The Liquidation of Government Debt

Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of “financial repression.” Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. Low nominal interest rates help reduce debt servicing costs while a high incidence of negative real interest rates liquidates or erodes the real value of government debt. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historic standards). For the advanced economies in our sample, real interest rates were negative roughly ½ of the time during 1945-1980. For the United States and the United Kingdom our estimates of the annual liquidation of debt via negative real interest rates amounted on average from 3 to 4 percent of GDP a year. For Australia and Italy, which recorded higher inflation rates, the liquidation effect was larger (around 5 percent per annum). We describe some of the regulatory measures and policy actions that characterized the heyday of the financial repression era.

Dietary habits and gut microbiota in healthy adults: Focusing on the right diet. a systematic review

Diet is the first to affect our intestinal microbiota and therefore the state of eubiosis. Several studies are highlighting the potential benefits of taking certain nutritional supplements, but a dietary regime that can ensure the health of the intestinal microbiota, and the many pathways it governs, is not yet clearly defined. We performed a systematic review of the main studies concerning the impact of an omnivorous diet on the composition of the microbiota and the production of short-chain fatty acids (SCFAs). Some genera and phyla of interest emerged significantly and about half of the studies evaluated consider them to have an equally significant impact on the production of SCFAs, to be a source of nutrition for our colon cells, and many other processes. Although numerous randomized trials are still needed, the Mediterranean diet could play a valuable role in ensuring our health through direct interaction with our microbiota

The other side of malnutrition in inflammatory bowel disease (Ibd): Non-alcoholic fatty liver disease

Steatohepatitis and hepatobiliary manifestations constitute some of the most common extraintestinal manifestations of Inflammatory Bowel Disease (IBD). On the other hand, non-alcoholic fatty liver disease (NAFLD) affects around 25% of the world’s population and is attracting ever more attention in liver transplant programs. To outline the specific pathways linking these two conditions is a pressing task for 21st-century researchers. We are accustomed to expecting the occurrence of fatty liver disease in obese people, but current evidence suggests that there are several different pathways also occurring in underweight patients. Genetic factors, inflammatory signals and microbiota are key players that could help in understanding the entire pathogenesis of NAFLD, with the aim of defining the multiple expressions of malnutrition. In the current review, we summarize the most recent literature regarding the epidemiology, pathogenesis and future directions for the management of NAFLD in patients affected by IBD

Colonización y crecimiento de renovales de Nothofagus después de cortas selectivas de un rodal en la Patagonia, Argentina

In 1994, a group selection silvicultural system on a natural forest dominated by Nothofagus dombeyi, N. obliqua, and N. nervosa (Nothofagaceae) was implemented. Age and growth of seedlings (stem height LT < 30 cm, n = 720 plants) and saplings (LT ≥ 30 cm, n = 480) randomly collected in the center and northern periphery of gaps were analysed eight years after treatment. The three species became established simultaneously within the gaps. However, the lower light demanding N. nervosa exhibited a mean age slightly larger given the presence of «advanced regeneration» established previously to cutting implementation. Although immature phases located in the centre of gaps showed an equivalent age than those in the northern periphery, they exhibited a growth rate between 7 and 29% faster probably caused by a greater amount of photosynthetically active radiation. N. dombeyi grew at rates between 13 and 30% slower than the other two species, probably due to the smaller nutrient content of its seeds which would consequently produced less competitive seedlings. Saplings belonged to the same age cohort than seedlings though they grew at rates between 2.6 and 4.8 times faster. The early development of size hierarchy within juvenile trees would be related with the particular morphology and physiology of seeds and plants, and microsite condition.En 1994 se implementó el sistema de cortas de selección en bosquetes en un bosque natural compuesto por Nothofagus dombeyi, N. obliqua y N. nervosa (Nothofagaceae). Ocho años después se analizaron la edad y el crecimiento de los plantines (altura del tallo LT < 30 cm, n = 720 plantas) y juveniles (LT ≥ 30 cm, n = 480) localizados en el centro y la periferia septentrional de los claros artificiales resultantes. Nothofagus dombeyi, N. obliqua y N. nervosa se establecieron en forma simultánea en los claros, aunque la especie más tolerante a la sombra N. nervosa exhibió una edad sensiblemente mayor debido a la presencia de «regeneración avanzada» establecida antes de la realización de las cortas. Aunque los renovales localizados en el centro de los claros presentaron una edad equivalente a los de la periferia septentrional, exhibieron crecimientos entre un 7 y 29% significativamente más rápidos probablemente debido a la mayor cantidad de radiación fotosintéticamente activa que recibieron. Los renovales de N. dombeyi crecieron entre un 13 y 30% significativamente menos que los de las otras dos especies, un fenómeno que se asociaría a la menor reserva de nutrientes de la semilla lo que consecuentemente produciría plantines menos competitivos. En las especies examinadas, los juveniles constituyeron la misma cohorte que los plantines aunque crecieron entre 2,6 y 4,8 veces más rápidamente. El desarrollo temprano de la jerarquía de tamaños se asociaría con la morfología y fisiología particulares de la semilla y de las plantas, y la calidad del micrositio

EUS-guided drainage using lumen apposing metal stent and percutaneous endoscopic necrosectomy as dual approach for the management of complex walled-off necrosis: a case report and a review of the literature

Background: Endoscopic ultrasound-guided drainage is suggested as the first approach in the management of symptomatic and complex walled-off pancreatic necrosis. Dual approach with percutaneous drainage could be the best choice when the necrosis is deep extended till the pelvic paracolic gutter; however, the available catheter could not be large enough to drain solid necrosis neither to perform necrosectomy, entailing a higher need for surgery. Therefore, percutaneous endoscopic necrosectomy through a large bore percutaneous self-expandable metal stent has been proposed. Case presentation: In this study, we present the case of a 61-year-old man admitted to our hospital with a history of sepsis and persistent multiorgan failure secondary to walled-off pancreatic necrosis due to acute necrotizing pancreatitis. Firstly, the patient underwent transgastric endoscopic ultrasound-guided drainage using a lumen-apposing metal stent and three sessions of direct endoscopic necrosectomy. Because of recurrence of multiorgan failure and the presence of the necrosis deeper to the pelvic paracolic gutter at computed tomography scan, we decided to perform percutaneous endoscopic necrosectomy using an esophageal self-expandable metal stent. After four sessions of necrosectomy, the collection was resolved without complications. Therefore, we perform a revision of the literature, in order to provide the state-of-art on this technique. The available data are, to date, derived by case reports and case series, which showed high rates both of technical and clinical success. However, a not negligible rate of adverse events has been reported, mainly represented by fistulas and abdominal pain. Conclusion: Dual approach, using lumen apposing metal stent and percutaneous self-expandable metal stent, is a compelling option of treatment for patients affected by symptomatic, complex walled-off pancreatic necrosis, allowing to directly remove large amounts of necrosis avoiding surgery. Percutaneous endoscopic necrosectomy seems a promising technique that could be part of the step-up-approach, before emergency surgery. However, to date, it should be reserved in referral centers, where a multidisciplinary team is disposable

Hybrid gastroenterostomy using a lumen-apposing metal stent: a case report focusing on misdeployment and systematic review of the current literature

Background: Gastric outlet obstruction can result from several benign and malignant diseases, in particular gastric, duodenal or pancreatic tumors. Surgical gastroenterostomy and enteral endoscopic stenting have represented effective therapeutic options, although recently endoscopic ultrasound-guided gastroenterostomy using lumen-apposing metal stent (LAMS) is spreading improving the outcome of this condition. However, this procedure, although mini-invasive, is burdened with not negligible complications, including misdeployment. Main body: We report the case of a 60-year-old male with gastric outlet obstruction who underwent ultrasound-guided gastroenterostomy using LAMS. The procedure was complicated by LAMS misdeployment being managed by laparoscopy-assisted placement of a second LAMS. We performed a systematic review in order to identify all reported cases of misdeployment in EUS-GE and their management. The literature shows that misdeployment occurs in up to 10% of all EUS-GE procedures with a wide spectrum of possible strategies of treatment. Conclusion: The here reported hybrid technique may offer an innovative strategy to manage LAMS misdeployment when this occurs. Moreover, a hybrid approach may be valuable to overcome this complication, especially in early phases of training of EUS-guided gastroenterostomy

Biliary Diseases from the Microbiome Perspective: How Microorganisms Could Change the Approach to Benign and Malignant Diseases

Recent evidence regarding microbiota is modifying the cornerstones on pathogenesis and the approaches to several gastrointestinal diseases, including biliary diseases. The burden of biliary diseases, indeed, is progressively increasing, considering that gallstone disease affects up to 20% of the European population. At the same time, neoplasms of the biliary system have an increasing incidence and poor prognosis. Framing the specific state of biliary eubiosis or dysbiosis is made difficult by the use of heterogeneous techniques and the sometimes unwarranted invasive sampling in healthy subjects. The influence of the microbial balance on the health status of the biliary tract could also account for some of the complications surrounding the post-liver-transplant phase. The aim of this extensive narrative review is to summarize the current evidence on this topic, to highlight gaps in the available evidence in order to guide further clinical research in these settings, and, eventually, to provide new tools to treat biliary lithiasis, biliopancreatic cancers, and even cholestatic disease

Efecto del manejo silvícola en la dinámica de la regeneración de Nothofagus alpina, N. obliqua y N. dombeyi bajo diferentes condiciones ambientales

La regeneración de los bosques es la base de la renovación y la continuidad de las especies, lo que la convierte en uno de los procesos más importantes en el ciclo de vida de los árboles (Norden 2014). En la dinámica natural, los patrones de regeneración resultan de interacciones entre-especies, moduladas por gradientes ambientales, y el régimen de perturbaciones (Gholami et al. 2018). En bosques mixtos bajo manejo silvícola, la formación de claros produce cambios en los recursos y reguladores ambientales influyendo en la regeneración de las especies y en la estructura del ecosistema forestal (Dezzotti et al. 2003, Sola et al. 2015).EEA BarilocheFil: Mateo, C. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Mateo, C. Universidad Nacional del Comahue. Asentamiento Universitario de San Martín de los Andes; ArgentinaFil: El Mujtar, Veronica Andrea. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Bariloche. Unidad de Genética Ecológica y Mejoramiento Forestal; ArgentinaFil: El Mujtar, Veronica Andrea. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Dezzotti, Alejandro. Universidad Nacional del Comahue. Asentamiento Universitario San Martín de los Andes; Argentina.Fil: Marchelli, Paula. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Bariloche. Unidad de Genética Ecológica y Mejoramiento Forestal; ArgentinaFil: Marchelli, Paula. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: González Peñalba, Marcelo. Administración de Parques Nacionales. Parque Nacional Lanín. Departamento de Conservación y Manejo; Argentina.Fil: Lara, M. Administración de Parques Nacionales. Parque Nacional Lanín. Departamento de Conservación y Manejo; Argentina.Fil: Sbrancia, R. Universidad Nacional del Comahue. Asentamiento Universitario San Martín de los Andes; Argentina.Fil: Attis Beltrán, Hernán. Universidad Nacional del Comahue. Asentamiento Universitario San Martín de los Andes; Argentina.Fil: Sola, J. Universidad Nacional de Lomas de Zamora; ArgentinaFil: Sola, Georgina. Universidad Nacional del Comahue. Asentamiento Universitario San Martín de los Andes; Argentina

including © notice, is given to the source. The Liquidation of Government Debt

views expressed herein are those of the authors and do not necessarily reflect the views of the Nationa

Funciones de razón para la estimación de los volúmenes maderables de Pino radiata en País Vasco

En el proyecto de actualización de las tablas de producción para las repoblaciones de Pinus radiata D. Don en el País Vasco se evaluaron los ajustes de cuatro funciones de razón de volumen. Estas funciones permiten estimar los volúmenes de distintos productos a partir de los diámetros finales utilizables, del diámetro normal del árbol y de una función de volumen total de árbol individual. Para los ajustes se utilizó una muestra de 71 árboles. Los árboles se cubicaron con la fórmula de Smalian, y se obtuvo para cada uno el volumen total con corteza y los volúmenes maderables con corteza a puntas finas a delgadas de 7, 10, 15, 20, 25 y 30 cm. A pesar de que todas las funciones tuvieron muy buenas ajustes y demostraron gran precisión en las estimaciones de los volúmenes maderables, mejorando con el aumento del tamaño del árbol, el modelo 1 de Parresol ha sido el que mejores resultados entregó. Este tipo de funciones se consideran novedosas para esta especie en España