Financial indexation and interest rate policy in Iceland

Iceland´s experience of rapid post-war inflation developments prompted a unique experiment with a near-comprehensive financial indexation that may be worthy of consideration for a number of individual countries as well as for international capital markets. The indexation policy came to its full fruition with such an articulated system as from 1979, while credit terms were still administered in detail by the Central Bank. The following period thus became ripe with experiences of running such a system and reaping its benefits. The problem of measurement of inflation was solved by a composite, weighted index of consumer and construction prices, and later to include wages, while finally the preference was for consumer prices alone. This simplification minimized the problem of time lag from measurement to application that had proved considerable under accelerating inflation into higher doule digits. Prior to indexation the stock of financial savings had seriously deteriorated in real and relative terms, mainly due to accumulated effects of negative real interest. With indexation, followed within a few years by free interest formation, the tide was turned over to rapid accumulation of financial capital that soon brought about internal demand equilibrium and restored the role of interest and demand policies in general, as well as greatly improving the external debt position. Bond issues rose to prominence pari passu with indexation with resulting multiplication of market instruments which developed further through share issues and stock exchange operations. The overall achievement has been one of a highly modernized financial system. While thus aiming at protecting the financial system against the ravages of inflation, no illusions were held as to indexation leading to an easy solution of inflation itself. However, it has obviously eliminated the inflation gains of the public at large, and thus stamped out the inflation mentality and substantially eased the task of disinflation.

Energy policy – the expansion of the energy industry sector in Iceland

Sú fallvatnsorka sem seld hefur verið til stóriðju hefur skilað óverulegum hagnaði og fyrirséð er að hún mun ekki skila verulegum hagnaði nema dregið verði úr skuldsetningu raforkufyrirtækjanna. Söluverðið er þekkt og að hluta til fast. Væntingar um að stóriðja verði leið til að styrkja iðnað í landinu og auka fjölbreytni útflutnings hafa snúist upp í andhverfu sína. Stóriðjugeirinn skapar ekki fjölda starfa og margföldunaráhrifin eru ekki mikil. Þjóðhagslseg áhrif eru mest á byggingartíma virkjananna. Niðurstaðan er að virkjun fallvatna hefur skilað litlu; orkusölu til fimm fjölþjóðafyrirtækja og óverulegum skatttekjum, utan tímabundins orkuskatts sem nú hefur verið aflagður. Fræðileg nálgun er að mestu sótt til Max Weber; annars vegar tilgátunnar um yfirburði regluveldisins, læsingu ákvarðanatöku í járnbúr, og hins vegar um að markleitin skynsemi, verkfærnin, geti umpólast þannig að leiðin verði að markmiði. Þannig hefur virkjun og orkuveita orðið að sérstakri atvinnugrein sem hefur eigin vöxt að markmiði undir yfirskini arðsemi. Yfirlýst markmið um samfélagslega ábyrgð, skyldur við nærsamfélagið og ábyrga umgengni við náttúruna eru löguð að fyrirætlunum og framkvæmd, þ.e. „heildsölu á raforku til stórnotenda innan rammaáætlunar“The profit of sold hydropower energy to heavy industries is insignificant and it is unlikely that it will be profitable unless the hydropower companies reduce their debts. The energy price is known and partially fixed. Expectations that (foreign investment in) Heavy Industry is a way to strengthen the domestic market and diversify exports has ended up having the opposite effect. The Heavy Industry sector does not create a significant number of jobs and the amount of derived jobs is negligible. The macroeconomic effect is limited to the construction period of the power plants. The result is that the hydropower plants yielded only power supply for the three multinational corporations and paid insignificant tax revenues, except for a temporary energy tax. No changes are foreseeable.Peer ReviewedRitrýnt tímari

Umframávöxtun á íslenskum hlutabréfamarkaði

Peer reviewe

Central nervous system tumours in Icelandic children; diagnoses, treatment results and late effects

Neðst á síðunni er hægt að nálgast greinina í heild sinni með því að smella á hlekkinn View/OpenObjective: Tumours in the central nervous system are the second most common malignant diseases in children. With improved treatment, the number of survivors is increasing. Therefore, better knowledge of the long-term effects of the disease and the therapy is needed. The aim of the current study was to find the incidence of central nervous system tumours in Iceland, evaluate the treatment results and study the long-term effects on the individuals. Material and methods: Data on diagnosis and treatment as well as demographic data were gathered from hospital records from the Reykjavik City Hospital and The University Hospital and operating lists at the Department of Neurosurgery were reviewed. On survivors, physical examination was carried out, blood tests and urine-analysis were done and hearing was tested. Social adaptation, school performance, memory, concentration and general well being were studied by a questionnaire. Results: In the years 1970-1995, 57 children, aged 16 and younger, were diagnosed in Iceland with central nervous system tumours, 30 girls and 27 boys. Two children with brain metastases were excluded. Of the 55 individuals, 38 are alive today, 19 girls and 19 boys. Seventeen children had astrocytoma, grade 1 or 2 and seven had astrocytoma of grade 3 or 4. Seven children had medulloblastoma, other tumours were less common. Four patients with benign tumours in the spine were excluded from the study; three are living abroad and three refused participation. Therefore, 28 patients were included in the further study, 15 males and 13 females. The mean age at diagnoses was 7 years and 8 months (7:8) (median 6:7 years, span 0:0-15:11), the mean age at study was 21:4 years (median 20:2 years, span 7:6-39:9) and the mean time from diagnosis until study was 12:8 years (median 11:5 years, span 2:5-26:3). The mean standard deviation score for height (SDS) was -0.63 at the time of study, five of the patients had SDS below two. Five individuals need hormone replacement therapy and one patient has scoliosis. Three patients have disabilities; two of those are incapable of activities of daily life. Three patients have hearing impairment; one of them is also blind. Of five patients who had seizures when diagnosed, two still have convulsions. Of 28 patients, twelve (43%) had learning difficulties in school and ten (36%) needed remedial teaching. Conclusions: The incidence of central nervous tumours in Icelandic children is comparable to what has been reported in other countries. The results of the treatment are similar to what has been found in the other Nordic countries which maybe better than in other countries. The most prominent long-term effects among the survivors are endocrine dysfunctions and specific learning disabilities. Other, severe long-term complications are rare but have considerable effect on the individuals. We emphazise that organised, long-term follow-up is essential for these individuals, paying special attention to learning difficulties and endocrine dysfunction.Inngangur: Æxli í miðtaugakerfi er annar algengasti illkynja sjúkdómurinn í börnum, næst á eftir hvítblæði. Árangur meðferðar hefur farið stöðugt batnandi og því eykst mikilvægi þess að greina möguleg langtímaáhrif og síðkomna fylgikvilla meðferðar. Tilgangur rannsóknarinnar var að finna heildarfjölda sjúklinga á Íslandi, greiningu þeirra og árangur meðferðar og kanna síðkomna fylgikvilla og langtímaáhrif meðferðar á eftirlifandi einstaklinga. Aðferðir: Sjúklingar voru fundnir með leit í sjúkraskrám á Sjúkrahúsi Reykjavíkur og Landspítalanum auk þess sem farið var yfir aðgerðarbækur á SHR. Upplýsingar um sjúkdóminn, greiningu og meðferð var safnað. Allir þátttakendur í rannsókninni komu í viðtal og skoðun, heyrnarmælingu, blóð- og þvagrannsóknir. Spurningalisti varðandi félagslega aðlögun, skólagöngu, minni, einbeitingu og líðan var einnig lagður fyrir þátttakendur. Niðurstöður: Á árunum 1970-1995 greindust 57 börn á Íslandi yngri en 16 ára með æxli í miðtaugakerfi, 30 stelpur og 27 strákar. Tveir sjúklingar með meinvörp í heila voru útilokaðir frá frekari uppvinnslu. Nú eru 38 þessara einstaklinga á lífi, 19 konur og 19 karlar. Sautján sjúklingar höfðu astrocytoma af gráðu 1 eða 2 en sjö sjúklingar astrocytoma af gráðu 3 eða 4. Sjö sjúklingar höfðu greinst með medulloblastoma, aðrar tegundir voru sjaldgæfari. Fjórir sjúklingar með góðkynja æxli í mænu voru útilokaðir frá rannsókn. Þrír búa erlendis og þrír neituðu þátttöku. Því tóku 28 einstaklingar þátt í rannsókninni, 15 karlmenn og 13 konur. Aldur við greiningu var að meðaltali sjö ár og átta mánuðir (7:8) (miðgildi 6:7 ár, bil 0:0-15:11), meðalaldur við rannsókn var 21:4 ár (miðgildi 20:2 ár, bil 7:6-39:9) og meðaltími frá greiningu að rannsókn var 12:8 ár (miðgildi 11:5 ár, bil 2:5-26:3). Hæð þátttakenda við rannsókn var að meðaltali -0,63 staðalfráviksskor (standard deviation score; SDS), fimm þátttakendur eru með -2 eða minna í staðalfráviksskori. Fimm einstaklingar fá hormónameðferð vegna vanstarfsemi innkirtla í kjölfar meðferðar. Einn einstaklingur hefur hryggskekkju sem rekja má til meðferðar. Þrír einstaklingar hafa verulega skerta hreyfifærni sem rekja má til sjúkdómsins og/eða meðferðar og þar af eru tveir ófærir um athafnir daglegs lífs. Þrír einstaklingar eru heyrnarskertir, þar af er einn einnig blindur. Af fimm sjúklingum sem höfðu krampa sem einkenni um sjúkdóminn fá tveir enn krampa. Af 28 sjúklingum áttu 12 (43%) við sérstaka námsörðugleika að stríða í grunnskóla og tíu (36%) fengu stuðningskennslu. Umræður: Tíðni heila- og mænuæxla virðist sú sama hér og þekkist annars staðar. Árangur meðferðar virðist svipaður og á hinum Norðurlöndunum sem er oft betri en í öðrum löndum. Þau langtímaáhrif sem eru mest áberandi hjá einstaklingum sem lifað hafa æxli í miðtaugakerfi í æsku eru vanstarfsemi innkirtla og sértækir námsörðugleikar. Aðrir alvarlegir fylgikvillar eru ekki algengir en skerða þó lífsgæði einstaklingsins. Nauðsynlegt er að bjóða upp á skipulagt og markvisst eftirlit með þessum sjúklingum að meðferð lokinni með áherslu á að greina námsörðugleika og starfstruflanir í innkirtlum

Differential gene expression during early development in recently evolved and sympatric Arctic charr morphs

Phenotypic differences between closely related taxa or populations can arise through genetic variation or be environmentally induced, leading to altered transcription of genes during development. Comparative developmental studies of closely related species or variable populations within species can help to elucidate the molecular mechanisms related to evolutionary divergence and speciation. Studies of Arctic charr (Salvelinus alpinus) and related salmonids have revealed considerable phenotypic variation among populations and in Arctic charr many cases of extensive variation within lakes (resource polymorphism) have been recorded. One example is the four Arctic charr morphs in the ∼10,000 year old Lake Thingvallavatn, which differ in numerous morphological and life history traits. We set out to investigate the molecular and developmental roots of this polymorphism by studying gene expression in embryos of three of the morphs reared in a common garden set-up. We performed RNA-sequencing, de-novo transcriptome assembly and compared gene expression among morphs during an important timeframe in early development, i.e., preceding the formation of key trophic structures. Expectedly, developmental time was the predominant explanatory variable. As the data were affected by some form of RNA-degradation even though all samples passed quality control testing, an estimate of 3′-bias was the second most common explanatory variable. Importantly, morph, both as an independent variable and as interaction with developmental time, affected the expression of numerous transcripts. Transcripts with morph effect, separated the three morphs at the expression level, with the two benthic morphs being more similar. However, Gene Ontology analyses did not reveal clear functional enrichment of transcripts between groups. Verification via qPCR confirmed differential expression of several genes between the morphs, including regulatory genes such as AT-Rich Interaction Domain 4A (arid4a) and translin (tsn). The data are consistent with a scenario where genetic divergence has contributed to differential expression of multiple genes and systems during early development of these sympatric Arctic charr morphs.he project was funded by The Icelandic Center for Research (grant number: 100204011) to Sigurður S. Snorrason, Arnar Pálsson, Zophonías O. Jónsson and Bjarni K. Kristjánsson. The University of Iceland Doctoral Fund to Jóhannes Guðbrandsson and University of Iceland research fund to Arnar Pálsson, Sigurður S. Snorrason and Zophonías O. Jónsson. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.Peer Reviewe

Gene expression in the phenotypically plastic Arctic charr (Salvelinus alpinus): A focus on growth and ossification at early stages of development

Publisher's version (útgefin grein)Gene expression during development shapes the phenotypes of individuals. Although embryonic gene expression can have lasting effects on developmental trajectories, few studies consider the role of maternal effects, such as egg size, on gene expression. Using qPCR, we characterize relative expression of 14 growth and/or skeletal promoting genes across embryonic development in Arctic charr (Salvelinus alpinus). We test to what extent their relative expression is correlated with egg size and size at early life‐stages within the study population. We predict smaller individuals to have higher expression of growth and skeletal promoting genes, due to less maternal resources (i.e., yolk) and prioritization of energy toward ossification. We found expression levels to vary across developmental stages and only three genes (Mmp9, Star, and Sgk1) correlated with individual size at a given developmental stage. Contrary to our hypothesis, expression of Mmp9 and Star showed a non‐linear relationship with size (at post fertilization and hatching, respectively), whilst Sgk1 was higher in larger embryos at hatching. Interestingly, these genes are also associated with craniofacial divergence of Arctic charr morphs. Our results indicate that early life‐stage variation in gene expression, concomitant to maternal effects, can influence developmental plasticity and potentially the evolution of resource polymorphism in fishes.We thank John Postlethwait for his valuable comments on the manuscript. This research was funded by the Icelandic Research Fund, Rannis (grant number 141360 to CAL et al., and grant number 173814–051 to SVB).Peer Reviewe

GraphTyper2 enables population-scale genotyping of structural variation using pangenome graphs

Publisher's version (útgefin grein).Analysis of sequence diversity in the human genome is fundamental for genetic studies. Structural variants (SVs) are frequently omitted in sequence analysis studies, although each has a relatively large impact on the genome. Here, we present GraphTyper2, which uses pangenome graphs to genotype SVs and small variants using short-reads. Comparison to the syndip benchmark dataset shows that our SV genotyping is sensitive and variant segregation in families demonstrates the accuracy of our approach. We demonstrate that incorporating public assembly data into our pipeline greatly improves sensitivity, particularly for large insertions. We validate 6,812 SVs on average per genome using long-read data of 41 Icelanders. We show that GraphTyper2 can simultaneously genotype tens of thousands of whole-genomes by characterizing 60 million small variants and half a million SVs in 49,962 Icelanders, including 80 thousand SVs with high-confidence.We are grateful to our colleagues from deCODE genetics / Amgen Inc. for their contributions. We also wish to thank all research participants who provided a biological sample to deCODE genetics.Peer Reviewe

PopDel identifies medium-size deletions simultaneously in tens of thousands of genomes

Thousands of genomic structural variants (SVs) segregate in the human population and can impact phenotypic traits and diseases. Their identification in whole-genome sequence data of large cohorts is a major computational challenge. Most current approaches identify SVs in single genomes and afterwards merge the identified variants into a joint call set across many genomes. We describe the approach PopDel, which directly identifies deletions of about 500 to at least 10,000 bp in length in data of many genomes jointly, eliminating the need for subsequent variant merging. PopDel scales to tens of thousands of genomes as we demonstrate in evaluations on up to 49,962 genomes. We show that PopDel reliably reports common, rare and de novo deletions. On genomes with available high-confidence reference call sets PopDel shows excellent recall and precision. Genotype inheritance patterns in up to 6794 trios indicate that genotypes predicted by PopDel are more reliable than those of previous SV callers. Furthermore, PopDel’s running time is competitive with the fastest tested previous tools. The demonstrated scalability and accuracy of PopDel enables routine scans for deletions in large-scale sequencing studies