Finance and its reform : beyond laissez-faire

That the financial sector should be liberalized was the orthodox view in the mid-1970s, during a pendulum swing toward reliance on the free market. In the early 1980s, the pendulum swung back to the left, based partly on evidence - especially from Latin America - that overly rapid reform had real costs, and partly on an increased appreciation of financial market failure. Blind adherence to free market principles was no longer appropriate. Now a counter-counterrevolution is in sight, with some swing back toward the view that the market makes a mess of it, but the government makes it even worse. The authors agree that market-oriented financial systems appear to do a better job than systems with extensive government involvement, but contend that the assumption that perfect competition will solve all problems in finance - especially in banking - can be dangerous. Information problems, implicit or explicit government guarantees associated with the payments system make banks unique. Governments implicitly recognize banking's uniqueness - few allow just anyone to enter banking - but public pronouncements and observers'recommendations often favor a move to more competition. Perfect competition, however, is optimal under the assumption, among others, of no government guarantee. In fact, most governments differ only in how explicit they are about their deposit insurance schemes. The financial reforms most likely to succeed are those that give banks an incentive to engage in safe and sound banking. When excessive competition is allowed, the charter value of banking diminishes to the point that it is no longer profitable for bankers to behave prudently. A consideration of finance's role, and a look at how reforming economies have fared, suggest also that gradual reform is often to be preferred in this domain. Deregulation of credit markets and interest rates can be counterproductive in unstable macroeconomic conditions and when banks are unsophisticated or have weak balance sheets. And changes in the charter value may evolve only slowly after reform. Faster progress and greater efforts should be made, however, in bank supervision and regulation and in institutional development, including accounting, auditing, legal and judicial reform, and training (of bankers and other finance professionals). In sum, many economies would benefit from less government intervention in financial markets, but the prescription should not be abrupt or total government withdrawal from the financial sector. Rather than intervening heavily in credit allocation decisions, governments should focus on doing what only they can do: providing an enabling environment for the private financial and nonfinancial sectors, and ensuring that financial operations are safe and sound.Environmental Economics&Policies,Banks&Banking Reform,Financial Intermediation,Economic Theory&Research,Financial Crisis Management&Restructuring

A review of new and existing non-extractive techniques for monitoring marine protected areas

Publication history: Accepted - 23 June 2023; Published - 19 July 2023.Ocean biodiversity loss is being driven by several anthropogenic threats and significant efforts are required to halt losses and promote healthy marine ecosystems. The establishment of a network of Marine Protected Areas (MPAs) can help restrict damaging activities and have been recognised as a potential solution to aid marine conservation. When managed correctly they can deliver both ecological and socio-economic benefits. In recent times, MPA designations have increased rapidly while many countries have set future MPA targets for the decades ahead. An integral element of MPA management is adequate monitoring that collects data to assess if conservation objectives are being achieved. Data acquired by monitoring can vary widely as can the techniques employed to collect such data. Ideally, non-destructive and non-invasive methods are preferred to prevent damage to habitats and species, though this may rule out a number of traditional extractive sampling approaches such as dredges and trawls. Moreover, advances in ocean observation technologies enable the collection of large amounts of data at high resolutions, while automated data processing is beginning to make analyses more logistically feasible and less time-consuming. Therefore, developments to existing marine monitoring techniques and new emerging technologies have led to a diverse array of options when choosing to implement an MPA monitoring programme. Here, we present a review of new and existing non-extractive techniques which can be applied to MPA monitoring. We summarise their capabilities, applications, advantages, limitations and possible future developments. The review is intended to aid MPA managers and researchers in determining the suitability of available monitoring techniques based on data requirements and site conditions.This research was funded through the Marine Protected Area Monitoring and Management (MarPAMM) project, which is supported by the European Union’s INTERREG VA Programme, managed by the Special EU Programmes Body (SEUPB) with matching funding from the Government of Ireland, the Northern Ireland Executive, and the Scottish Government. This research was also carried out with the support of the Marine Institute under the Marine Research Programme with the support of the Irish Government

Monitoring changes in submarine canyon coral habitats - Leg 1 (MoCha_SCan)

This survey focused on the maiden deployment of a number of novel, ROV-adapted lander systems in the Porcupine Bank Canyon (PBC) coral habitats, NE Atlantic. Cold water corals (CWCs) flourish on the Irish-Atlantic margin between 600 and 100 m water depth, where they form a number of structural habitat types (coral reefs, mounds and gardens). Recent research shows that deep water habitats, including CWC habitats on the Irish margin, may be impacted by recent environmental change. The main objectives of this survey are: a) to deploy 8 new lander systems within a range of coral habitats throughout the PBC; b) to complete mapping coverage within the PBC; c) to sample the coral, sediment and ambient watermass around the lander sites and; d) to sample particulate organic matter around key coral habitats. Data recorded via landers from each habitat will allow to determine the controls on habitat variability. Furthermore, this data can be used as a baseline to which later deployments at this site will be used to compare against. Completed canyon coverage will feed into a number of multiscale mapping projects including the H2020 project â Integrated Assessment of Atlantic Marine Ecosystems in Space & Timeâ (iATLANTIC) and the SFI-, GSI- and MI-funded â Mapping, Modelling and Monitoring Key Processes and Controls on Cold Water Coral Habitats in Submarine Canyonsâ (MMMonKey_Pro) programme. Video data will be used to characterise key coral habitat within the canyon and subsequesntly, HD DEMâ s will be generated as a central dataset for the multiscale projects listed above

Updated clinical diagnostic criteria for sporadic Creutzfeldt-Jakob disease

Several molecular subtypes of sporadic Creutzfeldt-Jakob disease have been identified and electroencephalogram and cerebrospinal fluid biomarkers have been reported to support clinical diagnosis but with variable utility according to subtype. In recent years, a series of publications have demonstrated a potentially important role for magnetic resonance imaging in the pre-mortem diagnosis of sporadic Creutzfeldt-Jakob disease. Magnetic resonance imaging signal alterations correlate with distinct sporadic Creutzfeldt-Jakob disease molecular subtypes and thus might contribute to the earlier identification of the whole spectrum of sporadic Creutzfeldt-Jakob disease cases. This multi-centre international study aimed to provide a rationale for the amendment of the clinical diagnostic criteria for sporadic Creutzfeldt-Jakob disease. Patients with sporadic Creutzfeldt-Jakob disease and fluid attenuated inversion recovery or diffusion-weight imaging were recruited from 12 countries. Patients referred as ‘suspected sporadic Creutzfeldt-Jakob disease' but with an alternative diagnosis after thorough follow up, were analysed as controls. All magnetic resonance imaging scans were assessed for signal changes according to a standard protocol encompassing seven cortical regions, basal ganglia, thalamus and cerebellum. Magnetic resonance imaging scans were evaluated in 436 sporadic Creutzfeldt-Jakob disease patients and 141 controls. The pattern of high signal intensity with the best sensitivity and specificity in the differential diagnosis of sporadic Creutzfeldt-Jakob disease was identified. The optimum diagnostic accuracy in the differential diagnosis of rapid progressive dementia was obtained when either at least two cortical regions (temporal, parietal or occipital) or both caudate nucleus and putamen displayed a high signal in fluid attenuated inversion recovery or diffusion-weight imaging magnetic resonance imaging. Based on our analyses, magnetic resonance imaging was positive in 83% of cases. In all definite cases, the amended criteria would cover the vast majority of suspected cases, being positive in 98%. Cerebral cortical signal increase and high signal in caudate nucleus and putamen on fluid attenuated inversion recovery or diffusion-weight imaging magnetic resonance imaging are useful in the diagnosis of sporadic Creutzfeldt-Jakob disease. We propose an amendment to the clinical diagnostic criteria for sporadic Creutzfeldt-Jakob disease to include findings from magnetic resonance imaging scan

The Concise Guide to PHARMACOLOGY 2023/24: G protein-coupled receptors.

The Concise Guide to PHARMACOLOGY 2023/24 is the sixth in this series of biennial publications. The Concise Guide provides concise overviews, mostly in tabular format, of the key properties of approximately 1800 drug targets, and about 6000 interactions with about 3900 ligands. There is an emphasis on selective pharmacology (where available), plus links to the open access knowledgebase source of drug targets and their ligands (https://www.guidetopharmacology.org), which provides more detailed views of target and ligand properties. Although the Concise Guide constitutes almost 500 pages, the material presented is substantially reduced compared to information and links presented on the website. It provides a permanent, citable, point-in-time record that will survive database updates. The full contents of this section can be found at http://onlinelibrary.wiley.com/doi/bph.16177. G protein-coupled receptors are one of the six major pharmacological targets into which the Guide is divided, with the others being: ion channels, nuclear hormone receptors, catalytic receptors, enzymes and transporters. These are presented with nomenclature guidance and summary information on the best available pharmacological tools, alongside key references and suggestions for further reading. The landscape format of the Concise Guide is designed to facilitate comparison of related targets from material contemporary to mid-2023, and supersedes data presented in the 2021/22, 2019/20, 2017/18, 2015/16 and 2013/14 Concise Guides and previous Guides to Receptors and Channels. It is produced in close conjunction with the Nomenclature and Standards Committee of the International Union of Basic and Clinical Pharmacology (NC-IUPHAR), therefore, providing official IUPHAR classification and nomenclature for human drug targets, where appropriate

Elucidating mechanisms of genetic cross-disease associations at the PROCR vascular disease locus

AbstractMany individual genetic risk loci have been associated with multiple common human diseases. However, the molecular basis of this pleiotropy often remains unclear. We present an integrative approach to reveal the molecular mechanism underlying the PROCR locus, associated with lower coronary artery disease (CAD) risk but higher venous thromboembolism (VTE) risk. We identify PROCR-p.Ser219Gly as the likely causal variant at the locus and protein C as a causal factor. Using genetic analyses, human recall-by-genotype and in vitro experimentation, we demonstrate that PROCR-219Gly increases plasma levels of (activated) protein C through endothelial protein C receptor (EPCR) ectodomain shedding in endothelial cells, attenuating leukocyte–endothelial cell adhesion and vascular inflammation. We also associate PROCR-219Gly with an increased pro-thrombotic state via coagulation factor VII, a ligand of EPCR. Our study, which links PROCR-219Gly to CAD through anti-inflammatory mechanisms and to VTE through pro-thrombotic mechanisms, provides a framework to reveal the mechanisms underlying similar cross-phenotype associations.</jats:p

THE CONCISE GUIDE TO PHARMACOLOGY 2021/22: G protein-coupled receptors.

The Concise Guide to PHARMACOLOGY 2021/22 is the fifth in this series of biennial publications. The Concise Guide provides concise overviews, mostly in tabular format, of the key properties of nearly 1900 human drug targets with an emphasis on selective pharmacology (where available), plus links to the open access knowledgebase source of drug targets and their ligands (www.guidetopharmacology.org), which provides more detailed views of target and ligand properties. Although the Concise Guide constitutes over 500 pages, the material presented is substantially reduced compared to information and links presented on the website. It provides a permanent, citable, point-in-time record that will survive database updates. The full contents of this section can be found at http://onlinelibrary.wiley.com/doi/bph.15538. G protein-coupled receptors are one of the six major pharmacological targets into which the Guide is divided, with the others being: ion channels, nuclear hormone receptors, catalytic receptors, enzymes and transporters. These are presented with nomenclature guidance and summary information on the best available pharmacological tools, alongside key references and suggestions for further reading. The landscape format of the Concise Guide is designed to facilitate comparison of related targets from material contemporary to mid-2021, and supersedes data presented in the 2019/20, 2017/18, 2015/16 and 2013/14 Concise Guides and previous Guides to Receptors and Channels. It is produced in close conjunction with the Nomenclature and Standards Committee of the International Union of Basic and Clinical Pharmacology (NC-IUPHAR), therefore, providing official IUPHAR classification and nomenclature for human drug targets, where appropriate

The Concise Guide to PHARMACOLOGY 2023/24: G protein-coupled receptors.

peer reviewedThe Concise Guide to PHARMACOLOGY 2023/24 is the sixth in this series of biennial publications. The Concise Guide provides concise overviews, mostly in tabular format, of the key properties of approximately 1800 drug targets, and about 6000 interactions with about 3900 ligands. There is an emphasis on selective pharmacology (where available), plus links to the open access knowledgebase source of drug targets and their ligands (https://www.guidetopharmacology.org), which provides more detailed views of target and ligand properties. Although the Concise Guide constitutes almost 500 pages, the material presented is substantially reduced compared to information and links presented on the website. It provides a permanent, citable, point-in-time record that will survive database updates. The full contents of this section can be found at http://onlinelibrary.wiley.com/doi/bph.16177. G protein-coupled receptors are one of the six major pharmacological targets into which the Guide is divided, with the others being: ion channels, nuclear hormone receptors, catalytic receptors, enzymes and transporters. These are presented with nomenclature guidance and summary information on the best available pharmacological tools, alongside key references and suggestions for further reading. The landscape format of the Concise Guide is designed to facilitate comparison of related targets from material contemporary to mid-2023, and supersedes data presented in the 2021/22, 2019/20, 2017/18, 2015/16 and 2013/14 Concise Guides and previous Guides to Receptors and Channels. It is produced in close conjunction with the Nomenclature and Standards Committee of the International Union of Basic and Clinical Pharmacology (NC-IUPHAR), therefore, providing official IUPHAR classification and nomenclature for human drug targets, where appropriate