To liberate or to regulate: Balanced approach to bank-oriented financial system transformation in developing countries

© Emira Kozarević, Nedžad Polić, Amela Perić, 2017. A stable, transparent financial system inspires confidence among investors and supports the overall economic growth. Inflexible regulation tends to slow down economic progress, making countries less attractive to investors. Economies with bank-oriented financial systems tend to be less attractive to investors, so their long-term goal is to demonstrate flexibility through liberalization, attracting new investors and ensuring survival in highly competitive and unforgiving global conditions. Liberalization success is even more essential for developing countries and their efforts to open the borders for capital flows and attract new investments. While financial liberalization affects all sectors of the economy and directly influences growth, it does not guaranty it. The removal of financial restrictions could affect capital distribution, increase volatility, create challenges for banks, etc. To support the liberalization efforts, it is very important to understand the nature of banking business, criticality of transparent and effective regulatory framework, as well as the expectations of potential investors. The main goal of this paper is to discuss the process of financial liberalization in developing countries and motivate the policy makers to consider available lessons when creating their balanced approach to financial (de)regulation processes towards financial development and integration in the global financial landscape

Financial system development progress in Western Balkans

© Emira Kozarević, Nedžad Polić, Amela Perić, 2017. Financial system supports economic growth, while its regulatory framework provides stability for investors. Developing countries with bank-oriented financial systems are not attractive to investors, so prolonged status quo leads to economic deterioration. This is particularly the case with some of the most underdeveloped areas in Europe: Western Balkans. It is essential the developing countries in this region consider steps towards financial liberalization, which will help open the borders for capital flows and attract new investments. The main goal of this paper is to review and present the available information related to the banking system development in Western Balkans in terms of ownership structure, capital adequacy, loan and asset performance, return on investment and liquidity. These indicators should provide a clearer picture of the current financial systems in Western Balkans economies and their development progress - useful for comparison with other developing regions and financial transformation and liberalization efforts

The analysis of damage threshold in ruby laser interaction with copper and aluminium

U radu su prikazani rezultati delovanja laserske svetlosti, talasne dužine λ = 694,3 nm (rubinski laser, Q-switch mod), na uzorke od bakra i aluminijuma. Cilj ispitivanja je bio da se odrede maksimalne gustine energije laserskog snopa koje mogu da se koriste u dijagnostičke svrhe (interferometrijska snimanja, lasersko skeniranje, itd), kao i u uklanjanju depozita, a da pri tome snop ne stupa u interakciju sa osnovnim materijalom. Odabrani uzorci od bakra i aluminijuma bili su dugi niz godina izloženi atmosferskim uticajima. Rezultati delovanja laserske svetlosti ispitivani su skenirajućim elektronskim mikroskopom. Istraživanja su pokazala da je bezbedna granica gustine energije rubinskog lasera za dijagnostičke metode za oba metalna uzorka do 20×103 J/m2.Nondestructive methods are dominant in diagnosing the status and protection of all kinds of contemporary industrial objects, as well as objects of industrial heritage. Laser methods open wide possibilities of research in the field of diagnosis and metal processing. This paper presents the results of laser radiation interaction (wavelength λ = 694.3 nm, Ruby laser, Q-switch mode) with metal samples covered with a deposit. The goal of the examination was to determine the maximum energy density of the ruby laser beam, that can be used in diagnostics purposes (interferometric methods; 3D scanning) and as a tool for safe removal of deposits, without interacting with the basic material. Microscopic examination performed with SEM coupled with EDX allowed the determination of the safe laser light energy density levels, which caused the removal of the deposite from the surface of the sample, without degradation of the surface. The energy density up to 20 kJ/m2 is the maximum allowed for diagnosis or deposit removal

Superior induction and maintenance of protective CD8 T cells in mice infected with mouse cytomegalovirus vector expressing RAE-1

Due to a unique pattern of CD8 T-cell response induced by cytomegaloviruses (CMVs), live attenuated CMVs are attractive candidates for vaccine vectors for a number of clinically relevant infections and tumors. NKG2D is one of the most important activating NK cell receptors that plays a role in costimulation of CD8 T cells. Here we demonstrate that the expression of CD8 T-cell epitope of Listeria monocytogenes by a recombinant mouse CMV (MCMV) expressing the NKG2D ligand retinoic acid early-inducible protein 1-gamma (RAE-1γ) dramatically enhanced the effectiveness and longevity of epitope-specific CD8 T-cell response and conferred protection against a subsequent challenge infection with Listeria monocytogenes. Unexpectedly, theattenuatedgrowth in vivo of the CMV vector expressing RAE-1γ and its capacity to enhance specific CD8 T-cell response were preserved even in mice lacking NKG2D, implying additional immune function for RAE-1γ beyond engagement of NKG2D. Thus, vectors expressing RAE-1γ represent a promising approach in the development of CD8 T-cell– based vaccine

Regulation of immune cell function and differentiation by the NKG2D receptor

NKG2D is one of the most intensively studied immune receptors of the past decade. Its unique binding and signaling properties, expression pattern, and functions have been attracting much interest within the field due to its potent antiviral and anti-tumor properties. As an activating receptor, NKG2D is expressed on cells of the innate and adaptive immune system. It recognizes stress-induced MHC class I-like ligands and acts as a molecular sensor for cells jeopardized by viral infections or DNA damage. Although the activating functions of NKG2D have been well documented, recent analysis of NKG2D-deficient mice suggests that this receptor may have a regulatory role during NK cell development. In this review, we will revisit known aspects of NKG2D functions and present new insights in the proposed influence of this molecule on hematopoietic differentiation

NK cell receptor NKG2D sets activation threshold for the NCR1 receptor early in NK cell development

The activation of natural killer (NK) cells depends on a change in the balance of signals from inhibitory and activating receptors. The activation threshold values of NK cells are thought to be set by engagement of inhibitory receptors during development. Here, we found that the activating receptor NKG2D specifically set the activation threshold for the activating receptor NCR1 through a process that required the adaptor DAP12. As a result, NKGD2-deficient (Klrk1-/-) mice controlled tumors and cytomegalovirus infection better than wild-type controls through the NCR1-induced production of the cytokine IFN-γ. Expression of NKG2D before the immature NK cell stage increased expression of the adaptor CD3ζ. Reduced expression of CD3ζ in Klrk1-/- mice was associated with enhanced signal transduction through NCR1, and CD3ζ deficiency resulted in hyper-responsiveness to stimulation via NCR1. Thus, an activating receptor developmentally set the activity of another activating receptor on NK cells and determined NK cell reactivity to cellular threats

Human Cytomegalovirus Fcγ Binding Proteins gp34 and gp68 Antagonize Fcγ Receptors I, II and III

Human cytomegalovirus (HCMV) establishes lifelong infection with recurrent episodes of virus production and shedding despite the presence of adaptive immunological memory responses including HCMV immune immunoglobulin G (IgG). Very little is known how HCMV evades from humoral and cellular IgG-dependent immune responses, the latter being executed by cells expressing surface receptors for the Fc domain of IgG (FcγRs). Remarkably, HCMV expresses the RL11-encoded gp34 and UL119-118-encoded gp68 type I transmembrane glycoproteins which bind Fcγ with nanomolar affinity. Using a newly developed FcγR activation assay, we tested if the HCMV-encoded Fcγ binding proteins (HCMV FcγRs) interfere with individual host FcγRs. In absence of gp34 or/and gp68, HCMV elicited a much stronger activation of FcγRIIIA/CD16, FcγRIIA/CD32A and FcγRI/CD64 by polyclonal HCMV-immune IgG as compared to wildtype HCMV. gp34 and gp68 co-expression culminates in the late phase of HCMV replication coinciding with the emergence of surface HCMV antigens triggering FcγRIII/CD16 responses by polyclonal HCMV-immune IgG. The gp34- and gp68-dependent inhibition of HCMV immune IgG was fully reproduced when testing the activation of primary human NK cells. Their broad antagonistic function towards FcγRIIIA, FcγRIIA and FcγRI activation was also recapitulated in a gain-of-function approach based on humanized monoclonal antibodies (trastuzumab, rituximab) and isotypes of different IgG subclasses. Surface immune-precipitation showed that both HCMV-encoded Fcγ binding proteins have the capacity to bind trastuzumab antibody-HER2 antigen complexes demonstrating simultaneous linkage of immune IgG with antigen and the HCMV inhibitors on the plasma membrane. Our studies reveal a novel strategy by which viral FcγRs can compete for immune complexes against various Fc receptors on immune cells, dampening their activation and antiviral immunity.DFG grant He 2526/6-2.European Commission grants QLRT-2001-01112 and MRTN-CT-2005-019248.Helmholtz Association through VISTRIE VH-VI-242.UCR::Vicerrectoría de Docencia::Salud::Facultad de Microbiologí

Classification tools based on artificial neural networks for the purpose of identification of origin of organic matter and oil pollution in recent sediments

The distinction between autochthonous, and oil-like origin of organic matter in geological sediments can be performed on the basis of n-alkane abundance and distribution patterns, determined by gas chromatography, or on the basis of the carbon-isotope ratio (delta (CPDB)-P-13) patterns of dominant n-alkanes, determined by gas chromatography-mass spectroscopy. Here we present solutions for automatic classification of organic matter origin in geological sediments, based on artificial neural networks

Potential and contemporary laser applications with parallel techniques in the processes of monitoring, protection and restoration of cultural heritage objects

Laser applications in processes of monitoring, protection, restoration and cleaning of the objects of cultural heritage still attract attention, inspite of relatively long tradition. Although numerous mutual problems are resolved, each precious object of cultural heritage isunique and needs specific characterization before exact laser operation. Contemporary generation of laser scanners along with competitive techniques accelerated the processes of data collecting and storing in the form of 3D digital models, irreplaceable in modern informative space

Identification of oil-type pollution in recent sediments

An attempt was made to determine the origin of soluble organic matter and to identify oil-type pollution, on the basis of n-alkane abundance and distribution patterns in the alkane fractions (determined by gas chromatography, GC), as well as on the basis of the carbon isotope ratio (delta(13)C(PDB)) of dominant n-alkanes (determined by gas chromatography - mass spectrometry, GC-MS). 17 samples of alluvial sediments from three, ecochemically different areas were investigated