Assessing EU-10 Banking Sector's Resilience to Credit Losses

The article estimates the likely credit losses in the EU10 countries' banking sector, supposing that economic conditions were to deteriorate further, and that local currencies were depreciated. Factors that may affect the cumulative level of credit losses are discussed. The article concludes that even if the macroeconomic environment were to worsen, credit losses in the EU10 banking sector are likely to be substantial, but remain manageable.EU10, credit losses, banking sector, banking crisis

Europe as a convergence engine -- heterogeneity and investment opportunities in emerging Europe

This paper provides empirical evidence that countries in emerging Europe reaped the benefits of international financial integration over the past 12 years by attracting sizeable foreign capital inflows and accelerating medium-term growth. But the aggregate pattern masks substantial heterogeneity across countries; namely, new European Union member states and the European Union candidate countries are different from the European Union neighborhood. The growth benefits are supported from both a flow and a stock perspective in terms of the link between foreign savings and growth. While foreign savings might in part substitute for national savings, the analysis finds that the channel to high growth in these countries is, primarily, through making possible the pursuit of investment opportunities that would otherwise remain unfunded; in turn, this seems to be intimately linked to the opportunities created by European Union membership. Although this conclusion does not disappear if the outlier observations of the credit boom period that preceded the financial crisis are dropped from the sample, it does suggest that these excesses did not play as positive a role for growth.Economic Theory&Research,Currencies and Exchange Rates,Achieving Shared Growth,Emerging Markets,Access to Finance

Bank Flows and Basel III—Determinants and Regional Differences in Emerging Markets

The global financial crisis has led to a range of reform proposals concerning the regulatory framework governing the banking sector—collectively referred to as “Basel III.” Although the proposed reforms are expected to generate substantial benefits by reducing the frequency and intensity of banking crises, concerns have been raised that, in the short term, the costs of moving to higher capital ratios may lead banks to raise their lending rates and reduce lending. This note explores the near-term implications of Basel III capital regulations on bank flows to emerging markets, based on an analysis of the key determinants of these flows.Basel III, capital adequacy, financial crisis, financial regulation, financial reform, banking cirsis, lending, emerging markets, trade, financing, SMEs

Finding a balance between growth and vulnerability trade-offs : lessons from emerging Europe and the CIS

This paper examines the growth patterns of emerging Europe and the Commonwealth of Independent States (CIS) countries prior to the global financial crisis. The aim is to draw lessons on what policies can best position these countries going forward to enjoy growth without a buildup in macro and financial vulnerability. Cluster analysis is used to classify these countries across the growth and vulnerability dimensions; namely, a classification into low or high growth outcomes, each of which may occur with low or high vulnerability features. The vulnerability indicators used are multifaceted, covering both the domestic and the external dimensions that have been identified in previous studies as being good indicators of likelihood of crisis -- itself understood as multidimensional. Based on multinomial logit regressions, the initial conditions and the economic policies that might affect the probabilities of being in each of the four possible cluster combinations are examined. Many (if not most) of the countries in the sample experienced very large capital inflows relative to their gross domestic product prior to the crisis, which can complicate macroeconomic management and lead to a buildup of vulnerability. These large inflows were partly due to the high liquidity in global markets and, at least for some countries in the country sample, the particular attractiveness of"new Europe and emerging countries in the region"in the eyes of foreign investors. Nonetheless, the analysis finds strong evidence that the macroeconomic and structural policies that over time influence the structure of the economy, can play a significant role in explaining (and, going forward, in influencing) the different growth and vulnerability patterns experienced by the countries covered in this paper.Currencies and Exchange Rates,Debt Markets,Economic Theory&Research,Achieving Shared Growth,Economic Conditions and Volatility

Banking flows and financial crisis -- financial interconnectedness and basel III effects

This paper examines the factors that determine banking flows from advanced economies to emerging markets. In addition to the usual determinants of capital flows in terms of global push and local pull factors, it examines the role of bilateral factors, such as growth differentials and economic size, as well as contagion factors and measures of the depth in financial interconnectedness between lenders and borrowers. The analysis finds profound differences across regions. In particular, in spite of the severe impact of the global financial crisis, banking flows in emerging Europe stand out as a more stable region than is the case in other developing regions. Assuming that the determinants of banking flows remain unchanged in the presence of structural changes, the authors use these results to explore the short-term implications of Basel III capital regulations on banking flows to emerging markets.Debt Markets,Banks&Banking Reform,Emerging Markets,Access to Finance,Economic Theory&Research

Assessing EU-10 Banking Sector's Resilience to Credit Losses

The article estimates the likely credit losses in the EU10 countries' banking sector, supposing that economic conditions were to deteriorate further, and that local currencies were depreciated. Factors that may affect the cumulative level of credit losses are discussed. The article concludes that even if the macroeconomic environment were to worsen, credit losses in the EU10 banking sector are likely to be substantial, but remain manageable

Monográfico : la construcción social del genero en los medios

The different approaches on gender communication assembled in this monograph assume that gender identities constructed by the media set standards that are socially shared, and which greatly inspire and impact the receivers of the messages. The strengthening or debilitating influence on gender identities in relation to gender mandates is unquestionable. The dialogue and social recognition of new identity proposals are encouraged through media characters, new agenda issues or "possible worlds" constructed by fictional creations and advertising. The essays contained in this volume sustain a common thesis: the persistence of an androcentric perspective on the contents and representations of the media, which are adapted to new cultural expressions that are characterized by their political correctness. Nevertheless, an in-detail analysis of different formats of media discourses allows us to realize the permanence of a dichotomous view of gender roles, one of the pillars of the patriarchal society, as well as the assumption of a masculine preeminence against some feminine lifestyles

Relationship between Investigative Biomarkers and Radiographic Grading in Patients with Knee Osteoarthritis

Objective. To examine new investigative biomarkers and their relevance for radiographic severity in knee osteoarthritis. Methods. The group comprised 63 patients with 73 knees examined. Patients were divided according to radiographic severity to allow for comparison of biomarker levels. Hyaluronic acid (HA), matrix metalloproteases (MMP-1, MMP-3 and MMP-13), tissue inhibitors of metalloproteases (TIMP-1 and TIMP-2), platelet-derived growth factor (PDGF-AB), transformed growth factor (TGF-β), vascular endothelial growth factor (VEGF), hepatocyte growth factor (HGF) and insulin-like growth factor (IGF-I) were measured on synovial fluid and in plasma releasate at a single time point. Principal component analysis (PCA) followed by analysis of covariance were applied to evaluate data. Results. Four different groups of biomarker were identified in plasma releasates. The first (platelet number, PDGF-AB and TGF-β) and second groups (HA and IGF-I) were related to radiographic severity, P = .005 and P = .022, respectively. The third (MMP-1 and TIMP-2) and fourth groups (MMP-3 and TIMP-1) represented the catabolic balance, but were not associated to radiographic grading. Three different clusters of biomarkers were found in synovial fluid but did not show any significant association to radiographic grading. Conclusions. New imaging approaches to assess structural deterioration and correlation with biomarker levels are warranted to advance in OA research

TiO2 mesoporous thin film architecture as a tool to control Au nanoparticles growth and sensing capabilities

In this paper, a systematic study regarding the effect of the mesoporous structure over Au nanoparticles (NPs) growth inside and through the pores of mesoporous TiO2 thin films (MTTFs) is presented, and the effect of such characteristics over the composites' sensing capabilities is evaluated. Highly stable MTTFs with different pore diameters (range: 4-8 nm) and pore arrangements (body- and face-centered cubic) were synthesized and characterized. Au NPs were grown inside the pores, and it was demonstrated - through a careful physicochemical characterization - that the amount of incorporated Au and NP size depends on the pore array; being higher for bigger pore diameters and face-centered cubic structures. The same structure allows the growth of more and longer tips over Au NPs deposited at the thin film-substrate interface. Finally, to confirm the effect of the structural characteristics of the composites over their possible applications, the materials were tested as surface-enhanced Raman scattering (SERS)-based substrates. The composites with a higher amount of Au and more ramified NPs were the ones that presented better sensitivity in the detection of a probe molecule (4-nitrothiophenol). Overall, this work demonstrates that the pore size and ordering in MTTFs determine the materials' accessibility and connectivity, and therefore, have a clear impact on their potential applications.Fil: Steinberg, Paula Yael. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Constituyentes; ArgentinaFil: Zalduendo, María Mercedes. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Constituyentes; ArgentinaFil: Giménez, Gustavo Néstor. Instituto Nacional de Tecnología Industrial. Centro de Micro y Nanoelectrónica del Bicentenario; ArgentinaFil: Soler Illia, Galo Juan de Avila Arturo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martin. Instituto de Nanosistemas; ArgentinaFil: Angelome, Paula Cecilia. Consejo Nacional de Investigaciones Cientificas y Tecnicas. Oficina de Coordinacion Administrativa Ciudad Universitaria. Unidad Ejecutora Instituto de Nanociencia y Nanotecnologia. Unidad Ejecutora Instituto de Nanociencia y Nanotecnologia - Nodo Constituyentes | Comision Nacional de Energia Atomica. Unidad Ejecutora Instituto de Nanociencia y Nanotecnologia. Unidad Ejecutora Instituto de Nanociencia y Nanotecnologia - Nodo Constituyentes.; Argentin

Au Nanoparticles-Mesoporous TiO2 Thin Films Composites as SERS Sensors: A Systematic Performance Analysis

The combination of plasmonic nanoparticles and mesoporous materials is of much interest in applications such as sensing or catalysis. The production of such hybrid materials can be done in various ways, leading to different architectures. We present a comparative study of the SERS performance of different nanocomposite architectures comprising mesoporous TiO2 thin films and Au nanoparticles (NPs). The selection of TiO2 as mesoporous support material was based on its high chemical and mechanical stability. Au NPs of different sizes and shapes were placed at different locations of the composite and used as a plasmonic material compatible with the synthesis conditions of the mesoporous films, displaying a high chemical stability. Using p-nitrothiophenol as a molecular probe, we evaluated the performance toward surface-enhanced Raman scattering (SERS) sensing, on the basis of minimum acquisition time, spot-to-spot reproducibility, and limit of detection. The obtained results indicate that each platform features different sensing capabilities. While systems comprising Au NPs within the mesopores allow working with low acquisition times and present high signal uniformity, only a detection limit of micromolar was achieved. On the other hand, those systems made of branched Au NPs covered with mesoporous films require low acquisition times and can achieve detection limits as low as 10 pM, but signal uniformity is compromised. We propose that careful comparison of different SERS platforms based on Au NPs and mesoporous thin films will facilitate selecting an appropriate configuration for any desired application.Fil: Zalduendo, María Mercedes. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Constituyentes; ArgentinaFil: Langer, Judith. Centro de Investigación Cooperativa en Biomateriales; EspañaFil: Giner Casares, Juan J.. Centro de Investigación Cooperativa en Biomateriales; EspañaFil: Halac, Emilia B.. Comisión Nacional de Energía Atómica. Centro Atómico Constituyentes; ArgentinaFil: Soler Illia, Galo Juan de Avila Arturo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de San Martin. Instituto de Nanosistemas; ArgentinaFil: Liz Marzán, Luis M.. Centro de Investigación Cooperativa en Biomateriales; España. Basque Foundation for Science; EspañaFil: Angelome, Paula Cecilia. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Constituyentes; Argentin