Anxiety reduction via brief intervention in dentally anxious patients : a randomized controlled trial

Aim: To compare the degree of anxiety reduction in dentally anxious patients attending a Dental Access Centre where the dentist did or did not receive the patients’ assessment of dental anxiety. Methods: Patients attending two Dental Access Centres in England, completed the Modified Dental Anxiety Scale (MDAS). Those that scored high completed a state anxiety questionnaire (STAI-S) and were randomized into three groups (n=182) to test the hypothesis that patients sharing assessment information about their dental anxiety to members of the dental team has beneficial effects on their state anxiety. Group 1 were controls (n=60), Group 2 gave their MDAS to the receptionist who passed it onto the dentist unknown to the patient (n=62) and Group 3 handed their MDAS to the dentist (n=60). After their appointment they repeated the STAI-S. Results and conclusion: Patients in Group 3 were less anxious (by more than STAI-S 3 scale units) on leaving the surgery than those from the other groups especially if they entered into a discussion with the dentist about their concerns (by more than 5 scale units). Brief assessment of dental anxiety shared by the patient with the dentist collaboratively has the potential to reduce anxiety on completion of the appointment. Dental anxiety is common, has a multifactorial aetiology, and is far from being homogenous, as individuals seem to differ in the origins, age of onset and manifestations of their dental fears (Locker et al., 2001b); (Milgrom et al., 1988). Previous negative experiences are a major factor in the development of dental anxiety (Kleinknect et al., 1973); (Bernstein et al., 1979); (de Jongh et al., 1995); (Locker et al., 1999); (Ost and Hugdahl, 1985). For some individuals, their fear of dentistry may be associated with concurrent anxiety disorders, or more general psychopathology (Locker, 2003); (Locker et al., 2001a).PreprintPeer reviewe

Depository institution failures: the deposit insurance connection

Bank failures ; Deposit insurance ; Savings and loan associations

Social Security private accounts: a risky proposition?

In the ongoing debate over Social Security, private accounts have been recommended as one part of the resolution of the funding difficulties the system faces in coming years. This article discusses what private accounts can and cannot do for individuals who choose to use them and for future Social Security deficits. ; Under current proposals, private accounts would give account holders personal ownership rights and could be willed to heirs at death. Most proposals would limit the range of assets that can be held but would permit account owners to determine their investments based on personal risk preferences. To the extent that financial asset returns can be higher than returns on Social Security, private accounts can be more worthwhile for those with a longer time until retirement because any difference in returns can compound over a longer period. ; Private accounts carry the risks inherent in holding financial assets, but Social Security carries a real risk of lower benefits in the future. Holders of private accounts would be trading one type of risk for another. ; The creation of private accounts can reduce Social Security’s future problems if the reductions in benefits in exchange for deposits in private accounts reflect the initial deposit plus interest earned.>Social security

Is money irrelevant?

Money ; Income ; Inflation (Finance) ; Prices

The financial crisis of 2008 in fixed income markets

We explore how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial uncertainty. The problems spread in ways that were hard to see in advance. The run on prime money market funds in September 2008 and the effects on commercial paper were an important aspect of the crisis itself and are discussed in some detail.

Why do banks promise to pay par on demand?.

We survey the theories on why banks promise to pay par on demand and examine evidence on the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature is divided into four strands: liquidity provision; asymmetric information; legal restrictions; and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par if the deposits are used in transactions. We examine the history of banking in several countries in different eras: fourth century Athens, medieval Italy, Tokugawa Japan, and free banking and money market mutual funds in the United States. Each of the theories explains some of the observed banking arrangements and none explains all of them.Banking panics; Suspension of payments; Banking history; Money market funds;