Intermediarios financieros no bancarios en América Latina: ¿Shadow Banking?

The aim of this study is to provide data on and an analysis of Shadow Banking (SB) in a heterogeneous group of nine Latin American countries. It is concluded that in these economies, the nature of SB is different from that in developed economies. While securitisation activities are performed in some of these countries, they are relatively limited in scope. SB in these economies could be linked to certain financial inclusion institutions with a regulatory framework that is either non-existent or more lax than that which exists for banking institutions.El objetivo de este trabajo es proporcionar datos y analizar el Shadow Banking (SB) en un grupo heterogéneo de 9 países de América Latina. De nuestro trabajo se concluye que la naturaleza del SB de estas economías es distinta a la de las economías desarrolladas. Si bien en algunos países se realizan actividades de titulizaciones o bursatilizaciones, estas son relativamente pequeñas. El SB de estas economías podría estar relacionado con ciertas entidades de inclusión financiera que no están reguladas o cuentan con una regulación más laxa que el sector bancario tradiciona

The financing of economic growth and development: the case of Mexico

This thesis examines general and specific aspects of the financing of the Mexican economy during the 1960-1990 period from both internal and external sources. The thesis focuses on two fundamental questions, the first of which is the analysis of the interrelationship between financial variables and real variables of the economy in order to assess the scope of the financial liberalisation policy being currently implemented in Mexico. Secondly, the thesis examines the impact of foreign capital flows on the domestic economy and the extent to which the expansion of the economy is constrained by the balance of payments. Following a general description of the Mexican economy presented in chapter one, which focuses on the evolution of financial variables and the financial policy implemented during the 1960-1990 period, chapter two analyses the theory of financial liberalisation, the hypothesis of which are tested for Mexico in chapters three and four. Chapter three examines the effects of financial variables, especially of real interest rates, on the level of total savings, financial savings, the level of investment, and economic growth. Chapter four takes into consideration the hypothesis that the allocation of resources through market forces under a liberalised financial system improves the productivity of investment. For this purpose, the chapter analyses the role of the financial sector under a liberalised environment and then attempts to measure the productivity of both private and public investment and examines the relationship between them. The theoretical and empirical effects of foreign capital inflows on domestic savings, investment and economic growth are examined in chapter five; in this context, the chapter develops a model in which both the effects of inflows and outflows of foreign capital are considered in order to estimate the net effect of foreign borrowing on economic growth. Finally, chapter six finds that the long-run rate of growth of the Mexican economy is closely approximated by the balance of payments equilibrium growth rate. Conclusions to be drawn from this thesis are presented in chapter seven

A 25 Years Old Female with Meloheostosis: A Case Report

Background: Melorheostosis is a rare sclerosing bone dysplasia characterized by its classic radiographic feature of flowing/dripping candle wax. It usually affects one limb, more often the lower extremity, and rarely the axial skeleton. The etiology remains unknown and various theories have been proposed to explain the pathogenesis of this disease. It often has an insidious onset in early adult life. Symptoms include pain, oedema, and limitation of joint movement.Case presentation: A patient aged 25 year old male complaint of pain on the left lower extremity for the last 3 years. There is muscle atrophy at left extremity, bowing of the thigh, awelling at the foot. There is palpable mass at the left bottom, solid consistency and fixed. There are also limitation ROM of hip, knee and ankle. From the radiography examination showed inhomogen thickening of the periosteal cortical and endosteal, dripping candle wax appearance, and sclerotic lesion at soft tissue.Conculsion: X-ray is a sufficient method for diagnosis of melorheostosis.Other imaging techniques are essential for decision about therapeutic intervention (CT or MRI). Laboratory findings are usually in physiological range. Symptomatic therapy proved to be sufficient in subjective symptoms management.Keywords: Melorheostosis, sclerosing bone dysplasia, dripping candle waxCorrespondence: Pamudji Utomo. Faculty of Medicine, Universitas Sebelas Maret. Jl. Ir. Sutami 36A, Surakarta, Central Java, Indonesia. Email: [email protected] Journal of Medicine (2019), 4(1): 59-64https://doi.org/10.26911/theijmed.2019.04.01.1

Globalisation, adjustment and the structural transformation of African economies?: the role of international financial institutions

Under the auspices of the World Bank and IMF, for almost two decades, sub-Saharan African countries have implemented structural adjustment, an orthodox package of economic reform measures. During this period there has been an unprecedented proliferation of technology investment and trade in the world economy. However sub-Saharan Africa has performed poorly under adjustment and has been largely marginalized from the international economy. The paper investigates the problems with the theoretical model underlying structural adjustment policies to explain why the model is not conducive to either African development or Africa’s increasing participation in the global economy. An example is used to illustrate the existence of an alternative set of policies that may be better suited for Africa

Interest-rates, Saving, Investment and Growth in Mexico 1960 - Tests of the Finacial Libralization Hypothesis

The theory of financial liberalisation argues that rising real interest rates induces more saving and investment and therefore acts as a positive stimulus to economic growth. This hypothesis is tested for Mexico over the period 1960-90 making the important distinction between financial saving and total saving. Financial saving isfound to be positively related to real interest rates partly through capital flows and partly through domestic asset substitution, but total saving is invariant with respect to real interest rates. Investment is positively related to the supply of credit from the banking system, but the net effect of interest rates on investment is negative. Furthermore, taking McKinnon's 'virtuous circle' model of economic growth shows no favourable effects of interest rates on economic growth. It is concluded that any favourable effect of financial liberalisation and higher real interest rates on economic growth must come through raising the productivity of investment