Shadow banking, relationship banking, and the economics of depression

A simple methodological accounting model of the influence of financial markets over the real economy is presented here. The model allows a tidy comparison of relationship and shadow banking, interpreted as alternative schemes of liquidity (not credit) risk management. The model emphasizes the interdependencies in entrepreneurs’ animal spirits, liquidity risk management (LRM) schemes adopted by financial institutions, and effective demand of households. The underlying idea is that fluctuations in the composition of property incomes trigger fluctuations in non-financial investment that, in turn, drive fluctuations in spending: the model thus shows up as an endogenous money version of the widow’s cruse (capitalists earn what they spend). The article finds that both relationship and shadow banking must have a pro-cyclical impact, and differences are essentially based on different LRM aggregate cost functions. The model suggests that securitisation does not per se affect the financial sustainability of a growth process, yet regulatory measures aimed at checking predatory lending and re-securitisation (CDO) activities are needed to avoid possible adverse impacts on animal spirits

Determination of a strength index for upper body local endurance strength in sedentary individuals: a cross sectional analysis

A range of balance between flexor and extensor muscles is fundamental in order to prevent pathologies caused by bad postures or to ensure health of the joint as a measure of prevention of overtraining in specific muscle groups. Therefore, the aim of this study is to examine the ratio between "pulling" and "pushing" strength in sedentary individuals. 212 healthy participants, of both genders (139 male and 73 female; age 32 \ub1 13.3 years, weight 70.2 \ub1 14.1 kg, height 173 \ub1 9 cm) were retained for investigation. Strength was assessed through a new methodology: Pulling through a lat-pulldown test while pushing strength through a chest-press test. Both tests were performed to exhaustion with an overload of 30 % of each participants bodyweight. Such method aims to prevent excessive overloads in sedentary individuals. Pearson's correlations and a t test to assess differences were analyzed. Subsequently, the ratio for both genders of pulling and pushing local endurance strength was assessed by means. A mean number of 57 repetitions was shown with the lat-pulldown while 34 repetition with the chest press. A correlation of 0.42 has been found between the number of repetitions of the two tests. A significant difference (p < 0.001) was found between such performances. No correlation was found between the strength measures and the anthropometric parameters of the participants. The lat machine to chest press ratio was 1.36:1 for male while 2.69:1 for female. The results indicate that sedentary participants have higher pulling rather than pushing local endurance strength. Such ratio should be considered as a normative value when starting to perform exercise protocols. Resistance training should be performed in order to improve strength measures of the weaker muscles and reduce such ratio

Hicks's thread (out of the equilibrium labyrinth)

The work of John Hicks is an unending source of inspiration for many economists and an unsolved dilemma for historians of economic thought.This article highlights the fact that Hicks’s peculiar perspective on the economic agent constitutes the sub-structure underlying his research path, and the common premise to his theories of markets, liquidity, capital, and risk. Hicks’s theory of the agent was intended to address the factual role of non-measurable risk (i.e. learning management) and was primarily concerned with the price and wealth effects that the transaction costs (costs of learning and moving) entail for learning-induced behaviours

Relationship Banking, Shadow Banking, and the Economics of Depression

A stock-flow consistent and simple methodological account of the influence of financial markets over the real economy is here presented. Based on an original interpretation of the basic heterogeneity in relationship and shadow banking operations, often referred to as OTH vs. OTD banking models, this methodological article develops an accounting model that emphasizes the interdependencies in entrepreneurs’ variations in animal spirits, financial institutions’ liquidity risk management, and households’ effective demand. The model captures the idea that fluctuations in the composition of property incomes lead to fluctuations in borrowing for non-financial purposes that, in their turn, drive fluctuations in spending. The model is so devised as to allow a tidy comparison in the role played by relationship or shadow banking over the dynamism of a depressed economy

The sit up test to exhaustion as a test for muscular endurance evaluation

AIMS/HYPOTHESIS The aim of this study was to examine the sit up test to exhaustion as a field test for muscular endurance evaluation in a sample of sedentary people of both sexes. METHODS: A cross-sectional study was performed. Three-hundred-eighty-one participants volunteered for the study (28.5 \ub1 10.0 years; 168.2 \ub1 8.9 cm; 65.1 \ub1 11.1 kg), of which 194 males (27.5 \ub1 10.2 years; 173.6 \ub1 7.0 cm; 71.2 \ub1 5.2 kg) and 187 females (29.6 \ub1 10.1 years; 162.6 \ub1 7.1 cm; 58.7 \ub1 8.9 kg). Each subject voluntarily and randomly performed: a sit up test (SUT), a push up test (PUT), and a free weight squat test (ST), all till exhaustion. A multiple regression analysis was adopted for data analysis. Subsequently a percentile model for muscle endurance was developed. The 25th, 50th, and 75th percentile were identified as upper limit for low muscular endurance, average muscular endurance, and lower limit for high muscular endurance, respectively. RESULTS: Considering the sit up test as the dependent variable, the coefficients (R(2) = 0.23; r = 0.49; p < 0.001), and (R(2) = 0.31; r = 0.57; p < 0.001) emerged from a multiple regression analysis applied with respect to the push up test and the squat test, respectively. Gender stratification showed regression coefficients of (R(2) = 0.19; r = 0.44; p < 0.001) for SUT vs. PUT, and (R(2) = 0.30; r = 0.56; p < 0.001) for SUT vs. ST in male; and (R(2) = 0.23; r = 0.49; p < 0.001) for SUT vs. PUT, and (R(2) = 0.34; r = 0.59; p < 0.001) for SUT vs. ST in female. CONCLUSIONS/INTERPRETATION: The SUT showed low inter-relation with the other proposed tests indicating that the adoption of a single test for the global evaluation of muscle endurance is not the optimal approach. Moreover, the SUT was found to be inexpensive, safe, and appropriate for core muscle endurance measurement for both male and female

Pain perception and stabilometric parameters in people with chronic low back pain after a pilates exercise program: A randomized controlled trial

Various exercise interventions, such as Pilates exercises and traditional physical therapy methods, are employed to decrease low back pain (LBP). Nonspecific low back pain (NSLBP) is distinct from LBP, however, as the distribution of pain is restricted to the region between the costal margin and the inferior gluteal. The aim of our randomized controlled trial was to evaluate the effects of a program of Pilates exercises on pain perception and stabilometric parameters in patients with NSLBP.Thirty-eight participants were randomly allocated, using a 1:1 scheme, to either the experimental group (EG) or control group (CG). The EG completed a 14-week program of Pilates exercises, performed thrice per week under the supervision of an exercise specialist, while the CG was managed with a social program only. Measures of posturography and Oswestry Disability Index (ODI) for pain perception were obtained at baseline (T0) and after the 14 weeks of intervention (T)1.Posturography measures improved for patients in the EG, with both eyes open and eyes closed (P\u200a<\u200a0.05). There were no statistical differences in posturography in the CG. ODI decreased significantly in both groups over the 14 weeks of the study protocol: EG, T0, 13.7\u200a\ub1\u200a5.0 compared with T1, 6.5\u200a\ub1\u200a4.0 (P\u200a<\u200a0.001); and CG, T0, 10.7\u200a\ub1\u200a7.8 compared with T1, 8.4\u200a\ub1\u200a7.8 (P\u200a<\u200a0.01). A greater extent of reduction in pain was achieved in the EG.The Pilates exercise program yielded improvements in pain and posturography outcomes. Our study also confirms the applicability of posturography in evaluating postural instability in patients with NSLBP. Due to our relatively small study group, future studies would be necessary to confirm our findings

Levothyroxine treatment and cholesterol in hypothyroidism

Thyroid status and serum cholesterol levels are intimately linked. Hypothyroidism causes hypercholesterolaemia, which is thought to be resolved after treatment with levothyroxine and normalization of thyroid-stimulating hormone. However, some studies indicate that hypercholesterolaemia persists despite treatment, requiring more frequent use of statins

Thyroid Hormone Deiodinases and Cancer

Deiodinases constitute a group of thioredoxin fold-containing selenoenzymes that play an important function in thyroid hormone homeostasis and control of thyroid hormone action. There are three known deiodinases: D1 and D2 activate the pro-hormone thyroxine (T4) to T3, the most active form of thyroid hormone, while D3 inactivates thyroid hormone and terminates T3 action. A number of studies indicate that deiodinase expression is altered in several types of cancers, suggesting that (i) they may represent a useful cancer marker and/or (ii) could play a role in modulating cell proliferation – in different settings thyroid hormone modulates cell proliferation. For example, although D2 is minimally expressed in human and rodent skeletal muscle, its expression level in rhabdomyosarcoma (RMS)-13 cells is threefold to fourfold higher. In basal cell carcinoma (BCC) cells, sonic hedgehog (Shh)-induced cell proliferation is accompanied by induction of D3 and inactivation of D2. Interestingly a fivefold reduction in the growth of BCC in nude mice was observed if D3 expression was knocked down. A decrease in D1 activity has been described in renal clear cell carcinoma, primary liver cancer, lung cancer, and some pituitary tumors, while in breast cancer cells and tissue there is an increase in D1 activity. Furthermore D1 mRNA and activity were found to be decreased in papillary thyroid cancer while D1 and D2 activities were significantly higher in follicular thyroid cancer tissue, in follicular adenoma, and in anaplastic thyroid cancer. It is conceivable that understanding how deiodinase dysregulation in tumor cells affect thyroid hormone signaling and possibly interfere with tumor progression could lead to new antineoplastic approaches