Assessing the Potential Strength of a Bank Capital Channel in Europe: A Principal Component Analysis

The asymmetric impact of the recent financial crisis on the European countries' real activity raised the question of the heterogeneity of the transmission channels of shocks in the euro area. In this article, we suggest an assessment of this heterogeneity based on the banks' capital channel (BCC). To this end, we follow an original and global perspective, studying the combination of several key indicators through a Principal Component Analysis (PCA). Based on data collected before the beginning of the crisis, the analysis identifies Germany and Italy as the European economies a priori the most exposed to a financial shock passing through the BCC, while Finland, France or Spain would be the least exposed. The comparison of these a priori results to the post-crisis economic performance of the largest European countries supports the idea of a heterogeneous bank capital channel inside the union.

The Impact of Financial Markets Globalization on Companies Capital Structure

Insuring the assets financing was a permanent concern in the companies. The aim of the financing policy was to identify the most profitable financing sources for the company, at the lowest cost possible and correlated in time with the need of resources. The modelling of the cost of capital, as well as that of the optimal combination of various financing sources in order to obtain a cost of capital able to lead to maximizing the companies value, especially in the conditions of a durable financing are permanent challenges for scientific research. The capital structure of the companies is determined by a wide range of quantitative and qualitative factors, which can be divided in two classes: on one side, factors independents on companies decisions (the stability of the economy, the fiscal system, the monetary and capital markets), and on the other side internal factors (the size of the company, the profitability, the percent of tangible assets in total assets etc.). The accessibility of the financing sources is in present influenced by the characteristics of the credit and capital markets are characterized in present by complex phenomena such as the globalization and the adhesion of certain countries to European Union.globalization, capital structure, financial markets, fiscal system, cost of capital.

Monetary policy transmission asymmetries in a heterogeneous monetary union: a simple contractual solution

In this paper, we show that imposing linear penalties on inflation and income divergences to a common central bank could be an interesting solution to stabilization problems in a heterogeneous monetary Union. We find an “optimal contract†for monetary policy which enforces the optimal solution for maximizing Union-wide welfare. This contract may provide a good institutional response to stabilization problems raised by monetary policy transmission asymmetries, as described in De Grauwe & Senegas (2004).

Politique économique et transmission des chocs dans la zone euro

Cet article propose une analyse descriptive des données macroéconomiques dans la zone euro et une étude de la transmission des politiques monétaire et budgétaire à travers une analyse SVAR. Les résultats suggèrent que, depuis la création de la zone euro, la politique monétaire a joué un rôle important aussi bien pour la stabilisation de l’inflation et de l’activité réelle, en ayant un comportement contracyclique soutenu. Au niveau agrégé, la politique budgétaire semble aussi avoir favorisé la stabilisation de l’activité réelle par des actions contracycliques (surtout après 2003). Cependant, des divergences importantes apparaissent au niveau national, mettant en cause l’efficacité de la gestion budgétaire dans l’Union économique et monétaire (UEM). L’étude de la transmission des différents chocs à l’intérieur de la zone confirme l’idée d’une certaine complémentarité entre politique monétaire commune et politiques budgétaires nationales. Elle met aussi en exergue l’hétérogénéité de la transmission des chocs au niveau national, preuve de la présence d’asymétries structurelles qui persistent dans cette région.This paper provides a descriptive analysis of macroeconomic data in the euro area and uses a SVAR approach to study the transmission of the fiscal and monetary policy in this region. The results suggest that the monetary policy has played an important role since 2000, both for the inflation and output stabilization, having a sustained counter-cyclical behavior in the euro area. If, at aggregate level, the fiscal policy also appears to have supported the output stabilization (especially after 2003), significant differences appear at the national level, casting doubt on the effectiveness of budgetary policy design in the Economic and Monetary Union (EMU). The study on the transmission of shocks within the area confirms, in a certain extent, the complementary actions of the monetary policy and of the national fiscal policies. It also underlines the heterogeneity of the transmission of shocks at the national level, which is a proof of still persistent structural asymmetries in this area

Recent advances in the development of tissue transglutaminase (TG2) inhibitors

Tissue transglutaminase (TG2) is a Ca2+-dependent enzyme and probably the most ubiquitously expressed member of the mammalian transglutaminase family. TG2 plays a number of important roles in a variety of biological processes. Via its transamidating function, it is responsible for the cross-linking of proteins by forming isopeptide bonds between glutamine and lysine residues. Intracellularly, Ca2+ activation of the enzyme is normally tightly regulated by the binding of GTP. However, upregulated levels of TG2 are associated with many disease states like celiac sprue, certain types of cancer, fibrosis, cystic fibrosis, multiple sclerosis, Alzheimer's, Huntington's and Parkinson's disease. Selective inhibitors for TG2 both cell penetrating and non-cell penetrating would therefore serve as novel therapeutic tools for the treatment of these disease states. Moreover, they would provide useful tools to fully elucidate the cellular mechanisms TG2 is involved in and help comprehend how the enzyme is regulated at the cellular level. The current paper is intended to give an update on the recently discovered classes of TG2 inhibitors along with their structure-activity relationships. The biological properties of these derivatives, in terms of both activity and selectivity, will also be reported in order to translate their potential for future therapeutic developments. © 2011 Springer-Verlag

Indebtedness and macroeconomic imbalances in a monetary-union DSGE model

We build a two-country open-economy monetary union DSGE model in order to explain some macroeconomic imbalances in the euro area. We fo cus on the role of cyclic al behaviour of public spending and sovereign risk premium. Pro-cyclical primary public expenditures in one country do not lead to higher interest rates on domestic public bonds in the short term as long as output growth helps financing public debt. Spillover effects on th e other country can be positive on output as long as a real effective depreciation of the common currency leads to higher exports to the rest of the world

Transparent reporting of recruitment and informed consent approaches in clinical trials recruiting children with minor parents in sub-Saharan Africa: a secondary analysis based on a systematic review

BACKGROUND: Standardised checklists of items to be addressed in clinical study protocols and publications are promoting transparency in research. However, particular specifications for exceptional cases, such as children with minor parents are missing. This study aimed to examine the level of transparency regarding recruitment and informed consent approaches in publications of clinical trials recruiting children with minor parents in sub-Saharan Africa. We thereby focused particularly on the transparency about consenting persons (i.e. proxy decision-makers) and assessed the need to expand reporting guidelines for such exceptional cases. METHODS: We conducted a secondary analysis of clinical trial publications previously identified through a systematic review. Multiple scientific databases were searched up to March 2019. Clinical trial publications addressing consent and potentially recruiting children with minor parents in sub-Saharan Africa were included. 44 of the in total 4382 screened articles met our inclusion criteria. A descriptive analysis was performed. RESULTS: None of the included articles provided full evidence on whether any recruited children had minor parents and how consent was obtained for them. Four proxy decision-maker types were identified (parents; parents or guardians; guardians; or caregivers), with further descriptions provided rarely and mostly in referenced clinical trial registrations or protocols. Also, terminology describing proxy decision-makers was often used inconsistently. CONCLUSIONS: Reporting the minimum maternal age alongside maternal data provided in baseline demographics can increase transparency on the recruitment of children with minor mothers. The CONSORT checklist should require clinical trial publications to state or reference exceptional informed consent procedures applied for special population groups. A standardized definition of proxy decision-maker types in international clinical trial guidelines would facilitate correct and transparent informed consent for children and children with minor parents. STUDY REGISTRATION: CRD42018074220