Sovereign Default Risk in the Euro-Periphery and the Euro-Candidate Countries

This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international sources. We focus on contagion effects of external financial crisis on sovereign risk premiums in these countries, arguing that the countries with weak fundamentals and fragile financial institutions are particularly vulnerable to such effects. The domestic fiscal vulnerabilities include: economic recession, less efficient government spending and a rising public debt. External ‘push’ factors entail increasing liquidity- and counter-party risks in international banking, as well as risk-hedging appetites of international investors embedded in local currency depreciation against the US Dollar. We develop a model capturing the internal and external determinants of sovereign risk premiums and test for the examined country groups. The results lead us to caution against premature fiscal consolidation in the aftermath of the global economic crisis, since such policy might actually worsen sovereign default risk. The model works well for the euro-periphery countries; it is less robust for the euro-candidates that upon a future euro adoption will have to pursue real economy growth oriented policies in order to mitigate a potential increase in sovereign default risk

Assessing the Graphical Perception of Time and Speed on 2D+Time Trajectories

We empirically evaluate the extent to which people perceive non-constant time and speed encoded on 2D paths. In our graphical perception study, we evaluate nine encodings from the literature for both straight and curved paths. Visualizing time and speed information is a challenge when the x and y axes already encode other data dimensions, for example when plotting a trip on a map. This is particularly true in disciplines such as time-geography and movement analytics that often require visualizing spatio-temporal trajectories. A common approach is to use 2D+time trajectories, which are 2D paths for which time is an additional dimension. However, there are currently no guidelines regarding how to represent time and speed on such paths. Our study results provide InfoVis designers with clear guidance regarding which encodings to use and which ones to avoid; in particular, we suggest using color value to encode speed and segment length to encode time whenever possible

Gene expression profiling reveals effects of Cimicifuga racemosa (L.) NUTT. (black cohosh) on the estrogen receptor positive human breast cancer cell line MCF-7

BACKGROUND: Extracts from the rhizome of Cimicifuga racemosa (black cohosh) are increasingly popular as herbal alternative to hormone replacement therapy (HRT) for the alleviation of postmenopausal disorders. However, the molecular mode of action and the active principles are presently not clear. Previously published data have been largely contradictory. We, therefore, investigated the effects of a lipophilic black cohosh rhizome extract and cycloartane-type triterpenoids on the estrogen receptor positive human breast cancer cell line MCF-7. RESULTS: Both extract and purified compounds clearly inhibited cellular proliferation. Gene expression profiling with the extract allowed us to identify 431 regulated genes with high significance. The extract induced expression pattern differed from those of 17beta-estradiol or the estrogen receptor antagonist tamoxifen. We observed a significant enrichment of genes in an anti-proliferative and apoptosis-sensitizing manner, as well as an increase of mRNAs coding for gene products involved in several stress response pathways. These functional groups were highly overrepresented among all regulated genes. Also several transcripts coding for oxidoreductases were induced, as for example the cytochrome P450 family members 1A1 and 1B1. In addition, some transcripts associated with antitumor but also tumor-promoting activity were regulated. Real-Time RT-PCR analysis of 13 selected genes was conducted after treatment with purified compounds - the cycloartane-type triterpene glycoside actein and triterpene aglycons - showing similar expression levels compared to the extract. CONCLUSION: No estrogenic but antiproliferative and proapoptotic gene expression was shown for black cohosh in MCF-7 cells at the transcriptional level. The effects may be results of the activation of different pathways. The cycloartane glycosides and - for the first time - their aglycons could be identified as an active principle in black cohosh

Relative impacts of morphological alteration to shorelines and eutrophication on littoral macroinvertebrates in Mediterranean lakes

Development of effective methods for assessing the ecological status of lakes based on littoral benthic fauna has been hampered by the lack of quantitative data on the relative impacts of key pressures on the benthic community. We used variance partitioning at 126 sites belonging to 14 natural Mediterranean lakes to analyze the pure and shared effects of eutrophication, morphological alterations, microhabitat type, lake morphometry and geographic position on the littoral macroinvertebrate community. The spatial arrangement of the sampling sites was responsible for 9.1% of the total variance in littoral benthic community composition, lake morphometry accounted for 4.3% of variation, and microhabitat type accounted for 3.9%. Communities appeared to be affected primarily by morphological alterations to lake shorelines, and their impact was 2.5 times as important as that of eutrophication. The structure of littoral benthic communities was governed by processes acting at several spatial scales from region to lake scale. Thus, several pressures and the various spatial scales at which these act should be taken into account when implementing methods of assessing lake ecological condition based on littoral benthic invertebrates. Region-specific methods for subalpine and volcanic lakes might enhance the validity of assessment of results of morphological alterations and improve management of those water resources

Active Reading of Visualizations

We investigate whether the notion of active reading for text might be usefully applied to visualizations. Through a qualitative study we explored whether people apply observable active reading techniques when reading paper-based node-link visualizations. Participants used a range of physical actions while reading, and from these we synthesized an initial set of active reading techniques for visualizations. To learn more about the potential impact such techniques may have on visualization reading, we implemented support for one type of physical action from our observations (making freeform marks) in an interactive node-link visualization. Results from our quantitative study of this implementation show that interactive support for active reading techniques can improve the accuracy of performing low-level visualization tasks. Together, our studies suggest that the active reading space is ripe for research exploration within visualization and can lead to new interactions that make for a more flexible and effective visualization reading experience

Coulomb effects on the photoexcited quantum dynamics of electrons in a plasmonic nanosphere

With recent experiments investigating the optical properties of progressively smaller plasmonic particles, quantum effects become increasingly more relevant, requiring a microscopic description. Using the density matrix formalism we analyze the photoexcited few-electron dynamics of a small plasmonic nanosphere. Following the standard derivation of the bulk plasmon we particularly aim at elucidating the role of the Coulomb interaction. Calculating the dielectric susceptibility spectrum in the linear optical response we find discrete resonances resulting from a collective response mediated by the Coulomb interaction between the electrons. In the nonlinear regime, the occupations of the system exhibit oscillations between the interacting eigenstates. Our approach provides an ideal platform to study and explain nonlinear and quantum plasmonics, revealing that the photoexcited dynamics of plasmonic nanospheres has similarities with and combines characteristics of both the well-known two-level Rabi dynamics and the collective many-electron behavior typical of plasmons

Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries

This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international sources. We focus on contagion effects of external financial crisis on sovereign risk premiums in these countries, arguing that the countries with weak fundamentals and fragile financial institutions are particularly vulnerable to such effects. The domestic fiscal vulnerabilities include: economic recession, less efficient government spending and a rising public debt. External ‘push’ factors entail increasing liquidity- and counter-party risks in international banking, as well as risk-hedging appetites of international investors embedded in local currency depreciation against the US Dollar. We develop a model capturing the internal and external determinants of sovereign risk premiums and test for the examined country groups. The results lead us to caution against premature fiscal consolidation in the aftermath of the global economic crisis, since such policy might actually worsen sovereign default risk. The model works well for the euro-periphery countries; it is less robust for the euro-candidates that upon a future euro adoption will have to pursue real economy growth oriented policies in order to mitigate a potential increase in sovereign default risk