Regulatory reform : integrating paradigms

The Subprime crisis largely resulted from failures to internalize systemic risk evenly across financial intermediaries and recognize the implications of Knightian uncertainty and mood swings. A successful reform of prudential regulation will need to integrate more harmoniously the three paradigms of moral hazard, externalities, and uncertainty. This is a tall order because each paradigm leads to different and often inconsistent regulatory implications. Moreover, efforts to address the central problem under one paradigm can make the problems under the others worse. To avoid regulatory arbitrage and ensure that externalities are uniformly internalized, all prudentially regulated intermediaries should be subjected to the same capital adequacy requirements, and unregulated intermediaries should be financed only by regulated intermediaries. Reflecting the importance of uncertainty, the new regulatory architecture will also need to rely less on markets and more on"holistic"supervision, and incorporate countercyclical norms that can be adjusted in light of changing circumstances.Debt Markets,Banks&Banking Reform,Emerging Markets,Labor Policies,Financial Intermediation

Reimplantation of avulsed dry permanent teeth after three days: A report of two cases

Two cases of reimplantation of avulsed teeth that occurred after 72 hours are reported. The two patients were male and female aged 13 and 24 years, respectively. The avulsed teeth were not placed in any storage medium for the duration they were out of the mouth and there was no periodontal ligament remaining on their root surfaces before the reimplantation. The teeth in these two patients are still firm without complications after 7 and 17 months. We suggest that the procedures adopted in treating these case should be used by clinicians in treating carefully selected cases that match the cases presented in this paper, which may present to them in their clinics.Key words: Avulsion, dry teeth, reimplantation, three day

Editorial Board

Editor-in Chief Daniel S. Boos Business Manager Albert A. Kostelic Advertising Director Harry J. Mehr Staff Glenn L. Drake Harold F. Hasner James A. Johnson Paul F. Reynolds Alvin F. Slaight, Jr. Robert J. Emmons Lawrence D. Gaughan John V. Potter James A. Robischon Lenard S. Zipperian Faculty Advisor J. Howard Toell

Commentary on session III: U.S.-Mexico remittances: recent trends and measurement issues

Summary and discussion of the three papers in this session: "Leveraging remittances for development" by Dilip Ratha; "Remittances and their microeconomic impacts: evidence from Latin America" by Catalina Amuedo-Dorantes; and "The relationship between international migration, trade, and development: some paradoxes and findings" by J. Edward Taylor. ; The rest of this commentary explores recent trends in U.S.?Mexico remittances, explaining how they are measured and comparing them with forecasts of remittances based on an econometric model and with trends in other developing countries.Emigration and immigration ; International trade ; Economic development ; Developing countries ; Emigrant remittances ; Econometric models ; Mexico

Corporate/commuter airlines meteorological requirements

The meteorological information requirements of corporate and commuter airlines are reviewed. The skill level and needs of this class of aviator were assessed. An overview of the methodology by which meteorological data is communicated to these users is presented

Requiring Human Papilloma Virus Vaccination for School Entry

Over 40,000 Americans are diagnosed as having HPV-associated cancer each year, including oropharyngeal cancer for men and cervical cancer for women. These diseases cause significant morbidity and mortality and are largely preventable if people are vaccinated against HPV before they are exposed to the virus. Unfortunately, despite strong evidence of safety and effectiveness of the HPV vaccine, vaccination rates have been disappointingly low – much lower than for the varicella, measles, mumps, rubella, and hepatitis B. The disparity in vaccination rates stem mainly from the fact that HPV vaccination is not universally required for school entry, while the other childhood vaccines are required. In this Viewpoint, we argue that now is the time to mandate HPV vaccination for school entry, and we provide several reasons to support our call to action. First, HPV vaccination is in children’s best interests. Second, while parents should be afforded considerable autonomy in raising their children, law and ethics do not support parents making health-related decisions that are contrary to their child’s best interests. Third, HPV vaccination is a form of social solidarity, and ought to protect ourselves and our neighbors from preventable disease and death. Finally, mandating vaccination will bring greater health equity, since racial minorities and those without health insurance suffer disproportionately from cervical cancer and other HPV-associated diseases. We believe the time for action is long overdue and call on state legislatures to enact HPV vaccination mandates linked to school entry, like with other childhood vaccines

Private equity industry: Southwest firms draw on regional expertise

Neiman Marcus, Harrah’s, Petco, J. Crew—these well-known names are among the holdings of companies owned or co-owned by private equity (PE) firms in the Federal Reserve’s Eleventh District. The region is home to more than 175 PE firms, including the world’s third-largest, Fort Worth-based TPG Capital.[1] Together, these entities have raised more than $109 billion over the past 10 years and sit on$31 billion pending investment. ; While the PE business model goes back to the times of early seafaring enterprises funded by limited private partners, its modern U.S. iteration dates back to the 1950s and the first venture capital funds. More recently, the industry and its sometimes opaque operations have come under increased regulatory scrutiny amid concern about their riskiness and systemic importance to the financial system. Although detailed data are hard to come by, regionally based PE firms are distinguished from their counterparts nationwide by the sectors they favor.Investments ; Venture capital