Financial Liberalization Causes Banking System Fragility

This paper explores theoretically and empirically the link between Financial Liberalization (FL) and the banking crisis that often follow. We also investigate the proposition, classical in development economics, that FL should result in an increase in supply of funds to the real sector. To accomplish this we first develop a theoretical model of a banking firm that operates under financial repression and is then subject to FL. The model yields the result that following FL there is an unambiguous increase in risk to the banking firm which implies a higher probability of a banking crisis following FL. Less formally, we also conclude that the presence of a explicit or implict deposit insurance scheme is likely to accentuate the incentives to engage in risk and the risk structure of the banking system. Moral hazard plays an important role in this increase in risk to the banking sector. This questions the ''innocence'' of the bank owners in the crisis that have often followed FL and that had been attributed to either macroeconomic policy, concomitant structural changes in the economy or left-over distortions from the financial repression period. The sign of the change in supply of credit to the real sector, however, is ambiguous. Then we test empirically the propositions resulting from this model using data of 73 banks (some of which may have become technically insolvent) from Greece, Malaysia, Mexico, Taiwan and Thailand. The tests tend to support the conclusions of the theoretical model, i.e. unambiguous increase in risk and, for the sample used, an unambiguous fall in loan supply as a proportion of funds available. Finally we draw policy implication with respect to bank supervision, forbearance and bank failure resolution procedures during the transition period, and about the so-called ''liberalization sequencing.''Financial liberalization, Deregulation, Commercial banking, Systemic risk

Alien Registration- Chenard, Alexanre (Rumford, Oxford County)

https://digitalmaine.com/alien_docs/13759/thumbnail.jp

The European Community’s opening to the People’s Republic of China, 1969-1979: internal decision-making on external relations

This thesis analyses the decision-making within the European Community on opening to the People’s Republic of China between 1969 and 1979. The three main research themes, which this thesis will make a contribution to, are the EC’s decision-making in foreign policy, European integration in the 1970s, and the intersection of European integration and the Cold War. Neither the historiography of the Cold War nor of European integration have dealt with the EC-PRC relationship. This research addresses that deficiency. This is the first detailed, systematic historical study of the origins of the Community’s response to China that bases on archival sources released according to the 30-year rule. The study takes a Community-centred perspective, focusing on how the interests of the EC member states, those of the EC intergovernmental and supranational actors came together in Brussels, Strasbourg and Luxembourg to shape the EC’s response to the PRC. It is based on extensive multi-archival and multinational research, including records of the Community institutions, the French, British and German governments, personal papers, and interviews. The thesis argues that the Commission was the principal architect and motor behind the EC’s opening to China. Sir Christopher Soames, the first British vice-president and commissioner for external relations, was primarily responsible for establishing official relations. Personal beliefs and ambitions were at the root of his decision-making. Geopolitics were key. However the principal factor behind his and the Commission’s subsequent decisions was inter-institutional jockeying for power. The main implications of the opening were a furthering and deepening of European integration, and an acceleration of European détente and détente in Europe. This thesis therefore shows that the wrangle for competencies within the EC institutional system intertwined with broader trends of history, the end of the PRC’s isolation from international affairs and détente

The Effects of White Noise Disturbance on Zebra Finch Behavior; Does Disturbance Predictability Matter?

It is undeniable that the progress of human civilization has altered the natural landscape of the world in ways that range from the merely aesthetic to the irreparably destructive. Some impacts are patently obvious. Others may not be as obvious to the casual observer, and yet they can be just as important in terms of truly understanding not only our impact on the world around us, but how we can mitigate this impact. One of the most far-reaching of these latter impacts is the increased and altered levels of background noise upon the natural acoustic landscape. These changes have the potential to hinder species such as songbirds that rely on acoustic signals as a vital part of many social processes. These impediments have been shown to increase stress levels and levels of predation, erode pair bonds, and decrease the likelihood of survival of populations in the novel acoustic environments we have created. Therefore further study of the effects of noise disturbance on songbird populations and breeding efforts may allow us to create informed conservation strategies to help mitigate these effects. While the effects of masking noise on various species of birds have been studied before, this is the first study designed to understand what effect the predictability of such noise disturbances may have on zebra finch (Taeniopygia guttata) behavior. The results pointed towards the predictability of the disturbance not having a significant effect on initiation or time spent vocalizing after the end of a disturbance block

An Evaluation of the Efficacy of Self-Regulated Strategy Development (SRSD) on Improving Freshman College Students\u27 Writing Abilities

The purpose of this dissertation is to describe a doctoral research study designed to implement Self-Regulated Strategy Development (SRSD) writing revision strategies, delivered in a completely online format, for college students. There is an insignificant amount of empirical research that has been conducted supporting writing interventions for college students. Self-Regulated Strategy Development (SRSD) is a writing intervention for which a significant amount of empirical research has been conducted in regards to its efficacy in elementary, middle, and high schools, with results showing positive effects for students of all ages. SRSD has features that lend itself to web-based interventions as well. Research on web-based interventions for students of all ages is on the rise, and is significant in regard to the methods of communication in which students today function. This study investigated the efficacy of a web-based version of provided to college students in freshman writing classes. The three SRSD revision strategies chosen to investigate were REVISE, SCAN, and Compare, Diagnose, Operate. The results indicated those SRSD participants who reported using at least one of the revision strategies at some point during the semester received higher course grades in their writing classes, in comparison to those participants who did not use the strategies; secondary analysis indicated that although the SRSD students’ grades were higher, when group size was controlled, the difference in grades was not statistically significant. Qualitative analyses indicate that students felt as though the REVISE and SCAN strategies were most effective, and may be the most socially valid. The findings are discussed in the context of the procedures necessary for creating effective evidence-based writing interventions in the college setting

Que compte le prince : réflexions sur le rôle de la comptabilité dans la gestion domaniale sous Louis IX

Au milieu du xiiie siècle, et quoique nous ne conservions plus que des épaves de la documentation d’origine, la comptabilité capétienne est déjà un outil parfaitement rodé et efficace. Elle a pu paraître frustre et brouillonne à certains historiens, notamment en regard des séries comptables postérieures conservées à partir de 1328. Mais il faut l’apprécier dans son contexte administratif et accepter que son rôle n’ait pas forcément été de contrôler de manière tatillonne les caisses des officiers. Cette comptabilité n’est qu’un maillon d’une chaîne administrative qui se veut économe en officiers, et singulièrement en personnel trop spécialisé et donc coûteux. Pensée pour être administrable de loin par un petit corps de clercs, elle s’efforce d’abord de répondre à la question la plus cruciale : combien rapporte le domaine ? De la même manière, elle suit les évolutions de son temps et change peu à peu, après 1250-1260, pour répondre à une demande croissante de moralisation des officiers locaux en instaurant progressivement un contrôle plus étroit des mouvements d’argent.In the middle of the thirteenth century, and despite the loss of most of the evidence, the Capetian accounting already appears as a perfectly well-established and efficient system. It may have seemed crude and deceptive to some historians, especially with regard to the later accounting series kept from 1328. But it must be considered in its administrative context and we should accept that it was not necessarily designed to control in a finicky manner officers' cash. This accounting is just one link in an administrative chain that tends to be economical in terms of officers, and particularly in terms of overly specialized and therefore expensive personnel. Designed to be manageable from afar by a small group of clerks, it first tries to answer the most crucial question: how much is the estate worth? In the same way, it follows the evolutions of the time and changes little by little, after 1250-1260, to answer a growing demand for moralization of local officers by gradually establishing a tighter control of the movements of money.In der Mitte des 13. Jahrhunderts ist die kapetingische Buchhaltung bereits ein perfekt ausgearbeitetes und effizientes Werkzeug, obwohl wir nur Wracks der Originaldokumentation aufbewahren. Sie hat einigen Historiker chaotisch vorkommen, insbesondere im Hinblick auf die späteren Buchhaltungsreihen ab dem Jahr 1328. Sie muss jedoch in ihrem administrativen Kontext bewerten werden und wir sollen akzeptieren, dass ihre Rolle nicht unbedingt darin bestand, auf pedantische Weise die Kassen der Beamten zu kontrollieren. Diese Buchhaltung ist nur ein Glied in einer Verwaltungskette, die darauf abzielt, in Bezug auf Amtspersonen und übermäßig spezialisiertes - daher teures - Personal sparsam zu sein. Sie ist gedacht um einen kleinen Kollegium von Kleriker im Abstand beherrscht zu werden. Sie versucht zuerst die wichtigste Frage zu beantworten : wie viel Geld bringt der königlicher Besitz ? Auf gleiche Weise folgt die Buchhaltung den Entwicklungen ihrer Zeit und ändert sich nach 1250-1260 nach und nach, um einer wachsenden Nachfrage nach Moralisierung der örtlichen Beamten nachzukommen, und um eine strengere Kontrolle der Geldbewegungen schrittweise einführen.A mediados del siglo XIII, y aunque solo conservamos restos de la documentación original, la contabilidad de los Capetos ya esta un instrumento perfectamente asentado y eficaz. Puede haber parecido básico y confuso para algunos historiadores, especialmente con respecto a la serie contable posterior que fue conservada desde 1328. Pero debe apreciarse en su contexto administrativo y aceptarse que su función no fuera necesariamente controlar de manera meticulosa la caja de los oficiales. Esta contabilidad sólo es un eslabón de una cadena administrativa que está diseñada para ser económica en términos de funcionarios y, en particular, en términos de personal excesivamente especializado y, por tanto, caro. Concebida como manejable desde lejos por un pequeño cuerpo de clérigos, primero trata de responder a la pregunta más crucial: ¿cuánto está reportando el patrimonio? De la misma manera, sigue las evoluciones de su época y cambia poco a poco, después de 1250-1260, para responder a una petición creciente de moralización de los funcionarios locales, estableciendo gradualmente un control más estricto de los movimientos de dinero

A comparison of doxorubicin and doxorubicinol in rat heart and liver tissue following anthracycline administration

This study examined the pharmacokinetic profile of the chemotherapeutic drug doxorubicin (DOX), and of its main metabolite doxorubicinol (DOXOL) in male Sprague-Dawley rats. HPLC was used to evaluate both the effect of dose (1.5 mg/kg vs. 4.5 mg/kg) and the effect of recovery time (24, 24, 72, 96, 120, 144, 168 and 192 hours) from the bolus intraperitoneal injection on plasma, liver and heart concentrations. Fluorescence microscopy allowed for qualitative analysis of DOX in liver and heart sections. Plasma concentrations of both drug and metabolite were relatively stable over the examination period. The pattern of response was similar in the liver, although DOX concentrations were decreased after 192 hours, preceded by a spike in DOXOL at 168 hours. The 4.5 mg/kg dose produced increased concentrations of DOX at several of the initial sampling time points in this tissue. In heart tissue, concentrations of DOX steadily decreased for both doses and a dose response was evident until 144 hours. No differences were distinguishable between time-points nor between doses beyond 144 hours. The concentration of DOXOL in this tissue was elevated after 24 hours and subsequently remained stable. Interestingly, DOX and DOXOL remained detectable at 192 hours post-injection for all samples. Fluorescence microscopy results consistently revealed sections that indicated the presence of DOX and were representative of the tissues being analyzed. It was observed that following injection, DOX entered the nuclei of cells rather rapidly and seemingly in proportion to the dose administered. This localization was less apparent as time progressed. These findings strongly suggest that DOX was rapidly absorbed, distributed and metabolized, however its elimination patterns remain unclear. The fact that concentrations remained relatively stable in plasma and liver, and fixed in heart tissue after 144 hours, implies that it is stored in cardiac iii tissue, and also potentially in other compartments, allowing for constant re-introduction and re-distribution. Remarkably, an increase in the dose administered did not produce greater accumulation of either drug or metabolite over time in any of the tissues analyzed, therefore the mechanism(s) responsible for the uptake and distribution within the tissues appear to be rate limiting (dose-independent). Nevertheless, the residual amounts of DOX and DOXOL in the heart and liver suggest the possibility of further accumulation upon repeated injections, supporting previous findings suggesting that cumulative doses of DOX are extremely damaging and can result in cardioxicity.Master of Science (MSc) in Biolog

John Sabapathy, Officers and Accountability in Medieval England, 1170-1300

Pour un lecteur français, le titre est susceptible de contenir une ambiguïté. Accountability ne désigne pas uniquement la comptabilité, dans l’acception française de ce terme, mais plutôt le fait de rendre compte, que ce soit dans un cadre comptable ou non. L’ouvrage de John Sabapathy s’intéresse donc au contrôle des officiers dans ses différentes composantes, dont la comptabilité, et non à la technique comptable. De même, le terme officers cache le choix de s’intéresser également à des fonct..

The Michael Chekhov Technique: In The Classroom and On Stage

Referred to by Constantin Stanislavski as “My most brilliant pupil,” Michael Chekhov’s approach to acting is founded in an understanding of the artist as a whole being whose thoughts, feelings, desires, voice, and physical body are intimately interwoven. The Michael Chekhov technique trains these aspects jointly while encouraging the actor to fully explore and utilize his or her unlimited, rich, and fertile imagination. I have seen the powerful benefits of this technique as an actor (which I have been utilizing for 13 years) and as a teacher and director (for almost 10 years). In my thesis, I will firstly describe the technique, its principles, tools, and philosophies. I will then delve into the application of the technique in the classroom (utilizing information gathered during my Introduction to the Techniques of Michael Chekhov course taught at Virginia Commonwealth University, Spring 2009, Fall 2009, and Spring 2010), and on the stage (utilizing information gathered during the two VCU Shafer Alliance Laboratory Theatre productions I directed of And Sometimes We Just Listen to Each Other Breathe in Spring 2009, and La Bête in Fall of 2009)