The Global Imbalances from 1996 to 2009:Diagnosis and Prescriptions

One of the main global economic concerns before the financial crisis in 2007/2008 was the emergence of widening global imbalances, which refer to the large and persistent current account deficits experienced in the United States and the corresponding surpluses mainly in China, emerging Asia, and oil exporting countries. Not only the pattern and magnitude of the current account imbalances, but also the direction of global capital flows (from emerging to advanced countries) is peculiar. Many observers have already discussed different causes and explanations of global imbalances, e.g. the revived Bretton Woods system hypothesis, the asset shortage hypothesis, or the global savings glut theory. The main focus of recent debates lies on the sustainability of those imbalances and whether policy measures aiming on the reduction of imbalances should be adopted. The debate does not seem to have a clear answer which everyone agrees with. Some view global imbalances as an equilibrium outcome of asymmetries in financial development or in world asset demand and supply. For others, global imbalances are an unsustainable phenomenon which needs to be corrected through current account adjustment, dollar depreciation and reforms of financial institutions. This paper analyzes and evaluates the different views on the sustainability of global imbalances and asks whether a rebalancing mechanism is necessary or not. The key points which I focus on especially in this paper are as follows. First, I review and analyze the facts on global imbalances from 1996 to 2009. Second, I discuss viewpoints which suggest different positions — no-rush-to-rebalancing, rebalancing-is-harmful and rebalancing-isnecessary — and put them into the context of common theories on the roots of imbalances. Some of the theories try to explain or justify the sustainability of global imbalances. I argue that the U.S. current account deficit and foreign surpluses will not disappear automatically (even if the crisis led to an initial reduction of the imbalances). I further argue that the possible interaction of current account imbalances with domestic and systemic distortions bears risks of a global recession and that unless countermeasures to rebalance the global economy are adopted, current account imbalances are likely to return and increase again

Tropical cyclone intensity estimation through convolutional neural network transfer learning using two geostationary satellite datasets

Accurate prediction and monitoring of tropical cyclone (TC) intensity are crucial for saving lives, mitigating damages, and improving disaster response measures. In this study, we used a convolutional neural network (CNN) model to estimate TC intensity in the western North Pacific using Geo-KOMPSAT-2A (GK2A) satellite data. Given that the GK2A data cover only the period since 2019, we applied transfer learning to the model using information learned from previous Communication, Ocean, and Meteorological Satellite (COMS) data, which cover a considerably longer period (2011–2019). Transfer learning is a powerful technique that can improve the performance of a model even if the target task is based on a small amount of data. Experiments with various transfer learning methods using the GK2A and COMS data showed that the frozen–fine-tuning method had the best performance due to the high similarity between the two datasets. The test results for 2021 showed that employing transfer learning led to a 20% reduction in the root mean square error (RMSE) compared to models using only GK2A data. For the operational model, which additionally used TC images and intensities from 6 h earlier, transfer learning reduced the RMSE by 5.5%. These results suggest that transfer learning may represent a new breakthrough in geostationary satellite image–based TC intensity estimation, for which continuous long-term data are not always available

Comparison of serum protein profiles between major depressive disorder and bipolar disorder

Major depressive disorder and bipolar disorder are prevalent and debilitating psychiatric disorders that are difficult to distinguish, as their diagnosis is based on behavioural observations and subjective symptoms. Quantitative protein profile analysis might help to objectively distinguish between these disorders and increase our understanding of their pathophysiology. Thus, this study was conducted to compare the peripheral protein profiles between the two disorders. Serum samples were collected from 18 subjects with major depressive disorder and 15 subjects with bipolar disorder. After depleting abundant proteins, liquid chromatography-tandem mass spectrometry (LC-MS/MS) and label-free quantification were performed. Data-dependent acquisition data were statistically analysed from the samples of 15 subjects with major depressive disorder and 10 subjects with bipolar disorder who were psychotropic drug-free. Two-sided t-tests were performed for pairwise comparisons of proteomes to detect differentially-expressed proteins (DEPs). Ingenuity Pathway Analysis of canonical pathways, disease and functions, and protein networks based on these DEPs was further conducted. Fourteen DEPs were significant between subjects with major depressive disorder and those with bipolar disorder. Ras-related protein Rab-7a (t = 5.975, p= 4.3 × 10− 6) and Rho-associated protein kinase 2 (t = 4.782, p= 8.0 × 10− 5) were significantly overexpressed in subjects with major depressive disorder and Exportin-7 (t = -4.520, p= 1.5 × 10− 4) was significantly overexpressed in subjects with bipolar disorder after considering multiple comparisons. Bioinformatics analysis showed that cellular functions and inflammation/immune pathways were significantly different. Ras-related protein Rab-7a, Rho-associated protein kinase 2, and Exportin-7 were identified as potential peripheral protein candidates to distinguish major depressive disorder and bipolar disorder. Further large sample studies with longitudinal designs and validation processes are warranted.This study was supported by a grant of the Korea Health Technology R&D Project through the Korea Health Industry Development Institute (KHIDI), funded by the Ministry of Health & Welfare, Republic of Korea (grant number: HI17C0870), and a grant from the Ministry of Science, ICT, and Future Planning, Republic of Korea (grant number: NRF-2019M3C7A1030625). The funding body had no involvement in study design planning, data collection, analysis, interpretation of data in writing the manuscript

Ubiquitin C-terminal hydrolase 37 regulates Wnt/β-catenin pathway duing Xenopus gastrulation

TheTcf/LeffamilyoftranscriptionfactorsmediatestheWnt/β-cateninpathwaythatisinvolvedinawiderangeofbiologicalprocesses,includingvertebrateembryogenesisanddiversepathogenesis.Post-translationalmodifications,includingphosphorylation,sumoylationandacetylation,areknowntobeimportantfortheregulationofTcf/Lefproteins.However,theimportanceofubiquitinationandubiquitin-mediatedregulatorymechanismsforTcf/Lefactivityarestillunclear.Here,wenewlyshowthatubiquitinC-terminalhydrolase37(Uch37),adeubiquitinase,interactswithTcf7(formerlynamedTcf1)toactivateWntsignalling.BiochemicalanalysesdemonstratedthatdeubiquitinatingactivityofUch37isnotinvolvedinTcf7proteinstabilitybutisrequiredfortheassociationofTcf7totargetgenepromoterinbothXenopusembryoandhumanlivercancercells.InvivoanalysesfurtherrevealedthatUch37functionsasapositiveregulatoroftheWnt/β-cateninpathwaydownstreamofβ-cateninstabilizationthatisrequiredfortheexpressionofventrolateralmesodermgenesduringXenopusgastrulation.OurstudyprovidesanewmechanismforchromatinoccupancyofTcf7anduncoversthephysiologicalsignificanceofUch37duringearlyvertebratedevelopmentbyregulatingtheWnt/β-cateninpathway.1

Uch37 is required for Tcf1-mediated mesoderm development during Xenopus gastrulation

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R-Spondin 2 governs Xenopus left-right body axis formation by establishing an FGF signaling gradient

Abstract Establishment of the left-right (LR, sinistral, dextral) body axis in many vertebrate embryos relies on cilia-driven leftward fluid flow within an LR organizer (LRO). A cardinal question is how leftward flow triggers symmetry breakage. The chemosensation model posits that ciliary flow enriches a signaling molecule on the left side of the LRO that promotes sinistral cell fate. However, the nature of this sinistralizing signal has remained elusive. In the Xenopus LRO, we identified the stem cell growth factor R-Spondin 2 (Rspo2) as a symmetrically expressed, sinistralizing signal. As predicted for a flow-mediated signal, Rspo2 operates downstream of leftward flow but upstream of the asymmetrically expressed gene dand5. Unexpectedly, in LR patterning, Rspo2 acts as an FGF receptor antagonist: Rspo2 via its TSP1 domain binds Fgfr4 and promotes its membrane clearance by Znrf3-mediated endocytosis. Concordantly, we find that at flow-stage, FGF signaling is dextralizing and forms a gradient across the LRO, high on the dextral- and low on the sinistral side. Rspo2 gain- and loss-of function equalize this FGF signaling gradient and sinistralize and dextralize development, respectively. We propose that leftward flow of Rspo2 produces an FGF signaling gradient that governs LR-symmetry breakage

U.S. banks' exposures to climate transition risks

We find that banks' credit exposures to transition risks are modest. We build on the estimated sectoral effects of climate transition policies from general equilibrium models. Even when we consider the strictest policies or the most adverse scenarios, exposures do not exceed 14 percent of banks' loan portfolios. We also find that commonly used carbon emissions can explain at most 60 percent of bank exposures estimated off general equilibrium models. Moreover, we find evidence of bank management of transition risk exposures. Banks that signed the Net-Zero Alliance have reduced their exposures compared to non-signatories, mainly by cutting lending to the riskiest industries

Ubiquitin C-terminal hydrolase37 regulates Tcf7 DNA binding for the activation of Wnt signalling

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Involvement of Tmem150b during Xenopus convergent extension

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