Global banking and international business cycles

This paper incorporates a global bank into a two-country business-cycle model. The bank collects deposits from households and makes loans to entrepreneurs, in both countries. It has to finance a fraction of loans using equity. We investigate how such a bank capital requirement affects the international transmission of productivity and loan default shocks. Three findings emerge. First, the bank's capital requirement has little effect on the international transmission of productivity shocks. Second, the contribution of loan default shocks to business cycle fluctuations is negligible under normal economic conditions. Third, an exceptionally large loan loss originating in one country induces a sizeable and simultaneous decline in economic activity in both countries. This is particularly noteworthy, as the 2007–09 global financial crisis was characterized by large credit losses in the US and a simultaneous sharp output reduction in the U.S. and the euro Area. Our results thus suggest that global banks may have played an important role in the international transmission of the crisis.Equity ; Bank capital ; Productivity ; Default (Finance) ; Loans

International portfolios, capital accumulation and foreign assets dynamics

Despite the liberalisation of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanation of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation, shocks to the efficiency of physical investment, as well as international trade in stocks and bonds. In our model, domestic stocks are used to hedge fluctuation in local wage income. Terms of trade risk is hedged using bonds denominated in local goods and in foreign goods. In contrast to related models, the low level of international diversification does not depend on strongly countercyclical terms of trade. The model also reproduces the cyclical dynamics of foreign asset positions and of international capital flows. --capital accumulation,international equity and bond portfolios,capital flows,current account,valuation effects,terms of trade

Age-Related Gene Expression Differences in Monocytes from Human Neonates, Young Adults, and Older Adults.

A variety of age-related differences in the innate and adaptive immune systems have been proposed to contribute to the increased susceptibility to infection of human neonates and older adults. The emergence of RNA sequencing (RNA-seq) provides an opportunity to obtain an unbiased, comprehensive, and quantitative view of gene expression differences in defined cell types from different age groups. An examination of ex vivo human monocyte responses to lipopolysaccharide stimulation or Listeria monocytogenes infection by RNA-seq revealed extensive similarities between neonates, young adults, and older adults, with an unexpectedly small number of genes exhibiting statistically significant age-dependent differences. By examining the differentially induced genes in the context of transcription factor binding motifs and RNA-seq data sets from mutant mouse strains, a previously described deficiency in interferon response factor-3 activity could be implicated in most of the differences between newborns and young adults. Contrary to these observations, older adults exhibited elevated expression of inflammatory genes at baseline, yet the responses following stimulation correlated more closely with those observed in younger adults. Notably, major differences in the expression of constitutively expressed genes were not observed, suggesting that the age-related differences are driven by environmental influences rather than cell-autonomous differences in monocyte development

Transcultural, transdiagnostic, and concurrent validity of a revised Metacognitions about Symptom Control Scale

Anxiety and depression add to the burden of Chronic Fatigue Syndrome (CFS), Fibromyalgia (FM), and Type 1 Diabetes Mellitus (T1DM). Metacognitions play a role in this distress. The Metacognitions about Symptoms Control Scale (MaSCS) measures metacognitive beliefs regarding symptoms but has weaknesses. The current study created a revised MaSCS (MaSCS-R) in English, German, and Arabic versions using CFS, FM, and T1DM samples, and examined the transcultural, transdiagnostic, and concurrent validity of metacognitions about symptom control. This study used data from a total of 563 participants clinically diagnosed with CFS (n = 124; English), FM (n = 348; German), or T1DM (n = 91; Lebanese). CFS and FM data had been used in earlier published studies but were subjected to new analyses. CFS data was used to create the English version of the MaSCS-R, and FM and T1DM data for German and Arabic versions. Metacognitions about worry, anxiety, depression, and symptom severity were measured. The three MaSCS-R versions, consisting of two factors (each with four items), had adequate psychometric properties, possessing configural and metric invariance. Metacognitive factors were associated with distress and symptom severity in all three samples. Metacognitions about symptom control have transcultural, transdiagnostic, and concurrent validity. This is the peer reviewed version of the following article: Fernie, B.A., Aoun, A., Kollman, J., Spada, M.M., and Nikčević, A.V. (2019). Transcultural, transdiagnostic, and concurrent validity of a revised Metacognitions about Symptoms Control Scale. Clinical Psychology and Psychotherapy, which has been published in final form at 10.1002/cpp.2367 . This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Version

Stable crystalline lattices in two-dimensional binary mixtures of dipolar particles

The phase diagram of binary mixtures of particles interacting via a pair potential of parallel dipoles is computed at zero temperature as a function of composition and the ratio of their magnetic susceptibilities. Using lattice sums, a rich variety of different stable crystalline structures is identified including $A_mB_n$ structures. [$A$ $(B)$ particles correspond to large (small) dipolar moments.] Their elementary cells consist of triangular, square, rectangular or rhombic lattices of the $A$ particles with a basis comprising various structures of $A$ and $B$ particles. For small (dipolar) asymmetry there are intermediate $AB_2$ and $A_2B$ crystals besides the pure $A$ and $B$ triangular crystals. These structures are detectable in experiments on granular and colloidal matter.Comment: 6 pages - 2 figs - phase diagram update

Limaria hians (Mollusca : Limacea): a neglected reef-forming keystone species

1. A key component of physical habitat along braided river systems is the exposed riverine sediment within the active zone. The relatively unmanaged, gravel-bed Fiume Tagliamento, Italy, provides the focus for exploring two ecologically important properties of exposed riverine sediments: their within-patch and between-patch variability in calibre. 2. To characterize between-patch variation in exposed riverine sediments, replicate (within-patch) samples were obtained from three geomorphologically distinct locations along 130 km of the river: bar heads along the margin of the low-flow channel, the heads of major bars across the exposed surface of the active zone, and floodplain surfaces. A photographic technique enabled rapid and consistent field sampling of the coarse sediments at bar heads along the low-flow channel margin and on major bars across the dry bed. 3. A downstream decrease in particle size and an increase in within-patch heterogeneity in sediment size were observed within bar head sediments along the margin of the low-flow channel. Comparisons between major bar and low-flow channel samples revealed greatest within-patch variability in individual sediment size indices (D50, A- and B-axes of the larger particles) at headwater sites, greatest between-patch variability in the three measured indices in the central reaches, and lowest between-patch variability at downstream sites. However, there was a distinct increase in the overall heterogeneity in particle size, which was sustained across all patches, in a downstream direction. 4. There was a clear downstream decrease in the size of floodplain sediments in the headwaters, but thereafter there was no distinct downstream trend in any of the calculated particle size indices. 5. The geomorphological controls on the observed patterns and the potential ecological significance of the patterns, particularly for plant establishment, are discussed in relation to the relative relief of the active zone, and the highly variable hydrological and climatic regime along the river

An Evolutionary Method for the Minimum Toll Booth Problem: the Methodology

This paper considers the minimum toll booth problem (MINTB) for determining a tolling strategy in a transportation network that requires the least number of toll locations, and simultaneously causes the most efficient use of the network. The paper develops a methodology for using the genetic algorithm to solve MINTB and presents the algorithm GAMINTB. The proposed method is tested and validated through a computational study with six example networks. Additional numerical test discovers some interesting properties for the proposed method, and provides guidelines for further application of the GAMINTB

Bagelen onder het bestuur van Soerakarta en Djokjokarta

Bij eenige hoofden in deze residentie, die het bestuur van Soerakarta en Djokjokarta over Bagelen beleefd en daarin een rol gespeeld hebben, heb ik omtrent dat bestuur een naauwgezet onderzoek gedaan. ..

Exploring the role of ICT on household behavioural energy efficiency to mitigate global warming

With the advent of ICT in the energy system, new possibilities to inform and influence residential electricity consumption become available. We explore the potential of ICT-based interventions in households to decrease electricity usage, improve energy efficiency and thus contribute to reducing GHG (greenhouse gas) emissions from this sector. Based on a literature review on the subject, we suggest that ICT can affect some of the main behaviour-influencing factors, and discuss the causal avenues by which these effects can take hold. Our review finds that ICT-based effects on consumer behaviour can reduce household final electricity consumption by 0–5%. These and other findings from the literature are used to define parameter values, which reflect the efficacy of ICT at changing household energy usage patterns, and ultimately decreasing GHG emissions from the electricity sector. A quantitative analysis of the potential for ICT to contribute to reaching the 1.5 °C target in the context of the European Union (EU) energy sector is performed. It is found that ICT-based interventions in household energy use could contribute between 0.23% and 3.3% of the EU CO2e reduction target from the energy sector that would keep warming under 1.5 °C, corresponding to 4.5–64.7 mio. tCO2e abated per year.The authors gratefully acknowledge funding from the European Union’s Horizon 2020 research and innovation programme under the PEAKapp project, grant agreement No. 695945 (http://www.peakapp.eu/)

Diversidade, Biogeografia e Conservação das Begoniaceae no Estado do Espírito Santo, Brasil

A família Begoniaceae é representada no Brasil pelo gênero Begonia com aproximadamente 215 espécies encontradas principalmente na Mata Atlântica em todas as formações florestais exceto o mangue. No Espírito Santo restam aproximadamente 11% da cobertura vegetal original constituída de fragmentos de diferentes tamanhos que guardam parte da riqueza e diversidade da biota capixaba. Os objetivos deste estudo foram levantar as espécies de Begonia ocorrendo no estado do Espírito Santo, caracterizar as formações vegetais onde elas ocorrem, analisar os padrões de distribuição geográfica, diversidade e riqueza, distribuição nas Unidades de Conservação de Proteção Integral e áreas indicadas como Prioritárias para Conservação da Biodiversidade no Espírito Santo, definir o status de conservação e inferir similaridade das espécies do Espírito Santo com os outros estados brasileiros. A metodologia usada foi a comumente utilizada em levantamento florístico e taxonomia de fanerógamas, levantamento bibliográfico, consulta a herbário, observação e coleta no campo. No Espírito Santo foram encontradas 53 espécies de Begonia, sendo quatro novas para a ciência. Três táxons foram sinonimizados e um reabilitado. Dessas espécies 42 ocorrem em Floresta Ombrófila Densa, quatro em Floresta Estacional Semidecidual e quatro simultaneamente nas duas formações vegetais. Três espécies têm ocorrência nos Neotropicos, três são endêmicas da America do Sul, duas ocorrem no Brasil extra-amazônico, 45 são endêmicas da Mata Atlântica e 18 são endêmicas do Espírito Santo, sendo duas microendémicas. Segundo os critérios da IUCN, 11 espécies são consideradas Criticamente em Perigo, nove Em Perigo, cinco Vulnerável e duas Extintas na Natureza. Ainda são fornecidas, chave de identificação, descrições, distribuição, habitat, etimologia, comentários, mapas e Ilustrações