Securities activities in banking conglomerates: should their location be regulated?

A review of the arguments as to whether the location of the securities unit in a banking conglomerate should be subject to regulation. The author contends that correcting the safety nets distortions and allowing banks to choose where to locate their securities units is better than retaining such distortions and relying on corporate separateness to limit the problems they may create.Securities ; Bank holding companies

Induced pluripotent stem cells, a giant leap for mankind therapeutic applications

Induced pluripotent stem cells (iPSC) technology has propelled the field of stem cells biology, providing new cells to explore the molecular mechanisms of pluripotency, cancer biology and aging. A major advantage of human iPSC, compared to the pluripotent embryonic stem cells, is that they can be generated from virtually any embryonic or adult somatic cell type without destruction of human blastocysts. In addition, iPSC can be generated from somatic cells harvested from normal individuals or patients, and used as a cellular tool to unravel mechanisms of human development and to model diseases in a manner not possible before. Besides these fundamental aspects of human biology and physiology that are revealed using iPSC or iPSC-derived cells, these cells hold an immense potential for cell-based therapies, and for the discovery of new or personalized pharmacological treatments for many disorders. Here, we review some of the current challenges and concerns about iPSC technology. We introduce the potential held by iPSC for research and development of novel health-related applications. We briefly present the efforts made by the scientific and clinical communities to create the necessary guidelines and regulations to achieve the highest quality standards in the procedures for iPSC generation, characterization and long-term preservation. Finally, we present some of the audacious and pioneer clinical trials in progress with iPSC-derived cells.info:eu-repo/semantics/publishedVersio

The Budgeting of Portuguese Public Museums: a dynamic panel data analysis

In this paper, the first panel on sources of funding for Portuguese publicly owned museums is explored. There has been little work in this field worldwide, and none for Portugal. Evidence in this paper seems contrary to that relating to the UK and to the US. We find that incremental budgeting still plays a major role on the funding of Portuguese museums, allowing for inefficient management and moral hazard: the interests of museums’ management may diverge clearly from those of the authorities ruling them and from those of the general public. We also find that the ability to generate their own revenues plays no role in the funding allocated to museums every year. Budgeting is mainly determined by past operating costs. Policy changes seem to be advisable. The scarce relevance of museum patronage by the private sector makes a discussion of possible crowding out effects irrelevant in the current Portuguese context.museums; incremental budgeting; moral hazard; dynamic panel data;

Bank capital and equity investment regulations

An intermediation model that examines the efficiency and welfare implications of banks' required capital-asset ratio and of the regulations that limit - and in some countries forbid - banks' investments in equity to a certain proportion of each firm's capital. ; A look at how episodes of competing currencies can provide insight on 1) the qualities of a commodity that lead to its becoming a dominant currency, 2) the route by which a nationally mandated paper currency becomes acceptable as a medium of exchange, and 3) the way in which competition between currencies sustains the exchange value of a fiat currency by restricting the actions available to the monetary authority. ; A look at how episodes of competing currencies can provide insight on 1) the qualities of a commodity that lead to its becoming a dominant currency, 2) the route by which a nationally mandated paper currency becomes acceptable as a medium of exchange, and 3) the way in which competition between currencies sustains the exchange value of a fiat currency by restricting the actions available to the monetary authority.Bank capital ; Bank investments