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.

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

Multivariate risks and depth-trimmed regions

We describe a general framework for measuring risks, where the risk measure takes values in an abstract cone. It is shown that this approach naturally includes the classical risk measures and set-valued risk measures and yields a natural definition of vector-valued risk measures. Several main constructions of risk measures are described in this abstract axiomatic framework. It is shown that the concept of depth-trimmed (or central) regions from the multivariate statistics is closely related to the definition of risk measures. In particular, the halfspace trimming corresponds to the Value-at-Risk, while the zonoid trimming yields the expected shortfall. In the abstract framework, it is shown how to establish a both-ways correspondence between risk measures and depth-trimmed regions. It is also demonstrated how the lattice structure of the space of risk values influences this relationship.Comment: 26 pages. Substantially revised version with a number of new results adde

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

Optimal Reinsurance with One Insurer and Multiple Reinsurers

In this paper, we consider a one-period optimal reinsurance design model with n reinsurers and an insurer. For very general preferences of the insurer, we obtain that there exists a very intuitive pricing formula for all reinsurers that use a distortion premium principle. The insurer determines its optimal risk that it wants to reinsure via this pricing formula. This risk it wants to reinsure is then shared by the reinsurers via tranching. The optimal ceded loss functions among multiple reinsurers are derived explicitly under the additional assumptions that the insurer’s preferences are given by an inverse-S shaped distortion risk measure and that the reinsurer’s premium principles are some functions of the Conditional Value-at-Risk. We also demonstrate that under some prescribed conditions, it is never optimal for the insurer to cede its risk to more than two reinsurers

Eliciting Dirichlet and Gaussian copula prior distributions for multinomial models

In this paper, we propose novel methods of quantifying expert opinion about prior distributions for multinomial models. Two different multivariate priors are elicited using median and quartile assessments of the multinomial probabilities. First, we start by eliciting a univariate beta distribution for the probability of each category. Then we elicit the hyperparameters of the Dirichlet distribution, as a tractable conjugate prior, from those of the univariate betas through various forms of reconciliation using least-squares techniques. However, a multivariate copula function will give a more flexible correlation structure between multinomial parameters if it is used as their multivariate prior distribution. So, second, we use beta marginal distributions to construct a Gaussian copula as a multivariate normal distribution function that binds these marginals and expresses the dependence structure between them. The proposed method elicits a positive-definite correlation matrix of this Gaussian copula. The two proposed methods are designed to be used through interactive graphical software written in Java

Identification and management of chronic pain in primary care:a review

Chronic pain is a common, complex, and challenging condition, where understanding the biological, social, physical and psychological contexts is vital to successful outcomes in primary care. In managing chronic pain the focus is often on promoting rehabilitation and maximizing quality of life rather than achieving cure. Recent screening tools and brief intervention techniques can be effective in helping clinicians identify, stratify and manage both patients already living with chronic pain and those who are at risk of developing chronic pain from acute pain. Frequent assessment and reassessment are key to ensuring treatment is appropriate and safe, as well as minimizing and addressing side effects. Primary care management should be holistic and evidence-based (where possible) and incorporates both pharmacological and non-pharmacological approaches, including psychology, self-management, physiotherapy, peripheral nervous system stimulation, complementary therapies and comprehensive pain-management programmes. These may either be based wholly in primary care or supported by appropriate specialist referral