Bank lending standards over the cycle : the role of firms’ productivity and credit risk

En este trabajo mostramos que los estándares de concesión de préstamos por parte de los bancos se ven afectados por las condiciones macroeconómicas. Utilizamos datos mensuales entre 2002 y 2015 de la Central de Información de Riesgos del Banco de España (CIRBE), que nos permiten monitorear todas las solicitudes de préstamos realizadas por empresas no financieras a bancos con los que no tienen relación crediticia previa. Con el objetivo de analizar la prociclicalidad del apetito por el riesgo de los bancos, investigamos cómo la probabilidad de otorgar un préstamo cambia en función de dos características de las empresas (riesgo de crédito ex ante y productividad) y cómo esta relación varía a lo largo del ciclo económico, que medimos mediante el crecimiento del PIB y los cambios en tipos de interés. Nuestra estrategia de identificación se basa en la inclusión de efectos fijos de empresa y banco-mes en nuestras regresiones, de modo que explotamos diferencias en la concesión de préstamos del mismo banco en el mismo mes a empresas que son diferentes en términos de productividad y riesgo de crédito. Nuestros resultados indican que los bancos relajan sus estándares de crédito en momentos de expansión económica y/o de caídas de tipos de interés, y los endurecen durante la fase recesiva y/o cuando aumentan los tipos de interés. Este patrón es especialmente relevante en el caso de la productividad de las empresas, lo que podría explicar en parte la caída de la productividad agregada en España durante el período expansivo previo a la crisis. Finalmente, también encontramos que estos patrones cíclicos son más pronunciados entre los bancos menos capitalizados, menos líquidos y más rentablesWe show that bank lending standards are influenced by macroeconomic conditions. We use monthly data from the Banco de España Central Credit Register, which allow us to monitor all loan applications made by non-financial firms to non-current banks from 2002 to 2015. To test the pro-cyclicality of banks’ appetite for risk, we investigate how two firm characteristics (ex-ante credit risk and productivity) interacting with two macroeconomic indicators (business cycle and the monetary policy stance) affect the probability of granting a loan. In order to enhance identification we account for unobserved heterogeneity by means of firm and banktime fixed effects. Our findings indicate that banks soften their credit standards during booms or when monetary policy is loose to harden them during busts or when short-term interest rates increase. This pattern is especially relevant in the case of firms’ productivity, which might partly explain the dismal evolution of aggregate productivity in Spain during the pre-crisis period. Finally, we also find that these results are more pronounced among less capitalized, less liquid and more profitable bank

Evaluación del contenido de los informes de gestión públicos de las entidades de la rama ejecutiva del sector central de Bogotá

Cuanto más accesible y transparente sea para la ciudadanía la información sobre la gestión de sus gobernantes, mayor será su interés y participación en espacios de control social. En esta investigación, se concibe el informe de gestión de las entidades públicas como uno de los mecanismos fundamentales para que el administrador público informe y explique su gestión. Con el objetivo de conocer el alcance del contenido del informe de gestión público, se ha procedido a analizar la normativa colombiana y otros documentos, como manuales y textos expedidos por las entidades competentes. Lo anterior permitió determinar la información que las entidades públicas deben revelar obligatoriamente a la ciudadanía. Se evaluaron los informes de gestión presentados para 2014 por las entidades públicas del nivel central de Bogotá, tratando cada informe de gestión como un caso de estudio, que fue revisado en relación con seis categorías informativas identificadas y calificando de acuerdo con dos de las dimensiones cualitativas (información comprensible y completa) propuestas en el Conpes 3654 de 2010. Como resultado del análisis, se observó que la calidad de la información presentada en los informes de gestión públicos es baja, lo cual impide que se den espacios suficientemente argumentados de control social y contribuya a la presentación de información fragmentada

Nitric Oxide Metabolism Affects Germination in Botrytiscinerea and Is Connected to Nitrate Assimilation.

[EN]Nitric oxide regulates numerous physiological processes in species from all taxonomic groups. Here, its role in the early developmental stages of the fungal necrotroph Botrytis cinerea was investigated. Pharmacological analysis demonstrated that NO modulated germination, germ tube elongation and nuclear division rate. Experimental evidence indicates that exogenous NO exerts an immediate but transitory negative effect, slowing down germination-associated processes, and that this effect is largely dependent on the flavohemoglobin BCFHG1. The fungus exhibited a "biphasic response" to NO, being more sensitive to low and high concentrations than to intermediate levels of the NO donor. Global gene expression analysis in the wild-type and ΔBcfhg1 strains indicated a situation of strong nitrosative and oxidative stress determined by exogenous NO, which was much more intense in the mutant strain, that the cells tried to alleviate by upregulating several defense mechanisms, including the simultaneous upregulation of the genes encoding the flavohemoglobin BCFHG1, a nitronate monooxygenase (NMO) and a cyanide hydratase. Genetic evidence suggests the coordinated expression of Bcfhg1 and the NMO coding gene, both adjacent and divergently arranged, in response to NO. Nitrate assimilation genes were upregulated upon exposure to NO, and BCFHG1 appeared to be the main enzymatic system involved in the generation of the signal triggering their induction. Comparative expression analysis also showed the influence of NO on other cellular processes, such as mitochondrial respiration or primary and secondary metabolism, whose response could have been mediated by NmrA-like domain proteins

Integración de sistemas de gestión en la industria metalmecánica

Introduction: in a globalized world subject to dizzying changes, metal-mechanic industries strive to achieve competitive capacity, minimize negative environmental impacts, and control labor risk levels, through the design and deployment of a combination of business strategies. Objectives: the objective of this research is to develop a guide for the implementation of an integrated management system for a generic industry of the metal-mechanic sector, using internationally recognized standards and methodologies that contribute to the satisfaction of stakeholders. Methodology: this study has a qualitative, descriptive, and transversal approach, involving a diagnosis of the metal-mechanic sector in the province of Azuay-Ecuador, the selection of an integration model and the development of an implementation guide. The first phase of the study involved a bibliographic search in scientific databases, followed by a quantification of the size of the economic sector under investigation; subsequently, a Web research was carried out through intentional probabilistic sampling to estimate the number of companies certified under international standards; in the second phase, an implementation guide for an integrated management system for a metal-mechanic industry was developed under the guidelines of the high-level annex, the continuous improvement cycle and the normative clauses of the systems to be integrated. Results: This research developed a guide for the implementation of an integrated management system for a generic metal-mechanic industry, under the standards of ISO 9001, 14001 and 45001. Conclusions: one of the strategies to contribute to the efficiency, competitiveness and adequate legal compliance of the metal-mechanic productive sector is the adoption of an integrated management system, articulating to ISO 9001 the non-common requirements of ISO 14001 and ISO 45001. General area of study: administration. Specific area of study: management.Introducción: en un mundo globalizado y sujeto a vertiginosos cambios, las industrias metalmecánicas se esfuerzan para lograr capacidad de competencia, minimizar impactos ambientales negativos y controlar los niveles de riesgo laboral, mediante el diseño y despliegue de una combinación de estrategias empresariales. Objetivos: esta investigación tiene como objetivo desarrollar una guía de implantación de un sistema integrado de gestión para una industria genérica del sector metalmecánico, utilizando normas y metodologías internacionalmente reconocidas que, contribuyan a la satisfacción de los grupos de interés. Metodología: este estudio tiene un enfoque cualitativo, de alcance descriptivo y transversal, que involucra un diagnóstico del sector metalmecánico en la provincia del Azuay-Ecuador, la selección de un modelo de integración y el desarrollo de una guía de implantación. La primera fase del estudio involucró una búsqueda bibliográfica en bases de datos científicas, seguido de una cuantificación del tamaño del sector económico investigado; posteriormente, se practicó una investigación en la Web mediante muestreo probabilístico intencional para estimar el número de empresas certificadas bajo normas internacionales; en la segunda fase, se elaboró una guía de implantación de un sistema integrado de gestión para una industria metalmecánica bajo directrices del anexo de alto nivel, del ciclo de la mejora continua y de las cláusulas normativas de los sistemas a integrar. Resultados: esta investigación desarrolló una guía de implantación de un sistema integrado de gestión para una industria metalmecánica genérica, bajo los estándares de las normas ISO: 9001, 14001 y 45001. Conclusiones: una de las estrategias para aportar a la eficiencia, a la competitividad y a un adecuado cumplimiento legal del sector productivo de la metalmecánica, es la adopción de un sistema integrado de gestión, articulando a la norma ISO 9001 los requisitos no comunes de la norma ISO 14001 e ISO 45001. Área de estudio general: administración. Área de estudio específica: gestión

Sigma-1 receptor modulation fine-tunes KV1.5 channels and impacts pulmonary vascular function

KV1.5 channels are key players in the regulation of vascular tone and atrial excitability and their impairment is associated with cardiovascular diseases including pulmonary arterial hypertension (PAH) and atrial fibrillation (AF). Unfortunately, pharmacological strategies to improve KV1.5 channel function are missing. Herein, we aimed to study whether the chaperone sigma-1 receptor (S1R) is able to regulate these channels and represent a new strategy to enhance their function. By using different electrophysiological and molecular techniques in X. laevis oocytes and HEK293 cells, we demonstrate that S1R physically interacts with KV1.5 channels and regulate their expression and function. S1R induced a bimodal regulation of KV1.5 channel expression/activity, increasing it at low concentrations and decreasing it at high concentrations. Of note, S1R agonists (PRE084 and SKF10047) increased, whereas the S1R antagonist BD1047 decreased, KV1.5 expression and activity. Moreover, PRE084 markedly increased KV1.5 currents in pulmonary artery smooth muscle cells and attenuated vasoconstriction and proliferation in pulmonary arteries. We also show that both KV1.5 channels and S1R, at mRNA and protein levels, are clearly downregulated in samples from PAH and AF patients. Moreover, the expression of both genes showed a positive correlation. Finally, the ability of PRE084 to increase KV1.5 function was preserved under sustained hypoxic conditions, as an in vitro PAH model. Our study provides insight into the key role of S1R in modulating the expression and activity of KV1.5 channels and highlights the potential role of this chaperone as a novel pharmacological target for pathological conditions associated with KV1.5 channel dysfunction.This work was supported by Ministerio de Ciencia e Inovación [SAF2016-75021-R; PID2019-104366RB-C21 to C.V. and T.G., PID2020-117939RB-I00 to A.C., PID2019-107363RB-I00 to F.P.V.]; by CIBERCV, by Instituto de Salud Carlos III [CB/11/00222 to C.V.], by CSIC [PIE201820E104; 2019AEP148 to C.V.]. BES-2017-080184 (to A.B.-B.), funded by MCIN/AEI/ 10.13039/501100011033 and by “ESF Investing in your future” funded by Ministerio de Ciencia e Innovación. A.V.-Z., M.B.-N., A.B.-B. and M.V-E. was awarded with predoctoral fellowships: FPI-UAM, CSIC, FPI and FPU predoctoral contracts, respectively. A.V.-Z. was awarded with a Short-term fellowship from the European Molecular Biology Organization (EMBO).Peer reviewe

The Metagenomics and Metadesign of the Subways and Urban Biomes (MetaSUB) International Consortium inaugural meeting report

The Metagenomics and Metadesign of the Subways and Urban Biomes (MetaSUB) International Consortium is a novel, interdisciplinary initiative comprised of experts across many fields, including genomics, data analysis, engineering, public health, and architecture. The ultimate goal of the MetaSUB Consortium is to improve city utilization and planning through the detection, measurement, and design of metagenomics within urban environments. Although continual measures occur for temperature, air pressure, weather, and human activity, including longitudinal, cross-kingdom ecosystem dynamics can alter and improve the design of cities. The MetaSUB Consortium is aiding these efforts by developing and testing metagenomic methods and standards, including optimized methods for sample collection, DNA/RNA isolation, taxa characterization, and data visualization. The data produced by the consortium can aid city planners, public health officials, and architectural designers. In addition, the study will continue to lead to the discovery of new species, global maps of antimicrobial resistance (AMR) markers, and novel biosynthetic gene clusters (BGCs). Finally, we note that engineered metagenomic ecosystems can help enable more responsive, safer, and quantified cities

Positive feedbacks and alternative stable states in forest leaf types

The emergence of alternative stable states in forest systems has significant implications for the functioning and structure of the terrestrial biosphere, yet empirical evidence remains scarce. Here, we combine global forest biodiversity observations and simulations to test for alternative stable states in the presence of evergreen and deciduous forest types. We reveal a bimodal distribution of forest leaf types across temperate regions of the Northern Hemisphere that cannot be explained by the environment alone, suggesting signatures of alternative forest states. Moreover, we empirically demonstrate the existence of positive feedbacks in tree growth, recruitment and mortality, with trees having 4–43% higher growth rates, 14–17% higher survival rates and 4–7 times higher recruitment rates when they are surrounded by trees of their own leaf type. Simulations show that the observed positive feedbacks are necessary and sufficient to generate alternative forest states, which also lead to dependency on history (hysteresis) during ecosystem transition from evergreen to deciduous forests and vice versa. We identify hotspots of bistable forest types in evergreen-deciduous ecotones, which are likely driven by soil-related positive feedbacks. These findings are integral to predicting the distribution of forest biomes, and aid to our understanding of biodiversity, carbon turnover, and terrestrial climate feedbacks

Prevalencia de talla baja y factores asociados en niñas y niños de 0 a 5 años de edad en el Centro de Salud 1. Cuenca-Ecuador 2014

Antecedentes: La talla baja en la edad pediátrica es el principal motivo de consulta médica en nuestro medio y puede ser indicador de otras patologías. Objetivo: Determinar la prevalencia de talla baja y factores asociados en niños de 0 a 5 años que asisten al centro de salud Nº 1 de la ciudad de Cuenca, en el año 2014. Método y materiales: Estudio transversal. La muestra fue de 422 niños y niñas menores de 5 años. La información fue procesada en SPSS versión 15 de libre distribución. Se identificó la prevalencia y factores asociados a la talla baja, los resultados se presentaron en tablas con frecuencia, para la asociación estadística se utilizó chi cuadrado con un 95% de confianza, RP y valor de p. Resultados: La media de edad se ubicó en 15,23 meses , siendo el sexo masculino el más frecuente ( 51,4%); la prevalencia de talla baja fue de 14,7% predominando en la población: preescolar 19,4%; sexo masculino 16,6%; pacientes con emaciación 56,5%; desproporción SS/SI 35,7%; nivel socio económico estrato bajo C 16,9%; nivel de instrucción primaria del padre 17,7%; sin lactancia materna 21,9%; problemas en el embarazo 18,2%;talla baja del padre 16,9%; enfermedades crónicas no endocrinológicas 28,6% siendo este último el único factor de riesgo estadísticamente significativo con RP 2,1 (IC 95% 1,2-3,7). Conclusiones: La prevalencia de talla baja es elevada y se asocia con las enfermedades crónicas no endocrinológicas.Background: Short stature in children is the main reason for consultation in our environment and may be indicative of other diseases. Objective: To determine the prevalence of stunting and associated factors in children from 0 to 5 years attending to the health center No. 1 in the city of Cuenca, in 2014. Method and Materials: Cross sectional study. The sample consisted of 422 children under 5 years. The information was processed in SPSS version 15 for free distribution. Prevalence and associated factors with stunting were identified, results were presented in frequently tables, for statistical association chi square was used with 95% confidence, RP and p value. Results: The average age stood at 15.23 months being the male the most frequent (51.4%); the prevalence of stunting was 14.7%, predominantly in the population: 19.4% preschool; 16.6% male; patients with wasting 56.5%; disproportion SS/SI 35.7%; socio economic strata under C 16.9%; primary education level of parent 17.7%; 21.9% without breast-feeding; problems in pregnancy 18.2%; stunted father 16.9%; chronic endocrine diseases 28.6%, being the latter the only statistically significant risk factor with RP 2.1 (CI 95% 1,2-3,7). Conclusions: The prevalence of stunting is high and is associated with chronic non-endocrine diseases.MédicoCuenc