Too Big to Manage: US Megabanks’ Competition by Innovation and the Microfoundations of Financialization

Disagreements over the systemic implications—the future—of financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization literature lacks an adequate microfoundation. Accounting for the drivers of financialization processes solely at the macro level overlooks the problems of how these processes came about and whether they are sustainable. This paper addresses this explanatory gap, arguing that a key independent microeconomic driver of increasing financialization did exist: the incessant efforts by money-centre banks in the USA to break out of Depression-era restrictions on their size, activities, and markets. These banks’ growth strategies in turbulent times led to an institutional (meso) shift—the rise of a megabank-centred shadow banking system—that now shapes global financial architecture even while operating in ways that are unsustainable. In short, too-big-to-manage megabanks are at the heart of the fragility and instability of the economy today

Microstructure, magnetic and mechanical properties of Ni-Zn ferrites prepared by Powder Injection Moulding

Nowadays, the electronic industry demands small and complex parts as a consequence of the miniaturization of electronic devices. Powder injection moulding (PIM) is an emerging technique for the manufacturing of magnetic ceramics. In this paper, we analyze the sintering process, between 900 °C and 1300 °C, of Ni–Zn ferrites prepared by PIM. In particular, the densification behaviour, microstructure and mechanical properties of samples with toroidal and bar geometry were analyzed at different temperatures. Additionally, the magnetic behaviour (complex permeability and magnetic losses factor) of these compacts was compared with that of samples prepared by conventional powder compaction. Finally, the mechanical behaviour (elastic modulus, flexure strength and fracture toughness) was analyzed as a function of the powder loading of feedstock. The final microstructure of prepared samples was correlated with the macroscopic behaviour. A good agreement was established between the densities and population of defects found in the materials depending on the sintering conditions. In general, the final mechanical and magnetic properties of PIM samples were enhanced relative those obtained by uniaxial compaction

Plasmonic nature of van der Waals forces between nanoparticles

We propose a new approach to calculate van der Waals forces between nanoparticles where the van der Waals energy can be reduced to the energy of elementary surface plasmon oscillations in nanoparticles. The general theory is applied to describe the interaction between 2 metallic nanoparticles and between a nanoparticle and a perfectly conducting plane. Our results could be used to prove experimentally the existence of plasmonic molecules and to elaborate new control mechanisms for the adherence of nanoparticles between each other or onto surfaces.Comment: 4 pages 5 figure

Regional differences in psychiatric disorders in Chile

BACKGROUND: Psychiatric epidemiological surveys in developing countries are rare and are frequently conducted in regions that are not necessarily representative of the entire country. In addition, in large countries with dispersed populations national rates may have low value for estimating the need for mental health services and programs. METHODS: The Chile Psychiatric Prevalence Study using the Composite International Diagnostic Interview was conducted in four distinct regions of the country on a stratified random sample of 2,978 people. Lifetime and 12-month prevalence and service utilization rates were estimated. RESULTS: Significant differences in the rates of major depressive disorder, substance abuse disorders, non-affective psychosis, and service utilization were found across the regions. The differential prevalence rates could not be accounted by socio-demographic differences between sites. CONCLUSIONS: Regional differences across countries may exist that have both implications for prevalence rates and service utilization. Planning mental health services for population centers that span wide geographical areas based on studies conducted in a single region may be misleading, and may result in areas with high need being underserved

Ductility of wide-beam RC frames as lateral resisting system

[EN] Some Mediterranean seismic codes consider wide-beam reinforced concrete moment resisting frames (WBF) as horizontal load carrying systems that cannot guarantee high ductility performances. Conversely, Eurocode 8 allows High Ductility Class (DCH) design for such structural systems. Code prescriptions related to WBF are systematically investigated. In particular, lesson learnt for previous earthquakes, historical reasons, and experimental and numerical studies underpinning specific prescriptions on wide beams in worldwide seismic codes are discussed. Local and global ductility of WBF are then analytically investigated through (1) a parametric study on chord rotations of wide beams with respect to that of deep beams, and (2) a spectral-based comparison of WBF with conventional reinforced concrete moment resisting frames (i.e. with deep beams). Results show that the set of prescriptions given by modern seismic codes provides sufficient ductility to WBF designed in DCH. 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