Bank Liquidity Creation: A New Global Dataset for Developing and Emerging Countries

The pre-Global Financial Crisis build-up, followed by the post-crisis collapse, in bank liquidity creation in developed countries is well-documented (Berger and Bowman, 2009). Comparable analyses on developing and emerging countries (DECs) have been severely hindered by the lack of detailed bank-by-bank balance sheet data. This paper proposes a new, high-frequency, Aggregate Bank Liquidity Creation (A-BLC) measure for 114 DECs on a comparable cross-country basis, which relies on macroeconomic, country-wide, banking systems’ balance sheet data. The A-BLC database allows us to assess the extent of bank fragility arising from illiquidity associated with intermediation at the banking system level for every DEC, at a monthly frequency over the period 2001-2016. Our measure captures more accurately than other measures proposed in the literature the evolution of bank liquidity creation in the DECs. Stylised facts and panel-regression analysis suggest a sharp pre-crisis build-up and post-crisis fall in liquidity creation in DECs, larger then that observed for developed countries. In addition, financial depth and stability appear as particularly important drivers of A-BLC in DECs

Effect of a legume cover crop on carbon storage and erosion in an ultisol under maize cultivation in southern Benin

Field experiment was conducted from 1988 to 1999 at an experimental farm at Agonkanmey, near Cotonou in southern Benin, to study the effect of relay-cropping maize through Mucuna pruriens (var. utilis). The relay-cropping system was compared with traditional maize cropping system without any input, and with a maize cropping system with mineral fertilizers (NPK). Special attention was given on the changes in soil C during the period of the experiment in relation to residue biomass C returned to the soil, runoff and soil erosion losses, and loss of C with erosion. The soils are classified as sandy loam Typic Kandiustult. The general properties of these soils are given. For this soil type, relay cropping of maize and mucuna was very effective in enhancing C sequestration: change in Ct (total C content) stock for 0 to 40 cm depth was 1.3 t C/ha per year over the 12-year period of the experiment, ranging among the highest rates recorded for the eco-region. This increase resulted first from the high amount of residue biomass provided by mucuna, which amounted to 10 t DM/ha per year (83% aboveground). Mucuna residues, supplying the soil with N, also favoured the production of maize biomass, and total mucuna plus maize residue biomass returned to the soil was approximately 20 t/ha per year. In contrast, non-fertilized and fertilized continuous maize cultivation resulted in -0.2 and 0.2 t C/ha per year change in Ct stock for 0 to 40 cm depth, respectively. Total residue biomass was 8 and 13 t/ha per year, including 77 and 29% by weeds, respectively. Thick mulch produced by mucuna decreased losses by runoff and erosion, which were 0.28, 0.12 and 0.08 mm/mm and 34.0, 9.0 and 3.0 t/ha per year in unfertilized, fertilized with NPK and mucuna treatments, respectively. Eroded C was estimated at 0.3, 0.1 and 1.0 t C/ha per year in unfertilized, fertilized with NPK and mucuna treatments, respectively. Through its benefits on soil organic matter management, weed suppression and erosion control, cropping systems including a legume crop may have an adverse impact from a global change standpoint

Changes of the forest-savanna boundary in Brazilian Amazonia during the holocene revealed by stable isotope ratios of soil organic carbon

The possibility of ecosystem boundary changes in northern Brazilian Amazonia during the Holocene period was investigated using soil organic carbon isotope ratios. Determination of past and present fluctuations of the forest-savanna boundary involved the measurement of natural 13C isotope abundance, expressed as delta 13C, in soil organic matter (SOM). SOM 13C analyses and radiocarbon dating of charcoal fragments were carried out on samples derived from soil profiles taken along transects perpendicular to the ecotonal boundary. SOM delta 13C values in the upper soil horizons appeared to be in equilibrium with the overlying vegetation types and did not point to a movement of the boundary during the last decades. However, delta 13C values obtained from deeper savanna and forest soil layers indicated that the vegetation type has changed in the past. In current savanna soil profiles, we observed the presence of mid-Holocene charcoals derived from forest species : fire frequency at that time was probably greater, and more extensive savanna may have resulted. Isotope data and the presence of these charcoals thus suggest that the forest-savanna boundary has shifted significantly in the recent Holocene period, forest being more extensive during the early Holocene than today. During the middle Holocene, the forest could have strongly regressed, and fires appeared, with a maximum development of the savanna vegetation. At the beginning of the late Holocene, the forest may have invaded a part of this savanna, and fires occurred again. (Résumé d'auteur

Synoptic-Scale Atmospheric Circulation and Boreal Canada Summer Drought Variability of the Past Three Centuries

Five independent multicentury reconstructions of the July Canadian Drought Code and one reconstruction of the mean July-August temperature were developed using a network of 120 well-replicated tree-ring chronologies covering the area of the eastern Boreal Plains to the eastern Boreal Shield of Canada. The reconstructions were performed using 54 time-varying reconstruction submodels that explained up to 50% of the regional drought variance during the period of 1919-84. Spatial correlation fields on the six reconstructions revealed that the meridional component of the climate system from central to eastern Canada increased since the mid-nineteenth century. The most obvious change was observed in the decadal scale of variability. Using 500-hPa geopotential height and wind composites, this zonal to meridional transition was interpreted as a response to an amplification of long waves flowing over the eastern North Pacific into boreal Canada, from approximately 1851 to 1940. Composites with NOAA Extended Reconstructed SSTs indicated a coupling between the meridional component and tropical and North Pacific SST for a period covering at least the past 150 yr, supporting previous findings of a summertime global ocean-atmospherel-and surface coupling. This change in the global atmospheric circulation could be a key element toward understanding the observed temporal changes in the Canadian boreal forest fire regimes over the past 150 yr

Present dynamics of the savanna-forest boundary in the congolese Mayombe : a pedological, botanical and isotopic (13C and 14C) study

Isolated savannas enclosed by forest are especially abundant in the eastern part of the Congolese Mayombe. They are about 3000 years old, and were more extensive some centuries ago. The boundary between forest and savanna is very abrupt, as a consequence of the numerous savanna fires lit by hunters. Floristic composition and vegetation structure data, organic carbon ratios, delta 14C and delta 13C measurements presented here show that forest is spreading over savanna at the present time and suggest that the rate of forest encroachment is currently between 14 and 75 m per century, and more probably about 20-50 m per century. As most savannas are less than 1 km across, such rates mean, assuming there are no changes in environmental conditions, that enclosed savannas could completely disappear in the Mayombe in about 1000-2000 years. (Résumé d'auteur

Hepatitis C prevalences in the psychiatric setting: Cost-effectiveness of scaling-up screening and direct-acting antiviral therapy.

Patients hospitalised because of mental illness often have risk factors for contracting HCV. Scaling-up HCV screening for all psychiatric inpatients as a case-detection strategy for viral elimination is underexplored. This study aimed to evaluate the cost-effectiveness of scaling-up HCV screening and treatment for psychiatry hospital admissions in Switzerland vs. the current standard-of-care risk-based approach, where only those with a history of substance misuse disorder are offered testing. HCV prevalence by history of substance misuse disorder was analysed in medical records from inpatient admissions to a Swiss psychiatry department. Cost-effectiveness was analysed from a healthcare provider perspective through a decision-tree screening model, using these HCV prevalence data. Model and parameter uncertainty were assessed using deterministic and probabilistic sensitivity analyses. Prevalence of HCV in psychiatry inpatients with a history of substance misuse disorder (n = 1,013) was 25.7%, compared with 3.5% among the remaining inpatients (n = 3,535). Scaling up HCV screening and treatment for all psychiatry admissions was cost-effective vs. the risk-based approach, with an incremental cost-effectiveness ratio of US$9,188 per quality-adjusted life-year gained. The incremental cost-effectiveness ratio remained cost-effective considering a HCV prevalence as low as 0.07$435,156,348, with 917 additional patients per year detected and treated at a cost of US$3,294 per person (vs. US$2,122 under risk-based screening). Scaling up HCV screening and treatment at diagnosis with all-oral, interferon-free regimens as a generalised approach for psychiatric admissions was cost-effective and could support reaching World Health Organization targets for HCV elimination by 2030. Patients hospitalised because of mental illness often have risk factors for HCV. We found that testing all psychiatry patients in hospital for HCV was cost-effective compared with testing only patients who have a history of substance misuse. Scaling up HCV testing and treatment could help to wipe out HCV

Effects of cattle and poultry manures on organic matter content and adsorption complex of a sandy soil under cassava cultivation (Manihot esculenta, Crantz)

This study examined the A and B horizons of deep, developed and moderately unsaturated sandy ferrallitic soils amended with cattle and poultry manures under cassava (Manihot esculenta Crantz) cultivation. Therefore, a plot experiment was carried out by using a randomized complete blocks design in 4 replications and fields treatments which included unfertilized (control) and one dose (10 t/ha) of both manures. The study of the different fractions of animal manures showed that the poultry had the greatest content of C (organic carbon), N (nitrogen), P (phosphorus), K (potassium), Ca (calcium) and C:N ratio (p < 0.01). However, the value of Mg (magnesium) in the studied manures was not significantly different (p < 0.01). The manure treatment significantly increased the soil organic matter contents from 0.46 to 2.8 and 1.1% respectively with poultry and cattle manures (p < 0.01). Organic fertilizer significantly increased the cation exchange capacity from 1.7 to 12.75 and 3.8 me:100 g and the bases saturation content from 47 to 80 and to 76% respectively with the poultry and cattle manures (p < 0.01). The organic fertilizer showed significant effect on earthworms populations Hyperiodrilus africanus (Oligochaeta, Eudrilidae) in the soil, with 128 and 85% respectively about the poultry and cattle manures compared to the control (p < 0.01).Key words: Cattle manure, poultry manure, cassava, organic matter, cation exchange capacity, basessaturation content

A De Facto Asian-Currency Unit Bloc in East Asia: It has Been There but We did not Look for It

Pegging in a coordinated way to a regional basket currency is considered by many as optimal for east-Asian countries. By contrast, according to existing empirical studies, these countries have most often relied on noncooperative United States dollar or G3 pegs. We show for the first time that by the late 1990s, with some reversals, a majority of east-Asian countries had already moved, de facto, away from the dollar peg and started targeting a basket, including east-Asian currencies (an Asian Currency Unit). Common-shock or market-based interpretations of such moves are ruled out since we document that, with few exceptions, countries in the region have in reality stuck to fixed exchange rates. We obtain such results using a Markov-switching estimation benchmarked against Bai-Perron structural break tests for the synthesis model of Frankel and Wei (2007), which augments the inference about currency weights in a basket with the weight on exchange-market pressure. In order to measure the latter, the forward positions of central banks in the foreign exchange market are taken into account