The Impact of the Stability and Growth Pact on Real Economic

The recession under way in the European Union and the threat of deflation have spawned increasing frequent calls for modification of the Stability and Growth Pact. The present article confirms the negative correlation of the rate of real output growth with that of increase in current public expenditure, but finds a positive correlation of growth with the rate of increase in public capital spending, private investment, tax to GDP ratio, and an indicator of the net profit rate. The policy prescription is for the urgent modification of the rules of the Pact, exempting public investment from its constraints subject to the assessment of the Ecofin Council. The markets would be receptive to such a change if the EU instituted clear new rules, not just reinterpreting those now in being under the pressure of contingent factors. On this basis, we find that Italy's economic crisis is due in part to the misconceived fiscal and monetary policy rules of the European Union.Stability Pact, Fiscal Rules, European Union, Ricardian Equivalence

The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth.

The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently from the foreign deficit and periodically from the public deficit, and the «endogenous», or «autopoietic». The engine of autopoietic growth is the process of globalization, alimented by foreign investments and the emerging economies’ domestic demand, which in turn require the establishment of an international monetary standard. In absence of a real international cooperation, the conflict of the two models might bring a global currency crisis and a fall in the global growth rate, with a possible negative impact in foreign relations and policies at the global level.International monetary system, Dollar, Euro, Exchange rate, Economic growth, International Finance, International Political Economy.

The Italian Position in the Energy and Climate Change Negotiations

Climate change, security and cost of energy supplies, and the competitiveness of firms and economies have been focal points of the general political and economic policy debate in recent years. This article examines the choices in this field made at global level with the Kyoto Protocol and in Europe with the more recent “20-20-20” package from the standpoints of the Italian national interests and the negotiating stance adopted by our Government in European and international forums. The European negotiations on renewable energy sources, the reduction of emissions in the sectors with and without emissions trading schemes, automobile emissions, the auctioning of emission rights, and the identification of industries exposed to the risk of delocalization (carbon leakage) are described in detail, including background data not previously available, and the reasons for Italy’s positions set forth. The principle guiding Italian negotiators has been to balance the various policy aims, in an effort to ensure that the necessary action against climate change does not have excessive repercussions on growth and employment. The principle is all the more valid in the global talks on the regime that will succeed the Kyoto Protocol when it expires on 1 January 2013. Without a credible global agreement entailing an equivalent commitment, or sectoral agreements, instruments will be needed to prevent Europe’s climate commitment from producing an unfair competitive disadvantage, with potentially serious social and economic consequences but no appreciable environmental advantage.Climate Change; Energy; UNFCCC; ETS; Emissions Trading Scheme; Auctioning; European Union; Italy; Carbon Leakage; Carbon pricing

The Italian Position in the Energy and Climate Change Negotiations

Climate change, security and cost of energy supplies, and the competitiveness of firms and economies have been focal points of the general political and economic policy debate in recent years. This article examines the choices in this field made at global level with the Kyoto Protocol and in Europe with the more recent “20-20-20” package from the standpoints of the Italian national interests and the negotiating stance adopted by our Government in European and international forums. The European negotiations on renewable energy sources, the reduction of emissions in the sectors with and without emissions trading schemes, automobile emissions, the auctioning of emission rights, and the identification of industries exposed to the risk of delocalization (carbon leakage) are described in detail, including background data not previously available, and the reasons for Italy’s positions set forth. The principle guiding Italian negotiators has been to balance the various policy aims, in an effort to ensure that the necessary action against climate change does not have excessive repercussions on growth and employment. The principle is all the more valid in the global talks on the regime that will succeed the Kyoto Protocol when it expires on 1 January 2013. Without a credible global agreement entailing an equivalent commitment, or sectoral agreements, instruments will be needed to prevent Europe’s climate commitment from producing an unfair competitive disadvantage, with potentially serious social and economic consequences but no appreciable environmental advantage

The Italian Position in the Energy and Climate Change Negotiations

Climate change, security and cost of energy supplies, and the competitiveness of firms and economies have been focal points of the general political and economic policy debate in recent years. This article examines the choices in this field made at global level with the Kyoto Protocol and in Europe with the more recent “20-20-20” package from the standpoints of the Italian national interests and the negotiating stance adopted by our Government in European and international forums. The European negotiations on renewable energy sources, the reduction of emissions in the sectors with and without emissions trading schemes, automobile emissions, the auctioning of emission rights, and the identification of industries exposed to the risk of delocalization (carbon leakage) are described in detail, including background data not previously available, and the reasons for Italy’s positions set forth. The principle guiding Italian negotiators has been to balance the various policy aims, in an effort to ensure that the necessary action against climate change does not have excessive repercussions on growth and employment. The principle is all the more valid in the global talks on the regime that will succeed the Kyoto Protocol when it expires on 1 January 2013. Without a credible global agreement entailing an equivalent commitment, or sectoral agreements, instruments will be needed to prevent Europe’s climate commitment from producing an unfair competitive disadvantage, with potentially serious social and economic consequences but no appreciable environmental advantage

Household Water Insecurity Is Positively Associated With Household Food Insecurity in Low- and Middle-Income Countries

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Islet isolation assessment in man and large animals

Recent progress in islet isolation from the pancreas of large mammals including man, accentuated the need for the development of precise and reproducible techniques to assess islet yield. In this report both quantitative and qualitative criteria for islet isolation assessment were discussed, the main topics being the determination of number, volume, purity, morphologic integrity and in vitro and in vivo function tests of the final islet preparations. It has been recommended that dithizone should be used as a specific stain for immediate detection of islet tissue making it possible to estimate both the total number of islets (dividing them into classes of 50 μ diameter range increments) and the purity of the final preparation. Appropriate morphological assessment should include confirmation of islet identification, assessment of the morphological integrity and of the purity of the islet preparation. The use of fluorometric inclusion and exclusion dyes together have been suggested as a viability assay to simultaneously quantitate the proportion of cells that are intact or damaged. Perifusion of islets with glucose provides a dynamic profile of glucose-mediated insulin release and of the ability of the cells to down regulate insulin secretion after the glycemic challenge is interrupted. Although perifusion data provides a useful guide to islet viability the quantity and kinetics of insulin release do not necessarily predict islet performance after implantation. Therefore, the ultimate test of islet viability is their function after transplantation into a diabetic recipient. For this reason, in vivo models of transplantation of an aliquot of the final islet preparation into diabetic nude (athymic) rodents have been suggested. We hope that these general guidelines will be of assistance to standardize the assessment of islet isolations, making it possible to better interpret and compare procedures from different centers. © 1990 Casa Editrice il Ponte

Olfaction in people with Down Syndrome: a comprehensive assessment across four decades of age

Background: Down syndrome (DS) shows neuropathology similar to Alzheimer disease, which presents olfactory impairment. Previous work showed olfactory impairment in DS, but a comprehensive evaluation of olfactory function in DS is lacking. Methods: We investigated a large number (n = 56; M = 31, F = 25) DS participants (age range18-57y) using the \u201cSniffin\u2019 Sticks\u201d Extended test. This comprises three subtests (threshold, discrimination, and identification) yielding a global score (TDI) defining normosmia, hyposmia, and functional anosmia. To the best of our knowledge, this is the second largest group of DS people investigated for olfactory function ever. Age- and sex matched euploid individuals (n = 53) were the control. Results: In DS, TDI was lower (16.7\ub15.13 vs. 35.4\ub13.74; P<0.001), with DS people performing worse in any subtests (P<0.001 for all); 27 DS participants showed functional anosmia (i.e., TDI<16). In DS, age was weakly and negatively correlated with TDI (r = -0.28, P = 0.036) and identification (r = -0.34, P = 0.012). When participants were stratified in young adults (18-29y) and older adults (30-61y), a significant effect of age was found for identification in both DS (young adults, 8.3\ub12.58; older adults, 6.9\ub12.99; P = 0.031) and control (young-adult, 14.3\ub11.18, older adult, 13.0\ub11.54; P = 0.016). Conclusion: Olfactory function is overall severely impaired in DS people and may be globally impaired at relatively young age, despite of reportedly normal smell. However, specificity of this olfactory profile to DS should be considered with some caution because cognition was not evaluated in all DS participants and comparison with a control group of non-DS individuals having cognitive disabilities was lacking. Further study is required to longitudinally assess olfactory dysfunction in DS and to correlate it with brain pathology