Measures of financial development

The subject of financial development has received a great deal of attention, both theoretically and through empirical research. Earlier work focussed on the relationship between financial development and economic growth, with both policy makers and academics seeing financial liberalisation and the development of financial systems as a way to quickly improve the welfare of a country's citizens. Practically the steps taken to liberalise and develop financial systems have had mixed results, indicating the pitfalls of any 'one size fits all' approach to development. Still, there is almost unanimous acceptance of a strong linkage between the financial system and the wider economy. Financial development in Africa is also of particular interest given the economic challenges that many African countries face (and related issues such as poverty). Financial development can act as a lever to spur economic growth and ultimately the welfare of much of the continent. However, it is widely recognised that African financial systems are under-developed. Allen et al. (2013) show that even compared to other developing economies, African financial systems score significantly lower across most measures of development. More recent studies have therefore shifted focus towards answering questions related to the determinants and drivers of financial development itself. Given the accepted benefits of an effective financial system, what policies and interventions can be put in place to assist with financial development? Ultimately, any inquiry into the realm of financial development is constrained by the study's ability to select the appropriate indicators for, and accurately measure the financial system. Even under ideal circumstances this can be challenging, as there is certainly no consistent view as to how best measure financial development. Approaches have changed over time, from traditionally focussing on simply the size and depth of a financial market to more modern indicators related to stability and financial inclusion – more aligned to the long term welfare outcomes in the economy rather than merely measuring the properties of a system. In reality, studies have to account for inconsistent and often missing data sets, especially for developing economies (which tend to be the focus of research into development). The assertion of La Porta et al. (1998) that measuring the size of financial markets "is a bit tricky" somewhat understates the challenges related to the measurement of financial systems. This study aims to explore the theory and empirical studies related to financial development, its impact on economic growth in Africa and the various ways to measure financial markets and institutions. The rest of this report is structured as follows; Section 2 contains the context and case for the study and lays out the objectives for the research. It also provides a summary overview of the key functions of financial systems as a reference for the rest of the paper. Section 3 provides a comprehensive review on the literature around three core areas (1) The relationship between financial development and economic growth, (2) the determinants of financial development and (3) the approaches to measuring financial development. Section 4 contains the discussion on this study's methodology and hypotheses. Section 5 discusses the key results and findings from the analysis. Section 6 provides a conclusion and recommendations for future research, followed by the Appendices

The Production of 44Ti and 60Co in Supernovae

The production of the radioactive isotopes 44Ti and 60Co in all types of supernovae is examined and compared to observational constraints inculding Galactic gamma-ray surveys, measurements of the diffuse 511 keV radiation, gamma-ray observations of Cas A, the late-time light curve of SN 1987A, and isotopic anomalies found in silicon carbide grains in meteorities. The (revished) line flux from 44Ti decay in the Cas A supernova remnant reported by COMPTEL on the Compton Gamma Ray Observatory is near the upper bound expected from our models. The necessary concurrent ejection of 56Ni would also imply that Cas A was a brighter supernova than previously thought unless extinction in the intervening matter was very large. Thus, if confirmed, the reported amount of 44Ti in Cas A provides very interesting constraints on both the supernova environment and its mechanism. The abundances of 44Ti and 60Co ejected by Type II supernovae arch such that gmma-radiation from 44Ti decay SN 1987A could be dectected by a furture generation of gamma-ray telescopes, and that the decay of 60Co might provide an interesting contribution to the late-time light curve of SN 1987A and other core collapse supernovae. To produced the solar 44Ca abundance and satisfy all the obersvational constraints, nature may prfer at least the occasional explosion of sub-Chandrasekhar mass white dwarfs as Type Ia supernovae. Depending on the escape fraction of positrons due to 56Co made in all kinds of Type Ia supernovae, a significant fraction of the steady state diffuse 511 keV emission may arise from the annihilation of positrons produced during the decay of 44Ti to 44Ca. The Ca and Ti isotpic anomalies in presolar grains confirm the production of 44Ti in supernovae and that extensive mixing between zones has occurred, but a quantitative model for this mixing is presently lacking

Translation of Diverse Aramid- And 1,3-Dicarbonyl-peptides by Wild Type Ribosomes in Vitro

Here, we report that wild type Escherichia coli ribosomes accept and elongate precharged initiator tRNAs acylated with multiple benzoic acids, including aramid precursors, as well as malonyl (1,3-dicarbonyl) substrates to generate a diverse set of aramid-peptide and polyketide-peptide hybrid molecules. This work expands the scope of ribozyme- and ribosome-catalyzed chemical transformations, provides a starting point for in vivo translation engineering efforts, and offers an alternative strategy for the biosynthesis of polyketide-peptide natural products

Bioaccessibility Tests Accurately Estimate Bioavailability Of Lead To Quail

Hazards of soil-borne lead (Pb) to wild birds may be more accurately quantified if the bioavailability of that Pb is known. To better understand the bioavailability of Pb to birds, the authors measured blood Pb concentrations in Japanese quail (Coturnix japonica) fed diets containing Pb-contaminated soils. Relative bioavailabilities were expressed by comparison with blood Pb concentrations in quail fed a Pb acetate reference diet. Diets containing soil from 5 Pb-contaminated Superfund sites had relative bioavailabilities from 33% to 63%, with a mean of approximately 50%. Treatment of 2 of the soils with phosphorus (P) significantly reduced the bioavailability of Pb. Bioaccessibility of Pb in the test soils was then measured in 6 in vitro tests and regressed on bioavailability: the relative bioavailability leaching procedure at pH 1.5, the same test conducted at pH 2.5, the Ohio State University in vitro gastrointestinal method, the urban soil bioaccessible lead test, the modified physiologically based extraction test, and the waterfowl physiologically based extraction test. All regressions had positive slopes. Based on criteria of slope and coefficient of determination, the relative bioavailability leaching procedure at pH 2.5 and Ohio State University in vitro gastrointestinal tests performed very well. Speciation by X-ray absorption spectroscopy demonstrated that, on average, most of the Pb in the sampled soils was sorbed to minerals (30%), bound to organic matter (24%), or present as Pb sulfate (18%). Additional Pb was associated with P (chloropyromorphite, hydroxypyromorphite, and tertiary Pb phosphate) and with Pb carbonates, leadhillite (a lead sulfate carbonate hydroxide), and Pb sulfide. The formation of chloropyromorphite reduced the bioavailability of Pb, and the amendment of Pb-contaminated soils with P may be a thermodynamically favored means to sequester Pb

Aneurysm of an autologous aorta to right coronary artery reverse saphenous vein graft presenting as a mediastinal mass: a case report

Aneurysmal dilation of saphenous vein grafts is a relatively rare complication of the now common surgical procedure of coronary artery bypass graft (CABG) surgery. The true prevalence of this condition is not clear, however, literature review by Jorgensen et. al. between 1975 and 2002 revealed only 76 published cases. [1] Recent review of literature, utilizing OVID (search terms: saphenous vein, aneurysm, graft, pseudoaneurysm, coronary bypass) suggests a significantly higher prevalence with 14 such cases published in a variety of multinational journals during the period of 2006 to April 2007. The causes of this dramatic increase is likely multifactorial, however, in the author's opinion, likely reflects the increased sophistication and utilization of cross sectional imaging modalities. Regardless of the true prevalence of the condition, there is little debate that the potential for serious morbidity and mortality in this patient population is significant, and that increased detection and discussion of viable therapeutic options is critical. [1] Therefore, we present a case report and discussion of a patient with symptomatic cardiac ischemia, found to have a large saphenous vein graft aneurysm (SVGA) on coronary CTA

The TREAT-NMD advisory committee for therapeutics (TACT): an innovative de-risking model to foster orphan drug development

Despite multiple publications on potential therapies for neuromuscular diseases (NMD) in cell and animal models only a handful reach clinical trials. The ability to prioritise drug development according to objective criteria is particularly critical in rare diseases with large unmet needs and a limited numbers of patients who can be enrolled into clinical trials. TREAT-NMD Advisory Committee for Therapeutics (TACT) was established to provide independent and objective guidance on the preclinical and development pathway of potential therapies (whether novel or repurposed) for NMD. We present our experience in the establishment and operation of the TACT. TACT provides a unique resource of recognized experts from multiple disciplines. The goal of each TACT review is to help the sponsor to position the candidate compound along a realistic and well-informed plan to clinical trials, and eventual registration. The reviews and subsequent recommendations are focused on generating meaningful and rigorous data that can enable clear go/no-go decisions and facilitate longer term funding or partnering opportunities. The review process thereby acts to comment on viability, de-risking the process of proceeding on a development programme. To date TACT has held 10 review meeting and reviewed 29 program applications in several rare neuromuscular diseases: Of the 29 programs reviewed, 19 were from industry and 10 were from academia; 15 were for novel compounds and 14 were for repurposed drugs; 16 were small molecules and 13 were biologics; 14 were preclinical stage applications and 15 were clinical stage applications. 3 had received Orphan drug designation from European Medicines Agency and 3 from Food and Drug Administration. A number of recurrent themes emerged over the course of the reviews and we found that applicants frequently require advice and education on issues concerned with preclinical standard operating procedures, interactions with regulatory agencies, formulation, repurposing, clinical trial design, manufacturing and ethics. Over the 5 years since its establishment TACT has amassed a body of experience that can be extrapolated to other groups of rare diseases to improve the community's chances of successfully bringing new rare disease drugs to registration and ultimately to marke

Depressão e ansiedade maternal e crescimento fetal-neonatal

Maternal depression and anxiety have been found to negatively affect fetal and neonatal growth. However, the independent effects of maternal depression and anxiety on fetal-neonatal growth outcomes and trajectories remain unclear. This study aimed to analyze simultaneously the effects of maternal prenatal depression and anxiety on (1) neonatal growth outcomes, and (2), on fetal-neonatal growth trajectories, from the 2nd trimester of pregnancy to childbirth.This study was conducted at the Psychology Research Center (UID/PSI/01662/2013), University of Minho, and supported by the Portuguese Foundation for Science and Technology and the Portuguese Ministry of Education and Science through national funds and co-financed by FEDER through COMPETE2020 under the PT2020 Partnership Agreement (POCI-01-0145-FEDER-007653). This study was also supported by FEDER Funds through the Programa Operacional Factores de Competitividade – COMPETE and by National Funds through FCT – Fundação para a Ciência e a Tecnologia under the project PTDC/SAU/SAP/116738/2010.info:eu-repo/semantics/publishedVersio

Peginterferon alfa-2a plus ribavirin for chronic hepatitis C virus infection.

BACKGROUND Treatment with peginterferon alfa-2a alone produces significantly higher sustained virologic responses than treatment with interferon alfa-2a alone in patients with chronic hepatitis C virus (HCV) infection. We compared the efficacy and safety of peginterferon alfa-2a plus ribavirin, interferon alfa-2b plus ribavirin, and peginterferon alfa-2a alone in the initial treatment of chronic hepatitis C. METHODS A total of 1121 patients were randomly assigned to treatment and received at least one dose of study medication, consisting of 180 μg of peginterferon alfa-2a once weekly plus daily ribavirin (1000 or 1200 mg, depending on body weight), weekly peginterferon alfa-2a plus daily placebo, or 3 million units of interferon alfa-2b thrice weekly plus daily ribavirin for 48 weeks. RESULTS A significantly higher proportion of patients who received peginterferon alfa-2a plus ribavirin had a sustained virologic response (defined as the absence of detectable HCV RNA 24 weeks after cessation of therapy) than of patients who received interferon alfa-2b plus ribavirin (56 percent vs. 44 percent, P CONCLUSIONS In patients with chronic hepatitis C, once-weekly peginterferon alfa-2a plus ribavirin was tolerated as well as interferon alfa-2b plus ribavirin and produced significant improvements in the rate of sustained virologic response, as compared with interferon alfa-2b plus ribavirin or peginterferon alfa-2a alone

Catching Element Formation In The Act

Gamma-ray astronomy explores the most energetic photons in nature to address some of the most pressing puzzles in contemporary astrophysics. It encompasses a wide range of objects and phenomena: stars, supernovae, novae, neutron stars, stellar-mass black holes, nucleosynthesis, the interstellar medium, cosmic rays and relativistic-particle acceleration, and the evolution of galaxies. MeV gamma-rays provide a unique probe of nuclear processes in astronomy, directly measuring radioactive decay, nuclear de-excitation, and positron annihilation. The substantial information carried by gamma-ray photons allows us to see deeper into these objects, the bulk of the power is often emitted at gamma-ray energies, and radioactivity provides a natural physical clock that adds unique information. New science will be driven by time-domain population studies at gamma-ray energies. This science is enabled by next-generation gamma-ray instruments with one to two orders of magnitude better sensitivity, larger sky coverage, and faster cadence than all previous gamma-ray instruments. This transformative capability permits: (a) the accurate identification of the gamma-ray emitting objects and correlations with observations taken at other wavelengths and with other messengers; (b) construction of new gamma-ray maps of the Milky Way and other nearby galaxies where extended regions are distinguished from point sources; and (c) considerable serendipitous science of scarce events -- nearby neutron star mergers, for example. Advances in technology push the performance of new gamma-ray instruments to address a wide set of astrophysical questions.Comment: 14 pages including 3 figure