United States: Money Market Mutual Fund Liquidity Facility

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some types of MMFs of certain high-quality assets, including government securities, secured and unsecured commercial paper, and short-term municipal debt. Borrowers pledged the purchased assets as collateral for the loans with the Federal Reserve Bank of Boston (FRBB), which administered the MMLF. The MMLF accepted a wider range of collateral than the GFC-era program, which only accepted asset-backed commercial paper. FRBB was also further protected by $10 billion in credit protection from the Treasury Department, unlike the GFC-era program. Use of the MMLF peaked at$53.8 billion in loans outstanding the week of April 9, 2020, then gradually decreased. The MMLF expired on March 31, 2021, after two extensions to its operating dates

Behavior of the Dripping Faucet over a Wide Range of the Flow Rate

The time interval of successive water-drips from a faucet was examined over a wide range of the flow rate. The dripping interval alternately exhibits a stable state and a chaotic state as the flow rate increases. In the stable state, the volume of the drip is kept constant at fixed flow rates, and the constant volume increases with the flow rate. In the chaotic state, in addition to a mechanics that the drip is torn by its own weight, the vibration of the drip on the faucet takes part in the strange behavior of the interval.Comment: 7 pages, 7 figures, to be published in J. Phys. Soc. Jpn vol 68-2(1999

eSciDoc.ViRR

Information flyer about the eSciDoc solution "ViRR"

The construction of a price index for contributions to South African open medical schemes

An accurate measure of the change in the price of medical-scheme cover over time is necessary to inform health and social-security policy, and would provide consumers, employers and the regulator with a useful benchmark. A medical-scheme contribution index based on gross contributions to open medical schemes is constructed using the Paasche formula and a sample of schemes for the period 2006 to 2010. The results of the index indicate a 17,48% increase in real contributions over the period

Age-specific prevalence of cervical human papillomavirus infection and cytological abnormalities in women in Gauteng Province, South Africa

Background. Women accessing the public health system in Gauteng province, South Africa are largely unscreened for cervical cancer andhave a high background prevalence of human immunodeficiency virus (HIV) infection.Objectives. This cross-sectional study describes the age-specific prevalence of human papillomavirus (HPV) infection and cytologicalabnormalities among this urban and peri-urban population.Method. Over the period March 2009 - September 2011, 1 524 women attending public sector primary healthcare clinics were invited toparticipate in a cervical cancer screening study. All participants were screened with conventional cytology and HPV testing undertaken using the HPV linear array genotyping kit (Roche Molecular Systems).Results. Of 1 472 women with valid cytology results, abnormalities were detected in 17.3% (n=255), of which 9.1% (n=134) were high-gradesquamous intraepithelial lesions, and 0.5% (n=8) suggestive of squamous carcinoma. Of the 1 445 women with complete data, the overall and high-risk HPV DNA prevalences were 74.6% (n=1 078) and 54.3% (n=784), respectively. HPV type 16 and/or 18 were detected in 19.5% (n=282) of women. Age-specific prevalence of HPV showed a plateau-shaped curve.Conclusions. The prevalences of HPV infection and abnormal cytology were much higher than previously reported in general populations in South Africa and elsewhere. Higher age-specific prevalence and similar plateau-like age-specific epidemiological curves have previouslyonly been described in studies among HIV-positive women. These findings have implications for planning and development of cervical screening programmes in developing countries with largely unscreened populations with a high background prevalence of HIV

The gender profile of the South African actuarial profession

The aim of this paper is to contextualise the gender status of the South African actuarial profession, both historically and relative to elsewhere in the world, as well as to establish the current level of representation of women in the profession. The authors have investigated the extent to which women are represented in different age groups and at various stages of the qualification process. They find that 85% of Fellow members of the Actuarial Society in 2010 are male but that women represent at least 30% of student members and younger cohorts. Given that people enter the profession primarily from undergraduate degrees in actuarial science, the authors have analysed the relative performance of female students enrolling for an Actuarial Science degree at the University of Cape Town. They find that the proportion of entrants who are female has increased over time but that persistency rates for female students are lower than for male students. They identify the need for further research to establish the underlying reasons for the gender differentials in entrants to university programmes and persistency, and conclude that universities, actuarial employers and the profession have a role to play in improving the perception of the profession and the experiences of women in the classroom and workplace

Multiple long-term conditions within households and use of health and social care: a retrospective cohort study

Background: The daily management of long-term conditions falls primarily on individuals and informal carers, but the impact of household context on health and social care activity among people with multiple long-term conditions (MLTCs) is understudied. Aim: To test whether co-residence with a person with MLTCs (compared with a co-resident without MLTCs) is associated with utilisation and cost of primary, community, secondary health care, and formal social care. Design & setting: Linked data from health providers and local government in Barking and Dagenham for a retrospective cohort of people aged ≥50 years in two-person households in 2016–2018. Method: Two-part regression models were applied to estimate annualised use and cost of hospital, primary, community, mental health, and social care by MLTC status of individuals and co-residents, adjusted for age, sex, and deprivation. Applicability at the national level was tested using the Clinical Practice Research Datalink (CPRD). Results: Forty-eight per cent of people with MLTCs in two-person households were co-resident with another person with MLTCs. They were 1.14 (95% confidence interval [CI] = 1.00 to 1.30) times as likely to have community care activity and 1.24 (95% CI = 0.99 to 1.54) times as likely to have mental health care activity compared with those co-resident with a healthy person. They had more primary care visits (8.5 [95% CI = 8.2 to 8.8] versus 7.9 [95% CI = 7.7 to 8.2]) and higher primary care costs. Outpatient care and elective admissions did not differ. Findings in national data were similar. Conclusion: Care utilisation for people with MLTCs varies by household context. There may be potential for connecting health and community service input across household members