Re-thinking the sustainability of sovereign debt

This article explores the contributions that law can make to the development of a holistic approach to sovereign debt sustainability. We focus on debt sustainability assessments (DSAs) conducted by the International Monetary Fund (IMF), which are linked to the IMF’s surveillance and lending functions, and determine whether it is necessary to restructure the debt of a country in debt distress and the timing, process, and terms of such a debt restructuring. While the precise causes of each country’s debt situation are unique, all countries are grappling with the rising costs and growing risks posed by climate change and other environmental and social factors. We suggest that the IMF’s current treatment of these environmental and social factors is opaque, unpredictable, and hard for the citizens of affected countries and other outsiders to understand. It also obscures the true burden that debt obligations impose on a sovereign and the country’s residents, and, thus, the amount of debt relief that it may need in order to achieve a sustainable debt position. To address these shortcomings, we identify financial, economic, environmental, and social (FEES) factors that we contend should be incorporated in the design of the frameworks governing DSAs and the operating principles and practices of the IMF through which DSAs are conducted. We argue that the IMF should draw on various hard and soft sources of international and transnational law to develop a FEES-based approach to sovereign debt sustainability that is more consistent, predictable, and legitimate than the current approach.https://academic.oup.com/jielhj2024Centre for the Advancement of ScholarshipSDG-17:Partnerships for the goal

The Failure of Northern Rock: A multi-dimensional Case Study

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years earlier it had converted from a mutual building society whose activities were limited by regulation largely to retail deposits and mortgages. Graphic television news pictures showed very long queues outside the bank as depositors rushed to withdraw their deposits. There was always a fear that this could spark a systemic run on bank deposits. After failed attempts to secure a buyer in the private sector, the government nationalised the bank and, for the first time, in effect socialised the credit risk of the bank. It is now a fully state-owned bank..

A cell-free approach with a supporting biomaterial in the form of dispersed microspheres induces hyaline cartilage formation in a rabbit knee model

[EN] The objective of this study was to test a regenerative medicine strategy for the regeneration of articular cartilage. This approach combines microfracture of the subchondral bone with the implant at the site of the cartilage defect of a supporting biomaterial in the form of microspheres aimed at creating an adequate biomechanical environment for the differentiation of the mesenchymal stem cells that migrate from the bone marrow. The possible inflammatory response to these biomaterials was previously studied by means of the culture of RAW264.7 macrophages. The microspheres were implanted in a 3¿mm-diameter defect in the trochlea of the femoral condyle of New Zealand rabbits, covering them with a poly(l-lactic acid) (PLLA) membrane manufactured by electrospinning. Experimental groups included a group where exclusively PLLA microspheres were implanted, another group where a mixture of 50/50 microspheres of PLLA (hydrophobic and rigid) and others of chitosan (a hydrogel) were used, and a third group used as a control where no material was used and only the membrane was covering the defect. The histological characteristics of the regenerated tissue have been evaluated 3 months after the operation. We found that during the regeneration process the microspheres, and the membrane covering them, are displaced by the neoformed tissue in the regeneration space toward the subchondral bone region, leaving room for the formation of a tissue with the characteristics of hyaline cartilage.Comisión de Investigaciones Científicas de la Provincia de Buenos Aires (CICPBA), Universidad Nacional de La Plata, Grant/Award Number: 11/X643; Agencia Estatal de Investigación/Fondo Europeo de Desarrollo Regional de la Unión Europea, Grant/Award Number: MAT2016-76039-C4-1 2-R; Spanish Ministry of Economy and Competitiveness (MINECO)Zurriaga Carda, J.; Lastra, ML.; Antolinos-Turpin, CM.; Morales-Román, RM.; Sancho-Tello, M.; Perea-Ruiz, S.; Milián, L.... (2020). A cell-free approach with a supporting biomaterial in the form of dispersed microspheres induces hyaline cartilage formation in a rabbit knee model. Journal of Biomedical Materials Research Part B Applied Biomaterials. 108(4):1428-1438. https://doi.org/10.1002/jbm.b.34490S142814381084Allepuz, A., Martínez, O., Tebé, C., Nardi, J., Portabella, F., & Espallargues, M. (2014). Joint Registries as Continuous Surveillance Systems: The Experience of the Catalan Arthroplasty Register (RACat). The Journal of Arthroplasty, 29(3), 484-490. doi:10.1016/j.arth.2013.07.048Almeida, C. R., Serra, T., Oliveira, M. I., Planell, J. A., Barbosa, M. A., & Navarro, M. (2014). Impact of 3-D printed PLA- and chitosan-based scaffolds on human monocyte/macrophage responses: Unraveling the effect of 3-D structures on inflammation. Acta Biomaterialia, 10(2), 613-622. doi:10.1016/j.actbio.2013.10.035Bell, A. D., Hurtig, M. B., Quenneville, E., Rivard, G.-É., & Hoemann, C. D. (2016). Effect of a Rapidly Degrading Presolidified 10 kDa Chitosan/Blood Implant and Subchondral Marrow Stimulation Surgical Approach on Cartilage Resurfacing in a Sheep Model. CARTILAGE, 8(4), 417-431. doi:10.1177/1947603516676872Bitencourt, C. da S., Silva, L. B. da, Pereira, P. A. T., Gelfuso, G. M., & Faccioli, L. H. (2015). Microspheres prepared with different co-polymers of poly(lactic-glycolic acid) (PLGA) or with chitosan cause distinct effects on macrophages. Colloids and Surfaces B: Biointerfaces, 136, 678-686. doi:10.1016/j.colsurfb.2015.10.011Bonasia, D. E., Martin, J. A., Marmotti, A., Kurriger, G. L., Lehman, A. D., Rossi, R., & Amendola, A. (2015). The use of autologous adult, allogenic juvenile, and combined juvenile–adult cartilage fragments for the repair of chondral defects. Knee Surgery, Sports Traumatology, Arthroscopy, 24(12), 3988-3996. doi:10.1007/s00167-015-3536-5Carmona, L. (2001). The burden of musculoskeletal diseases in the general population of Spain: results from a national survey. Annals of the Rheumatic Diseases, 60(11), 1040-1045. doi:10.1136/ard.60.11.1040Chu, J., Zeng, S., Gao, L., Groth, T., Li, Z., Kong, J., … Li, L. (2016). Poly (L-Lactic Acid) Porous Scaffold-Supported Alginate Hydrogel with Improved Mechanical Properties and Biocompatibility. The International Journal of Artificial Organs, 39(8), 435-443. doi:10.5301/ijao.5000516Conoscenti, G., Schneider, T., Stoelzel, K., Carfì Pavia, F., Brucato, V., Goegele, C., … Schulze-Tanzil, G. (2017). PLLA scaffolds produced by thermally induced phase separation (TIPS) allow human chondrocyte growth and extracellular matrix formation dependent on pore size. Materials Science and Engineering: C, 80, 449-459. doi:10.1016/j.msec.2017.06.011Dashtdar, H., Murali, M. R., Abbas, A. A., Suhaeb, A. M., Selvaratnam, L., Tay, L. X., & Kamarul, T. (2013). PVA-chitosan composite hydrogel versus alginate beads as a potential mesenchymal stem cell carrier for the treatment of focal cartilage defects. Knee Surgery, Sports Traumatology, Arthroscopy, 23(5), 1368-1377. doi:10.1007/s00167-013-2723-5Denlinger, L. C., Fisette, P. L., Garis, K. A., Kwon, G., Vazquez-Torres, A., Simon, A. D., … Corbett, J. A. (1996). Regulation of Inducible Nitric Oxide Synthase Expression by Macrophage Purinoreceptors and Calcium. Journal of Biological Chemistry, 271(1), 337-342. doi:10.1074/jbc.271.1.337Fernández, J. M., Cortizo, M. S., & Cortizo, A. M. (2014). Fumarate/Ceramic Composite Based Scaffolds for Tissue Engineering: Evaluation of Hydrophylicity, Degradability, Toxicity and Biocompatibility. Journal of Biomaterials and Tissue Engineering, 4(3), 227-234. doi:10.1166/jbt.2014.1158García Cruz, D. M., Escobar Ivirico, J. L., Gomes, M. M., Gómez Ribelles, J. L., Sánchez, M. S., Reis, R. L., & Mano, J. F. (2008). Chitosan microparticles as injectable scaffolds for tissue engineering. Journal of Tissue Engineering and Regenerative Medicine, 2(6), 378-380. doi:10.1002/term.106Gordon, S. (2007). The macrophage: Past, present and future. European Journal of Immunology, 37(S1), S9-S17. doi:10.1002/eji.200737638Goyal, D., Keyhani, S., Lee, E. H., & Hui, J. H. P. (2013). Evidence-Based Status of Microfracture Technique: A Systematic Review of Level I and II Studies. Arthroscopy: The Journal of Arthroscopic & Related Surgery, 29(9), 1579-1588. doi:10.1016/j.arthro.2013.05.027Hangody, L., Kish, G., Kárpáti, Z., Udvarhelyi, I., Szigeti, I., & Bély, M. (1998). Mosaicplasty for the Treatment of Articular Cartilage Defects: Application in Clinical Practice. Orthopedics, 21(7), 751-756. doi:10.3928/0147-7447-19980701-04Hoemann, C., Kandel, R., Roberts, S., Saris, D. B. F., Creemers, L., Mainil-Varlet, P., … Buschmann, M. D. (2011). International Cartilage Repair Society (ICRS) Recommended Guidelines for Histological Endpoints for Cartilage Repair Studies in Animal Models and Clinical Trials. CARTILAGE, 2(2), 153-172. doi:10.1177/1947603510397535Kumar, M. N. V. R., Muzzarelli, R. A. A., Muzzarelli, C., Sashiwa, H., & Domb, A. J. (2004). Chitosan Chemistry and Pharmaceutical Perspectives. Chemical Reviews, 104(12), 6017-6084. doi:10.1021/cr030441bKuo, T.-F., Lin, M.-F., Lin, Y.-H., Lin, Y.-C., Su, R.-J., Lin, H.-W., & Chan, W. P. (2011). Implantation of platelet-rich fibrin and cartilage granules facilitates cartilage repair in the injured rabbit knee: preliminary report. Clinics, 66(10), 1835-1838. doi:10.1590/s1807-59322011001000026Landis, J. R., & Koch, G. G. (1977). The Measurement of Observer Agreement for Categorical Data. Biometrics, 33(1), 159. doi:10.2307/2529310Lao, L., Tan, H., Wang, Y., & Gao, C. (2008). Chitosan modified poly(l-lactide) microspheres as cell microcarriers for cartilage tissue engineering. Colloids and Surfaces B: Biointerfaces, 66(2), 218-225. doi:10.1016/j.colsurfb.2008.06.014Lastra, M. L., Molinuevo, M. S., Blaszczyk-Lezak, I., Mijangos, C., & Cortizo, M. S. (2017). Nanostructured fumarate copolymer-chitosan crosslinked scaffold: An in vitro osteochondrogenesis regeneration study. Journal of Biomedical Materials Research Part A, 106(2), 570-579. doi:10.1002/jbm.a.36260Lastra, M. L., Molinuevo, M. S., Cortizo, A. M., & Cortizo, M. S. (2016). Fumarate Copolymer-Chitosan Cross-Linked Scaffold Directed to Osteochondrogenic Tissue Engineering. Macromolecular Bioscience, 17(5). doi:10.1002/mabi.201600219Lebourg, M., Martínez-Díaz, S., García-Giralt, N., Torres-Claramunt, R., Ribelles, J. G., Vila-Canet, G., & Monllau, J. (2013). Cell-free cartilage engineering approach using hyaluronic acid–polycaprolactone scaffolds: A study in vivo. Journal of Biomaterials Applications, 28(9), 1304-1315. doi:10.1177/0885328213507298Luzardo-Alvarez, A., Blarer, N., Peter, K., Romero, J. F., Reymond, C., Corradin, G., & Gander, B. (2005). Biodegradable microspheres alone do not stimulate murine macrophages in vitro, but prolong antigen presentation by macrophages in vitro and stimulate a solid immune response in mice. Journal of Controlled Release, 109(1-3), 62-76. doi:10.1016/j.jconrel.2005.09.015Mainil-Varlet, P., Van Damme, B., Nesic, D., Knutsen, G., Kandel, R., & Roberts, S. (2010). A New Histology Scoring System for the Assessment of the Quality of Human Cartilage Repair: ICRS II. The American Journal of Sports Medicine, 38(5), 880-890. doi:10.1177/0363546509359068Martinez-Diaz, S., Garcia-Giralt, N., Lebourg, M., Gómez-Tejedor, J.-A., Vila, G., Caceres, E., … Monllau, J. C. (2010). In Vivo Evaluation of 3-Dimensional Polycaprolactone Scaffolds for Cartilage Repair in Rabbits. The American Journal of Sports Medicine, 38(3), 509-519. doi:10.1177/0363546509352448McCormick, F., Harris, J. D., Abrams, G. D., Frank, R., Gupta, A., Hussey, K., … Cole, B. (2014). Trends in the Surgical Treatment of Articular Cartilage Lesions in the United States: An Analysis of a Large Private-Payer Database Over a Period of 8 Years. Arthroscopy: The Journal of Arthroscopic & Related Surgery, 30(2), 222-226. doi:10.1016/j.arthro.2013.11.001Sancho-Tello, M., Forriol, F., Gastaldi, P., Ruiz-Saurí, A., Martín de Llano, J. J., Novella-Maestre, E., … Carda, C. (2015). Time Evolution of in Vivo Articular Cartilage Repair Induced by Bone Marrow Stimulation and Scaffold Implantation in Rabbits. The International Journal of Artificial Organs, 38(4), 210-223. doi:10.5301/ijao.5000404Sancho-Tello, M., Forriol, F., de Llano, J. J. M., Antolinos-Turpin, C., Gómez-Tejedor, J. A., Ribelles, J. L. G., & Carda, C. (2017). Biostable Scaffolds of Polyacrylate Polymers Implanted in the Articular Cartilage Induce Hyaline-Like Cartilage Regeneration in Rabbits. The International Journal of Artificial Organs, 40(7), 350-357. doi:10.5301/ijao.5000598Steadman, J. R., Rodkey, W. G., Briggs, K. K., & Rodrigo, J. J. (1999). The microfracture technique to treat full thickness articular cartilage defects of the knee. Der Orthopäde, 28(1), 26-32. doi:10.1007/pl00003545Tetè, S., Mastrangelo, F., Carone, L., Nargi, E., Costanzo, G., Vinci, R., … Ciccarelli, R. (2007). Morphostructural Analysis of Human Follicular Stem Cells on Highly Porous Bone Hydroxyapatite Scaffold. International Journal of Immunopathology and Pharmacology, 20(4), 819-826. doi:10.1177/039463200702000418Van den Borne, M. P. J., Raijmakers, N. J. H., Vanlauwe, J., Victor, J., de Jong, S. N., Bellemans, J., & Saris, D. B. F. (2007). International Cartilage Repair Society (ICRS) and Oswestry macroscopic cartilage evaluation scores validated for use in Autologous Chondrocyte Implantation (ACI) and microfracture. Osteoarthritis and Cartilage, 15(12), 1397-1402. doi:10.1016/j.joca.2007.05.005Vikingsson, L., Sancho-Tello, M., Ruiz-Saurí, A., Díaz, S. M., Gómez-Tejedor, J. A., Ferrer, G. G., … Ribelles, J. L. G. (2015). 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Populism and Central Bank Independence

The consensus that surrounded the granting of central bank independence in the pursuit of a price stability oriented monetary policy has been challenged in the aftermath of the global financial crisis, in the light of the rise of populism on the one hand and the expanded mandates of central banks on the other hand. After considering the economic case for independence and the three Ds (distributional, directional and duration effects), the paper examines three different dimensions in the debate of how the rise in populism - or simply general discontent with the status quo - affects central bank independence. Finally, the paper examines how to interpret the legality of central bank mandates, and whether or not central banks have exceeded their powers. This analysis leads us in turn to consider accountability and, in particular, the judicial review of central bank actions and decisions. It is important to have in place adequate mechanisms to "guard the guardians" of monetary and financial stability

Non-performing loans at the dawn of IFRS 9: regulatory and accounting treatment of asset quality

Asset quality is a key indicator of sound banking. However, it is difficult for banking regulators and investors to assess it in the absence of a common, cross-border scheme to classify assets. Currently no standard is applied universally to categorise loans, the most sizeable asset on banks’ balance sheets. As a corollary, definitions of nonperforming loans (NPLs), despite recent steps towards greater harmonisation, continue to vary between jurisdictions. This paper offers a comprehensive analysis of NPLs and considers variations in the treatment of NPLs across countries, accounting regimes, and firms. The paper relies on a multi-disciplinary perspective and addresses legal, accounting, economic and strategic aspects of loan loss provisioning (LLP) and NPLs. A harmonised approach to NPL recognition is particularly desirable, in view of the fact that IFRS 9, the new accounting standard on loan loss provisioning, will be mandatory from January 2018. IFRS 9 changes the relationship between NPLs and provisions, by relying on greater judgement to determine provisions. The potential for divergence makes the need for comparable indicators against which to assess asset quality all the greater

A practical perspective on the potential of rechargeable Mg batteries

Emerging energy storage systems based on abundant and cost-effective materials are key to overcome the global energy and climate crisis of the 21st century. Rechargeable Magnesium Batteries (RMB), based on Earth-abundant magnesium, can provide a cheap and environmentally responsible alternative to the benchmark Li-ion technology, especially for large energy storage applications. Currently, RMB technology is the subject of intense research efforts at laboratory scale. However, these emerging approaches must be placed in a real-world perspective to ensure that they satisfy key technological requirements. In an attempt to bridge the gap between laboratory advancements and industrial development demands, herein, we report the first non-aqueous multilayer RMB pouch cell prototypes and propose a roadmap for a new advanced RMB chemistry. Through this work, we aim to show the great unrealized potential of RMBs

A practical perspective on the potential of rechargeable Mg batteries

Emerging energy storage systems based on abundant and cost-effective materials are key to overcome the global energy and climate crisis of the 21st century. Rechargeable Magnesium Batteries (RMB), based on Earth-abundant magnesium, can provide a cheap and environmentally responsible alternative to the benchmark Li-ion technology, especially for large energy storage applications. Currently, RMB technology is the subject of intense research efforts at laboratory scale. However, these emerging approaches must be placed in a real-world perspective to ensure that they satisfy key technological requirements. In an attempt to bridge the gap between laboratory advancements and industrial development demands, herein, we report the first non-aqueous multilayer RMB pouch cell prototypes and propose a roadmap for a new advanced RMB chemistry. Through this work, we aim to show the great unrealized potential of RMBs.This work was funded by European Union's Horizon 2020 research and innovation program under the FET Proactive call with grant agreement no 824066 via the “E-MAGIC” project

Ciudad-territorio sustentable. Procesos, actores y estructuras

En los últimos años, los estudios urbanos especializados insisten en que los procesos de urbanización por los que atraviesan los distintos países desarrollados, parecen dejar atrás las explicaciones de la urbanización industrial, han surgido otras construcciones y perspectivas unas más acabadas que otras (Indovina, 1998, la “ciudad difusa”; Dematteis 1998, ciudad sin centros; Nel-lo, 1998 ciudad sin confines, Soja, 2008, la exópolis). En suma se dice que se avanza hacia la urbanización generalizada, ello acaba con la larga trayectoria del funcionamiento y naturaleza de la ciudad moderna, el cambio urbano estructural actual, es nuevamente, consecuencia de la descentralización, difusión, redistribución del desarrollo, del crecimiento y las innovaciones ahora sobre una estructura en el territorio. Ha sido una mutación no sólo empírica sino que ha dado lugar a la confrontación teórica. El sistema urbano jerárquico ha reducido su valor interpretativo porque se han modificado los supuestos en los que se basaban las relaciones de dominio y dependencia de los centros principales, porque se han abaratado los costos de transporte y el efecto de la distancia ya no es una limitante absoluta, ahora los procesos productivos flexibles y descentralizados propician las relaciones técnicas horizontales con lo cual se consiguen economías de escala externas e internas a las empresas en un territorio ampliado y no sólo exclusivamente en la aglomeración económica (Precedo, 2003; Veltz, 1999; Boix, 2002; Camagni, 2005; De Santiago, 2008 y; Garmendia, 2010).El objetivo es examinar dentro de la descentralización del proceso urbano a la ciudad-territorio en América Latina, en particular en México. En contextos urbanos desarrollados se afirma la convergencia urbana con la apertura de las unidades funcionales de los sistemas urbanos donde operan redes e interrelaciones de desarrollo cualitativo en el territorio. América Latina registra evidencias empíricas poco claras, existe alta concentración de aquella economía que contribuye al crecimiento nacional, mientras la población se descentraliza rápidamente. México, es un caso de primacía urbana histórica aunque da paso a la formación de regiones urbanas, mismas que reproducen relaciones polarizadas y escasamente descentralizadas. De manera que, en tanto domine la concentración espacial económica, la ciudadterritorio se podrá presentar en el continente sólo con algunos rasgos en regiones urbanas con mayor desarrollo y crecimiento. Palabras claves: descentralización urbana, sistema urbano, ciudad-territorio

Memoria del Mapa Geológico de España, Escala 1:50.000, 2ª Serie, 1ª Edición, (MAGNA), Hoja Nº 198, Osorno

Se introducen los enlaces a los archivos originales que están en la página web del IGMEPeer reviewe

The diffusion of financial supervisory governance ideas

Who is watching the financial services industry? Since 1980, there have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator or some combination of these should have supervisory authority. These waves have been associated with the convergence of actual practices. How much and through what channels did internationally promoted ideas about supervisory 'best practice' influence institutional design choices? I use a new dataset of 83 countries and jurisdictions between the 1980s and 2007 to examine the diffusion of supervisory ideas. With this data, I employ Cox Proportional Hazard and Competing Risks Event History Analyses to evaluate the possible causal roles best practice policy ideas might have played. I find that banking crises and certain peer groups can encourage policy convergence on heavily promoted ideas