Market microstructure, bank's behaviour and interbank spreads

We present an empirical analysis of the European electronic interbank market of overnight lending (e-MID) during the years 1999–2009. The main goal of the paper is to explain the observed changes of the cross-sectional dispersion of lending/borrowing conditions before, during and after the 2007–2008 subprime crisis. Unlike previous contributions, that focused on banks’ dependent and macro information as explanatory variables, we address the role of banks’ behaviour and market microstructure as determinants of the credit spreads

Interactions between financial and environmental networks in OECD countries

We analyse a multiplex of networks between OECD countries during the decade 2002-2010, which consists of five financial layers, given by foreign direct investment, equity securities, short-term, long-term and total debt securities, and five environmental layers, given by emissions of N O x, P M 10 SO 2, CO 2 equivalent and the water footprint associated with international trade. We present a new measure of cross-layer correlations between flows in different layers based on reciprocity. For the assessment of results, we implement a null model for this measure based on the exponential random graph theory. We find that short-term financial flows are more correlated with environmental flows than long-term investments. Moreover, the correlations between reverse financial and environmental flows (i.e. flows of different layers going in opposite directions) are generally stronger than correlations between synergic flows (flows going in the same direction). This suggests a trade-off between financial and environmental layers, where, more financialised countries display higher correlations between outgoing financial flows and incoming environmental flows from lower financialised countries, which could have important policy implications. Five countries are identified as hubs in this finance-environment multiplex: The United States, France, Germany, Belgium-Luxembourg and the United Kingdom.Comment: Supplementary Information provide

Bile acids and nonalcoholic fatty liver disease: An intriguing relationship

Non-alcoholic fatty liver disease (NAFLD) stands nowadays as a leading cause of progressive impairment of liver function. The role of bile acids in the modulation of hepatic lipid metabolism is interesting and controversial; previous evidence showed an inhibitory effect of bile acids on lipogenesis, which was attributed to the activation of the FXR-SHP axis and consequent depression of the LXRα-SREBP-1c lipogenic pathway. Evidence from our research group has shown that both exogenous administration of bile acids and endogenous exposure to bile acid overload (as in cholestasis) may reduce hepatic fat accumulation in rat models, although by different mechanisms. The findings in the paper by Nagahashi et al are quite surprising, showing the development of fatty liver disease in SphK2 -/- mice, in association with a decreased expression of SREBP1c and lipogenic enzymes like FAS. The metabolic effects of bile acids on hepatic lipid metabolism seem to be strictly dependent on the experimental model utilized to induce fat liver accumulation, as well as on the modality of bile acid exposure (exogenous vs endogenous) and the relative activation of the LXR/FXR pathways. Experimental evidence like that brought by Nagahashi et al1 may bring an enormous contribution in this field, in the perspective of novel pharmacological targets for the treatment of NAFLD

Evolution of controllability in interbank networks

The Statistical Physics of Complex Networks has recently provided new theoretical tools for policy makers. Here we extend the notion of network controllability to detect the financial institutions, i.e. the drivers, that are most crucial to the functioning of an interbank market. The system we investigate is a paradigmatic case study for complex networks since it undergoes dramatic structural changes over time and links among nodes can be observed at several time scales. We find a scale-free decay of the fraction of drivers with increasing time resolution, implying that policies have to be adjusted to the time scales in order to be effective. Moreover, drivers are often not the most highly connected “hub” institutions, nor the largest lenders, contrary to the results of other studies. Our findings contribute quantitative indicators which can support regulators in developing more effective supervision and intervention policies

Energy and Environmental Flows:Do Most Financialised Countries within the Mediterranean Area Export Unsustainability?

The literature dedicated to the problems of transboundary pollution often aims to verify what the environmental and energy interactions between countries are. Little attention is paid to the financial relations of the phenomenon. We analyze how financial, environmental and energy flows have been redistributed within the main Mediterranean countries, with particular reference to pollution. Applying advanced methods of correlation, we verify the dynamics of transfer processes with the aim of assessing whether the link between economic and financial and environmental flows might support the hypothesis that rich countries export environmental emissions to poor ones. Our results show that richer countries have a significant propensity to export energy, financial flows and polluting emissions. The imbalance is even greater for emissions with local impact. This process is accompanied by a substantial increase in the financial activities of the North Mediterranean countries to the detriment of those of the South, which progressively increase their indebtedness. We find out that the economic and financial development of the North Med is accompanied by an increasing environmental impact measured by the various types of emissions covered by our study. The research shows how the most industrialized countries of the Mediterranean area are increasing the economic and financial gap with respect to the Southern Mediterranean countries

Smart welfare: the work of the educator at the time of Covid-19

The field of socio-educational services is focused on the value of relationships, proximity, support and intervention on site, at home or in users’ facilities, and all those elements are difficult to convert digitally. Nevertheless, during the period of the Covid-19 pandemic, smart working also became part of the everyday life of social educators. This study discusses the role of technology in the work of the educator during the pandemic period and possible future developments. The study offers an insight into the influence of Covid-19 on socio-educational services, focusing on the function of technology both in maintaining contact with the users where the service was suspended and in reshaping the assistance that continued to be provided. The research study highlights that, despite the challenges and the initial disorientation faced by educators, digital technologies can constitute important working tools to assure the continuity of the pedagogical relationship also in the socio-educational and care contexts

Emily Dickinson as a Spiritual Guide

Emily Dickinson is known for her willingness to speak out about her beliefs even when they went against the social norm. In this presentation we will look at the poem This World Is Not Conclusion and the collection of poems surrounding it. The question that we will address with these poems is how does Emily Dickinson invite her audience to follow a religious journey? Dickinson\u27s faith continually evolves undulating back and forth between faith and skepticism. In This World Is Not Conclusion, Dickinson shows what the religious pathway looks like, as the poem speaks of a desire for faith and then grows onto more questions and skepticism without end. This paper will look at how Dickinson shows the moments of faith and moments of skepticism. We will also address how Dickinson refused to conform to religious rhetoric and how that impacted her ability to help other people on their religious journey. During the 1800s, religious membership required one to publicly bear testimony to the public. Dickinson\u27s attitudes of lack of conformity are evident through her decisions to forgo publication of her work. The culture of conformity in her society resulted in her private religious worship. The surrounding poems of one of Emily Dickinson\u27s collections of poems lead to further understanding of the different steps and aspects in the journey of faith. Poem 1 tells of the beauty of faith. Poem 2 looks at the draw of temptation. Poem 3 mentions the hope that faith brings in times of fear. With all of these poems brought together individuals can look for specific insights to the journey of faith and how they interact together. People also learn just how valuable this journey is and that it is worth the cost of going down that road.https://digitalcommons.usu.edu/fsrs2020/1081/thumbnail.jp

modeling hard and soft facts for smes some international evidence

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Banks’ strategies and cost of money: Effects of the financial crisis on the European electronic overnight interbank market

We present an empirical analysis of the European electronic interbank market of overnight lend- ing e-MID during the years 1999–2009. After introducing the peculiar market mechanism, we consider the activity, defined as the number of trades per day; the spreads, defined as the differ- ence between the rate of a transaction and the key rates of the European Central Bank; the lending conditions, defined as the difference between the costs of a lent and a borrowed Euro; the bank strategies, defined through different variants of the cumulative volume functions; etc. Among other facts, it emerges that the lending conditions differ from bank to bank, and that the bank strategies are not strongly associated either to the present, past or future spreads. Moreover, we show the presence of a bid-ask spread-like effect and its behavior during the crisis

Long-term uncertainty of hydropower revenue due to climate change and electricity prices

Hydropower represents the world’s largest renewable energy source. As a flexible technology, it enhances reliability and security of the electricity system. However, climate change and market liberalization may hinder investment due to the evolution of water runoffs and electricity prices. Both alter expected revenue and bring uncertainty. It increases risk and deters investment. Our research assesses how climate change and market fluctuation affect annual revenue. But this paper focuses on the uncertainty, rather than on forecasting. This transdisciplinary topic is investigated by means of a mixed method, i.e. both quantitative and qualitative. The quantitative approach uses established models in natural sciences and economics. The uncertainty is accounted for by applying various scenarios and various datasets coming from different models. Based on those results, uncertainty is discussed through an analysis discerning three dimensions of uncertainty. Uncertainty analysis requires the assessment of a large panel of models and data sets. It is therefore rarely carried out. The originality of the paper also lies on the combination of quantitative established models with a qualitative analysis. The results surprisingly show that the greenhouse gas scenarios may in fact represent a low source of uncertainty, unlike electricity prices. Like forecasting, the main uncertainties are actually case study related and depend on the investigated variables. It is also shown that the nature of uncertainty evolves. Runoff uncertainty goes from variability, i.e. inherent randomness, to epistemic, i.e. limitation of science. The reverse situation occurs with the electricity price. The implications for scientists and policy makers are discussed