Sovereign Risk and Asset and Liability Management—Conceptual Issues

Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial risk management. This paper discusses some salient features embedded in the current generation of sovereign asset and liability management (SALM) approaches, including objectives, definitions of relevant assets and liabilities, and methodologies used in obtaining optimal SALM outcomes. These elements are used in developing an analytical SALM framework which could become an operational instrument in formulating asset management and debtor liability management strategies at the sovereign level. From a portfolio perspective, the SALM approach could help detect direct and derived sovereign risk exposures. It allows analyzing the financial characteristics of the balance sheet, identifying sources of costs and risks, and quantifying the correlations among these sources of risk. The paper also outlines institutional requirements in implementing an SALM framework and seeks to lay the ground for further policy and analytical work on this topi

Shaping THz emission spectra by using sub-wavelength nanopatterned spintronic THz emitters

We show in theory and experiment that in periodically patterned spintronic THz emitters (STE), charge dynamics can modify the emission spectrum in a well-controlled way. Characterization of sub-wavelength patterned STE at frequencies up to 30 THz shows that the STE's emission spectrum systematically changes with emitter size. The spectral intensity exhibits significant reductions at frequencies below 4 THz, accompanied by pronounced dips at around 15 THz and 24 THz. While reducing the STE size enhances the modulation of all features, it does not alter the dip frequencies. The effect originates from the charging of the structure's edges by THz currents, causing a backflow that interferes with the primary current pulse. An analytical model quantitatively reproduces these results and agrees well with control experiments. Our findings enable a detailed investigation of the charge dynamics in STE and provide additional means for controlled shaping of STE emission spectra by nano patterning.Comment: 7 pages, 4 figure

Global patient outcomes after elective surgery: prospective cohort study in 27 low-, middle- and high-income countries.

BACKGROUND: As global initiatives increase patient access to surgical treatments, there remains a need to understand the adverse effects of surgery and define appropriate levels of perioperative care. METHODS: We designed a prospective international 7-day cohort study of outcomes following elective adult inpatient surgery in 27 countries. The primary outcome was in-hospital complications. Secondary outcomes were death following a complication (failure to rescue) and death in hospital. Process measures were admission to critical care immediately after surgery or to treat a complication and duration of hospital stay. A single definition of critical care was used for all countries. RESULTS: A total of 474 hospitals in 19 high-, 7 middle- and 1 low-income country were included in the primary analysis. Data included 44 814 patients with a median hospital stay of 4 (range 2-7) days. A total of 7508 patients (16.8%) developed one or more postoperative complication and 207 died (0.5%). The overall mortality among patients who developed complications was 2.8%. Mortality following complications ranged from 2.4% for pulmonary embolism to 43.9% for cardiac arrest. A total of 4360 (9.7%) patients were admitted to a critical care unit as routine immediately after surgery, of whom 2198 (50.4%) developed a complication, with 105 (2.4%) deaths. A total of 1233 patients (16.4%) were admitted to a critical care unit to treat complications, with 119 (9.7%) deaths. Despite lower baseline risk, outcomes were similar in low- and middle-income compared with high-income countries. CONCLUSIONS: Poor patient outcomes are common after inpatient surgery. Global initiatives to increase access to surgical treatments should also address the need for safe perioperative care. STUDY REGISTRATION: ISRCTN5181700

Selenium biochemistry and its role for human health

Despite its very low level in humans, selenium plays an important and unique role among the (semi)metal trace essential elements because it is the only one for which incorporation into proteins is genetically encoded, as the constitutive part of the 21st amino acid, selenocysteine. Twenty-five selenoproteins have been identified so far in the human proteome. The biological functions of some of them are still unknown, whereas for others there is evidence for a role in antioxidant defence, redox state regulation and a wide variety of specific metabolic pathways. In relation to these functions, the selenoproteins emerged in recent years as possible biomarkers of several diseases such as diabetes and several forms of cancer. Comprehension of the selenium biochemical pathways under normal physiological conditions is therefore an important requisite to elucidate its preventing/therapeutic effect for human diseases. This review summarizes the most recent findings on the biochemistry of active selenium species in humans, and addresses the latest evidence on the link between selenium intake, selenoproteins functionality and beneficial health effects. Primary emphasis is given to the interpretation of biochemical mechanisms rather than epidemiological/observational data. In this context, the review includes the following sections: (1) brief introduction; (2) general nutritional aspects of selenium; (3) global view of selenium metabolic routes; (4) detailed characterization of all human selenoproteins; (5) detailed discussion of the relation between selenoproteins and a variety of human diseases

Strategic Considerations for First-Time Sovereign Bond Issuers

The recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bond issuance in international markets for the first time. In this context, the paper also discusses some typical pitfalls in accessing international capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and inadequate preparation for accessing the markets.Sovereign debt;External debt;Emerging markets;Debt relief;Debt sustainability;Low-income developing countries;bond, bonds, international bond, bond issue, international capital, international capital markets, sovereign bond, debt management, international bond issue, bond issuance, bond issues, currency of denomination, bondholders, external borrowing, debt service, international bonds, bond issuers, debt service payments, domestic currency, currency risk, currency mismatch, public debt, access to international capital, sovereign bonds, bullet bond, global bonds, government debt, global bond, debt crises, eurobond, bond proceeds, currency composition, individual bondholders, international financial markets, external debt financing, debt strategy, financial stability, debt management strategy, bond spreads, bond spread, domestic capital markets, domestic capital, bond index, domestic savings, domestic debt, public external debt, outstanding bonds, financial institutions, financial markets, debt servicing, debt structure, principal repayments, debt management systems, bilateral creditors, current account, principal repayment, debt relief packages, debt ratios, corporate bonds, bond issuing process, commercial borrowing, currency mismatches, domestic bonds, debt portfolio, substantial debt, government bonds, local debt, debt management practices, callable bonds, bond investors, debt burden, private sector borrowers, debt management operations, dollar bond, currency risks, bond contract, substantial debt relief, sovereign debt crises, domestic saving, financial globalization, eurobonds, international reserves, bond issuing, net present value, debt management offices, privately placed, benchmark bond, external debt servicing, debt management capacity, crowding out, debt intolerance, public debt management, external financing, present value, brady bonds, debt market, repayments, debt exchanges, bond indices, debt thresholds, bond contracts, relief packages, medium-term debt sustainability, current account deficit, global liquidity

Managing Public Debt and its Financial Stability Implications

This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully analyzed by debt managers and policy makers in terms of their impact on the government''s balance sheet, macroeconomic developments, and the financial system.Financial stability;Debt strategy;Financial instruments;Risk management;Sovereign debt;debt management, public debt, debt managers, bonds, debt structure, domestic debt, bond, debt stock, financial institutions, financial system, government debt, debt structures, domestic currency, debt market, debt portfolio, rate bonds, financial market, stock of debt, debt restructuring, financial markets, debt management strategy, public debt management, financial market development, financial sector, domestic public debt, government bond, bond prices, bond markets, financial instability, bond market, domestic debt markets, debt manager, government bonds, bond yields, domestic debt market, financial intermediaries, financial assets, currency crises, short-term debt, local currency bond, interest rate risk, local currency bond markets, public sector debt, debt sustainability, debt default, debt management strategies, sovereign bonds, central bank, debt management policies, term bond, debt management practices, stock indexes, domestic bonds, debt ratios, old bonds, national debt, domestic government bond, bond portfolio, local debt, international financial markets, fixed rate bonds, nominal exchange rate, public bonds, government bond markets, commodity futures, debt management operations, nominal bonds, hedging, rate bond, government bond market, debt crises, liquid markets, debt database, domestic savings, debt defaults, debt management policy, debt holder, debt maturities, financial intermediation, external public debt, domestic financing, debt management authorities, debt management capacity, term bonds, debt management office, short-term bonds, debt strategies, central banks, equity capital, balance of payments, currency risks, debt exchanges, government bond yields, debt sustainability analysis