Macroeconomic volatility after trade and capital account liberalization

What are the equilibrium effects of trade and capital liberalization on consumption smoothing? This question is addressed by studying the response to productivity shocks in a baseline two country, two goods, incomplete market model, where foreign borrowing is secured by collateral. The paper shows that international financial integration, modeled by relaxing a borrowing constraint a la Kiyotaki in the domestic country, worsens consumption smoothing; international trade integration, modeled by a reduction of non linear iceberg transportation costs, improves it. As a measure of consumption smoothing, the analysis uses the ratio between the simulated standard deviation of consumption growth and the simulated standard deviation of output growth. These results are qualitatively consistent with the empirical evidence provided by Kose, Prasad and Terrones (2003).Emerging Markets,Economic Theory&Research,Free Trade,Debt Markets,Trade Policy

Can Real Exchange Rate Undervaluation Boost Exports and Growth in Developing Countries? Yes, But Not for Long

A policy of managed real undervaluation may have been an important factor behind the success of East Asia’s export-led growth model. But current discussions over the value of China’s currency demonstrate the controversy this kind of policy can generate. Although a managed real undervaluation can enhance domestic competitiveness, it is difficult to sustain—both economically and politically—in the post-crisis environment. We show that a real undervaluation works only for low-income countries, and only in the medium term.exchangte rates, undervaluation, exports, growth, developing countries, China, currency, East Asia, competitiveness, renminbi

Upregulated influenza A viral entry factors and enhanced interferon-alpha response in the nasal epithelium of pregnant rats

Despite the increased severity of influenza A infection in pregnancy, knowledge about the expression of cell entry factors for influenza A virus (IAV) and the innate immune response in the nasal epithelium, the primary portal of viral entry, is limited. Here, we compared the expression of IAV cell entry factors and the status of the innate immune response in the nasal epithelium of pregnan

Increasing Role of Maternal Immune Activation in Neurodevelopmental Disorders

The earliest stages of development are critically sensitive to environmental insults. An unfortunately timed stress on the developing brain can have dramatic consequences for the neurodevelopment and future mental health of the individual. In particular, infection of the mother during pregnancy has been correlated with increased risk of psychiatric and neurodevelopmental disorders. Evidence suggests that maternal immune activation, independently from the infection itself, can be responsible for the outcome in the offspring. This recognition has resulted in expanding study designs from epidemiologic correlations to the search for a causal relationship between activation of the maternal immune system and cognitive consequences for the offspring. However, this causality analysis remained limited in humans until recent work that longitudinally linked specific markers of maternal inflammation during pregnancy with alterations of the newborn brain and cognitive development of toddlers. This focused narrative review compares and discusses the results of these recent studies and places them into the broader landscape of maternal immune activation literature. New data point, in particular, to the association between the levels of interleukin 6 (IL-6) and modifications of the offspring’s salience network and subsequent cognitive impairments. This article further emphasizes the need to carefully control for potential confounders in studying the effects of maternal immune activation on the neonatal brain as well as the under-investigated consequences of intra-partum fever on offspring neurodevelopment

Cost efficiency in the euro area banking sector and the negative interest rate environment

This brief shows that euro area banks' cost efficiency, measured by a cost efficiency score inferred from an input-output analysis alongside the ratio of operating expenses over total assets, has improved somewhat in recent years. However, the analysis also indicates that there is still ample scope to achieve further efficiency gains. Banks most affected by the negative interest rate policy (NIRP), i.e. those relying mostly on retail deposits as a source of funding, strategically reacted to the negative effects of NIRP on their net interest margins by improving their cost efficiency. In particular, high-deposit banks that were larger, less profitable, with riskier loan portfolios, weaker pre-NIRP lending growth and that operated in more competitive banking sectors enhanced their cost efficiency more strongly after NIRP than their peers. This helped them to offset the impacts of negative interest rates on their profitability and, thus, supported their solvency and extension of credit. On the other hand, low-deposit banks recorded a decline in their cost efficiency after the introduction of the NIRP. Therefore, going forward, these latter banks will need to invest more effort in improving their efficiency

IMPLEMENTASI IDS (INTRUSION DETECTION SYSTEM) PADA SISTEM KEAMANAN JARINGAN SMAN 1 CIKEUSAL

Seorang pengelola server jaringan dan internet (system administrator) memiliki tanggung jawab terhadap keamanan sistem dari waktu ke waktu, memastikan bahwa sistem dan jaringan yang dikelola terjaga dari berbagai peluang ancaman. Sekolah merupakan salah satu tempat dimana penggunaan jaringan internet terbuka terhadap pemakai-pemakainya. Penggunaan tersebut bisa dipergunakan dengan benar dan tidak pula disalahgunakan pemakaiannya. Oleh karena itu, dibutuhkan suatu sistem dalam menangani penyalahgunaan jaringan atau ancaman yang akan terjadi. Sistem yang hanya mendeteksi ini akan diimplementasikan dengan menggunakan aplikasi Intrusion Detection System (IDS) yaitu Snort dan PfSense (Router OS) sebagai penindak lanjutnya terhadap alert snort yang dihasilkan. Berdasarkan percobaan serangan dengan komputer yang terpasang snort dapat mengetahui apa yang sedang terjadi yang di hasilkan pada alert seperti serangan Ping Of Death dan Port Scan. Pada PfSense menampilkan alert jika ada seseorang yang mencoba menyalahgunakan jaringan seperti mengakses sosial media facebook, youtube, twitter dan lain-lain bisa menindak lanjuti dengan mem-block secara otomatis

Making a virtue out of necessity : the effect of negative interest rates on bank cost efficiency

Do negative interest rates affect banks’ cost efficiency? We exploit the unprecedented introduction of negative policy interest rates in the euro area to investigate whether banks make a virtue out of necessity in reacting to negative interest rates by adjusting their cost efficiency. We find that banks most affected by negative interest rates responded by enhancing their cost efficiency. We also show that improvements in cost efficiency are more pronounced for banks that are larger, less profitable, with lower asset quality and that operate in more competitive banking sectors. In addition, we document that enhancements in cost efficiency are statistically significant only when breaching the zero lower bound (ZLB), indicating that the pass-through of interest rates to cost efficiency is not effective when policy rates are positive. These findings hold important policy implications as they provide evidence on a beneficial second-order effect of negative interest rates on bank efficiency

Polymer-tethered glycosylated gold nanoparticles recruit sialylated glycoproteins into their protein corona, leading to off-target lectin binding

Upon exposure to biological fluids, the fouling of nanomaterial surfaces results in non-specific capture of proteins, which is particularly important when in contact with blood for in vivo and ex vivo applications. It is crucial to evaluate not just the protein components but also the glycans attached to those proteins. Polymer-tethered glycosylated gold nanoparticles have shown promise for use in biosensing/diagnostics, but the impact of the glycoprotein corona has not been established. Here we investigate how polymer-tethered glycosylated gold nanoparticles interact with serum proteins and demonstrate that the protein corona introduces new glycans and hence off-specific targeting capability. Using a panel of RAFT-derived polymers grafted to the gold surface, we show that the extent of corona formation is not dependent on the type of polymer. In lectin-binding assays, a glycan (galactose) installed on the chain-end of the polymer was available for binding even after protein corona formation. However, using sialic-acid binding lectins, it was found that there was significant off-target binding due to the large density of sialic acids introduced in the corona, confirmed by western blotting. To demonstrate the importance, we show that the nanoparticles can bind Siglec-2, an immune-relevant lectin post-corona formation. Pre-coating with (non-glycosylated) bovine serum albumin led to a significant reduction in the total glycoprotein corona. However, sufficient sialic acids were still present in the residual corona to lead to off-target binding. These results demonstrate the importance of the glycans when considering the protein corona and how ‘retention of the desired function’ does not rule out ‘installation of undesired function’ when considering the performance of glyco-nanomaterials

Characterization of gold nanorods conjugated with synthetic glycopolymers using an analytical approach based on spICP-SFMS and EAF4-MALS

A new comprehensive analytical approach based on single-particle inductively coupled plasma-sector field mass spectrometry (spICP-SFMS) and electrical asymmetric-flow field-flow-fractionation combined with multi-angle light scattering detection (EAF4-MALS) has been examined for the characterization of galactosamine-terminated poly(N-hydroxyethyl acrylamide)-coated gold nanorods (GNRs) in two different degrees of polymerization (DP) by tuning the feed ratio (short: DP 35; long: DP 60). spICP-SFMS provided information on the particle number concentration, size and size distribution of the GNRs, and was found to be useful as an orthogonal method for fast characterization of GNRs. Glycoconjugated GNRs were separated and characterized via EAF4-MALS in terms of their size and charge and compared to the bare GNRs. In contrast to spICP-SFMS, EAF4-MALS was also able of providing an estimate of the thickness of the glycopolymer coating on the GNRs surface