Bank liquidity and financial stability.

Fluctuations in investor risk aversion are often cited as a factor explaining crises on financial markets. The alternation between periods of bullishness prompting investors to make risky investments, and periods of bearishness, when they retreat to the safest forms of investments, could be at the root of sharp fluctuations in asset prices. One problem in the assessment of these different periods is clearly distinguishing the risk perceived by agents from risk aversion itself. There are several types of risk aversion indicators used by financial institutions (the VIX, the LCVI, the GRAI, etc.). These indices, which are estimated in diverse ways, often show differing developments, although it is not possible to directly assess which is the most accurate. An interesting method in this respect is to link the indicators to financial crises. In principle, financial crises should coincide with periods in which risk aversion increases. Here we estimate probabilities of financial crises –currency and stock market crises– using the different risk aversion indicators as explanatory variables. This allows us to assess their respective predictive powers. The tests carried out show that risk aversion does tend to increase before crises, at least when it is measured by the most relevant indices. This variable is a good leading indicator of stock market crises, but is less so for currency crises.

Remote ischemic preconditioning in patients with intermittent claudication

OBJECTIVE: Remote ischemic preconditioning (RIPC) is a phenomenon in which a short period of sub-lethal ischemia in one organ protects against subsequent bouts of ischemia in another organ. We hypothesized that RIPC in patients with intermittent claudication would increase muscle tissue resistance to ischemia, thereby resulting in an increased ability to walk. METHODS: In a claudication clinic, 52 ambulatory patients who presented with complaints of intermittent claudication in the lower limbs associated with an absent or reduced arterial pulse in the symptomatic limb and/or an ankle-brachial index <0.90 were recruited for this study. The patients were randomly divided into three groups (A, B and C). All of the patients underwent two tests on a treadmill according to the Gardener protocol. Group A was tested first without RIPC. Group A was subjected to RIPC prior to the second treadmill test. Group B was subjected to RIPC prior to the first treadmill test and then was subjected to a treadmill test without RIPC. In Group C (control group), both treadmill tests were performed without RIPC. The first and second tests were conducted seven days apart. Brazilian Clinical Trials: RBR-7TF6TM. RESULTS: Group A showed a significant increase in the initial claudication distance in the second test compared to the first test. CONCLUSION: RIPC increased the initial claudication distance in patients with intermittent claudication; however, RIPC did not affect the total walking distance of the patients

Os investimentos franceses no Brasil: o caso da Brazil Railway Company (1900-1930)

 (Primeiro Parágrafo do Artigo) Os investimentos franceses no Brasil, entre 1900 e 1930, já foram objetos de alguns estudos, que definiram as linhas gerais e os momentos críticos desse movimento de capitais

O capital estrangeiro no Brasil: 1880-1930

A questão do capital estrangeiro assume, em nossos dias, características marcantes: por um lado, o tema das empresas multinacionais envolve o estudo dos efeitos da internacionalização do capital e da produção sobre as diversas economias nacionais; pelo outro, o endividamento externo das economias latino-americanas - atualmente em vias de insolvência - traz à tona não só um problema a ser resolvido por essas economia, como também o problema da própria estabilidade do sistema financeiro internacional

Building organic strategies: actions to promote organic agriculture in São Paulo, Brazil

Authors show recent evolution and future trends in organic food in Sao Paulo, Brazil. Using the netchain approach, a Workshop was carried out in order to update the last ten years of achievements, build bridges among different actors, sectors and strategies, besides defining specific guidelines to NGOs, private and public sectors regarding the development of organic agriculture in the state

Polyneuropathy in the critical ill patient: a common diagnosis in intensive care medicine?

BACKGROUND AND OBJECTIVES: The diffuse axonal polyneuropathy, more commonly known as Critical Illness Polyneuropathy (CIP), has been discussed by authors by decades; however, it has only been deeply studied over the last thirty years, becoming more important as an important cause of long term dependence on mechanical ventilation by seriously ill patients in intensive care medicine. CONTENTS: A significant reason for such interest is due to the importance of the CIP as complication of the septic shock and in patients with multiple organ failure, as much as responsible for the prolonging hospitalization in the Intensive Care Unit, as for the gradual reduction of the chance of survival. It has been suggested that the polyneuropathy is related with cytokines and other mediators which would increase the permeability of the vases, resulting in endoneural edema and causing the axonal injury. It is difficult to do the initial diagnostic, which, in general, are only possibly recognized when the sepsis complications or the multiple organs failure have been satisfactorily controlled. The diagnosis is made through the eletroneuromiography exam, and although there is still no effective drug treatment other than the control of the basic illness, it is consensus among multidisciplinary team that the development of the CIP does not have to be understood as a way to reduce the intensity of treatment. CONCLUSIONS: Spit of your prevalence, it is still unknown the mainly factors which are physiopathology associated as soon as your correct therapy.JUSTIFICATIVA E OBJETIVOS: A polineuropatia axonal difusa, hoje mais conhecida como polineuropatia do paciente crítico (PPC), tem sido relatada por autores há décadas, porém, apenas nos últimos 30 anos, ocupa maior importância como causa de dependência prolongada de ventilação mecânica, em pacientes gravemente enfermos internados em Unidades de Terapia Intensiva. Esta revisão teve por objetivo apresentar os princípios tópicos que norteiam a fisiopatologia, diagnóstico e tratamento desta doença em Medicina intensiva. CONTEÚDO: A importância da PPC como complicação inicial do choque séptico e em pacientes com disfunção de múltiplos de órgãos e sistemas (DMOS) está claramente descrita como responsável pelo prolongamento da permanência na UTI e, também pela redução gradativa da probabilidade de sobrevida. Sugere-se que a polineuropatia esteja relacionada com as citocinas envolvidas na sepse, além de outros mediadores que aumentariam a permeabilidade dos vasos, resultando em edema endoneural e lesão axonal. Seu início é de difícil diagnóstico, geralmente sendo possível apenas quando as complicações da sepse ou falência de múltiplos órgãos tenham sido adequadamente controladas. O diagnóstico é feito através da eletroneuromiografia. Apesar de ainda não haver nenhum tratamento medicamentoso efetivo, além do controle da doença de base, é censo comum, entre equipes multidisciplinares que o desenvolvimento da PPC não deve ser entendido como forma de reduzir os esforços do tratamento. CONLUSÕES: A despeito de sua prevalência, ainda permanecem desconhecidos os fatores claramente associados à sua fisiopatologia, bem como adequada terapia para o manuseio desta condição.UNIFESP-EPMAMIB AMBUNIFESP, EPMSciEL

Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café

This study discusses the competition between futures exchanges as evaluated by their users, in particular hedgers, choosing alternative contracts based on costs and benefits of hedging. Focusing on Brazilian hedgers, two alternative exchanges supplying coffee futures contracts are evaluated: the Coffee, Sugar and Cocoa Exchange (CSCE), and the Brazilian Commodities and Futures Exchange (BM&amp;F), the latter with contracts more specifically designed to the physical, temporal and locational characteristics of the Brazilian coffee. Results suggest that liquidity is the most important factor influencing the negotiation of contracts on the CSCE market by Brazilian traders, even though there is evidence that hedging effectiveness tends to be higher for the BM&amp;Fcontract. An analysis ofthe future price bias ("risk premium") embodied in the contracts did not allow us to reject the hypothesis that there is no significant difference between the exchanges with regard to this aspect. Institutional and dynamic issues are also briefly discussed

Etanercept for steroid-refractory acute graft-versus-host disease

Background: Acute graft-versus-host disease (aGVHD) is an important complication of allogeneic stem cell transplantation (alloSCT). High dose glucocorticosteroids, are currently recommended as first-line treatment for grade II-IV aGVHD resulting in overall complete responses (CR) in 40%-50% of patients. No standard second-line regimen has been established. Different options have been reported, including anti-TNFα antibodies. Methods: We retrospectively reviewed the outcome of 15 patients with steroid-refractory (SR) aGVHD treated with etanercept at our institution. Patients were transplanted for a hematological malignancy and received either a myeloablative or a non-myeloablative conditioning regimen. Prophylaxis of GVHD consisted of cyclosporin A and mycophenolic acid. Results: Acute GVHD was diagnosed at a median of 61 days post-transplantation. All patients had grade III aGVHD of the gut. Second-line treatment with etanercept was started at a median of 13 days after initiation of first-line therapy. Overall response rate was 53%, with CR in 3 patients and PR in 5 patients. Median overall survival after initiation of treatment with etanercept was 66 days (range 5–267) for the entire group. Median overall survival was 99 days (range 47–267 days) for responders and 17 days (range 5–66 days) for non-responders (p<0.01). Nevertheless, all patients died. Causes of death were progressive GVHD in 7 patients (47%), infection in 6 patients (40%), cardiac death in 1 patient (6.7%) and relapse in 1 patient (6,7%). Conclusion: Second-line treatment with etanercept does induce responses in SR-aGVHD of the gut but appears to be associated with poor long-term survival even in responding patients

Barriers and Levels of Physical Activity in Patients With Symptomatic Peripheral Artery Disease: Comparison Between Women and Men

This cross-sectional study compared physical activity levels and barriers between 212 men and women with symptomatic peripheral artery disease. Physical activity was objectively measured by an accelerometer. Barriers to physical activity were obtained using a validated questionnaire. Women reported higher amounts of light physical activity (p < .001) and lower moderate–vigorous physical activity (p < .001) than men. Women more often reported barriers such as “not having anyone to accompany” (p = .006), “lack of money” (p = .018), “fear of falling or worsening the disease” (p = .010), “lack of security” (p = .015), “not having places to sit when feeling leg pain” (p = .021), and “difficulty in getting to a place to practice physical activity” (p = .015). In conclusion, women with symptomatic peripheral artery disease presented with lower amounts of moderate–vigorous activity and more barriers to activity than men. Strategies to minimize the barriers, including group actives and nonpainful exercises, are recommended for women with peripheral artery disease