The impact of the ECB´s targeted long-term refinancing operations on banks´ lending policies : the role of competition

El presente artículo evalúa el impacto de las operaciones de refinanciación a largo plazo con objetivo específico (TLTRO, por sus siglas en inglés) en las políticas crediticias de los bancos del área del euro. Para guiar la investigación empírica, construimos un modelo teórico en el que los bancos compiten a la Cournot en los mercados de crédito y depósito. Distinguimos entre efectos directos y efectos indirectos. Los efectos directos ocurren porque los bancos que participan en las TLTRO expanden su oferta de crédito gracias a los menores costes marginales que conllevan estas operaciones. Los efectos indirectos en los bancos que no participan operan a través de cambios en la estructura competitiva de los mercados de crédito y depósito, y su efecto es ambiguo a priori. Tras este análisis, examinamos estas predicciones teóricas con una muestra de 130 bancos de 13 países y las respuestas confidenciales a la Encuesta de Préstamos Bancarios del Banco Central Europeo. Respecto a los efectos directos, encontramos que las TLTRO contribuyeron a reducir los márgenes sobre préstamos relativamente seguros, pero que no tuvieron impacto en los criterios de aprobación de préstamos. Respecto a los efectos indirectos, la transmisión de las TLTRO tuvo lugar a través de la relajación de los criterios de aprobación de préstamos, y estuvo concentrada principalmente en los bancos expuestos a altas presiones competitivas. También hallamos evidencia de externalidades positivas en los mercados de financiaciónWe assess the impact of the Eurosystem’s Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. To guide our empirical research, we build a theoretical model in which banks compete à la Cournot in the credit and deposit markets. According to the model, we distinguish between direct and indirect effects. Direct effects take place because bidding banks expand their loan supply due to the lower marginal costs implied by the TLTROs. Indirect effects on non-bidders operate via changes in the competitive environment in banks’ credit and deposit markets and are a priori ambiguous. We then test these theoretical predictions with a sample of 130 banks from 13 countries and the confidential answers to the ECB’s Bank Lending Survey. Regarding direct effects on bidders, we find an easing impact on margins on loans to relatively safe borrowers, but no impact on credit standards. Regarding indirect effects, there is a positive impact on the loan supply on non-bidders but, contrary to the direct effects, the transmission of the TLTROs takes place through an easing of credit standards, and it is mainly concentrated in banks facing high competitive pressures. We also find evidence of positive funding externalitie

Different laboratory mouse strains show distinct coronary artery patterns

Different laboratory mouse strains show distinct coronary artery patterns. MC Fernández 1,2, A López-García 1,2, M Lorenzale 1, V Sans-Coma 1,2, AC Durán 1,2 and B Fernández 1,2. 1 Department of Animal Biology, Faculty of Science, University of Málaga, Spain. 2 Biomedical Research Institute of Málaga (IBIMA), University of Málaga, Spain. The C57BL/6 (BL/6) mouse strain is one of the most common models in research involving laboratory animals, particularly on studies of the cardiovascular system. It has been reported (Fernandez B, et al. J Anat 2008 212(1):12–18) that this strain presents an unusual coronary artery (CA) pattern, including congenital CA anomalies, which are clinically relevant in humans. The aim of the present study was to elucidate whether this pattern is strain-specific or appears in other mouse populations. We used stereomicroscopy, scanning electron microscopy, light microscopy, and a corrosion cast technique in 597 adult mice belonging to three inbred strains (BL/6, Balb/c, DBA/2), three outbred stocks (CD1, OF1, NMR1), two hybrid lines (129sv x BL/6, CD2F1) and wild mice. Lock-like ostium was only detected in BL/6 mice, whereas left septal artery, accessory ostium, high take-off, intramural course, and solitary ostium of one CA in aorta were present in different laboratory strains and in wild mice. However, each mouse population showed a specific incidence of these coronary conditions. These results should be taken into account when studying the murine coronary system, especially in CA occlusion experiments and in studies on cardiovascular development involving murine mutant lines. In addition, we propose that several laboratory mouse strains may serve as appropriate animal models to study several clinically relevant human congenital anomalies of the CAs. Our results suggest that some of these CA anomalies are subject to a simple mode of inheritance. This work was supported by P10-CTS-6068 and PI- 0888-2012.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech. P10-CTS-6068. PI-0888-201

Quantum simulation of Anderson and Kondo lattices with superconducting qubits

We introduce a mapping between a variety of superconducting circuits and a family of Hamiltonians describing localized magnetic impurities interacting with conduction bands. This includes the Anderson model, the single impurity one- and two-channel Kondo problem, as well as the 1D Kondo lattice. We compare the requirements for performing quantum simulations using the proposed circuits to those of universal quantum computation with superconducting qubits, singling out the specific challenges that will have to be addressed.Comment: Longer versio

Discurso de investidura como Doctor Honoris Causa del Prof. C. Tiao

Investido Doctor Honoris Causa en el acto del día de la Universidad del curso 02/0

Animal models in the study and treatment of orofacial pain

Pain is one of the first causes of medical consultation in the world and by extension of dental consultation too. Orofacial pain comprehends the oral and facial regions including teeth, oral mucosa, gingiva, tongue and lips, but also the muscles of the jaw and neck, the temporomandibular joint, face, head and neck. Despite its highly estimated prevalence, it appears controversial and hard to quantify given the lack of common criteria to select the population under study and the difficulties to classify the different types of pain. Although for many patients the problem eventually fades after tissue healing, certain sub-chronic and chronic pain conditions remain notoriously undertreated. In this respect, animal models can be of great help. A systematic search was conducted in PubMed-Medline with appropriate keywords: orofacial pain, prevalence and dentist. Seven groups were generated and a second search based on each of these groups and on animal models was made. Search was restricted to English and Spanish, but no time restriction was applied. There are as yet few experimental models of orofacial pain: there hardly exists no other than trigeminal nerve injury for neuropathic pain, a bunch of oral squamous cell carcinoma models (mainly referred to the tongue) for cancer pain and none for the painful swelling of salivary glands. Similarly occurs for the burning mouth syndrome. A few more exist for inflammatory odontalgiae, aphthae, joint, myofascial and muscle inflammatory pains, although scarcely diverse as regards the nature of the noxious stimulus. Given the relevance of envisaging the mechanistic of the various types of orofacial pain, new experimental models are needed on the basis of the dentist?s perspective for their correct management

Polymeric foams as the matrix of voltammetric sensors for the detection of catechol, hydroquinone, and their mixtures

Producción CientíficaPorous electrodes based on polymethylmethacrylate and graphite foams (PMMA_G_F) have been developed and characterized. Such devices have been successfully used as voltammetric sensors to analyze catechol, hydroquinone, and their mixtures. The presence of pores induces important changes in the oxidation/reduction mechanism of catechol and hydroquinone with respect to the sensing properties observed in nonfoamed PMMA_graphite electrodes (PMMA_G). The electropolymerization processes of catechol or hydroquinone at the electrode surface observed using PMMA_G do not occur at the surface of the foamed PMM_G_F. In addition, the limits of detection observed in foamed electrodes are one order of magnitude lower than the observed in the nonfoamed electrodes. Moreover, foamed electrodes can be used to detect simultaneously both isomers and a remarkable increase in the electrocatalytic properties shown by the foamed samples, produces a decrease in the oxidation potential peak of catechol in presence of hydroquinone, from +0.7 V to +0.3 V. Peak currents increased linearly with concentration of catechol in presence of hydroquinone over the range of 0.37·10−3 M to 1.69·10−3 M with a limit of detection (LOD) of 0.27 mM. These effects demonstrate the advantages obtained by increasing the active surface by means of porous structures.Ministerio de Economía, Industria y Competitividad - Fondo Europeo de Desarrollo Regional (project AGL2015-67482-R)Junta de Castilla y Leon - Fondo Europeo de Desarrollo Regional (project VA-011U16

Protective Yeasts Control V. anguillarum Pathogenicity and Modulate the Innate Immune Response of Challenged Zebrafish (Danio rerio) Larvae

Indexación: Web of ScienceWe investigated mechanisms involved in the protection of zebrafish (Danio rerio) larvae by two probiotic candidate yeasts, Debaryornyces hansenii 97 (Dh97) and Yarrowia Iypolitica 242 (YI242), against a Vibrio anguillarum challenge. We determined the effect of different yeast concentrations (10(4)-10(7) CFU/mL) to: (i) protect larvae from the challenge, (ii) reduce the in vivo pathogen concentration and (iii) modulate the innate immune response of the host. To evaluate the role of zebrafish microbiota in protection, the experiments were performed in conventionally raised and germ free larvae. In vitro co-aggregation assays were performed to determine a direct yeast-pathogen interaction. Results showed that both yeasts significantly increased the survival rate of conventionally raised larvae challenged with V. anguillarum. The concentration of yeasts in larvae tended to increase with yeast inoculum, which was more pronounced for Dh97. Better protection was observed with Dh97 at a concentration of 106 CFU/mL compared to 104 CFU/mL. In germ-free conditions V anguillarum reached higher concentrations in larvae and provoked significantly more mortality than in conventional conditions, revealing the protective role of the host microbiota. Interestingly, yeasts were equally (Dh97) or more effective (YI242) in protecting germ-free than conventionally-raised larvae, showing that protection can be exerted only by yeasts and is not necessarily related to modulation of the host microbiota. Although none of the yeasts co aggregated with V anguillarum, they were able to reduce its proliferation in conventionally raised larvae, reduce initial pathogen concentration in germ-free larvae and prevent the upregulation of key components of the inflammatory/anti-inflammatory response (il1b, tnfa, c3, mpx, and il10, respectively). These results show that protection by yeasts of zebrafish larvae challenged with V anguillarum relates to an in vivo anti-pathogen effect, the modulation of the innate immune system, and suggests that yeasts avoid the host-pathogen interaction through mechanisms independent of co-aggregation. This study shows, for the first time, the protective role of zebrafish microbiota against V. anguillarum infection, and reveals mechanisms involved in protection by two non-Saccharomyces yeasts against this pathogen.http://journal.frontiersin.org/article/10.3389/fcimb.2016.00127/ful

A very low current scanning tunneling microscope

The applications of the scanning tunneling microscope (STM) in air are usually restricted to good conducting materials as clean metals, doped and passivated semiconductors, or to some molecular adsorbates deposited onto graphite. In order to study poor conducting materials as biological molecules, we have built a very low current STM. This instrument can routinely be operated at 0.1 pA while having a bandwidth of 7 kHz. The advantages of using very low currents are illustrated by imaging 5-nm-thick purple membranes. These membranes can only be imaged at currents smaller than 2 pA. © 1995 American Institute of Physics.DGICYT Nº.PB94-0016 .Peer Reviewe

Optimality of Gaussian Attacks in Continuous Variable Quantum Cryptography

We analyze the asymptotic security of the family of Gaussian modulated Quantum Key Distribution protocols for Continuous Variables systems. We prove that the Gaussian unitary attack is optimal for all the considered bounds on the key rate when the first and second momenta of the canonical variables involved are known by the honest parties.Comment: See also R. Garcia-Patron and N. Cerf, quant-ph/060803

Mundos virtuales 3D para la comunicación e interacción en el momento educativo online

3D Virtual Worlds offer the possibility of a redesign of communication situations of traditional online education, being its potentiality to restore characteristics of classical classroom education. Here we present the design of a teaching methodology that includes the phases of action for the development of educational activities in 3D platforms as complementary resource for online education. As a result, it is confirmed the positive impact of its use in learning skills, social dimension of learning and student motivation.Los Mundos Virtuales 3D ofrecen la posibilidad de un rediseño de las situaciones de comunicación educativa online tradicionales, siendo su potencialidad la de restituir características propias de la educación presencial clásica. Aquí presentamos el diseño de una metodología docente que recoge las fases de actuación para el desarrollo de actividades educativas en plataformas 3D, como recurso complementario para la enseñanza online. Como resultado, se confirma el impacto positivo de su uso en el aprendizaje de competencias, la dimensión social del aprendizaje y la motivación de los alumnos