Revisiting the Decline i he Exchange Rate Pass-Through: Further Evidence from Developing Countries.

The main purpose of the paper is to contribute to the empirical works relating to exchange rate pass-through. Indeed, we revisit the Taylor (2000) proposition for some developing countries in order to examine the decline in their pass-through coefficients, and to find possible explanations for this. To that effect, we adopt an empirical methodology based on some structural breaks and cointegration tests proposed respectively by Bai and Perron (1998), and Gregory and Hansen (1996). Our work is motivated by the fact that during the 1990s, some developing countries shifted their monetary policy in order to reduce the inflation.Exchange rate pass-through ; Developing countries ; Structural changes ; Cointegration tests.

Methods and contexts: Challenges of planning with scenarios in a hospital's division

Scenario planning is presented as a well-suited approach in uncertain environments such as healthcare systems. In this article, we report a project aimed at defining scenarios in the cancer division of a large hospital. The approach chosen was based on La Prospective school of scenario planning. The project stopped before scenarios could be elaborated, for lack of knowledge available on contextual factors influencing the system. From the analysis of this case study, we elaborate on the adequacy of scenario planning in the context of small healthcare delivery organisations. We conclude that most forms of scenario planning are unlikely to work in these cases, especially in the La Prospective approach. Perspectives are drawn for scenario planning in hospitals, and for research on the fit between scenario approaches and application contexts, in order to understand what approaches work in which circumstances

Left pancreatectomy for primary hydatid cyst of the body of pancreas

Hydatid disease is a considerable health problem Worldwide. Primary hydatid disease of the pancreas is very rare. We report the case of a 30-year-old woman who presented with abdominal pain and an epigastric mass. A  diagnosis of hydatid cyst of the pancreas was established by ultrasonographybefore surgery. The treatment consisted of a distal pancreatectomy. The postoperative evolution was uneventful. Hydatid disease should be consideredin the differential diagnosis of all cystic masses in the pancreas, especially in the geographical regions where the disease is endemic. Surgical removal remains the main form of defi nitive treatment

Arbitrage and deflators in illiquid markets

This paper presents a stochastic model for discrete-time trading in financial markets where trading costs are given by convex cost functions and portfolios are constrained by convex sets. The model does not assume the existence of a cash account/numeraire. In addition to classical frictionless markets and markets with transaction costs or bid-ask spreads, our framework covers markets with nonlinear illiquidity effects for large instantaneous trades. In the presence of nonlinearities, the classical notion of arbitrage turns out to have two equally meaningful generalizations, a marginal and a scalable one. We study their relations to state price deflators by analyzing two auxiliary market models describing the local and global behavior of the cost functions and constraints

L’acupuncture : comme alternative dans la prise en charge de la paralysie faciale peripherique idiopathique : experience tunisienne

La paralysie faciale périphérique idiopathique ou à frigoré (PfPi) est la plus fréquente des paralysies faciales. Elle pose un problème thérapeutique malgré la diversité des traitements proposés. L’acupuncture est une des alternatives proposées parmi cet arsenal thérapeutique. Le but de ce travail est d’évaluer l’apport de l’acupuncture dans le traitement de la PfPi et de dégager les différents facteurs pronostiques pouvant influencer la récupération de la fonction faciale. Notre étude a regroupé 40 patients porteurs de PfPi recrutés aux services d’ORL de l’hôpital régional de Jendouba et de l’hôpital de Charles Nicolle sur une période de 14 mois et pris en charge aux centres d’acupuncture à l’hôpital Mongi Slim et à l’hôpital régional de Jendouba. Tous les patients ont été traités, auparavant, selon le concept de la médecine occidentale, et n’ont été adressés qu’après échec du traitement médical conventionnel. L’évaluation de notre travail est basée sur deux tests : le testing musculaire de freyss et le grading de House et Brackman. L’étude statistique s’est basée sur le logiciel « SPSS ». Les résultats de cette étude montrent que le traitement par acupuncture trouve son indication lorsque le traitement médical conventionnel a échoué, même après un long délai de consultation.Mots-clés : paralysie faciale périphérique, acupuncture, traitement.The Bell’s palsy is the most common peripheral facial paralysis. it poses a therapeutic problem despite the diversity of treatments. Acupuncture is an alternative among the proposed therapeutic arsenal. The purpose of this study was to evaluate the contribution of acupuncture in the treatment of facial paralysis and to identify different prognostic factors that may influence the recovery of facial function. Our study included 40 patients with Bell’s palsy recruited in the services of ENT in Jendouba hospital and Charles Nicolle hospital over a period of 14 months and supported in centers of acupuncture in Mongi Slim hospital and Jendouba hospital. All patients were previously under the concept of medical treatment, and were sent after failure of this treatment. The evaluation of our work is based on two tests: muscle testing of freyss and grading of House and Brackman. The study is based on statistical software "SPSS". The results of this study show that treatment with acupuncture is indicated in Bell’s palsy when conventional medical treatment has failed and even after a long period of consultation.Keywords: facial palsy, acupuncture, treatment

Market consistent valuations with financial imperfection

In this paper, we study market consistent valuations in imperfect markets. In the first part of the paper, we observe that in an imperfect market one needs to distinguish two type of market consistencies, namely types I and II. We show that while market consistency of type I holds without very strong conditions, market consistency of type II (which in the literature is known as the usual definition of market consistency) is only well defined in perfect markets. This is important since the existing literature on market consistency considers perfect markets where the two market consistencies are equivalent. In the second part of the paper, by introducing a best estimator we find strong connections between hedging and market consistency of either type. We show under very general conditions, the type I and the type II market consistent evaluators are best estimators, and establish a two-step representation for the market consistent risk evaluators. In the third part of the paper, we present several families of market consistent evaluators in imperfect markets

Set optimization - a rather short introduction

Recent developments in set optimization are surveyed and extended including various set relations as well as fundamental constructions of a convex analysis for set- and vector-valued functions, and duality for set optimization problems. Extensive sections with bibliographical comments summarize the state of the art. Applications to vector optimization and financial risk measures are discussed along with algorithmic approaches to set optimization problems

On the Existence of Shadow Prices

For utility maximization problems under proportional transaction costs, it has been observed that the original market with transaction costs can sometimes be replaced by a frictionless "shadow market" that yields the same optimal strategy and utility. However, the question of whether or not this indeed holds in generality has remained elusive so far. In this paper we present a counterexample which shows that shadow prices may fail to exist. On the other hand, we prove that short selling constraints are a sufficient condition to warrant their existence, even in very general multi-currency market models with possibly discontinuous bid-ask-spreads.Comment: 14 pages, 1 figure, to appear in "Finance and Stochastics