Two-way interplays between capital buffers, credit and output: evidence from French banks

We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory minimum) exacerbate rather than reduce the cyclical behavior of credit. We empirically study the relationships between output gap, capital buffers and loan growth with firm-level data for French banks over the period 1993—2009. Our findings reveal that bank capital buffers intensify the cyclical credit fluctuations arising from the output gap developments, all the more as better quality capital is considered. Moreover, by performing Granger causality tests at the bank level, we find evidence of a two-way causality between capital buffers and loan growth, pointing to mutually reinforcing mechanisms. Overall, those empirical results lend support to a countercyclical financial regulation that focuses on highest-quality capital and aims at smoothing loan growth.Bank Capital Regulation, Procyclicality, Capital Buffers, Business Cycle Fluctuations, Basel III.

La croissance des crédits dans les pays d’Europe centrale et orientale est-elle excessive ?

Les taux de croissance du crédit dépassent ou avoisinent 30 à 50 % l’an dans certains pays d’Europe centrale, orientale et du sud-est (pays baltes, Bulgarie, Roumanie, Albanie et Macédoine). Ces taux de croissance élevés sont-ils susceptibles de générer des « excès » de crédit, dommageables à l’économie ? Ou s’agit-il d’un effet normal du rattrapage, pour des pays peu bancarisés au moment de leur transition ?Crédits bancaires, convergence, rattrapage.

A KNOX-Cytokinin Regulatory Module Predates the Origin of Indeterminate Vascular Plants

International audienc

Two-photon double ionization of neon using an intense attosecond pulse train

We present the first demonstration of two-photon double ionization of neon using an intense extreme ultraviolet (XUV) attosecond pulse train (APT) in a photon energy regime where both direct and sequential mechanisms are allowed. For an APT generated through high-order harmonic generation (HHG) in argon we achieve a total pulse energy close to 1 $\mu$J, a central energy of 35 eV and a total bandwidth of $\sim30$ eV. The APT is focused by broadband optics in a neon gas target to an intensity of $3\cdot10^{12}$W$\cdot$cm$^{-2}$. By tuning the photon energy across the threshold for the sequential process the double ionization signal can be turned on and off, indicating that the two-photon double ionization predominantly occurs through a sequential process. The demonstrated performance opens up possibilities for future XUV-XUV pump-probe experiments with attosecond temporal resolution in a photon energy range where it is possible to unravel the dynamics behind direct vs. sequential double ionization and the associated electron correlation effects

Formalization and reuse of collaboration experiences in industrial processes

Collaboration is a key factor for carrying out activities in industrial processes and an efficient collaboration is essential to accomplish an overall improvement of any process. In this article, we introduce a collaborative process-modeling framework, which allows evaluating collaboration throughout all the activities of an industrial process. The proposed framework uses experience management notions towards the creation of a repository of collaboration experiences. This experience base facilitates the reuse of past experiences to support decision making for the organization and execution of future collaborations. The article concludes by discussing the contributions and limitations of the proposed collaboration model

Identification d'une nouvelle salmonelle multirésistante dans une viande de poulet de chair au Sénégal

L'analyse microbiologique d'une carcasse de poulet de chair au Sénégal a permis de mettre en évidence un nouveau sérotype de salmonelle. Celui-ci présente la particularité de posséder deux gènes de résistance aux antibiotiques ; il n'est sensible qu'aux quinolones de dernière génération. L'existence de ce nouveau sérotype est inquiétante parce qu'il a été retrouvé dans des prélèvements humains, associé à de l'hyperthermie et de la diarrhée profuse. L'apparition d'une telle salmonelle peut éventuellement s'expliquer par l'utilisation anarchique des antibiotiques dans l'élevage des volailles. (Résumé d'auteur

A new classification system for degenerative spondylolisthesis of the lumbar spine

This is the author accepted manuscript. The final version is available from Springer Verlag via the DOI in this record.PURPOSE: There is no consensus for a comprehensive analysis of degenerative spondylolisthesis of the lumbar spine (DSLS). A new classification system for DSLS based on sagittal alignment was proposed. Its clinical relevance was explored. METHODS: Health-related quality-of-life scales (HRQOLs) and clinical parameters were collected: SF-12, ODI, and low back and leg pain visual analog scales (BP-VAS, LP-VAS). Radiographic analysis included Meyerding grading and sagittal parameters: segmental lordosis (SL), L1-S1 lumbar lordosis (LL), T1-T12 thoracic kyphosis (TK), pelvic incidence (PI), pelvic tilt (PT), and sagittal vertical axis (SVA). Patients were classified according to three main types-1A: preserved LL and SL; 1B: preserved LL and reduced SL (≤5°); 2A: PI-LL ≥10° without pelvic compensation (PT < 25°); 2B: PI-LL ≥10° with pelvic compensation (PT ≥ 25°); type 3: global sagittal malalignment (SVA ≥40 mm). RESULTS: 166 patients (119 F: 47 M) suffering from DSLS were included. Mean age was 67.1 ± 11 years. DSLS demographics were, respectively: type 1A: 73 patients, type 1B: 3, type 2A: 8, type 2B: 22, and type 3: 60. Meyerding grading was: grade 1 (n = 124); grade 2 (n = 24). Affected levels were: L4-L5 (n = 121), L3-L4 (n = 34), L2-L3 (n = 6), and L5-S1 (n = 5). Mean sagittal parameter values were: PI: 59.3° ± 11.9°; PT: 24.3° ± 7.6°; SVA: 29.1 ± 42.2 mm; SL: 18.2° ± 8.1°. DSLS types were correlated with age, ODI and SF-12 PCS (ρ = 0.34, p < 0.05; ρ = 0.33, p < 0.05; ρ = -0.20, and p = 0.01, respectively). CONCLUSION: This classification was consistent with age and HRQOLs and could be a preoperative assessment tool. Its therapeutic impact has yet to be validated. LEVEL OF EVIDENCE: 4.No funds were received in support of this work. No benefits in any forms have been or will be received from a commercial party related directly or indirectly to the subject of this manuscript