Embodied stress: The physiological resonance of psychosocial stress

Psychosocial stress is a ubiquitous phenomenon in our society. While acute stress responses are necessary and adaptive, excessive activation of neurobiological stress systems can predispose an individual to far-reaching adverse health outcomes. Living in a complex social environment, experiencing stress is not limited to challenges humans face individually. Possibly linked with our capacity for empathy, we also display the tendency to physiologically resonate with others’ stress responses. This recently identified source of stress raises many interesting questions. In comparison to the wealth of studies that have advanced our understanding of sharing others’ affective states, the physiological resonance of stress has only recently begun to be more closely investigated. The aim of the current paper is to review the existing literature surrounding the emerging area of “stress contagion”, “empathic stress” or “stress resonance”, as it has been variably called. After a brief introduction of the concepts of stress and empathy, we discuss several key studies that paved the way for the merging of empathy with the concept of physiological resonance. We then delineate recent empirical studies specifically focusing on the physiological resonance of stress. In the final section of this review, we highlight differences between these studies and discuss the variability in terminology used for what seems to be the same phenomenon. Lastly, potential health implications of chronic empathic stress are presented and possible mechanisms of physiological stress transmission are discussed

Conference Summary: Money, Monetary Policy, and Transmission Mechanisms

This article summarizes the proceedings of a conference hosted by the Bank of Canada in November 1999. Three major themes emerged at the conference. The first concerned uncertainty about the transmission mechanism by which monetary policy affects output and inflation. The second concerned the potential usefulness of monetary aggregates in guiding the economy along a stable non-inflationary growth path. The third was the recent developments in dynamic monetary general-equilibrium models. The work presented suggests that a wide range of models is useful for understanding the various paths by which monetary policy actions might influence the economy.

Efficiency and Competition in Canadian Banking

Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada.

Financial Developments in Canada: Past Trends and Future Challenges

Freedman and Engert focus on the changing pattern of lending and borrowing in Canada in the past thirty to forty years, including the types of financial instruments used and the relative roles of financial institutions and financial markets. They examine how borrowing mechanisms have changed over time and consider the challenges facing the Canadian financial sector, including whether our financial markets are in danger of disappearing because of the size and pre-eminence of U.S. financial markets. Some of the trends examined here include syndicated lending, securitization, and credit derivatives, a form of financial engineering that has become increasingly important in the last few years. They also study bond and equity markets to determine whether Canadian capital markets have been hollowed out or abandoned by Canadian firms and conclude that the data do not provide much support for that view.

The Large-Value Payments System: Insights from Selected Bank of Canada Research

Given the Bank of Canada's strong interest in the safe and efficient operation of major clearing and settlement systems, the Bank maintains a rigorous research agenda as a means of informing payments system policy and oversight. In this article, Arjani and Engert review recent research undertaken by Bank staff concerning the risk and efficiency of the Large Value Transfer System (LVTS). Based on the findings from this research, the authors conclude that the design of the LVTS strikes an effective balance between risk and efficiency. The article also demonstrates the increased use of simulation analysis as a tool for conducting payments system research. A brief summary of the Bank's oversight strategy for systemically important payments systems is also provided. Goals for future research are noted as well, including modelling of participant behaviour and continued external collaboration with other researchers.

Bank of Canada Liquidity Actions in Response to the Financial Market Turmoil

In response to the financial crisis of 2007-09, the Bank of Canada intervened repeatedly to stabilize the financial system and limit the repercussions of the crisis on the Canadian economy. This article reviews the extraordinary liquidity measures taken by the Bank during this period and the principles that guided the Bank's interventions. A preliminary assessment of the term liquidity facilities provided by the Bank suggests that they were an important source of liquidity support for some financial institutions and, on a broader basis, served to reduce uncertainty among market participants about the availability of liquidity, as well as helping to promote a return to well-functioning money markets.

The Bank of Canada as Lender of Last Resort

As the ultimate provider of Canadian-dollar liquidity to the financial system, the Bank of Canada has the unique capacity to create Canadian-dollar claims on the central bank and the power to make secured loans or advances to chartered banks and other members of the Canadian Payments Association. The Bank supplies overnight credit on a routine basis through the Standing Liquidity Facility (SLF) to direct participants in the Large Value Transfer System, and Emergency Lending Assistance (ELA) to solvent deposit-taking institutions that require more substantial and prolonged credit. The authors review the policy framework that guides the Bank's lender-of-last-resort function, including the key issues, terms and conditions, and eligibility criteria associated with its SLF and ELA activities. Also discussed are foreign currency ELA, the relationship between SLF and ELA, systemic risk and Bank of Canada intervention, and the potential provision of liquidity to major clearing and settlement systems.

Are Canadian Banks Efficient? A Canada--U.S. Comparison

The authors compare the efficiency of Canada's largest banks with U.S. commercial banks over the past 20 years. Efficiency is measured in three ways. First, the authors study key performance ratios, and find that Canadian banks are as productive as U.S. banks. Second, they investigate whether there are economies of scale in the production functions of Canadian banks and broadly comparable U.S. bank-holding companies (BHCs). They find larger economies of scale for Canadian banks than for the U.S. BHCs, which suggests that Canadian banks are less efficient in terms of scale, and have more to gain in terms of efficiency benefits from becoming larger. Third, the authors measure cost-inefficiency in Canadian banks and in U.S. BHCs relative to the domestic efficient frontier in each country (the domestic best-practice institution). They find that Canadian banks are closer to the domestic efficient frontier than are the U.S. BHCs. Canadian banks have also moved closer to the domestic efficient frontier than have the U.S. BHCs over time. Finally, the authors examine the dispersion in cost-inefficiency found in Canadian banks and attribute some of the dispersion to differences in information and communication technology investment. Comparisons are made with the U.S. BHC experience.Financial institutions

Einschneidende Figurationen. Zur Dingfigur des Augsburger Messers der Philippine Welser in Thomas Bernhards «Amras»: [Incisive Figurations. On the Augsburg Knife of Philippine Welser in Thomas Bernhard’s «Amras»]

Focusing on the example of the so-called “Augsburger Messer” in Thomas Bernhard’s Amras, the paper explores the possibility of overcoming the barriers to a hermeneutical reading of Bernhard’s texts through the exploitation of literary things. By comprising both its material and its symbolic dimension the micro analysis of the “Augsburger Messer” suggests coupling the eclectic potential of things in literary texts with Bernhard’s additive and associative style. Eventually, this approach not only opens up a new perspective on Amras as one of Bernhard’s most remarkable texts, but also presents his writing as one that is deeply permeated with the traumatic structures of violence and (Austrian) history

Could environmental and conservation sciences benefit from an anonymized journal?.

[Extract] Given the intensity of retributions against environmentalists globally, and the potential for anonymous publishing to mitigate some of these risks, I believe there would be strong support for an environmental-science-specific anonymous journal