Beyond Pangloss: financial sector origins of inefficient economic booms

Government guarantees of bank liabilities have a long-standing history and are now ubiquitous. We study a model where financial sophistication enhances banks’ ability to exploit government guarantees and fuels inefficient economic booms. Driven by financial engineering, bank rent extraction creates a disconnect between lending decisions and borrower repayment prospects: In equilibrium, banks over-lend and only break-even courtesy of trading book profit. Exploitability is affected not only by financial sophistication but also by regulation. Given the pattern for regulatory changes in the last few decades, we posit that the Great Recession, partly, reversed a Great Distortion

1965: Abilene Christian College Bible Lectures - Full Text

LIFT UP YOUR EYES” Being the Abilene Christian College Annual Bible Lectures 1965 Price: $3.95 Published by ABILENE CHRISTIAN COLLEGE STUDENTS EXCHANGE ACC Station Abilene. Texa

Localization Techniques for Non-Palpable Breast Lesions : Current Status, Knowledge Gaps, and Rationale for the MELODY Study (EUBREAST-4/iBRA-NET, NCT 05559411)

Funding: The MELODY study will be financially supported by: Hologic, Merit Medical, Endomag and Sirius Medical.Peer reviewedPublisher PD

Rocky shores of a major southern African marine protected area are almost free from intertidal invertebrate alien species

CITATION: Malherbe, H. & Samways, M. 2014. Rocky shores of a major southern African marine protected area are almost free from intertidal invertebrate alien species. Koedoe, 56(1):1-5, doi:10.4102/koedoe.v56i1.1206.The original publication is available at http://www.koedoe.co.zaA major threat to marine ecosystems is the establishment and proliferation of invasive alien species. This study addresses gaps in our knowledge regarding marine alien invertebrate species in the Kogelberg Biosphere Reserve (KBR) and adjacent Betty’s Bay Marine Protected Area (MPA) in the Western Cape of South Africa, together a potentially important area for south-coast marine conservation. Understanding the distribution and geographical expansion of these species is critical for conservation planning. A quantitative systematic survey of the intertidal rocky shore region was undertaken. The mytilid Mediterranean mussel, Mytilus galloprovincialis, and the bryozoan Watersipora subtorquata were the only alien species recorded along the coastline, which included the MPA. The abundance of M. galloprovincialis was significantly higher outside the MPA, and the abundance of W. subtorquata was significantly higher inside the MPA. With only two alien species recorded, the Betty’s Bay MPA and its surroundings support relatively few marine alien species with regards to rocky shore invertebrate biodiversity. Conservation implications: It is important that the Betty’s Bay MPA and its adjacent coastline maintain its current status as an area with relatively few marine alien species. The conservation implications on management require routine surveys of this region to detect early introductions of any additional species.http://www.koedoe.co.za/index.php/koedoe/article/view/1206Publisher's versio

Land Use Pollution Potential of Water Sources Along the Southern Coast of South Africa

Since the 1990’s, the groundwater quality along the southern coast of the Western Cape Province of South Africa has been affected by increasing land use activities. Groundwater resources have become increasingly important in terms of providing good quality water. Polluted coastal groundwater as a source of submarine groundwater discharge also affects the quality of coastal water. For this study, land use activities causing groundwater pollution and areas at particular risk were identified. An assessment approach linking land use/land cover, groundwater and submarine groundwater discharge on a meso-scale was developed and the methods applied to two study regions along the southern coastal area. Dryland and irrigated crop cultivation, and urbanized areas are subject to a “high” and “very high” risk of groundwater nitrogen pollution. Application of fertilizer must be revised to ensure minimal effects on groundwater. Practice of agricultural activities at locations which are not suited to the environment’s physical conditions must be reconsidered. Informal urban development may contribute to groundwater nitrogen pollution due to poor waste water disposal. Groundwater monitoring in areas at risk of nitrogen pollution is recommended. Land use activities in the submarine groundwater discharge contribution areas was not found to have major effects on coastal water

The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending

Government guarantees generate an implicit subsidy for banks. A capital requirement reduces this subsidy, through a simple liability composition effect. However, the guarantees also make a bank undervalue loans that generates surplus in states of the world in which it defaults. Raising the capital requirement makes the bank safer, which alleviates this problem. We refer to this mechanism, which we argue is empirically relevant, as the forced safety effect

Regenerative medicines : a new regulatory paradigm for South Africa

Clinicians are increasingly using regenerative medicines to repair, replace, regenerate or rejuvenate lost, damaged or diseased genes, cells, tissues or organs. In South Africa, access to these novel gene therapies and cell and tissue-based products is limited. The human leukocyte antigen (HLA) diversity and a paucity of suitable HLA-identical unrelated donors, results in limited access to haematopoietic stem and progenitor cell transplantation (HSPCT). Cell-based products could increase this access. Genetic diversity can also manifest in local or region-specific rare congenital disorders, and in vivo gene therapies hold the promise of developing treatments and cures for these debilitating disorders. South Africa has a disproportionate mortality rate due to non-natural causes, with many surviving with permanent injuries and disabilities. Tissue-engineered cell-based products have the potential to restore many of those affected and improve quality of life and productivity. These factors create an urgency for South Africa to develop regenerative medicines to address the country's unique needs and to provide access to these new and innovative treatment modalities. Achieving this objective requires a well-coordinated effort by multiple stakeholders and role players. A critical component of a regenerative medicine ecosystem is establishing an enabling regulatory framework for these new classes of medicines. Here we provide a brief profile of South Africa, including its genetic diversity, economy, the impact of the burden of disease, health policy and the healthcare system. We address the regulation of medicines, how the existing framework can accommodate regenerative medicines, and the steps needed to establish a future regulatory framework.South African Medical Research Council (Extramural Unit, Stem Cell Research and Therapy) and the University of Pretoria (through the Institute for Cellular and Molecular Medicine).http://www.elsevier.com/locate/biochihj2023BiochemistryGeneticsImmunologyMicrobiology and Plant Patholog

Simulation of land use impacts on sediment and nutrient transfer in coastal areas of Western Cape, South Africa

A major challenge for water resource management in Western Cape, South Africa, is the reduction of the growing sediment and nutrient loads in coastal areas, which belong to the areas most affected by land use change. We used the WebGIS based software STOFFBILANZ to simulate runoff, soil loss, sediment, phosphorus, and nitrogen input in the surface water and groundwater of study area (ca. 6,450 km²). The simulated runoff shows a large regional variability caused by the heterogeneous distribution of rainfall. For the reference catchment Klein River simulated total daily runoff fit the observed values of the reference year 2012. The calculation of potential input of sediment, phosphorus, and nitrogen into waters is based on aggregated or generalized information on climate data, land use types, crop and fruit types, yields, mineral fertilizers, farm manure, nitrogen fixing by leguminous plants, atmospheric nitrogen deposition, and soil denitrification. Critical source areas for potential sediment input, particulate P input and diffuse N input are mainly agricultural areas. Additionally, point sources of high relevance for N and P are found in urban areas. Based on the potential input of sediment and nutrients the impacts of current land use change on water resources were estimated. We used the web-based information system WebLand for the simulation aiming at the provision of stakeholders with information for decision making in water resource management