2017 Trade Finance Gaps, Growth and Jobs Survey

Key Points • The global trade finance gap is estimated at $1.5 trillion. • 40% of the gap originates in Asia and the Pacific. • 74% of rejected trade finance transactions come from SMEs and midcap firms. • Female-owned firms report higher rejection rates, and are less likely to find alternatives in the formal financial sector. • At least 36% of rejected trade finance may be fundable by other financial institutions. • A 10% increase in trade finance could boost employment by 1%. • 80% of banks report digitization will cut costs, yet no evidence that savings translate to tional trade finance apacity

Heterogeneity in regional economic models: disaggregation and integration

Heterogeneity in economic agents has long been one of the major discussion points in both theoretical and applied fields of economics. Particularly for regional economists focusing on macroeconomic models at the subnational level, it is of foremost importance to take into account heterogeneity of agents in regional economic models, generally used for the mid- and long-term forecasting and policy evaluation, considering the effects of time-varying socio-economic characteristics such as aging population and income inequality on simulations. Despite recent methodological advances in econometrics, modelling heterogeneity of agents for smaller regions is still a major challenge to overcome mainly due to lack of rich data. This dissertation focuses on (1) developing regional econometric models disaggregated by age and income of agents and (2) integrating the disaggregated models to existing regional macroeconomic models. Although the most typical regional models, econometric/input-output models, are illustrated as the examples of regional macro models, it is expected that the proposed integration strategies can be extended without difficulty to other modelling framework as well. In Chapter 1, I proposes an extension to the regional econometric input–output model (REIM; Conway, 1990; Israilevich et al., 1997) to which a demand system with age and income parameters is integrated. The extended model addresses concerns about household heterogeneity that has been limited to one representative in the existing REIMs. The initial testing is conducted with a model for the Chicago metropolitan area. First, using aggregate expenditure data by income and age groups, the almost ideal demand system (AIDS) with group fixed effects is constructed. Next, the estimated demand system is linked to the REIM to reflect long-term changes in the age and income distribution of households. The long-range simulation from the extended model takes into account structural changes in expenditure type stemming from changing demographic composition. The extended model further broadens the scope of impact analysis under various scenarios associated with age and income changes. In Chapter 2, drawing on a modified regional econometric input-output model (REIM) for the Chicago metropolitan region in which households were disaggregated by age, I provide an assessment of the differences generated by consumption of a representative and disaggregated households using data at the corresponding level of aggregation. The results reveal that the total effects of disaggregation that can be ascribed to population aging vary by a much smaller extent than those generated by model specification and data. The disaggregate REIM with heterogeneous households by age yields smaller RMSEs than the aggregate REIM with a representative household, but a statistical testing suggests that forecasting gains from disaggregation are modest compared to the aggregate model. In Chapter 3, I integrate an age-group-specific labor demand model into a regional input-output model to evaluate the effects of changes in age structure on a regional economy. The new integrated model suggests that ceteris paribus aging population attributes to lowering aggregate economic multipliers due to the rapidly growing number of elderly workers who earn less than younger workers. For the age-group-specific labor demand model, I find that a static labor demand model restricted with theoretical requirements yields empirically coherent wage elasticities of labor demand when the recent Census data are used. A Bayesian approach is used for more straightforward imposition of regularity conditions. The Bayesian model confirms elastic labor demand for youth workers, which is consistent with what past studies find. Comparison with other conventional methods suggests that among the regularity conditions that a cost function should satisfy, monotonicity and concavity must be checked and addressed particularly in the case where one or more factor shares are so small that monotonicity is likely to be violated

Exercise training-induced PPARβ increases PGC-1α protein stability and improves insulin-induced glucose uptake in rodent muscles

This study aimed to investigate the long-term effects of training intervention and resting on protein expression and stability of peroxisome proliferator-activated receptor β/δ (PPARβ), peroxisome proliferator-activated receptor gamma coactivator 1-α (PGC1α), glucose transporter type 4 (GLUT4), and mitochondrial proteins, and determine whether glucose homeostasis can be regulated through stable expression of these proteins after training. Rats swam daily for 3, 6, 9, 14, or 28 days, and then allowed to rest for 5 days post-training. Protein and mRNA levels were measured in the skeletal muscles of these rats. PPARβ was overexpressed and knocked down in myotubes in the skeletal muscle to investigate the effects of swimming training on various signaling cascades of PGC-1α transcription, insulin signaling, and glucose uptake. Exercise training (Ext) upregulated PPARβ, PGC-1α, GLUT4, and mitochondrial enzymes, including NADH-ubiquinone oxidoreductase (NUO), cytochrome c oxidase subunit I (COX1), citrate synthase (CS), and cytochrome c (Cyto C) in a time-dependent manner and promoted the protein stability of PPARβ, PGC-1α, GLUT4, NUO, CS, and Cyto C, such that they were significantly upregulated 5 days after training cessation. PPARβ overexpression increased the PGC-1α protein levels post-translation and improved insulin-induced signaling responsiveness and glucose uptake. The present results indicate that Ext promotes the protein stability of key mitochondria enzymes GLUT4, PGC-1α, and PPARβ even after Ext cessation

Multiple Transitions to Chaos in a Damped Parametrically Forced Pendulum

We study bifurcations associated with stability of the lowest stationary point (SP) of a damped parametrically forced pendulum by varying $\omega_0$ (the natural frequency of the pendulum) and $A$ (the amplitude of the external driving force). As $A$ is increased, the SP will restabilize after its instability, destabilize again, and so {\it ad infinitum} for any given $\omega_0$. Its destabilizations (restabilizations) occur via alternating supercritical (subcritical) period-doubling bifurcations (PDB's) and pitchfork bifurcations, except the first destabilization at which a supercritical or subcritical bifurcation takes place depending on the value of $\omega_0$. For each case of the supercritical destabilizations, an infinite sequence of PDB's follows and leads to chaos. Consequently, an infinite series of period-doubling transitions to chaos appears with increasing $A$. The critical behaviors at the transition points are also discussed.Comment: 20 pages + 7 figures (available upon request), RevTex 3.

Discovery and Genetic Characterization of Novel Paramyxoviruses Related to the Genus Henipavirus in Crocidura Species in the Republic of Korea

Paramyxoviruses, negative-sense single-stranded RNA viruses, pose a critical threat to human public health. Currently, 78 species, 17 genera, and 4 subfamilies of paramyxoviruses are harbored by multiple natural reservoirs, including rodents, bats, birds, reptiles, and fish. Henipaviruses are critical zoonotic pathogens that cause severe acute respiratory distress and neurological diseases in humans. Using reverse transcription-polymerase chain reaction, 115 Crocidura species individuals were examined for the prevalence of paramyxovirus infections. Paramyxovirus RNA was observed in 26 (22.6%) shrews collected at five trapping sites, Republic of Korea. Herein, we report two genetically distinct novel paramyxoviruses (genus: Henipavirus): Gamak virus (GAKV) and Daeryong virus (DARV) isolated from C. lasiura and C. shantungensis, respectively. Two GAKVs and one DARV were nearly completely sequenced using next-generation sequencing. GAKV and DARV contain six genes (30 -N-P-M-F-G-L-50 ) with genome sizes of 18,460 nucleotides and 19,471 nucleotides, respectively. The phylogenetic inference demonstrated that GAKV and DARV form independent genetic lineages of Henipavirus in Crocidura species. GAKV-infected human lung epithelial cells elicited the induction of type I/III interferons, interferon-stimulated genes, and proinflammatory cytokines. In conclusion, this study contributes further understandings of the molecular prevalence, genetic characteristics and diversity, and zoonotic potential of novel paramyxoviruses in shrews

The Effects of the Clean Air Act on Local Industrial Wages

Since the beginning of the Clean Air Act, firms operating in regulated counties have faced with higher costs, which consequently had an impact on local labor markets. This paper investigates the effects of the air quality regulation on local manufacturing wages. Taking into account wage spillover explicitly into the model distinguishes this paper from existing studies in which spillover was ignored or was not a major focus. Using the 1982-2007 Census of Manufactures and the historical pollutant-specific nonattainment status for all counties, I construct the wage model with fixed effects partly based on the model specification in Greenstone (2002). I find the wage reduction in emitters induced by the regulations ranging from 2% to 10% depending on the pollutant, which in the 2005 dollar amount are equivalent to loss of roughly $800~$4,000 a year. I also find that the regulation effects are not uniform across industries: petroleum & coal, chemical & allied products and paper & allied products are influenced most among emitters. I find an evidence of the existence of spillover, but it is not so evident in the preferred fixed effects model

The effects of exercise and conjugated linoleic acid intake on IGF-1 and pro-inflammatory cytokines in atrophied skeletal muscle of rats

Background: Conjugated linoleic acid (CLA) can be proposed as an effective nutrient for skeletal muscle atrophy. However, the research related to this is still insufficient. This study was carried out to analyze the mRNA expression of IGF-1 and cytokines in atrophied skeletal muscle of rats. Methods: Forty-two rats were randomly divided into seven groups, each group containing six rats. Sham-Pre and USN-Pre groups underwent a sham operation and a unilateral sciatic nerve (USN) cut, and were sacrificed 1 week later. Other groups had 4 weeks of treatment exercise and CLA intake, and then their blood, liver, and skeletal muscles were sampled after sacrifice. Results: Among the treatment groups, the group treated with both exercise and CLA (USN-EC) showed the lowest body weight. Groups with the sciatic nerve cut showed significantly (p < 0.05) lower muscle weight than groups with the sham operation. However, exercise and CLA intake had no effect on muscle weight. Regarding IGF-1 mRNA, the USN-EC group showed significantly higher expressions in the red muscle of the gastrocnemius and liver than the Sham-Pre and USN-CLA groups. Regarding TNF-α pro-inflammatory cytokine, there was no particular trend; however, the expression of IL-1β mRNA increased in the white muscle of the gastrocnemius muscle and tibialis anterior muscle after sciatic nerve cut, but showed a decrease with exercise and CLA treatment. Particularly in the gastrocnemius white muscle, the group treated with both exercise and CLA showed a significant decrease as compared to groups without treatment after sciatic nerve cut so that positive effects can be expected. Conclusion: It is thought that combining treadmill training with CLA partially influences pro-inflammatory cytokines, so that this can act positively on improving skeletal muscle atrophy caused by sciatic nerve cut

Can Active Aerobic Exercise Reduce the Risk of Cardiovascular Disease in Prehypertensive Elderly Women by Improving HDL Cholesterol and Inflammatory Markers?

This study aims to verify the efficacy of exercise programs designed to prevent and treat hypertension-induced cardiovascular disease (CVD) by analyzing the effects of a 6-month active aerobic exercise program, administered to prehypertensive elderly women, on reducing the risk of developing CVD by enhancing their physical fitness level and improving the detailed markers of high-density lipoprotein cholesterol (HDL-C) and inflammatory markers. We assigned the elderly women (&ge;65 years) recruited into normal blood pressure (120&ndash;129/80&ndash;84; NBP, n = 18) and high-normal blood pressure (130&ndash;139/85&ndash;89; HNBP, n = 12) groups according to the European guidelines for the management of arterial hypertension. The exercise program was made up of combined workouts of elastic band resistance exercise and aerobics with dance music. The program took place three times a week for six months, with each session lasting 60 min. We measured pre- and post-intervention body composition, blood pressure, physical fitness level, blood lipids profile, HDL-C, SAA, TNF-&alpha;, IL-6, IL-4, IL-15, CRP, and HSP70 and calculated the Framingham risk scores for comparison. A significant post-intervention reduction in the mean systolic blood pressure (SBP) was observed in the HNBP group (p &lt; 0.001), with significant increase in HDL-C (p &lt; 0.01) and significant decrease in serum amyloid A (SAA) concentration (p &lt; 0.01). A significant improvement in physical fitness factors such as physical efficiency index (PEI) was also observed in the HNBP group (p &lt; 0.05). The post-intervention TNF-&alpha;, IL-6, and SAA concentrations were more significantly lower in the HNBP than in the NBP group (p &lt; 0.05). Compared to the baseline values, a significant decrease in SAA concentration (p &lt; 0.01) and significant increase in HSP70 concentration (p &lt; 0.001) were observed in the HNBP group. The HNBP group&rsquo;s 10-year CVD risk was also significantly reduced (p &lt; 0.05). The pre&ndash;post differences in SBP and DBP were significantly correlated with those in the anti-inflammatory markers IL-4 and IL-15 (p &lt; 0.01). In conclusion, the 6-month active aerobic exercise program of moderate intensity administered to prehypertensive elderly women (&ge;65 years) had the effect of reducing the 10-year CVD risk through a substantial reduction in SBP, overall physical fitness improvement, increase in HDL-C, decrease in SAA concentration, and substantial decrease in inflammatory biomarkers. It was also confirmed that an increase in anti-inflammatory markers, which showed a small range of increase with respect to the decrease in blood pressure, may have a major effect

Dynamic Resistance Exercise Alters Blood ApoA-I Levels, Inflammatory Markers, and Metabolic Syndrome Markers in Elderly Women

Combined endurance and dynamic-resistance exercise has important anti-inflammatory effects, altering vascular endothelial function, and helping to prevent and treat aging-related metabolic syndrome (MS). We studied changes in 40 elderly women aged ≥ 65 years (control group (no MS), n = 20, mean age: 68.23 ± 2.56 years; MS group, n = 19, mean age: 71.42 ± 5.87 years; one left). The exercise program comprised dynamic-resistance training using elastic bands, three times weekly, for six months. We analyzed body composition, blood pressure, physical fitness, and MS-related blood variables including ApoA-I, antioxidant factors, and inflammatory markers. After the program, the MS group showed significant reductions in waist-hip ratio, waist circumference, diastolic blood pressure, blood insulin, and HOMA-IR, and a significant increase in HSP70 (p p p < 0.05). Active-resistance training qualitatively altered HDL, mostly by altering ApoA-I levels, relieving vascular inflammation, and improving antioxidant function. This provides evidence that dynamic-resistance exercise can improve physical fitness and MS risk factors in elderly women