Financial safety nets, bailouts and moral hazard

The paper argues that policymakers bail out banks with financial problems to avoid the costs of financial repression. After financial liberalization and when risk is verifiable, in some circumstances policymakers can commit to policies that discipline banks ex-ante and ex-post, by providing bailout to conservative banks and threatening the takeover of risky banks. When these policies are time consistent, regulatory policies to deal with moral hazard ex-ante, like for example prudential regulation, become redundant and policymakers refrain from implementing them.

'El Niño' Effects and Biomass Endogeneity in a Harvest Function: The Chilean Jack Mackerel Fishery

The main goal of this paper consists in estimating the input parameters of an annual harvest function for the Chilean jack mackerel stock; particularly, the effects of biomass on catch. One of the main problems faced is that the biomass variable is possibly endogenous, which would bias the estimators if the problem remains unsolved. Our empirical strategy consists in estimating a per vessel harvest function using panel data, which allows us to control for vessels' unobserved heterogeneity, and episodes of 'El Niño' phenomenon as valid instrumental variable for biomass, which allows us to control for the potential biomass endogeneity. This strategy produces consistent estimates of the biomass coefficient. The results, using a panel of industrial vessels operating in the central-southern region of Chile during the period 1985-2002, show that the endogeneity of the biomass variable biases upwardly the magnitude of its coefficient in a Cobb-Douglas harvest function. In the case of our data, the endogeneity bias even changes the sign of the catch-to-biomass elasticity. A first contribution of the paper is to address the endogeneity of biomass in a harvest function, an issue often underestimated in the empirical literature. A second contribution is related to 'El Niño' effects on the Chilean jack mackerel stock. The results show that an oceanic 'El Niño' episode not only has negative contemporaneous effects on jack mackerel biomass but also negative biomass effects lasting for at least two additional years.El Niño phenomenon; pelagic fisheries; Chilean jack mackerel; Instrumental variable estimation; marginal stock effects; endogenous biomass

Los recursos naturales de la finca El Morro, San Miguelito, Río San Juan, Nicaragua, 2013

This study was carried out at El Morro farm, San Miguelito municipality, Río San Juan department, Nicaragua. The biophysical characteristics of the forest, wildlife, water and soil resources were evaluated. It was inventoried with a systematic sampling design according to the different types of vegetation cover, such as: open forest, tacotal (which is defined as uncultivated land covered with thick undergrowth) and scattered trees in pasture. Two circular plots were located, with a radius of 15 meters, separated at a distance of three km between them, the wild fauna was done simultaneously with the collection of floristic information. This study tries to know the floristic richness and the silvicultural state of the arboreal vegetation, the existing fauna, the quality of the water and the characterization of the soil, in order to contribute to decision-making in the implementation of good practices for the management of all existing resources on the farm.Este estudio realizado en la finca El Morro, municipio de San Miguelito, departamento de Río San Juan, Nicaragua. Fueron evaluadas las características biofísicas de los recursos bosque, fauna silvestre, agua y suelo. Fue inventariado con diseño de muestreo sistemático de acuerdo a los diferentes tipos de cobertura vegetal, tales como: bosque abierto, tacotal y árboles dispersos en potrero. Se ubicaron dos parcelas circulares, con un radio de 15 metros, separadas a una distancia de tres km entre ellas, la fauna silvestre se hizo simultánea al levantamiento de la información florística. En este estudio se trata de conocer la riqueza florística y el estado silvicultural de la vegetación arbórea, la fauna existente, la calidad del agua y caracterización del suelo, con la finalidad de contribuir a la toma de decisiones en la implementación de buenas prácticas para el manejo de todos los recursos existentes en la finca

Expertise no estudo de automatismo: Uma aplicação em consumo de estética

Expertise is one of the ways one can make one’s behaviors become automatic, and with consumption it is no different. Explanatory models of this sort of behavior described in the literature up to now have considered only conscious or rational buying, and do not apply to automatic buying. The model proposed here is inspired by, and adapted from, the behavior analyses, integrating variables that have typically been neglected in the traditional models, such as contextual variables. This study aimed to describe the relationship between the reports of behavior linked to the consumption of esthetics (operationalized in four variables: commenting, getting information, using cosmetic products and services) and the individual variables and those of the setting where purchases related to beauty were made. In order to do so, 953 Brazilian women responded to an online questionnaire. The model was tested and partially confirmed. Contextual social-psychological variables were the only ones to predict routine buying. Demographic and individual variables did not account for the variance explanation of the behaviors measured. It is suggested that further studies should use and contribute to this model to enhance the understanding of automatic buying.La rutina es una de las formas de automatizar la conducta y en consumo no es diferente. Los modelos explicativos de compra descritos en la literatura son de compras conscientes o racionales y no se aplican a las automáticas. El modelo propuesto aqui es inspirado y adaptado de la análise de la conducta y trata de integrar otras variables tipicamente negligenciadas en los modelos tradicionales, incluyendo variables contextuales. La finalidad de este estudio fue describir la relación entre los relatos de conductas vinculadas al consumo de estética (operacionalizadas en cuatro variables: comentar, informarse, usar productos y servicios cosméticos) y las variables individuales y de contexto de compra dirigidas a la estética. Contestaron a un cuestioário online 953 mujeres brasileñas. El modelo fue testado y parcialmente confirmado. Las variables psicológicas contextuales sociales fueron las únicas que predijeron las conductas de compra rutinera. Las variables demograficas e individuales no entraron como variables explicativas en ninguno de las conductas medidas. Sugiérese que nuevos estúdios utilicen y contribuyan para este modelo en el intuito de auxiliar en el entendimento de compra automática.A rotina é uma das formas de automatizar comportamentos e em consumo não é diferente. Os modelos explicativos de compra descritos na literatura partem de compras conscientes ou racionais e não se aplicam às automáticas. O modelo proposto aqui é inspirado e adaptado da análise do comportamento e trata de integrar outras variáveis tipicamente negligenciadas nos modelos tradicionais, incluindo variáveis contextuais. O objetivo deste estudo foi descrever a relação entre os relatos de comportamentos ligados ao consumo de beleza (operacionalizados em quatro variáveis: comentar, informar-se, usar produtos e serviços cosméticos) e as variáveis individuais e de cenário de compra direcionadas à beleza. Para isso, responderam a um questionário online 953 mulheres brasileiras. O modelo foi testado e parcialmente confirmado. As variáveis psicológicas contextuais sociais foram as únicas que predisseram os comportamentos de compra rotineira. As variáveis demográficas e as individuais não entraram como variáveis explicativas em nenhum dos comportamentos mensurados. Sugere-se que novos estudos utilizem e contribuam para este modelo no intuito de auxiliar no entendimento da compra automática

TORC1 controls G1-S cell cycle transition in yeast via Mpk1 and the greatwall kinase pathway

The target of rapamycin complex 1 (TORC1) pathway couples nutrient, energy and hormonal signals with eukaryotic cell growth and division. In yeast, TORC1 coordinates growth with G₁–S cell cycle progression, also coined as START, by favouring the expression of G₁ cyclins that activate cyclin-dependent protein kinases (CDKs) and by destabilizing the CDK inhibitor Sic1. Following TORC1 downregulation by rapamycin treatment or nutrient limitation, clearance of G₁ cyclins and C-terminal phosphorylation of Sic1 by unknown protein kinases are both required for Sic1 to escape ubiquitin-dependent proteolysis prompted by its flagging via the SCFCdc4 (Skp1/Cul1/F-box protein) ubiquitin ligase complex. Here we show that the stabilizing phosphorylation event within the C-terminus of Sic1 requires stimulation of the mitogen-activated protein kinase, Mpk1, and inhibition of the Cdc55 protein phosphatase 2A (PP2ACdc55) by greatwall kinase-activated endosulfines. Thus, Mpk1 and the greatwall kinase pathway serve TORC1 to coordinate the phosphorylation status of Sic1 and consequently START with nutrient availability

Impairment of cellular redox status and membrane protein activities in kidneys from rats with ischemic acute renal failure

AbstractCellular redox status and membrane protein activities were analyzed in kidneys from rats with ischemic acute renal failure (ARF). ARF was induced by clamping the left renal artery for 50 min. A parallel group of control animals was processed. In the ischemic group urea plasma levels were statistically increased as compared with the control group. Studies employing whole kidney homogenates revealed that ischemia produces an increment in lipid peroxidation levels and a reduction in glutathione concentration and in superoxide dismutase and glutathione peroxidase activities. Since lipid peroxidation may alter the function of membrane proteins we determined succinate cytochrome c reductase (SuccR), sodium-potassium ATPase (Na-K-ATPase), glucose-6-phosphatase (G-6-Pase) and alkaline phosphatase (ALP) activities in whole renal homogenates. Only G-6-Pase and ALP activities were modified by ischemia. Since ALP is a brush border membrane (BBM) enzyme and BBM is one of the main target structures in ARF, we assessed some parameters of BBM functionality. ALP, γ-glutamyl transferase (γ-GT) and 5′-nucleotidase (5′-NT) showed diminished activities in BBM from ischemic kidneys. Ischemia also modified the Vmax of paraaminohippuric acid (PAH) uptake without altering Km. An increment of lipid peroxidation and membrane fluidity in BBM was observed after the treatment. Total membrane proteins and protein recoveries in BBM were similar in both experimental groups. Sialic acid and sulfhydryl levels were similar in BBM from ischemic kidney and control ones. In summary, ARF induced by renal artery clamping for 50 min takes place with a significant increase in urea plasma levels. A decrease in the antioxidant defense system is detected. This induces lipid peroxidation in whole renal tissue, which may justify the diminished activities of some membrane enzymes such as G-6-Pase and ALP. A specific analysis of BBM function reveals a significant increment of lipid peroxidation which may be the cause of an increased membrane fluidity. This latter parameter might be, at least in part, responsible for the damaged function of apical ALP, 5′-NT, γ-GT and PAH carrier