The Euro

In January 1999, the new European Central Bank began manufacturing a new money-the euro-and took over the operations of 11 nations' monetary systems. This Commentary outlines the ECB's institutions and operations, exploring some of the political economy issues that face the new central banking arrangement.Euro ; European Central Bank

Non-par banking: competition and monopoly in markets for payments services

Once the Federal Reserve Banks started providing par interbank funds transfers, their check collection service was unnecessary to bring nationwide par check collection in competitive banking markets. The survival of non-par banks probably reflected the absence of competition in the markets where they operated. The empirical evidence is consistent with this conclusion, since non-par banks typically were monopolists in isolated rural markets for banking services.Payment systems ; Bank competition ; Board of Governors of the Federal Reserve System (U.S.)

Evolution in banking supervision

Banking supervision must keep pace with technical innovations in the banking industry. The international Basel Committee on Banking Supervision currently is reviewing public comments on its proposed new method for judging whether a bank maintains enough capital to absorb unexpected losses. This Economic Commentary explains how existing standards became obsolete and describes the new plan.Bank supervision

Beyond zero: transparency in the Bank of Japan’s monetary policy

Japan’s economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants’ anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.Bank of Japan ; Monetary policy - Japan

Electronic money and the future of central banks

Computers and telecommunications devices may replace paper currency and checks—some day. Indeed, electronic methods of transferring money have become widely used. Recently, however, discussion of “electronic money” has taken a new turn, zeroing in on the extent to which holding new forms of electronic money eventually could make central banks obsolete, rendering them powerless to control inflation. This Commentary updates the old story of electronic funds transfers before introducing the new story of electronic money holdings, which may be a metaphor for a larger question about the future of central banking.Electronic funds transfers ; Banks and banking, Central

An Exploratory Investigation of the Alcoholics Anonymous Sponsor: Qualities, Characteristics, and Their Perceived Importance

Sponsorship is considered a critical element of the Alcoholics Anonymous (AA) recovery paradigm. Adult individuals (Mean age = 41.0 years) participated in a study to investigate the qualities and characteristics that make for an effective sponsor. These individuals (N = 231) had either experience as a sponsee or had been sponsors (n = 109). The study included three major analytical tasks: a qualitative open ended question on characteristics, a choice and ranking exercise of 20 attributes, and a conjoint analysis of hypothetical sponsors differing on five attributes across three levels. Results suggest current engagement in AA is the most critical attribute along with such characteristics as trustworthiness, integrity, and confidentiality. Availability also ranked high. These findings point to several paths for future research including measurement development and longitudinal effects of sponsorship on recovery trajectories

Crommet Creek Conservation Area Management Plan

The Crommet Creek Conservation Area comprises the largest block of natural lands in the immediate Great Bay watershed, and in New Hampshire’s North Atlantic Coast Ecoregion. It includes the entire watershed of two tidal creeks that flow directly into the Great Bay Estuary. The area has been identified by the Great Bay Resource Protection Partnership as a protection priority due to the size of the natural area; the diversity of habitats and wildlife it supports; and it’s integral role in protecting the regional water quality and resources within the Great Bay Estuary. The Conservation Area includes headwater wetlands, and the entire spectrum of freshwater and estuarine wetland and aquatic communities along both Lubberland and Crommet creeks. The Great Bay is a shallow inland tidal estuary of national importance for migratory birds. The Great Bay supports 29 species of waterfowl, 27 species of shorebirds, 13 species of wading birds, osprey and bald eagle. The Estuary is unique in that it is recessed 9 miles from the ocean along the Piscataqua River. Although development is increasing in the watershed, it remains one of the more healthy and viable estuarine ecosystems on the North Atlantic coast

What is the real impact of acute kidney injury?

Background: Acute kidney injury (AKI) is a common clinical problem. Studies have documented the incidence of AKI in a variety of populations but to date we do not believe the real incidence of AKI has been accurately documented in a district general hospital setting. The aim here was to describe the detected incidence of AKI in a typical general hospital setting in an unselected population, and describe associated short and long-term outcomes. Methods: A retrospective observational database study from secondary care in East Kent (adult catchment population of 582,300). All adult patients (18 years or over) admitted between 1st February 2009 and 31st July 2009, were included. Patients receiving chronic renal replacement therapy (RRT), maternity and day case admissions were excluded. AKI was defined by the acute kidney injury network (AKIN) criteria. A time dependent risk analysis with logistic regression and Cox regression was used for the analysis of in-hospital mortality and survival. Results: The incidence of AKI in the 6 month period was 15,325 pmp/yr (adults) (69% AKIN1, 18% AKIN2 and 13% AKIN3). In-hospital mortality, length of stay and ITU utilisation all increased with severity of AKI. Patients with AKI had an increase in care on discharge and an increase in hospital readmission within 30 days. Conclusions: This data comes closer to the real incidence and outcomes of AKI managed in-hospital than any study published in the literature to date. Fifteen percent of all admissions sustained an episode of AKI with increased subsequent short and long term morbidity and mortality, even in those with AKIN1. This confers an increased burden and cost to the healthcare economy, which can now be quantified. These results will furnish a baseline for quality improvement projects aimed at early identification, improved management, and where possible prevention, of AKI

Our Reflections on the Reactions to “Theories in the Field of Community Psychology”

We recognize that our article (Jason, Stevens, Ram, Miller, Beasley, & Gleason, 2016) will be controversial, and we are delighted that it has sparked some lively discussions. Our thesis is that research in our field could benefit from being evaluated on how it contributes to theory (including the development of one’s own). We believe that this recommendation represents a significant and constructive step forward. Our reflections on a number of the issues raised by those who wrote reactions to our article are below