Thailand in 1997) using bank-level data in order to answer the following questions. First, to what extent, did financial conditions of individual banks explain bank failures? Did only the weakest banks, in terms of their fundamentals, fail in the crisis countries? Second, did depositors in crisis countries discipline riskier banks by withdrawing their deposits in such a way that deposit withdrawals could be considered an act of market discipline? The results for East Asia and Latin America show that bank-level fundamentals both affect significantly the likelihood of failure and explain a high proportion of the likelihood of failure of failed banks (around fifty percent). In East Asian crisis countries, there was little overlap in the distribution of logit propensity scores between failed and non-failed banks, implying that mainly the weakest banks failed. However, in Latin American crisis countries, there was a much clear overlap in the distribution of logit propensity scores, implying that banking system and macroeconomic shocks are relatively much more important in Latin America. Regarding market discipline, a stable model of bank-level fundamentals explains the growth rate of deposits in both regions even during the peak of the crisis periods. However, in both regions, the relative contribution of bank level fundamentals during the peak of the crisis periods declined. In this context, to some degree, the observed deposit withdrawals represented an informed market response to observable bank weaknesses

Decomposizione della lettiera di quattro specie della macchia mediterranea: relazioni con alcune caratteristiche fogliarie con la qualità della lettiera

La velocità di decomposizione della lettiera di quattro specie tipiche della Macchia Mediterranea, Q. ilex, P. angustifolia, P. lentiscus e Cistus sp., è stata misurata dopo circa tre, sei e tredici mesi di incubazione in situ nella Riserva Naturale di Castel Volturno (Caserta). Sono state valutate le relazioni tra velocità di decomposizione e 1) indice di area fogliare specifica (SLA), 2) densità dei tessuti fogliari (LDMC), 3) grado di sclerofillia (GS), 4) contenuto in N, C e lignina e rapporto C/N della lettiera. Queste caratteristiche possono influenzare la colonizzazione e la utilizzazione della lettiera da parte dei microrganismi e, di conseguenza, la sua resistenza alla decomposizione. Dopo poco più di un anno la perdita di peso della lettiera era circa 50% in cisto, 41% in fillirea e 32% in leccio e lentisco. Nei primi tre mesi di incubazione, la velocità di decomposizione della lettiera è tanto maggiore quanto più alto è il valore di SLA e diminuisce con l’aumento del valore di LDMC e GS. La correlazione decomposizione - SLA e decomposizione - GS è statisticamente significativa solo se si esclude la fillirea che, ha caratteristiche fogliari simili a quelle di leccio e lentisco (spiccata sclerofillia) ma contenuto di lignina più basso non solo rispetto alle altre due specie sclerofille, ma anche rispetto al cisto (che ha caratteristiche mesofile). La velocità di decomposizione è correlata negativamente al contenuto di lignina e al rapporto lignina/N quando vengono considerate le quattro specie; se si considerano solo fillirea e cisto la correlazione diventa positiva. I risultati mostrano che la decomposizione della lettiera è la risultante degli effetti congiunti delle caratteristiche fogliari e della composizione chimica della lettiera

Low NT-proBNP levels in overweight and obese patients do not rule out a diagnosis of heart failure with preserved ejection fraction

Background Heart failure with preserved ejection fraction (HFpEF) is a heterogeneous syndrome that presents clinicians with a diagnostic challenge. The use of natriuretic peptides to exclude a diagnosis of HFpEF has been proposed. We sought to compare HFpEF patients with N-terminal pro-brain natriuretic peptide (NT-proBNP) level above and below the proposed cut-off. Methods Stable patients (n = 30) with left ventricular (LV) ejection fraction ≥ 50% were eligible if they had a diagnosis of HF according to the European Society of Cardiology diagnostic criteria. Characteristics of patients with NT-proBNP below (≤125 pg/mL) and above (\u3e125 pg/mL) the diagnostic criterion were compared. Results There were 19 (66%) women with median age 54 years. Half were African American (16, 53%), and most were obese. There were no significant differences in clinical characteristics or medication use between groups. LV end-diastolic volume index was greater in high NT-proBNP patients (P = 0.03). Left atrial volume index, E/e\u27 ratio, and E/e\u27 ratio at peak exercise were not significantly different between NT-proBNP groups. Peak oxygen consumption (VO2), VO2 at ventilatory threshold, and ventilatory efficiency measures were impaired in all patients and were not significantly different between high and low NT-proBNP patients. Conclusions NT-proBNP was below the proposed diagnostic cut-off point of 125 pg/mL in half of this obese study cohort. Cardiac diastolic dysfunction and cardiorespiratory fitness were not significantly different between high and low NT-proBNP patients. These data indicate that excluding the diagnosis of HFpEF based solely on NT-proBNP levels should be discouraged

Exercise training in group 2 pulmonary hypertension: which intensity and what modality

Pulmonary hypertension (PH) due to left-sided heart disease (LSHD) is a common and disconcerting occurrence. For example, both heart failure (HF) with preserved and reduced ejection fraction (HFpEF and HFrEF) often lead to PH as a consequence of a chronic elevation in left atrial filling pressure. A wealth of literature demonstrates the value of exercise training (ET) in patients with LSHD, which is particularly robust in patients with HFrEF and growing in patients with HFpEF. While the effects of ET have not been specifically explored in the LSHD–PH phenotype (i.e., composite pathophysiologic characteristics of patients in this advanced disease state), the overall body of evidence supports clinical application in this subgroup. Moderate intensity aerobic ET significantly improves peak oxygen consumption, quality of life and prognosis in patients with HF. Resistance ET significantly improves muscle strength and endurance in patients with HF, which further enhance functional capacity. When warranted, inspiratory muscle training and neuromuscular electrical stimulation are becoming recognized as important components of a comprehensive rehabilitation program. This review will provide a detailed account of ET programing considerations in patients with LSHD with a particular focus on those concomitantly diagnosed with PH