Trends of the Contagion Risk in Sovereign Spreads for Emerging European Countries

We investigate the sovereign spreads behavior of the European emerging countries using the clustering technique. Our main finding is that the distances between spreads during high volatile times is significantly lower than in normal periods, that is, the correlation is much higher. Secondly, the market sentiment explains a much higher percentage of the spreads movements during turbulent times. Thirdly, the link between spreads and macroeconomic fundamentals seems to be blurred compared with the expectations from the economic theory.contagion spreads, emerging markets, clustering

Sudden stop of capital flows and the consequences for the banking sector and the real economy

The paper develops a macro-prudential liquidity stress-testing tool in order to capture the possible consequences of a capital outflow (including a run of deposits). The tool includes a feedback from the banking sector to the real economy, incorporates a link between liquidity risk and solvency risk, and is tailored for emerging market features. The stress-testing tool aims to: (i) test the capacity of the banking sector to withstand the sudden stop of capital flows, and to gauge the consequences of the liquidity stress to the solvency ratio; (ii) quantify the liquidity deficit that a central bank should accommodate; (iii) assess the impact on credit supply when the sudden stop occurs; and (iv) support the implementation of an orderly disintermediation process. The macro-prudential tool is applied on the Romanian banking sector

Enhanced Classification Methods for the Depth of Cognitive Processing Depicted in Neural Signals

Analyzing brain states is a difficult problem due to high variability between subjects and trials, therefore improved techniques are requested to be developed for a better discrimination between the neural components. This paper investigates multiple enhanced classification methods for neurological feature selection and discrimination of the depth of cognitive processing. The aim is to detect the strengths and weaknesses of different classification methods and benefit from their highest performances, so that the neural information could optimally be detected. As a result, we obtained a classification rate improved by at least 5% by integrating complementary information that better describe the neural activity.EC/FP7/611570/EU/Symbiotic Mind Computer Interaction for Information Seeking/MindSeeBMBF, 01GQ0850, Verbundprojekt: Bernstein Fokus Neurotechnologie - Nichtinvasive Neurotechnologie für Mensch-Maschine Interaktion - Teilprojekte A1, A3, A4, B4, W3, Zentru

Implementing Loan-to-Value and Debt Service-To-Income measures: A decade of Romanian experience

We describe an example of designing, implementing and calibrating two macroprudential instruments – loan-to-value (LTV) and debt service-to-income (DSTI) – based on a decade of Romanian experience with these tools. We investigate LTV and DSTI effectiveness in trimming down excessive credit growth and in preserving the quality of banks’ loan portfolios. We find strong links between DSTI levels and the debtors’ capacity to repay their debt, underpinning the usefulness of caps for this instrument. We find that an approach based to a large extent on banks’ self-regulation produces suboptimal results, exacerbating the pro-cyclicality in the system. A one‑size-fits-all approach is less effective than tailoring the DSTI and LTV measures based on debtors’ disposable income, the currency of indebtedness and the destination of the loa

Implementing Loan-to-Value and Debt Service-To-Income measures: A decade of Romanian experience

We describe an example of designing, implementing and calibrating two macroprudential instruments – loan-to-value (LTV) and debt service-to-income (DSTI) – based on a decade of Romanian experience with these tools. We investigate LTV and DSTI effectiveness in trimming down excessive credit growth and in preserving the quality of banks’ loan portfolios. We find strong links between DSTI levels and the debtors’ capacity to repay their debt, underpinning the usefulness of caps for this instrument. We find that an approach based to a large extent on banks’ self-regulation produces suboptimal results, exacerbating the pro-cyclicality in the system. A one‑size-fits-all approach is less effective than tailoring the DSTI and LTV measures based on debtors’ disposable income, the currency of indebtedness and the destination of the loa

ASSESSMENT OF HUMAN EXPOSURE TO TOLUENE DIISOCYANATE

Assessment of human exposure to toluene diisocyanate. Toluene diisocyanate (TDI), an aromatic compound, may be dangerous for human health. Diisocyanates have wide industrial use in the fabrication of flexible and rigid foams, fibers, elastomers, and coatings such as paints and varnishes. Isocyanates are known skin and respiratory sensitizers, and proper engineering controls should be in place to prevent exposure to isocyanate liquid and vapor; exposure to TDI vapors is well documented to increase asthma risk. The study focused on the exposure of workers and nearby populations to toluene diisocyanate in a Polyurethane Foam Factory located in Baia Mare, Romania. Workplace air measurements were performed in different departments of the plant, after sampling either in fixed points or as personal monitoring. Sampling in four different locations of Baia Mare town was carried out, - during and after the foaming process. TDI sampling was performed on silica cartridge followed by GC-MS analysis. TDI concentration at workplace was lower than 0,035 mg/m³, which represents the permissible exposure limit, while in the city the TDI concentration had shown values below 0,20 μg/m³. Health assessment of a group of 49 workers was based on questionnaire interview, determination of TDI antibodies and lung function tests. Data collected until this stage do not show any negative effects of TDI on the employees health. Since this plant had only recently begun operating, continuous workplace and ambient air TDI monitoring, along with workers health surveillance, is deemed necessary

Positioning Europe for the EPITRANSCRIPTOMICS challenge

The genetic alphabet consists of the four letters: C, A, G, and T in DNA and C,A,G, and U in RNA. Triplets of these four letters jointly encode 20 different amino acids out of which proteins of all organisms are built. This system is universal and is found in all kingdoms of life. However, bases in DNA and RNA can be chemically modified. In DNA, around 10 different modifications are known, and those have been studied intensively over the past 20 years. Scientific studies on DNA modifications and proteins that recognize them gave rise to the large field of epigenetic and epigenomic research. The outcome of this intense research field is the discovery that development, ageing, and stem-cell dependent regeneration but also several diseases including cancer are largely controlled by the epigenetic state of cells. Consequently, this research has already led to the first FDA approved drugs that exploit the gained knowledge to combat disease. In recent years, the ~150 modifications found in RNA have come to the focus of intense research. Here we provide a perspective on necessary and expected developments in the fast expanding area of RNA modifications, termed epitranscriptomics.SCOPUS: no.jinfo:eu-repo/semantics/publishe