Loan Defaults in Africa

African financial deepening is beset by a high rate of loan defaults, which encourages banks to hold liquid assets instead of lending. We put forward a novel theoretical model that captures the salient features of African credit markets which shows that equilibrium with high loan defaults and low lending can arise when contract enforcement institutions are weak, investment opportunities are relatively scarce and information imperfections abound. We provide evidence using a panel of 110 banks from 29 African countries which corroborates our theoretical predictions.Financial development; Africa

Financial Development, Openness and Institutions: Evidence from Panel Data

Utilising four annual panel datasets and dynamic panel data estimation procedures we find that trade and financial openness, as well as economic institutions are statistically important determinants of the variation in financial development across countries and over time since the 1980s. However, we find mixed support for the hypothesis that the simultaneous opening of both trade and capital accounts is necessary to promote financial development in a contemporary setting.Financial development, Trade Openness, Financial Openness, Economic Institutions, Financial Liberalization, Dynamic Panel Data Analysis

Financial Development, Openness and Institutions: Evidence from Panel Data

Utilising four annual panel datasets and dynamic panel data estimation procedures we find that trade and financial openness, as well as economic institutions are statistically important determinants of the variation in financial development across countries and over time since the 1980s. However, we find mixed support for the hypothesis that the simultaneous opening of both trade and capital accounts is necessary to promote financial development in a contemporary setting.Financial development; Trade Openness; Financial Openness; Economic Institutions; Financial Liberalization; Dynamic Panel Data Analysis

Comparison of ground and satellite based measurements of the fraction of photosynthetically active radiation intercepted by tall-grass prairie

The fraction, of photosynthetically active radiation absorbed by vegetation, F sub ipar, is an important requirement for estimating vegetation biomass productivity and related quantities. This was an integral part of a large international effort; the First ISLSCP Field Experiment (FIFE). The main objective of FIFE was to study the effects of vegetation on the land atmosphere interactions and to determine if these interactions can be assessed from satellite spectral measurements. The specific purpose of this experiment was to find out how well measurements of F sub ipar relate to ground, helicopter, and satellite based spectral reflectance measurements. Concurrent measurements of F sub ipar and ground, helicopter, and satellite based measurements were taken at 13 tall grass prairie sites in Kansas. The sites were subjected to various combinations of burning and grazing managements

Why Do African Banks Lend so Little?

We put forward a plausible explanation of African financial under-development in the form of a bad credit market equilibrium. Utilising an appropriately modified IO model of banking, we show that the root of the problem could be unchecked moral hazard (strategic loan defaults) or adverse selection (a lack of good projects). Applying a dynamic panel estimator to a large sample of African banks, we show that loan defaults are a major factor inhibiting bank lending when the quality of regulation is poor. We also find that once a threshold level of regulatory quality has been reached, improvements in the default rate or regulatory quality do not matter, providing support for our theoretical predictions.Dynamic panel data; African financial under-development; African credit markets

Equations of Electrogasdynamics and Applications

This report presents in summary work done in the period from 1959 to 1963 at the Hypersonic Research Project, Graduate Aeronautical Laboratories California Institute of Technology, on some theoretical aspects of the dynamics of ionized gases. The objective of this work was to set up a system of conservation equations when no magnetic field or complicated chemical effects are present. Emphasis is placed on the gross exchange processes among species at a point, rather than the gradient transport mechanisms (e. g. , viscosity and heat conduction); in the past this point of view was often called "Gaseous Electronics". In subordinatipg the magnetic field and the chemistry to the dynamics it has been possible to explain a gratifying number of commonplace physical phenomena from first principles and to demonstrate the intimate connection between gaseous electronics and aerodynamics. The conservation equations needed for a neutral-ion-electron mixture were derived with the aid of the elementary integral transport (Maxwell-Chapman) theory exactly as used for any ternary mixture. Departures made necessary because of the ionization include (a) the collisionless ("Vlasov") approximation, (b) a reformulation of the Chapman-Enskog prosedure to include electric forces and (c) a convenient recourse to the inverse-fifth-power interparticle force law. Even so the resulting equations are merely a re-statement of the formidable problem of plasma physics. "Inviscid" equations are therefore written as counterparts of the inviscid (ideal) equations of aerodynamics. To illustrate where mathematical difficulties first appear, practical problems are solved with the aid of further approximations. These problems, as well as the physical departures mentioned above, are relegated to Appendices

Three-Port Laparoscopic Cholecystectomy in a Brazilian Amazon Woman with Situs Inversus Totalis: Surgical Approach

Situs inversus totalis (SIT) is an uncommon anomaly characterized by transposition of organs to the opposite side of the body in a mirror image of normal. We report on an adult woman, born and resident in Brazilian Amazonia, presenting acute pain located at the left hypochondrium and epigastrium. During clinical and radiological evaluation, the patient was found to have SIT and multiple stones cholelithiasis. Laparoscopic cholecystectomy was safely performed with the three-port technique in a reverse fashion. In conclusion, this case confirms that three-port laparoscopic cholecystectomy is a safe and feasible surgical approach to treat cholelithiasis even in rare and challenging conditions like SIT

Improved outcomes for hepatic trauma in England and Wales over a decade of trauma and hepatobiliary surgery centralisation

Background: Over the last decade trauma services have undergone a reconfiguration in England and Wales. The objective is to describe the epidemiology, management and outcomes for liver trauma over this period and examine factors predicting survival. Methods: Patients sustaining hepatic trauma were identified using the Trauma Audit and Research Network database. Demographics, management and outcomes were assessed between January 2005 and December 2014 and analysed over five, 2-year study periods. Independent predictor variables for the outcome of liver trauma were analysed using multiple logistic regression. Results: 4368 Patients sustained hepatic trauma (with known outcome) between January 2005 and December 2014. Median age was 34 years (interquartile range 23–49). 81% were due to blunt and 19% to penetrating trauma. Road traffic collisions were the main mechanism of injury (58.2%). 241 patients (5.5%) underwent liver-specific surgery. The overall 30-day mortality rate was 16.4%. Improvements were seen in early consultant input, frequency and timing of computed tomography (CT) scanning, use of tranexamic acid and 30-day mortality over the five time periods. Being treated in a unit with an on-site HPB service increased the odds of survival (odds ratio 3.5, 95% confidence intervals 2.7–4.5). Conclusions: Our study has shown that being treated in a unit with an on-site HPB service increased the odds of survival. Further evaluation of the benefits of trauma and HPB surgery centralisation is warranted

Avoidable mortality from giving tranexamic acid to bleeding trauma patients: an estimation based on WHO mortality data, a systematic literature review and data from the CRASH-2 trial

BACKGROUND: The CRASH-2 trial showed that early administration of tranexamic acid (TXA) safely reduces mortality in bleeding in trauma patients. Based on data from the CRASH-2 trial, global mortality data and a systematic literature review, we estimated the number of premature deaths that might be averted every year worldwide through the use of TXA. METHODS: We used CRASH-2 trial data to examine the effect of TXA on death due to bleeding by geographical region. We used WHO mortality data (2008) and data from a systematic review of the literature to estimate the annual number of in-hospital trauma deaths due to bleeding. We then used the relative risk estimates from the CRASH-2 trial to estimate the number of premature deaths that could be averted if all hospitalised bleeding trauma patients received TXA within one hour of injury, and within three hours of injury. Sensitivity analyses were used to explore the effect of uncertainty in the parameter estimates and the assumptions made in the model. RESULTS: There is no evidence that the effect of TXA on death due to bleeding varies by geographical region (heterogeneity p = 0.70). Based on WHO data and our systematic literature review, we estimate that each year worldwide there are approximately 400,000 in-hospital trauma deaths due to bleeding. If patients received TXA within one hour of injury then approximately 128,000 (uncertainty range [UR] ≈ 72,000 to 172,000) deaths might be averted. If patients received TXA within three hours of injury then approximately 112,000 (UR ≈ 68,000 to 148,000) deaths might be averted. Country specific estimates show that the largest numbers of deaths averted would be in India and China. CONCLUSIONS: The use of TXA in the treatment of traumatic bleeding has the potential to prevent many premature deaths every year. A large proportion of the potential health gains are in low and middle income countries