Ceny mieszkań podczas pandemii COVID-19: spostrzeżenia ze Szwecji

The COVID-19 pandemic triggered a major global economic recession, to which policymakers around the world responded with massive fiscal and monetary support. While housing prices generally fall during economic downturns, they have risen during the pandemic in all OECD countries. A number of factors may have contributed, including expansionary monetary policy, the lifting of some macro-prudential constraints and a shift in housing preferences. This paper uses monthly data to examine the behaviour of real house and flat prices during the pandemic in Sweden, at the national level and in the three biggest cities. While a model containing usual determinants of housing prices tracked price developments well before the pandemic, it underestimates house prices and generally overestimates flat prices in the pandemic period. This suggests a preference shift from flats towards houses, which is consistent with findings from the recent literature on other countries. The introduction of mortgage amortisation requirements in 2016 and 2018 is estimated to have lowered housing prices. However, their lifting during the pandemic seems to have had a relatively minor effect on housing prices.Pandemia COVID-19 wywołała poważną globalną recesję gospodarczą, na którą decydenci na całym świecie zareagowali, udzielając ogromnego wsparcia fiskalnego i monetarnego. Podczas gdy ceny mieszkań zazwyczaj spadają w okresach spowolnienia gospodarczego, w czasie pandemii wzrosły we wszystkich krajach OECD. Przyczyniło się do tego wiele czynników, w tym ekspansywna polityka pieniężna, zniesienie niektórych ograniczeń makroostrożnościowych oraz zmiana preferencji mieszkaniowych. W niniejszym opracowaniu wykorzystano dane miesięczne do zbadania zachowania rzeczywistych cen domów i mieszkań w czasie pandemii w Szwecji, na poziomie krajowym i w trzech największych miastach. Podczas gdy model zawierający typowe determinanty cen mieszkań śledzi zmiany cen na długo przed pandemią, to w okresie pandemii zaniża on ceny domów i generalnie zawyża ceny mieszkań. Sugeruje to przesunięcie preferencji z mieszkań w kierunku domów, co jest zgodne z ustaleniami z najnowszej literatury dotyczącej innych krajów. Szacuje się, że wprowadzenie wymogów dotyczących amortyzacji kredytów hipotecznych w latach 2016 i 2018 obniżyło ceny mieszkań. Wydaje się jednak, że ich zniesienie w czasie pandemii miało stosunkowo niewielki wpływ na ceny mieszkań

Product Market Regulation and Competition in China

The extent of competition in product markets is an important determinant of economic growth in both developed and developing countries. This paper uses the 2008 vintage of the OECD indicators of product market regulation to assess the extent to which China’s regulatory environment is supportive of competition in markets for goods and services. The results indicate that, although competition is increasingly robust across most markets, the overall level of product market regulation is still restrictive in international comparison. These impediments to competition are likely to constrain economic growth as the Chinese economy continues to develop and becomes more sophisticated. The paper goes on to review various aspects of China’s regulatory framework and suggests a number of policy initiatives that would improve the extent to which competitive market forces are able to operate. Breaking the traditional links between state-owned enterprises and government agencies is an ongoing challenge. Reducing administrative burdens, increasing private sector involvement in network sectors and lowering barriers to foreign direct investment in services would also increase competition and enhance productivity growth going forward. Some of the reforms introduced by the Chinese government over the past two years go in this direction and should therefore help foster growth.

Interaction and functional cooperation of NF-kB with SMADS. Transcriptional regulation of the junB promoter

The transforming growth factor-beta (TGF-beta) family of cytokines regulates diverse cellular processes through control of the expression of target genes. Smad proteins are a recently identified family of signal transducers for members of the TGF-beta family. Smads act as transcriptional regulators through binding to DNA and interacting with a variety of transcription factors. Here, we identified a kappaB site as a TGF-beta-responsive region in the 3'-downstream junB promoter region. We also demonstrate that kappaB sites alone are sufficient to mediate immediate transcriptional activation by TGF-beta. Transactivation of kappaB sites by TGF-beta requires an intact NF-kappaB pathway, cooperates with known activators of this pathway, and is mediated by Smad family members. Furthermore, we show that Smad3 interacts with p52 in vivo. These data expand the model in which Smad proteins undergo multiple interactions with several transcription factors that could induce either activation or repression of gene expression

JunB is involved in the inhibition of myogenic differentiation by bone morphogenetic protein-2

Bone morphogenetic proteins (BMPs) constitute a family of multifunctional growth and differentiation factors structurally related to transforming growth factor-beta. BMPs were first identified by their osteoinductive effects, inducing ectopic bone formation when implanted in skeletal muscle, and have an important role as regulators of skeletal development in vivo. In vitro, BMP-2 is able to transdifferentiate myogenic C2C12 cells into the osteoblastic phenotype. In this report, we show that the osteoinductive effects of BMP-2 in C2C12 cells are mediated by bone morphogenetic protein receptor type-IA in combination with both activin receptor type II and bone morphogenetic protein receptor type II. We also analyzed the expression levels of nuclear protooncogenes to understand early transcriptional events induced by BMP-2. We show that junB is an immediate early gene induced by BMP-2 and transforming growth factor-beta. BMP-2 induces transcriptional activation of JunB expression as early as 30 min after ligand addition, reaching maximal levels after 90 min. Increase of JunB mRNA correlates with a higher AP-1 binding activity. Furthermore, ectopic overexpression of JunB is sufficient to inhibit expression of myoblast differentiation markers in C2C12 cells. These data, taken together, show the involvement of JunB in the early steps of inhibition of myogenic differentiation induced by transforming growth factor-beta family members

Research and management challenges following soil and landscape decontamination at the onset of the reopening of the Difficult-to-Return Zone, Fukushima (Japan)

Twelve years after the nuclear accident that occurred at the Fukushima Dai-ichi Nuclear Power Plant (FDNPP) in March 2011, radiocesium contamination (with a large dominance of 137Cs, with a 30-year half-life) remains a major concern in various municipalities of north-eastern Japan. The Japanese authorities completed an unprecedented soil decontamination programme in residential and cultivated areas affected by the main radioactive plume (8953 km2). They implemented a complex remediation programme scheme to remediate soils that are fundamental to life on Earth, relying on different decision rules depending on the waste type, its contamination level and its region of origin, after delineating different zones exposed to contrasted radiation rates. The central objective was not to expose local inhabitants to radioactive doses exceeding 1 mSv yr−1 in addition to the natural levels. At the onset of the full reopening of the Difficult-to-Return Zone (DTRZ) in spring 2023, the current review provides an update of a previous synthesis published in 2019 (Evrard et al., 2019). Although this ambitious soil remediation and reconstruction programme has almost been completed in the 12 municipalities of Fukushima Prefecture in which an evacuation order was imposed in at least one neighbourhood in 2011, from the 147 443 inhabitants who lived there before the accident, only 29.9 % of them had returned by 2020. Waste generated by decontamination and tsunami cleaning/demolition work is planned to have been fully transported to (interim) storage facilities by the end of 2023. The cost of the operations conducted between 2011 and 2020 for the so-called “nuclear recovery” operations (including decontamination) was estimated by the Board of Audit of Japan in 2023 as JPY 6122.3 billion (∼ EUR 44 billion). Decontamination of cropland was shown to have impacted soil fertility, and potassium fertilisation is recommended to limit the transfer of residual radiocesium to new crops. In forests that cover 71 % of the surface area of Fukushima Prefecture and that were not targeted by remediation, radiocesium is now found in the upper mineral layer of the soil in a quasi-equilibrium state. Nevertheless, 137Cs concentrations in forest products (including wood for heating and construction, wild plants, wildlife game, mushrooms) often keep exceeding the threshold values authorised in Japan, which prohibits their exploitation in the area affected by the main plume. Radionuclides from forests were shown to be exported in dissolved and particle-bound forms to downstream river systems and floodplains, although multiple monitoring records showed the continuous decrease in radiocesium concentrations in both river water and sediment across the main plume between 2011 and 2021. Fish contamination is now generally found to be below the threshold limits although reputational damage remains a major concern for local fishing communities. The remobilisation of radiocesium from sediment accumulated in reservoirs of the region is also of potential concern as it may lead to secondary contamination of fish or irrigation waters supplied to decontaminated fields. Overall, this synthesis demonstrates the need to continue monitoring post-accidental radiocesium transfer in these environments and to keep sharing data in order to refine our predictive understanding of radiocesium mobility and consolidate the tools available to model contaminant transfer in ecosystems. In forests in particular, novel countermeasures and wood uses remain to be developed and tested. Furthermore, the hydrologic connectivity between soils under different ecosystems greatly influences long-term radiocesium transport. The consequences of extreme phenomena (e.g. typhoons, forest fires) that may become more frequent in the future as a result of global change in these contaminated environments should be further anticipated.</p

Sensitivity of source sediment fingerprinting to tracer selection methods

In a context of accelerated soil erosion and sediment supply to water bodies, sediment fingerprinting techniques have received an increasing interest in the last 2 decades. The selection of tracers is a particularly critical step for the subsequent accurate prediction of sediment source contributions. To select tracers, the most conventional approach is the three-step method, although, more recently, the consensus method has also been proposed as an alternative. The outputs of these two approaches were compared in terms of identification of conservative properties, tracer selection, modelled contributions and performance on a single dataset. As for the three-step method, several range test criteria were compared, along with the impact of the discriminant function analysis (DFA). The dataset was composed of tracer properties analysed in soil (three potential sources; n = 56) and sediment core samples (n = 32). Soil and sediment samples were sieved to 63 µm and analysed for organic matter, elemental geochemistry and diffuse visible spectrometry. Virtual mixtures (n = 138) with known source proportions were generated to assess model accuracy of each tracer selection method. The Bayesian un-mixing model MixSIAR was then used to predict source contributions on both virtual mixtures and actual sediments. The different methods tested in the current research can be distributed into three groups according to their sensitivity to the conservative behaviour of properties, which was found to be associated with different predicted source contribution tendencies along the sediment core. The methods selecting the largest number of tracers were associated with a dominant and constant contribution of forests to sediment. In contrast, the methods selecting the lowest number of tracers were associated with a dominant and constant contribution of cropland to sediment. Furthermore, the intermediate selection of tracers led to more balanced contributions of both cropland and forest to sediments. The prediction of the virtual mixtures allowed us to compute several evaluation metrics, which are generally used to support the evaluation of model accuracy for each tracer selection method. However, strong differences or the absence of correspondence were observed between the range of predicted contributions obtained for virtual mixtures and those values obtained for actual sediments. These divergences highlight the fact that evaluation metrics obtained for virtual mixtures may not be directly transferable to models run for actual samples and must be interpreted with caution to avoid over-interpretation or misinterpretation. These divergences may likely be attributed to the occurrence of a not (fully) conservative behaviour of potential tracer properties during erosion, transport and deposition processes, which could not be fully reproduced when generating the virtual mixtures with currently available methods. Future research should develop novel metrics to quantify the conservative behaviour of tracer properties during erosion and transport processes. Furthermore, new methods should be designed to generate virtual mixtures closer to reality and to better evaluate model accuracy. These improvements would contribute to the development of more reliable sediment fingerprinting techniques, which are needed to better support the implementation of effective soil and water conservation measures at the catchment scale.</p

JunB transcription factor maintains skeletal muscle mass and promotes hypertrophy

Decreasing JunB expression causes muscle atrophy, whereas overexpression induces hypertrophy and blocks atrophy via myostatin inhibition and regulation of atrogin-1 and MuRF expression via FoxO3

BMP Receptor Signaling Is Required for Postnatal Maintenance of Articular Cartilage

Articular cartilage plays an essential role in health and mobility, but is frequently damaged or lost in millions of people that develop arthritis. The molecular mechanisms that create and maintain this thin layer of cartilage that covers the surface of bones in joint regions are poorly understood, in part because tools to manipulate gene expression specifically in this tissue have not been available. Here we use regulatory information from the mouse Gdf5 gene (a bone morphogenetic protein [BMP] family member) to develop new mouse lines that can be used to either activate or inactivate genes specifically in developing joints. Expression of Cre recombinase from Gdf5 bacterial artificial chromosome clones leads to specific activation or inactivation of floxed target genes in developing joints, including early joint interzones, adult articular cartilage, and the joint capsule. We have used this system to test the role of BMP receptor signaling in joint development. Mice with null mutations in Bmpr1a are known to die early in embryogenesis with multiple defects. However, combining a floxed Bmpr1a allele with the Gdf5-Cre driver bypasses this embryonic lethality, and leads to birth and postnatal development of mice missing the Bmpr1a gene in articular regions. Most joints in the body form normally in the absence of Bmpr1a receptor function. However, articular cartilage within the joints gradually wears away in receptor-deficient mice after birth in a process resembling human osteoarthritis. Gdf5-Cre mice provide a general system that can be used to test the role of genes in articular regions. BMP receptor signaling is required not only for early development and creation of multiple tissues, but also for ongoing maintenance of articular cartilage after birth. Genetic variation in the strength of BMP receptor signaling may be an important risk factor in human osteoarthritis, and treatments that mimic or augment BMP receptor signaling should be investigated as a possible therapeutic strategy for maintaining the health of joint linings

TGF-β Inducible Early Gene 1 Regulates Osteoclast Differentiation and Survival by Mediating the NFATc1, AKT, and MEK/ERK Signaling Pathways

TGF-β Inducible Early Gene-1 (TIEG1) is a Krüppel-like transcription factor (KLF10) that was originally cloned from human osteoblasts as an early response gene to TGF-β treatment. As reported previously, TIEG1−/− mice have decreased cortical bone thickness and vertebral bone volume and have increased spacing between the trabeculae in the femoral head relative to wildtype controls. Here, we have investigated the role of TIEG1 in osteoclasts to further determine their potential role in mediating this phenotype. We have found that TIEG1−/− osteoclast precursors differentiated more slowly compared to wildtype precursors in vitro and high RANKL doses are able to overcome this defect. We also discovered that TIEG1−/− precursors exhibit defective RANKL-induced phosphorylation and accumulation of NFATc1 and the NFATc1 target gene DC-STAMP. Higher RANKL concentrations reversed defective NFATc1 signaling and restored differentiation. After differentiation, wildtype osteoclasts underwent apoptosis more quickly than TIEG1−/− osteoclasts. We observed increased AKT and MEK/ERK signaling pathway activation in TIEG1−/− osteoclasts, consistent with the roles of these kinases in promoting osteoclast survival. Adenoviral delivery of TIEG1 (AdTIEG1) to TIEG1−/− cells reversed the RANKL-induced NFATc1 signaling defect in TIEG1−/− precursors and eliminated the differentiation and apoptosis defects. Suppression of TIEG1 with siRNA in wildtype cells reduced differentiation and NFATc1 activation. Together, these data provide evidence that TIEG1 controls osteoclast differentiation by reducing NFATc1 pathway activation and reduces osteoclast survival by suppressing AKT and MEK/ERK signaling

Transforming growth factor-β-inducible early response gene 1 is a novel substrate for atypical protein kinase Cs

The protein kinase C (PKC) family of serine/threonine kinases consists of ten different isoforms grouped into three subfamilies, denoted classical, novel and atypical PKCs (aPKCs). The aPKCs, PKCι/λ and PKCζ serve important roles during development and in processes subverted in cancer such as cell and tissue polarity, cell proliferation, differentiation and apoptosis. In an effort to identify novel interaction partners for aPKCs, we performed a yeast two-hybrid screen with the regulatory domain of PKCι/λ as bait and identified the Krüppel-like factors family protein TIEG1 as a putative interaction partner for PKCι/λ. We confirmed the interaction of both aPKCs with TIEG1 in vitro and in cells, and found that both aPKCs phosphorylate the DNA-binding domain of TIEG1 on two critical residues. Interestingly, the aPKC-mediated phosphorylation of TIEG1 affected its DNA-binding activity, subnuclear localization and transactivation potential