Foreign banks and financial stability in emerging markets: Evidence from the global financial crisis

Foreign banks have increased their market share in many emerging markets since the mid-1990s. We examine whether this contributed to financial stability in the respective host countries in the global financial crisis. Our results suggest that the stabilizing impact of foreign banks was limited to the cross-border component of financial globalization and to two regions: Eastern Europe and Sub-Saharan Africa. Only in the latter region was this translated into more stable credit growth. Thus hopes that a stronger presence of foreign banks might help host countries in isolating domestic credit from international shocks did not materialize in the current crisis. --Foreign banks,cross-border lending,bank credit,financial crisis

Foreign Banks and Financial Stability in Emerging Markets: Evidence From the Global Financial Crisis

Foreign banks have increased their market share in many emerging markets since the mid-1990s. We examine whether this contributed to financial stability in the respective host countries in the global financial crisis. Our results suggest that the stabilizing impact of foreign banks was limited to the cross-border component of financial globalization and to two regions: Eastern Europe and Sub-Saharan Africa. Only in the latter region was this translated into more stable credit growth. Thus hopes that a stronger presence of foreign banks might help host countries in isolating domestic credit from international shocks did not materialize in the current crisis

Die grenzüberschreitenden Implikationen makroprudenzieller Politik

Der Beitrag basiert auf einer Rede, die Claudia M. Buch, Vizepräsidentin der Deutschen Bundesbank, am 11. Juni 2015 auf dem Festakt anlässlich des 100. Geburtstags von Hans Möller an der Ludwig-Maximilians-Universität München gehalten hat. Er gibt einen Überblick über die grenzüberschreitenden Effekte makroprudenzieller Politik und beschreibt den institutionellen Rahmen in Europa

Finanzierungsstrukturen und makroökonomische Stabilität in den Ländern Südosteuropas, der Türkei und in den GUS-Staaten

Within the last decade sizeable capital inflows from mature economies were accompanied by rapid financial deepening in the Western Balkans, Turkey and the CIS. Notwithstanding their considerably different initial positions most countries sustained financial stability in the first period of the financial crisis. But after the failure of Lehman Brothers neither the strategy of inviting fit and proper foreign banks nor the strategy of self-protection via current account surpluses and foreign exchange reserve accumulation provided a guarantee for macroeconomic stability. Thus, the experience of the region provides another example for the need of a multilateral strategy for financial integration and globalization to ensure the stability of the international financial system. --Financial structure,financial integration,credit growth,financial crisis,

Domestication and sustainable production of wild crafted plants with special reference to the Chilean Maqui berry (Aristotelia chilensis)

The principle threats for sustainable production of wild collected medicinal plants are related to ecological factors, such as endemism, and botanical factors critical for survival, such as the collection of roots or barks or slow growing species. The sustainable way to produce raw material on a large scale would be species specific management of the wild resources that guarantees conservation of biodiversity, or bringing the species under cultivation. A checklist proposed by WHO, UICN and WWF (1993) indicates that domestication of any medicinal plant concerns plant selection and breeding, studies about propagation, cultivation techniques, plant protection, time of harvest, among others. The different domestication steps are illustrated for the Chilean maqui (Aristotelia chilensis), a wild tree whose fruits are demanded in increasing volumes by the international market because of its high antioxidant capacity. High yielding plants with good fruit quality have been selected from wild populations and accessions have been cultivated under different environmental conditions to select the most suitable genotypes for the establishment of commercial orchards

Sharing Frailty-related information in perioperative care: an analysis from a temporal perspective

BACKGROUND: Especially patients older than 65 years undergoing surgery are prone to develop frailty-related complications that may go far beyond the index hospitalization (e.g., cognitive impairment following postoperative delirium). However, aging-relevant information are currently not fully integrated into hospitals' perioperative processes. METHODS: We introduce a temporal perspective, which focuses on the social construction of time, to better understand existing barriers to the exchange of frailty-related data, targeting complexity research. Our chosen context is perioperative care provided by a tertiary hospital in Germany that has implemented a special track for patients over 65 years old undergoing elective surgery. The research followed a participatory modelling approach between domain and modelling experts with the goal of creating a feedback loop model of the relevant system relationships and dynamics. RESULTS: The results of the study show how disparate temporal regimes, understood as frameworks for organizing actions in the light of time constraints, time pressure, and deadlines, across different clinical, ambulant, and geriatric care sectors create disincentives to cooperate in frailty-related data exchanges. Moreover, we find that shifting baselines, meaning continuous increases in cost and time pressure in individual sectors, may unintentionally reinforce - rather than discourage - disparate temporal regimes. CONCLUSIONS: Together, these results may (1) help to increase awareness of the importance of frailty-related data exchanges, and (2) impel efforts aiming to transform treatment processes to go beyond sectoral boundaries, taking into account the potential benefits for frail patients arising from integrated care processes using information technology

Analysis of trastuzumab and chemotherapy in advanced breast cancer after the failure of at least one earlier combination: An observational study

BACKGROUND: Combining trastuzumab and chemotherapy is standard in her2/neu overexpressing advanced breast cancer. It is not established however, whether trastuzumab treatment should continue after the failure of one earlier combination. In this trial, we report our experience with continued treatment beyond disease progression. METHODS: Fifty-four patients, median age 46 years, range 25–73 years, were included. We analysed for time to tumour progression (TTP) for first, second and beyond second line treatment, response rates and overall survival. RESULTS: Median time of observation was 24 months, range 7–51. Response rates for first line treatment were 7.4% complete remission (CR), 35.2% partial remissions (PR), 42.6% stable disease > 6 months (SD) and 14.8% of patients experienced disease progression despite treatment (PD). Corresponding numbers for second line were 3.7% CR, 22.2% PR, 42.6% SD and 31.5% PD; numbers for treatment beyond second line (60 therapies, 33 pts 3(rd )line, 18 pts 4(th )line, 6 pts 5(th )line, 2 pts 6(th )line and 1 patient 7(th )line) were 1.7% CR, 28.3% PR, 28.3% SD and 41.6% PD respectively. Median TTP was 6 months (m) in the first line setting, and also 6 m for second line and beyond second line. An asymptomatic drop of left ventricular ejection fraction below 50% was observed in one patient. No case of symptomatic congestive heart failure was observed. CONCLUSION: The data presented clearly strengthen evidence that patients do profit from continued trastuzumab treatment. The fact that TTP did not decrease significantly from first line to beyond second line treatment is especially noteworthy. Still, randomized trials are warranted

The effect of flow speed and food size on the capture efficiency and feeding behaviour of the cold-water coral Lophelia pertusa

The capture efficiency and feeding behaviour of the cold-water coral (CWC) Lophelia pertusa (Linnaeus, 1758) were investigated considering: (1) different food types, (2) different food sizes and (3) different current speeds and temperatures. This study used two different multifactorial experimental approaches: (1) Corals were subjected to three different flow speeds (2, 5 and 10 cm s− 1) in 5 l volume tanks, and three different food types (alive zooplankton, alive algae, and dry particulate organic carbon) were offered to the corals under each current regime, analysing the capture rates of the corals under these different flow velocities. (2) In a flume, the feeding behaviour of the coral polyps was studied under different current speed regimes (1, 7, 15 and 27 cm s− 1) and a temperature change over a range of 8–12 °C. The obtained results confirm that low flow speeds (below 7 cm s− 1) appear optimal for a successful prey capture, and temperature did not have an effect on polyp expansion behaviour for L. pertusa. In conclusion, flow speeds clearly impact food capture efficiency in L. pertusa, with zooplankton predominantly captured prey at low flow velocities (2 cm s− 1) and phytoplankton captured at higher flow velocities of 5 cm s− 1. This split in capture efficiency may allow corals to exploit different food sources under different tidal and flow conditionsVersión del editor2,263

Quality of Life of Short-Statured Children Born Small for Gestational Age or Idiopathic Growth Hormone Deficiency Within 1 Year of Growth Hormone Treatment

Aside from clinical endpoints like height gain, health-related quality of life has also become an important outcome indicator in the medical field. However, the data on short stature and health-related quality of life is inconsistent. Therefore, we examined changes in health-related quality of life in German children with idiopathic growth hormone deficiency or children born small for gestational age before and after 12 months of human growth hormone treatment. Children with idiopathic short stature without treatment served as a comparison group. At baseline, health-related quality of life data of 154 patients with idiopathic growth hormone deficiency (n = 65), born small for gestational age (n = 58), and idiopathic short stature (n = 31) and one parent each was collected. Of these, 130 completed health-related quality of life assessments after 1-year of human growth hormone treatment. Outcome measures included the Quality of Life in Short Stature Youth questionnaire, as well as clinical and sociodemographic data. Our results showed that the physical, social, and emotional health-related quality of life of children treated with human growth hormone significantly increased, while untreated patients with idiopathic short stature reported a decrease in these domains. Along with this, a statistically significant increase in height in the treated group can be observed, while the slight increase in the untreated group was not significant. In conclusion, the results showed that human growth hormone treatment may have a positive effect not only on height but also in improving patient-reported health-related quality of life of children with idiopathic growth hormone deficiency and children born small for gestational age

Notch signaling inhibits hepatocellular carcinoma following inactivation of the RB pathway

Mice lacking all three Rb genes in the liver develop tumors resembling specific subgroups of human hepatocellular carcinomas, and Notch activity appears to suppress the growth and progression of these tumors