What if the euro had never been launched? A counterfactual analysis of the macroeconomic impact of euro membership

The aim of this paper is to gauge quantitatively the macroeconomic impact of EMU membership. Building on the Global VAR framework designed by Pesaran et al. (2004), we want to shed light on the following important questions: What if the euro had never been launched? How would national outputs and inflation rates have evolved? We show that monetary unification promoted lower interest rates and higher output in most euro area (EA) countries, relatively to a situation where national monetary policies would have followed a German-type one. If national monetary policies had adopted British monetary preferences after September 1992 however, this would have led to higher interest rates, depreciations of national exchange rates and higher output in most EA countries, especially over the 1992-1998 period. This is particularly true for the three biggest countries of the EA (France, Germany and Italy). Besides, the single currency regime probably did not have a massive impact on price developments.Euro, counterfactual analysis, global VAR.

The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective

The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat regional database, over the period 1995-2000. Several important outcomes are reported by our article: if financial integration seems to be realized across all the regions forming European Union, the Feldstein-Horioka criterion keeps emphasizing differences between small and big countries, the later being less integrated at the regional level. Furthermore, the testing of the relationship between savings and investment in consistent sub-groups of regions (designed according to geographical, historical or economic criteria) emphasize that financial integration can be higher at the regional level.http://deepblue.lib.umich.edu/bitstream/2027.42/40149/3/wp763.pd

The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective

The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat regional database, over the period 1995-2000. Several important outcomes are reported by our article: if financial integration seems to be realized across all the regions forming European Union, the Feldstein-Horioka criterion keeps emphasizing differences between small and big countries, the later being less integrated at the regional level. Furthermore, the testing of the relationship between savings and investment in consistent sub-groups of regions (designed according to geographical, historical or economic criteria) emphasize that financial integration can be higher at the regional level.regional savings, investment, capital market, capital flows

ER quality control and ER associated degradation machineries are vital for viral pathogenesis

The endoplasmic reticulum (ER) is central to protein production and membrane lipid synthesis. The unfolded protein response (UPR) supports cellular metabolism by ensuring protein quality control in the ER. Most positive strand RNA viruses cause extensive remodeling of membranes and require active membrane synthesis to promote infection. How viruses interact with the cellular machinery controlling membrane metabolism is largely unknown. Furthermore, there is mounting data pointing to the importance of the UPR and ER associated degradation (ERAD) machineries in viral pathogenesis in eukaryotes emerging topic. For many viruses, the UPR is an early event that is essential for persistent infection and benefits virus replication. In addition, many viruses are reported to commandeer ER resident chaperones to contribute to virus replication and intercellular movement. In particular, calreticulin, the ubiquitin machinery, and the 26S proteasome are most commonly identified components of the UPR and ERAD machinery that also regulate virus infection. In addition, researchers have noted a link between UPR and autophagy. It is well accepted that positive strand RNA viruses use autophagic membranes as scaffolds to support replication and assembly. However this topic has yet to be explored using plant viruses. The goal of research on this topic is to uncover how viruses interact with this ER-related machinery and to use this information for designing novel strategies to boost immune responses to virus infection.Peer reviewedEntomology and Plant Patholog

And if One Size Fit All after All? A Counterfactual Examination of the ECB Monetary Policy under Duisenberg Presidency

URL des Cahiers : https://halshs.archives-ouvertes.fr/CAHIERS-MSECahiers de la Maison des Sciences Economiques 2004.04 - Série Blanche - ISSN : 1624-0340How did European Central Bank (ECB) fit the disparate macroeconomic needs of euro area members? The purpose of this paper consists in providing quantitative answers to this question presenting an original methodology. After estimating unified frameworks of monetary transmission mechanisms for nine euro zone countries, we compute the national evolutions of output gap and inflation since 1999, in a fictitious context where the euro has never been launched. Using a loss function as a standard for macroeconomic stabilization, these simulations are then compared with the actual outcomes over the period 1999-2003. Our major result is that the ECB did a far better stabilization job for euro zone countries than national central banks would have done.Dans quelle mesure la politique monétaire de la Banque Centrale Européenne (BCE) a-t-elle convenu aux différents profils macroéconomiques des pays membres de la zone euro ? Cet article propose une méthode originale afin de fournir des éléments de réponse quantifiés à cette question. A partir d'estimations empiriques des mécanismes de transmission de la politique monétaire au sein de neuf pays membres de la zone euro, nous simulons les évolutions nationales du PIB et de l'inflation depuis 1999, dans un contexte fictif où l'euro n'aurait jamais vu le jour. A l'aide d'une fonction de perte utilisée comme norme d'évaluation, le produit de ces simulations est comparé aux véritables évolutions constatées entre 1999 et 2003. Nos résultats soutiennent alors l'idée que la BCE a mené une tâche de stabilisation conjoncturelle bien plus efficace que ce qu'auraient pu accomplir les banques centrales nationales

Les frontieres de la maladie. Maladies latentes et maladies attenuees.

LEIDSSTELSELOPLADEN-RUG0

Les traitements anti-arthrosiques symptomatiques d'action lente et chondroprotecteurs (revue de la littérature et analyse critique)

L'arthrose est la résultante des phénomènes mécaniques et biologiques qui déstabilisent l'équilibre entre la synthèse et la dégradation du cartilage et de l'os sous chondral. Elle concernerait 4,6 millions de personnes en France. Le principe d'un traitement médical efficace apparaît alors comme un véritable enjeu de santé publique au-delà du bénéfice pour le patient. Parmi les différents traitements anti-arthrosique, on distingue les anti-arthrosiques symptomatiques d'action lente comme la chondroïtine sulfate, la diacerhéine, les insaponifiables de soja et d'avocat ou l'oxacéprol. Ces molécules auraient des effets spécifiques, différés et rémanent sur les manifestations fonctionnelles de l'arthrose. Or d'après la commission de transparence, le niveau de service médical rendu (SMR) reste encore faible ou insuffisant. Après avoir fait une revue de la littérature, nous essayerons d'apprécier l'efficacité nouvelle de ces molécules selon les critères modernes de la médecine basée sur les preuves expérimentales.AMIENS-BU Santé (800212102) / SudocSudocFranceF